Company No:
Contents
| Note | 30.06.2024 | 30.06.2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 3 |
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| Investments | 4 |
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| 824,839 | 1,055,803 | |||
| Current assets | ||||
| Debtors | ||||
| - due within one year | 5 |
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| - due after more than one year | 5 |
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| Cash at bank and in hand |
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| 1,804,005 | 450,027 | |||
| Creditors: amounts falling due within one year | 6 | (
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| Net current liabilities | (6,238,259) | (6,935,435) | ||
| Total assets less current liabilities | (5,413,420) | (5,879,632) | ||
| Creditors: amounts falling due after more than one year | 7 | (
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| Net liabilities | (
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| Capital and reserves | ||||
| Called-up share capital | 8 |
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| Share premium account |
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| Other reserves |
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| Profit and loss account | (
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| Total shareholder's deficit | (
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Directors' responsibilities:
The financial statements of Nova Capital Group Limited (registered number:
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D S Williamson
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Nova Capital Group Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is Octagon Point, 5 Cheapside, London, EC2V 6AA, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £7,785,700. The company is supported through loans from group companies The directors have received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the companies will continue to support the company. After making enquiries, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.
Group accounts exemption s400
The Company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
| Fixtures and fittings |
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| Computer equipment |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from other third parties, loans to and from related parties and investments in non-puttable ordinary shares.
Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, and amounts due to related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Investments
Investments in various Private Equity Funds, including carried interests, are stated at directors valuation, and are valued in accordance with the International Private Equity and Venture Capital Valuation Guidelines. Changes in fair value are recognised in the profit or loss account. Realised gains and losses arising on the disposal of investments are also recognised in the profit and loss account.
Investments in subsidiary undertakings are stated at cost, less provision for any permanent diminution in value. Where shareholder or subsidiary loans are advanced without an interest charge, differences in the fair value of the loan and the cash advanced are recognised as an additional investment in the subsidiary undertaking.
| 30.06.2024 | 30.06.2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the company during the year, including directors |
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| Fixtures and fittings | Computer equipment | Total | |||
| £ | £ | £ | |||
| Cost | |||||
| At 01 July 2023 |
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| Additions |
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| At 30 June 2024 |
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| Accumulated depreciation | |||||
| At 01 July 2023 |
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| Charge for the financial year |
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| At 30 June 2024 |
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| Net book value | |||||
| At 30 June 2024 |
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| At 30 June 2023 |
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Investments in subsidiaries
| 30.06.2024 | |
| £ | |
| Cost | |
| At 01 July 2023 |
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| Disposals | (
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| Revaluations | 0 |
| At 30 June 2024 |
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| Carrying value at 30 June 2024 |
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| Carrying value at 30 June 2023 |
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| Other investments | Total | ||
| £ | £ | ||
| Cost or valuation before impairment | |||
| At 01 July 2023 |
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| Additions |
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| Disposals | (
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| At 30 June 2024 |
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| Provisions for impairment | |||
| At 01 July 2023 | (
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| At 30 June 2024 | (
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| Carrying value at 30 June 2024 |
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| Carrying value at 30 June 2023 |
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Investments in shares
Details of the company's subsidiary undertakings, all of which have a 30 June year end, are as follows:
| Name of entity | Registered office | Principal activity | Class of shares |
Ownership 30.06.2024 |
Ownership 30.06.2023 |
Held |
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England & Wales | Investment advisory |
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Direct |
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England & Wales | General Partner |
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Direct |
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England & Wales | Nominee |
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Direct |
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England & Wales | Investment Advisory |
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Direct |
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England & Wales | General Partner |
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Direct |
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England & Wales | General Partner |
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Direct |
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England & Wales | General Partner |
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Direct |
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Guernsey | Investment management (dormant) |
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Direct |
| NT General Partner (Guernsey) Ltd | Guernsey | General Partner | Ordinary | 0.00% | 100.00% | Direct |
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Guernsey | General Partner |
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Direct |
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Guernsey | General Partner |
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Direct |
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Guernsey | General Partner |
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Direct |
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Guernsey | General Partner |
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Direct |
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Guernsey | General Partner |
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Direct |
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USA | General management |
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Direct |
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Scotland | General Partner |
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Direct |
| 30.06.2024 | 30.06.2023 | ||
| £ | £ | ||
| Debtors: amounts falling due within one year | |||
| Trade debtors |
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| Amounts owed by group undertakings |
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| Other debtors |
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| Debtors: amounts falling due after more than one year | |||
| Other debtors |
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| 30.06.2024 | 30.06.2023 | ||
| £ | £ | ||
| Trade creditors |
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| Amounts owed to group undertakings |
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| Other taxation and social security |
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| Other creditors |
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| 30.06.2024 | 30.06.2023 | ||
| £ | £ | ||
| Other creditors |
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Included within other creditors is the balance due to the parent company. There is no fixed repayment date and the loan is accruing interest of 8.5%.
| 30.06.2024 | 30.06.2023 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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The company has taken advantage of the exemption under the provision of FRS 102 Section 1A "Related party disclosures" from disclosing transactions or balances between group entities.
Parent Company:
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| Octagon Point, 5 Cheapside, London, United Kingdom, EC2V 6AA |