Registration number: 10923126

Nova Tissue Company Ltd

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 8

Nova Tissue Company Ltd

Company Information

Director

Mr Khurram Iqbal

Registered office

Alford Street Oldham Greater Manchester OL9 7LP

Accountants

GATES Chartered Accountants 94 Colne Road Burnley Lancashire BB10 1LP

Nova Tissue Company Ltd

(Registration number: 10923126)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Intangible assets	4	392,199	392,199
Tangible assets	5	1,782,933	1,711,893
		2,175,132	2,104,092
Current assets
Stocks		1,356,401	1,235,953
Debtors	6	937,777	797,223
Cash at bank and in hand		556,103	607,786
		2,850,281	2,640,962
Creditors: Amounts falling due within one year	7	(2,742,367)	(2,427,750)
Net current assets		107,914	213,212
Total assets less current liabilities		2,283,046	2,317,304
Creditors: Amounts falling due after more than one year	7	(160,004)	(289,824)
Net assets		2,123,042	2,027,480
Capital and reserves
Called up share capital	8	100	100
Retained earnings		2,122,942	2,027,380
Shareholders' funds		2,123,042	2,027,480

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.

Director's 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 director acknowledges his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 29 August 2025
 

......................................... Mr Khurram Iqbal Director

Nova Tissue Company Ltd

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 England and Wales.

The address of its registered office is:
Alford Street
Oldham
Greater Manchester
OL9 7LP
England

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Nova Tissue Company Ltd

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

Tax

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 tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.

Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. There are no such deferred tax assets or liabilities recognised in either the current or preceding financial year.

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.

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
Plant and machinery	10% Straight Line basis
Motor Vehicles	20% straight Line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost
less any accumulated amortisation and any accumulated impairment losses.

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.

Nova Tissue Company Ltd

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

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Nova Tissue Company Ltd

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

Defined contribution pension obligation

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 40 (2023 - 40).

Nova Tissue Company Ltd

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

4	Intangible assets

	Goodwill  £
Cost or valuation
Revaluations	392,199
At 31 December 2024	392,199
Amortisation
Carrying amount
At 31 December 2024	392,199
At 31 December 2023	392,199

5	Tangible assets

	Plant and machinery £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2024	2,397,586	29,985	2,427,571
Additions	291,105	-	291,105
At 31 December 2024	2,688,691	29,985	2,718,676
Depreciation
At 1 January 2024	692,201	17,992	710,193
Charge for the year	219,554	5,996	225,550
At 31 December 2024	911,755	23,988	935,743
Carrying amount
At 31 December 2024	1,776,936	5,997	1,782,933
At 31 December 2023	1,699,900	11,993	1,711,893

6

Debtors

Current	2024 £	2023 £
Trade debtors	937,777	797,223
	937,777	797,223

7

Creditors

Creditors: amounts falling due within one year

Nova Tissue Company Ltd

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

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	7.2	927,911	-
Trade creditors		1,729,966	2,116,386
Taxation and social security		53,482	229,296
Accruals and deferred income		5,526	40,328
Other creditors		25,482	41,740
		2,742,367	2,427,750

7.2	Loans and borrowings

Non-current loans and borrowings

	2024 £	2023 £
Other borrowings	159,339	289,159

Current loans and borrowings

	2024 £	2023 £
Bank overdrafts	(799)	-
Finance lease liabilities	928,710	-
	927,911	-

8	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
ordinary of £1 each	100	100	100	100