NOVA CONTROLS LIMITED - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02881499 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2019

FOR

NOVA CONTROLS LIMITED

Page

Balance Sheet

1

to

2

Notes to the Financial Statements

3

to

6

FIXED ASSETS

Tangible assets

4

8,146

9,383

CURRENT ASSETS

Debtors

5

51,243

69,351

Cash at bank and in hand

133,900

107,122

185,143

176,473

CREDITORS

Amounts falling due within one year

6

(69,626

)

(75,510

)

NET CURRENT ASSETS

115,517

100,963

TOTAL ASSETS LESS CURRENT LIABILITIES

123,663

110,346

PROVISIONS FOR LIABILITIES

(1,548

)

(1,783

)

NET ASSETS

122,115

108,563

CAPITAL AND RESERVES

Called up share capital

3,000

3,000

Capital redemption reserve

2,000

2,000

Retained earnings

117,115

103,563

122,115

108,563

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 30 September 2019 and were signed on its behalf by:

G Keeble - Director

1.	STATUTORY INFORMATION

NOVA CONTROLS LIMITED is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address are as below:

Registered number:

02881499

Registered office:

Unit 30

Pioneer Business Park

North Road

Ellesmere Port

Cheshire

CH65 1AE

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared using the historical cost basis and in sterling, which is the

functional currency of the entity.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and

assumptions that affect the amounts reported. These estimates and judgements are continually

reviewed and are based on experience and other factors, including expectations of future events that

are believed to be reasonable under the circumstances.

(i) Estimated useful lives and residual values of fixed assets

Depreciation of tangible fixed assets has been based on estimated useful lives and residual values

deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually

and revised as appropriate. Revisions take into account estimated useful lives used by other

companies operating in the sector and actual asset lives and residual values, as evidenced by

disposals during the current and prior accounting periods.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Revenue from the rendering of services is recognised by reference to the stage of completion at the

balance sheet date; the amount of revenue can be measured reliably, it is probable that the

associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect

of the transactions can be measured reliably.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% reducing balance

Computer equipment

-

25% reducing balance

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated

depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at

the fair value at the date of revaluation less any subsequent accumulated depreciation and

subsequent accumulated impairment losses.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the

contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement

constitutes a financing transaction, where it is recognised at the present value of the future payments

discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of

impairment at the end of each reporting date. If there is objective evidence of impairment, an

impairment loss is recognised in profit or loss immediately.

Taxation

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past

event, it is probable that the entity will be required to transfer economic benefits in settlement and the

amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the

statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at

the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the

current best estimate of the amount that would be required to settle the obligation. Any adjustments to

the amounts previously recognised are recognised in profit or loss unless the provision was originally

recognised as part of the cost of an asset.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2018 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 June 2018

29,083

31,591

60,674

Additions

1,481

-

1,481

At 31 May 2019

30,564

31,591

62,155

DEPRECIATION

At 1 June 2018

26,592

24,699

51,291

Charge for year

993

1,725

2,718

At 31 May 2019

27,585

26,424

54,009

NET BOOK VALUE

At 31 May 2019

2,979

5,167

8,146

At 31 May 2018

2,491

6,892

9,383

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.19

31.5.18

£

£

Trade debtors

36,861

60,271

Other debtors

14,382

9,080

51,243

69,351

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.19

31.5.18

£

£

Trade creditors

13,284

5,309

Amounts owed to group undertakings

-

11,376

Taxation and social security

25,682

28,738

Other creditors

30,660

30,087

69,626

75,510

7.	OTHER FINANCIAL COMMITMENTS

The company had total commitments at the balance sheet date of £36,898 (2018 £8,574).

8.	RELATED PARTY DISCLOSURES

All transactions undertaken with the directors are deemed to be conducted under normal market

conditions and/or are not material.

The company has taken advantage of the exemption from the disclosures required by paragraph

33.1A of Financial Reporting Standard 102 regarding transactions between fellow group companies.

9.	ULTIMATE CONTROLLING PARTY

The company's parent undertaking is Nova Controls Holdings Limited. The parent undertaking's

principle place of business and registered office is Unit 30 Pioneer Business Park, North Road,

Ellesmere Port, Cheshire, England, CH65 1AE.