NOVADEC NW LIMITED

NOVADEC NW LIMITED

NOVADEC NW LIMITED - Company Information

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NOVADEC NW LIMITED

Company Registration Number:
11388013 (England and Wales)

Unaudited abridged accounts for the year ended 31 May 2019

Period of accounts

Start date: 30 May 2018

End date: 31 May 2019

NOVADEC NW LIMITED

Contents of the Financial Statements

for the Period Ended 31 May 2019

Balance sheet
Notes

NOVADEC NW LIMITED

Balance sheet

As at 31 May 2019


Notes
2019


£
Fixed assets
Tangible assets: 3 2,426
Total fixed assets: 2,426
Current assets
Stocks: 5,000
Debtors:   23,596
Total current assets: 28,596
Creditors: amounts falling due within one year:   (24,772)
Net current assets (liabilities): 3,824
Total assets less current liabilities: 6,250
Provision for liabilities: (461)
Total net assets (liabilities): 5,789
Capital and reserves
Called up share capital: 100
Profit and loss account: 5,689
Shareholders funds: 5,789

The notes form part of these financial statements

NOVADEC NW LIMITED

Balance sheet statements

For the year ending 31 May 2019 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 29 January 2020
and signed on behalf of the board by:

Name: Mr S Moffatt
Status: Director

The notes form part of these financial statements

NOVADEC NW LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2019

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Tangible fixed assets and depreciation policy

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:Motor vehicles 25% straight lineThe gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Other accounting policies

Deferred taxDeferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

NOVADEC NW LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2019

2. Employees

2019
Average number of employees during the period 3

NOVADEC NW LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2019

3. Tangible Assets

Total
Cost £
Additions 2,875
At 31 May 2019 2,875
Depreciation
Charge for year 449
At 31 May 2019 449
Net book value
At 31 May 2019 2,426