Registration number: 13278209

Novic Property Limited

Contents

Balance Sheet	1
Notes to the Unaudited Financial Statements	2 to 6

Novic Property Limited

(Registration number: 13278209)
Balance Sheet as at 31 March 2026

	Note	2026 £	2025 £
Fixed assets
Tangible assets	4	164,062	192,878
Investment property	5	12,508,242	12,481,859
		12,672,304	12,674,737
Current assets
Debtors	6	81,676	94,785
Cash at bank and in hand		31,624	65,863
		113,300	160,648
Creditors: Amounts falling due within one year	7	(190,273)	(171,168)
Net current liabilities		(76,973)	(10,520)
Total assets less current liabilities		12,595,331	12,664,217
Creditors: Amounts falling due after more than one year	7	(6,067,155)	(6,095,480)
Provisions for liabilities		(490,347)	(497,551)
Net assets		6,037,829	6,071,186
Capital and reserves
Called up share capital	8	102	102
Share premium reserve		4,684,349	4,684,349
Other reserves		1,347,389	1,347,389
Profit and loss account		5,989	39,346
Shareholders' funds		6,037,829	6,071,186

For the financial year ending 31 March 2026 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 10 August 2026 and signed on its behalf by:
 

 

Mr F S Ognjenovic
Director

Novic Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

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:
Scadbury Lodge,
Scadbury Park,
Chislehurst
Kent
BR7 6LW

2	Accounting policies

Basis of preparation

These financial statements have been prepared using the historical cost convention in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

The presentation currency is sterling.

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.

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

Revenue recognition
Turnover comprises rental income received or receivable in the ordinary course of the company's activities.

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 current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated at cost, less any subsequent accumulated depreciation and 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 over their estimated useful lives as follows:

Asset class	Depreciation method and rate
Vehicles, plant and equipment	20% reducing balance

Novic Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

Investment property

Investment property is measured at fair value at each reporting date with changes in fair value recognised in the profit and loss account.

Cash
Cash comprises cash on hand and all deposits.

Debtors
Debtors are amounts due from tenants for rent receivable and other associated letting fees in the ordinary course of the business.

Debtors are recognised at the transaction price. 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.

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 at the transaction price.

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.

Leasing and hire purchase contracts

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account on a straight-line basis.

3	Staff numbers

The average number of persons employed by the company during the year was 4 (2025 - 4).

Novic Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

4	Tangible assets

	Plant and equipment  £	Motor vehicles  £	Total £
Cost
At 1 April 2025	11,288	266,707	277,995
Additions	1,657	62,090	63,747
Disposals	(1,068)	(98,588)	(99,656)
At 31 March 2026	11,877	230,209	242,086
Depreciation
At 1 April 2025	3,208	81,909	85,117
Charge for the year	1,839	35,694	37,533
Eliminated on disposal	(396)	(44,230)	(44,626)
At 31 March 2026	4,651	73,373	78,024
Net book value
At 31 March 2026	7,226	156,836	164,062
At 31 March 2025	8,080	184,798	192,878

5	Investment property

	2026 £	2025 £
At 1 April	12,481,859	12,461,789
Additions	26,383	20,070
At 31 March	12,508,242	12,481,859

The directors have reviewed the market value of the properties using current market data for similar properties in the same
areas and consider that there is no significant change at the balance sheet date.

Novic Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

6

Debtors

	2026 £	2025 £
Trade debtors	20,166	14,330
Other debtors	400	15,873
Prepayments	61,110	64,582
	81,676	94,785

7

Creditors

Creditors: amounts falling due within one year

	2026 £	2025 £
Bank and hire purchase loans	44,253	45,295
Trade creditors	37,299	35,294
Taxation and social security	31,072	11,125
Other creditors	58,738	61,641
Other loans	1,123	-
Accruals	17,788	17,813
	190,273	171,168