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Registration number: 10527685

Novazure Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Novazure Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Novazure Limited

Company Information

Directors

C Gruen

J J Jouanna

Company secretary

W Oh

Registered office

International House
36-38 Cornhill
London
EC3V 3NG

Accountants

Thomas Alexander & Co Ltd 590 Green Lanes
Palmers Green
London
N13 5RY

 

Novazure Limited

(Registration number: 10527685)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

17,951

23,702

Investments

5

57,127

50,346

 

75,078

74,048

Current assets

 

Debtors

6

52,810

96,365

Cash at bank and in hand

 

169,221

204,063

 

222,031

300,428

Creditors: Amounts falling due within one year

7

(89,754)

(155,266)

Net current assets

 

132,277

145,162

Net assets

 

207,355

219,210

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

206,355

218,210

Shareholders' funds

 

207,355

219,210

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 11 August 2025 and signed on its behalf by:
 

.........................................
J J Jouanna
Director

 

Novazure Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
International House
36-38 Cornhill
London
EC3V 3NG

These financial statements were authorised for issue by the Board on 11 August 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Novazure Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures & Fittings

20% Reducing Balance

Computer Equipment

25% Reducing Balance

Motor Vehicles

25% Reducing Balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Novazure Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 5).

 

Novazure Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

13,701

43,574

57,275

Additions

189

-

189

At 31 December 2024

13,890

43,574

57,464

Depreciation

At 1 January 2024

8,381

25,192

33,573

Charge for the year

1,344

4,596

5,940

At 31 December 2024

9,725

29,788

39,513

Carrying amount

At 31 December 2024

4,165

13,786

17,951

At 31 December 2023

5,320

18,382

23,702

5

Investments

2024
£

2023
£

Other investments

57,127

50,346

6

Debtors

Current

2024
£

2023
£

Trade debtors

15,895

74,190

Prepayments

2,248

-

Other debtors

34,667

22,175

 

52,810

96,365

 

Novazure Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

5,616

12,299

Taxation and social security

26,764

62,523

Accruals and deferred income

7,655

8,253

Other creditors

49,719

72,191

89,754

155,266

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

A Ordinary Shares of £1 each

399

399

399

399

B Ordinary Shares of £1 each

598

598

598

598

C Ordinary Shares of £1 each

1

1

1

1

D Ordinary Shares of £1 each

1

1

1

1

E Ordinary Shares of £1 each

1

1

1

1

 

1,000

1,000

1,000

1,000

9

Dividends

Interim dividends paid

   

2024
£

 

2023
£

Interim dividend of £5.0125 per each A Ordinary Shares

 

2,000

 

2,000

Interim dividend of £63.11 (2023 - £72.408) per each B Ordinary Shares

 

37,740

 

43,300

Interim dividend of £8,000.00 (2023 - £37,700.00) per each C Ordinary Shares

 

8,000

 

37,700

Interim dividend of £Nil per each D Ordinary Shares

 

-

 

-

Interim dividend of £10,000.00 per each E Ordinary Shares

 

10,000

 

10,000

   

57,740

 

93,000