Nova Design Associates Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05934024 (England and Wales)

Unaudited Financial Statements

For The Year Ended 30 September 2019

for

Nova Design Associates Limited

Page

Company Information

1

Chartered Certified Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTOR:

G Insalaco

REGISTERED OFFICE:

161 Lancaster Road

Enfield

Middlesex

EN2 0JN

REGISTERED NUMBER:

05934024 (England and Wales)

ACCOUNTANTS:

Lee Christian & Co Ltd

Chartered Certified Accountants

161 Lancaster Road

Enfield

Middlesex

EN2 0JN

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary

statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Nova Design Associates Limited for the year ended 30 September 2019 which comprise the

Statement of Income and Retained Earnings, Statement of Financial Position and the related notes from the company's

accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the director of Nova Design Associates Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Nova Design Associates Limited and state those matters that we have agreed to state to the director of Nova Design Associates Limited in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Nova Design Associates Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Nova Design Associates Limited. You consider that Nova Design Associates Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Nova Design Associates Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Lee Christian & Co Ltd

Chartered Certified Accountants

161 Lancaster Road

Enfield

Middlesex

EN2 0JN

16 April 2020

FIXED ASSETS

Intangible assets

5

12,440

14,218

Property, plant and equipment

6

41,418

37,368

53,858

51,586

CURRENT ASSETS

Inventories

2,450

2,250

Debtors

7

200,654

64,622

Cash at bank and in hand

101,459

230,571

304,563

297,443

CREDITORS

Amounts falling due within one year

8

166,723

203,890

NET CURRENT ASSETS

137,840

93,553

TOTAL ASSETS LESS CURRENT LIABILITIES

191,698

145,139

CREDITORS

Amounts falling due after more than one year

9

(9,655

)

(12,062

)

PROVISIONS FOR LIABILITIES

(7,869

)

(7,100

)

NET ASSETS

174,174

125,977

CAPITAL AND RESERVES

Called up share capital

50

50

Capital redemption reserve

50

50

Retained earnings

174,074

125,877

SHAREHOLDERS' FUNDS

174,174

125,977

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 16 April 2020 and were signed by:

G Insalaco - Director

1.	STATUTORY INFORMATION

Nova Design Associates Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and

the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or

receivable and represents amounts receivable for services rendered stated net of discounts, other sales taxes and

value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

20% on reducing balance

Fixtures, fittings & equipment

-

20% on reducing balance

The carrying values of tangible fixed assets are reviewed for impairment when events or changes in

circumstances indicate that the carrying value may not be recoverable.

The gain or loss arising on the disposal of an asset is determined as the difference between the sales proceeds

and the carrying amount of the asset and is recognised in the profit and loss account and included in the other

operating income.

Inventories

Inventories are valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis.

Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow

moving, obsolete or damaged stock where the net realisable value is less than cost.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial

assets and liabilities like trade and other accounts and payable, loans 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 profit and loss.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like plant, property and equipment are

reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of

possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value

in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable

amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is

recognised immediately in profit or loss.

Inventories are also assessed for impairment at each reporting date. The carrying amount of each item of

inventory, or group of similar items, is compared with its selling price less costs to complete and sell. If an item

of inventory or group of similar items is impaired, its carrying amount is reduced to selling price less costs to

complete and sell, and an impairment loss is recognised immediately in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and

Retained Earnings, 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.

Deferred tax

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

statement of financial position 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.

Foreign currencies

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

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.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured

initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective

interest method, less any impairment.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans,

are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost

using the effective interest method.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense in the period in which they

are incurred.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2018 - 4 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2018

and 30 September 2019

35,554

AMORTISATION

At 1 October 2018

21,336

Charge for year

1,778

At 30 September 2019

23,114

NET BOOK VALUE

At 30 September 2019

12,440

At 30 September 2018

14,218

6.	PROPERTY, PLANT AND EQUIPMENT

Fixtures,

Plant and

fittings

machinery

& equipment

Totals

£

£

£

COST

At 1 October 2018

44,436

17,598

62,034

Additions

13,840

1,026

14,866

Disposals

-

(3,703

)

(3,703

)

At 30 September 2019

58,276

14,921

73,197

DEPRECIATION

At 1 October 2018

17,309

7,357

24,666

Charge for year

8,193

2,161

10,354

Eliminated on disposal

-

(3,241

)

(3,241

)

At 30 September 2019

25,502

6,277

31,779

NET BOOK VALUE

At 30 September 2019

32,774

8,644

41,418

At 30 September 2018

27,127

10,241

37,368

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

At 1 October 2018

23,459

Additions

13,695

At 30 September 2019

37,154

DEPRECIATION

At 1 October 2018

8,445

Charge for year

5,742

At 30 September 2019

14,187

NET BOOK VALUE

At 30 September 2019

22,967

At 30 September 2018

15,014

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

188,476

51,466

Other debtors

1,762

1,763

Prepayments

10,416

11,393

200,654

64,622

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Hire purchase contracts

9,007

4,483

Trade creditors

41,627

59,891

Tax

50,020

55,665

Social security and other taxes

2,949

2,814

VAT

21,478

35,747

Directors' current accounts

21,883

20,384

Accrued expenses

19,759

24,906

166,723

203,890

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Hire purchase contracts

9,655

12,062

10.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Hire purchase contracts

18,662

16,545

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year the company made an advance of £69,294 to the director of the company. The director has

repaid the advance in full. Interest has been charged on these loans by the company at the average official rate of

interest. The amount outstanding at the year-end was £nil (2018: £nil).

12.	LIABILITY LIMITATION AGREEMENT WITH THE ACCOUNTANT

The company has entered into a liability limitation agreement with the accountants Lee Christian & Co Limited

in respect of advice given and the preparation of any financial statements. The liability agreement strictly

restricts the liability of Lee Christian & Co Limited solely to Nova Design Associates Limited (the company) and

further restricts the liability of Lee Christian & Co Limited to the company in accordance with the Lee Christian

& Co Limited engagement letter and terms and conditions.