Registered number
03482686
NOVA INSURANCE LIMITED
Filleted Accounts
31 December 2024
NOVA INSURANCE LIMITED
Registered number: 03482686
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 102,000 153,000
Tangible assets 4 197 1,970,905
102,197 2,123,905
Current assets
Debtors 5 2,439,206 541,565
Cash at bank and in hand 1,473,479 715,664
3,912,685 1,257,229
Creditors: amounts falling due within one year 6 (1,464,109) (1,201,893)
Net current assets 2,448,576 55,336
Net assets 2,550,773 2,179,241
Capital and reserves
Called up share capital 100 100
Profit and loss account 2,550,673 2,179,141
Shareholders' funds 2,550,773 2,179,241
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
HASSAN SOYER
Director
Approved by the board on 1 July 2025
NOVA INSURANCE LIMITED
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 20% reducing Balance
Fixtures, fittings, tools and equipment 20% reducing Balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 18 16
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2024 153,000
At 31 December 2024 153,000
Amortisation
Provided during the year 51,000
At 31 December 2024 51,000
Net book value
At 31 December 2024 102,000
At 31 December 2023 153,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 January 2024 1,970,659 21,592 1,992,251
Disposals (1,970,659) - (1,970,659)
At 31 December 2024 - 21,592 21,592
Depreciation
At 1 January 2024 - 21,346 21,346
Charge for the year - 49 49
At 31 December 2024 - 21,395 21,395
Net book value
At 31 December 2024 - 197 197
At 31 December 2023 1,970,659 246 1,970,905
5 Debtors 2024 2023
£ £
Trade debtors 2,439,206 541,565
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 1,005,527 847,106
Taxation and social security costs 159,469 103,170
Other creditors 299,113 251,617
1,464,109 1,201,893
7 Other information
NOVA INSURANCE LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
3 REDWING COURT
ASHTON ROAD
ROMFORD
RM3 8QQ
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