Company registration number 03867011 (England and Wales)
NOVA PEOPLE LTD.
AUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
NOVA PEOPLE LTD.
COMPANY INFORMATION
Director
Mr B Riis
Company number
03867011
Registered office
Evolution House
Iceni Court
Delft Way
Norwich
Norfolk
England
NR6 6BB
Auditor
Rawlinson & Hunter Audit LLP
Statutory Auditor & Chartered Accountants
8th Floor
6 New Street Square
New Fetter Lane
London
United Kingdom
EC4A 3AQ
NOVA PEOPLE LTD.
CONTENTS
Page
Statement of Financial Position
1
Notes to the Financial Statements
2 - 4
NOVA PEOPLE LTD.
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
3
381,401
315,873
Cash at bank
599,908
649,226
981,309
965,099
Creditors: amounts falling due within one year
4
(476,545)
(495,987)
Net current assets
504,764
469,112
Capital and reserves
Called up share capital
5
10,000
10,000
Retained earnings
494,764
459,112
Shareholders' funds
504,764
469,112
The notes on pages 2 to 4 form part of these financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the Income Statement within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 21 May 2025
Mr B Riis
Director
Company registration number 03867011 (England and Wales)
NOVA PEOPLE LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
Nova People Ltd. is a private company limited by shares incorporated in England and Wales. The registered office is Evolution House, Iceni Court, Delft Way, Norwich, Norfolk, England, NR6 6BB.
1.1
Basis of preparing the financial statements
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, unless otherwise stated. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes, in respect of services provided in the year.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company accounts for its financial transactions in accordance with Section 11 and Section 12 of FRS 102.
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loan from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement.
Short term debtors and creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transactions costs, and are measured subsequently at amortised cost using the effective interest method.
1.6
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.
NOVA PEOPLE LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Pensions
The company operates a defined contribution plan for its employees. A defined contribution pension plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in the Income Statement when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
1.9
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the Statement of Financial Position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
1.10
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
1.11
The company has taken advantage of the FRS 102 exemption from preparing a statement of cashflows. The company is part of a group where the parent company prepares publicly available consolidated financial statements which are intended to give a true and fair view. The company is included in this consolidation.
2
Employees and directors
The average number of employees during the year was 14 (2023 - 15).
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
306,540
280,674
Amounts owed by group undertakings
14,989
9,996
Other debtors
2,299
2,644
Prepayments and accrued income
57,573
22,559
381,401
315,873
NOVA PEOPLE LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
4
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
69,461
4,310
Amounts owed to group undertakings
21,511
27,681
Corporation tax
45,208
27,076
Other taxation and social security
100,070
151,573
Other creditors
8,198
Accrued expenses
232,097
285,347
476,545
495,987
5
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Allotted, issued and fully paid:
Ordinary of £1 each
10,000
10,000
10,000
10,000
6
Disclosure under section 444(5B) of the Companies Act 2006
The Report of the Auditors was unqualified.
Kulwarn Nagra (Senior Statutory Auditor)
For and on behalf of Rawlinson & Hunter Audit LLP
The Report of the Auditors was dated:
21 May 2025
7
Contingent liabilities
During the year ended 31 December 2018 HMRC issued the the company notices of underpaid income tax and national insurance by the company in relation to the 2013 - 2014 tax year. The amount in question has been appealed and the company is awaiting the outcome of the appeal. The director does not consider it likely that a payment to HMRC in relation to the notices of underpaid tax is probable and in any case it is not possible to determine the amount if any, that would be paid to HMRC at this juncture. Accordingly, no amount has been recognised in respect of this matter within these financial statements.
8
Related party disclosures
In accordance with paragraph 33.1A of FRS 102, the company has taken advantage of the exemption from providing detail of material group transactions on the basis that the transactions are with wholly owned members of the Nova Group AS group of companies.
9
Ultimate controlling party
The company's immediate parent is Nova People AS, a company incorporated in Norway. The ultimate parent undertaking is Nova Group AS. Nova Group AS is incorporated in Norway. Copies of the group accounts may be obtained from the secretary, Postboks 2, Sentrum NO-3101, Tonsberg, Norway.