The notes on pages 2 to 5 form part of these financial statements.

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

The director of the company has elected not to include a copy of the Income Statement within the financial statements.true

Nova People Ltd. is a private company limited by shares incorporated in England and Wales. The registered office is Evolution House, Iceni Court, Delft Way, Norwich, Norfolk, England, NR6 6BB.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

These financial statements have been prepared on a basis other than going concern. This is a result of the director planning to wind-down the operations of the company in due course.

As a consequence, a full review of the carrying value of the assets and liabilities has been carried out.

As the company will realise its assets in an orderly fashion, the director has determined that the accounting policies to be applied to individual line items are consistent with those adopted in the previous year and the assets have been recognised at the lower of cost and the recoverable amount.

The company has elected not to provide for within these financial statements any subsequent cost arising from the cessation of trading as to do so would not reflect the conditions existing at the balance sheet date. Any such costs will be included in the financial statements for the next accounting period.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, unless otherwise stated. The principal accounting policies adopted are set out below.

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes, in respect of services provided in the year.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company accounts for its financial transactions in accordance with Section 11 and Section 12 of FRS 102.

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

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement.

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

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 statement of financial position date.

The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

The company operates a defined contribution plan for its employees. A defined contribution pension 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 the Income Statement when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the Statement of Financial Position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Statement of cash flows

The company has taken advantage of the FRS 102 exemption from preparing a statement of cashflows. The company is part of a group where the parent company prepares publicly available consolidated financial statements which are intended to give a true and fair view. The company is included in this consolidation.

The average number of employees during the year was 17 (2024 - 14).

Emphasis of matter – financial statements prepared on a basis other than going concern

We draw attention to Note 1.1 to the financial statements which explains that the director intends to close the company in due course and therefore does not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in Note 1.1.

During the year ended 31 December 2018, HMRC issued the company with notices of underpaid income tax and national insurance in relation to the 2013 – 2014 tax year. The amount in question has been appealed. On 27 August 2025, the appeal in relation to the national insurance had been upheld. The company is awaiting the outcome of the appeal in relation to the income tax. The director does not consider it likely that a payment to HMRC in relation to the notices of underpaid income tax is probable and in any case it is not possible to determine the amount, if any, that would be paid to HMRC at this juncture. Accordingly, no amount has been recognised in respect of this matter within these financial statements.

In accordance with paragraph 33.1A of FRS 102, the company has taken advantage of the exemption from providing detail of material group transactions on the basis that the transactions are with wholly owned members of the Nova People AS group of companies.

The company's immediate parent is Nova People AS, a company incorporated in Norway. The ultimate parent undertakings are Nova Group AS and San Miguel Invest AS, both incorporated in Norway, each owning 50% of Nova People AS. Copies of the Nova People AS group accounts may be obtained from the secretary, PO Box 2, Sentrum 3101, Tønsberg, Norway.