Caseware UK (AP4) 2024.0.164 2024.0.164 2024-03-312024-03-316The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-04-01falseNo description of principal activity9truetrue 11858804 2023-04-01 2024-03-31 11858804 2022-04-01 2023-03-31 11858804 2024-03-31 11858804 2023-03-31 11858804 c:Director3 2023-04-01 2024-03-31 11858804 d:PlantMachinery 2023-04-01 2024-03-31 11858804 d:PlantMachinery 2024-03-31 11858804 d:PlantMachinery 2023-03-31 11858804 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 11858804 d:OfficeEquipment 2023-04-01 2024-03-31 11858804 d:OfficeEquipment 2024-03-31 11858804 d:OfficeEquipment 2023-03-31 11858804 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 11858804 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 11858804 d:PatentsTrademarksLicencesConcessionsSimilar 2024-03-31 11858804 d:PatentsTrademarksLicencesConcessionsSimilar 2023-03-31 11858804 d:ComputerSoftware 2024-03-31 11858804 d:ComputerSoftware 2023-03-31 11858804 d:OtherResidualIntangibleAssets 2023-04-01 2024-03-31 11858804 d:CurrentFinancialInstruments 2024-03-31 11858804 d:CurrentFinancialInstruments 2023-03-31 11858804 d:Non-currentFinancialInstruments 2024-03-31 11858804 d:Non-currentFinancialInstruments 2023-03-31 11858804 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 11858804 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 11858804 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 11858804 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 11858804 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-03-31 11858804 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 11858804 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 11858804 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 11858804 d:ShareCapital 2024-03-31 11858804 d:ShareCapital 2023-03-31 11858804 d:SharePremium 2024-03-31 11858804 d:SharePremium 2023-03-31 11858804 d:RetainedEarningsAccumulatedLosses 2024-03-31 11858804 d:RetainedEarningsAccumulatedLosses 2023-03-31 11858804 c:OrdinaryShareClass1 2023-04-01 2024-03-31 11858804 c:OrdinaryShareClass1 2024-03-31 11858804 c:OrdinaryShareClass1 2023-03-31 11858804 c:FRS102 2023-04-01 2024-03-31 11858804 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 11858804 c:FullAccounts 2023-04-01 2024-03-31 11858804 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 11858804 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2023-04-01 2024-03-31 11858804 d:ComputerSoftware d:OwnedIntangibleAssets 2023-04-01 2024-03-31 11858804 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 11858804










NOVOCOMMS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
NOVOCOMMS LIMITED
REGISTERED NUMBER: 11858804

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
4,000

Tangible assets
 5 
17,724
17,718

  
17,724
21,718

Current assets
  

Debtors: amounts falling due within one year
 6 
1,178,950
1,718,074

Cash at bank and in hand
 7 
8,810
322,876

  
1,187,760
2,040,950

Current liabilities
  

Creditors: amounts falling due within one year
 8 
(1,614,767)
(3,985,993)

Net current liabilities
  
 
 
(427,007)
 
 
(1,945,043)

Total assets less current liabilities
  
(409,283)
(1,923,325)

Creditors: amounts falling due after more than one year
 9 
(7,314)
(11,444)

Net liabilities
  
(416,597)
(1,934,769)


Capital and reserves
  

Called up share capital 
 11 
1,438
1,271

Share premium account
  
2,224,462
454,065

Profit and loss account
  
(2,642,497)
(2,390,105)

  
(416,597)
(1,934,769)


Page 1

 
NOVOCOMMS LIMITED
REGISTERED NUMBER: 11858804

BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Dr C P Tucker
Director

Date: 25 July 2025

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
NOVOCOMMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Novocomms Limited is a private company, limited by share capital and incorporated in England and Wales.
The Company's registered office address is 146 Hagley Road, Birmingham, West Midlands, B16 9NX.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors believe that sufficient funding will continue to be provided to meet the operating costs of the Company for a period of at least 12 months from the approval of these financial statements.
On this basis the directors are satisfied as to the going concern status of the company.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Page 3

 
NOVOCOMMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution 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 profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

The policy to recognise research & development tax credit has changed in the year. In prior years the tax credit was recognised in the period in which the tax credit related to. This year, the accounting policy has changed so that the tax credit will be recognised in the year it is received. 

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Computer software
-
3
years

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
NOVOCOMMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
3 years
Office equipment
-
3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 9 (2023 - 6).

Page 5

 
NOVOCOMMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Intangible assets




Intellectual property
Computer software
Total

£
£
£



Cost


At 1 April 2023
20,000
30,979
50,979



At 31 March 2024

20,000
30,979
50,979



Amortisation


At 1 April 2023
16,000
30,979
46,979


Charge for the year on owned assets
4,000
-
4,000



At 31 March 2024

20,000
30,979
50,979



Net book value



At 31 March 2024
-
-
-



At 31 March 2023
4,000
-
4,000



Page 6

 
NOVOCOMMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Laboratory equipment
Office equipment
Total

£
£
£



Cost or valuation


At 1 April 2023
15,000
31,148
46,148


Additions
-
11,785
11,785



At 31 March 2024

15,000
42,933
57,933



Depreciation


At 1 April 2023
15,000
13,430
28,430


Charge for the year on owned assets
-
11,779
11,779



At 31 March 2024

15,000
25,209
40,209



Net book value



At 31 March 2024
-
17,724
17,724



At 31 March 2023
-
17,718
17,718


6.


Debtors

2024
2023
£
£

Trade debtors
327,972
544,865

Amounts owed by group undertakings
773,523
771,523

Other debtors
69,974
365,545

Prepayments and accrued income
7,481
36,141

1,178,950
1,718,074



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
8,810
322,876


Page 7

 
NOVOCOMMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
4,412
4,412

Other loans
378,673
2,319,825

Trade creditors
88,381
31,561

Other taxation and social security
26,825
16,289

Other creditors
9,610
18,013

Accruals and deferred income
1,106,866
1,595,893

1,614,767
3,985,993



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
7,314
11,444



10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
4,412
4,412

Other loans
378,673
2,319,825

Amounts falling due 1-2 years

Bank loans
4,412
4,412

Amounts falling due 2-5 years

Bank loans
2,902
7,032

390,399
2,335,681


Other loans relates to convertible loan notes. Interest is charged on the convertible loan at 12% interest and could convert with a 20% discount. The loans from directors have been repaid in the year and are detailed in the related party note. The comparative year other loans relate to six convertible loan notes and loans from directors. 
Interest is charged on the bank loan at 2.5%.

Page 8

 
NOVOCOMMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



143,843 (2023 - 127,125) Ordinary shares of £0.01 each
1,438
1,271


On 07 Aug 2023, 16,718 Ordinary shares of £0.01 each were issued for a total consideration of £1,770,564. 


12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £7,978 (2023: £3,925). Contributions totalling £4,907 (2023: £974) were payable to the fund at the balance sheet date and are included in creditors.


13.


Related party transactions

At the period end the Company owed £Nil (2023: £40,000) to Dr Z Hu, a director. Interest is charged at 10% and the balance was converted to shares in August 2023.
At the period end the Company owed £Nil (2023: £134,000) to Dr C P Tucker, a director. Interest is charged at 10% and the balance was converted to shares in August 2023.
At the period end the Company owed £nil (2023: £491,293 ) to K P Chiu, a director. Interest is charged at 15% and the balance was converted to shares in August 2023.


Page 9