REGISTERED NUMBER: 13642814 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 September 2024

for

Novel Estates Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs S Arora-Dev

Mr R Dev

SECRETARY:

Mr R Dev

REGISTERED OFFICE:

184 Harborne Road

Birmingham

B15 3JJ

REGISTERED NUMBER:

13642814 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

Pinnacle House

1 Pinnacle Way

Derby

Derbyshire

DE24 8ZS

FIXED ASSETS

Tangible assets

4

3,436

4,581

Investment property

5

550,000

550,000

553,436

554,581

CURRENT ASSETS

Debtors

6

3,468

3,483

Cash at bank

17,249

13,418

20,717

16,901

CREDITORS

Amounts falling due within one year

7

216,530

227,804

NET CURRENT LIABILITIES

(195,813

)

(210,903

)

TOTAL ASSETS LESS CURRENT LIABILITIES

357,623

343,678

CREDITORS

Amounts falling due after more than one year

8

(187,156

)

(189,412

)

PROVISIONS FOR LIABILITIES

(26,952

)

(26,952

)

NET ASSETS

143,515

127,314

CAPITAL AND RESERVES

Called up share capital

10

2

2

Non distributable reserve

11

114,898

114,898

Retained earnings

28,615

12,414

SHAREHOLDERS' FUNDS

143,515

127,314

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 June 2025 and were signed on its behalf by:

Mr R Dev - Director

1.	STATUTORY INFORMATION

Novel Estates Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents rents receivable.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

A transfer is made from retained earnings to the non distributable reserve for the amount of any market value surplus or deficit net of deferred tax provided.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 October 2023

and 30 September 2024

8,108

DEPRECIATION

At 1 October 2023

3,527

Charge for year

1,145

At 30 September 2024

4,672

NET BOOK VALUE

At 30 September 2024

3,436

At 30 September 2023

4,581

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2023

and 30 September 2024

550,000

NET BOOK VALUE

At 30 September 2024

550,000

At 30 September 2023

550,000

Fair value at 30 September 2024 is represented by:

£

Valuation in 2024

550,000

If the investment property had not been revalued it would have been included at the following historical cost:

2024

2023

£

£

Cost

408,150

408,150

The investment property was valued on an open market basis on 30 September 2024 by the directors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

3,016

2,871

Prepayments

452

612

3,468

3,483

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

3,846

6,007

Tax

4,069

3,739

Other creditors

200,000

210,000

Directors' current accounts

4,225

3,734

Accruals and deferred income

4,390

4,324

216,530

227,804

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans - 1-2 years

4,107

6,180

Bank loans - 2-5 years

14,074

19,630

Bank loans - more than 5 years

168,975

163,602

187,156

189,412

Amounts falling due in more than five years:

Repayable by instalments

Bank loans - more than 5 years

168,975

163,602

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

191,002

195,419

The bank loan is secured by way of a legal charge over the company's investment property.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

2

Ordinary

£1

2

2

11.

RESERVES

Non

distributable

reserve

£

At 1 October 2023

and 30 September 2024

114,898

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 September 2024 and 30 September 2023:

2024

2023

£

£

Mr R Dev and Mrs S Arora-Dev

Balance outstanding at start of year

(3,734

)

1,649

Amounts repaid

(491

)

(5,383

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(4,225

)

(3,734

)