ACCOUNTS - Final Accounts preparation

NOVA ESTATE MANAGEMENT COMPANY LIMITED - Company Information

Registered number: 12203835

NOVA ESTATE MANAGEMENT COMPANY LIMITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2020


NOVA ESTATE MANAGEMENT COMPANY LIMITED

DIRECTORS' REPORT

FOR THE PERIOD ENDED 31 MARCH 2020

The directors of Nova Estate Management Company Limited (the 'Company') present their report and the financial statements for the period from 12 September 2019 until 31 March 2020.

Principal activity

The Company is dormant. No change in the Company's dormant status is anticipated in the foreseeable future.

Results for the period and dividend

There was no activity in the Company for the period ended 31 March 2020 and consequently no Statement of Comprehensive Income has been disclosed.
The directors do not recommend the payment of a dividend for the period ended 31 March 2020 (2019: £Nil).

Directors

The directors who held office during the year and up to the date of this report unless otherwise stated were:

L S Benzine (appointed 19 June 2020)

P J W Davies (appointed 18 June 2020)

M C Geddes (appointed 18 June 2020)

D J Heaford (appointed 18 June 2020)

R J Hume (appointed 18 June 2020)

T O Jackson (apointed 18 June 2020)

P Langham (apointed 18 June 2020)

R P Sayers (apointed 18 June 2020)

M R Worthington (appointed 12 September 2019, resigned 18 June 2020)

Land Securities Management Services Limited (appointed 12 September 2019, resigned 18 June 2020)

LS Director Limited (appointed 12 September 2019, resigned 18 June 2020)

Indemnity

The Company has made qualifying third party indemnity provisions for the benefit of the respective directors which were in place throughout the period and which remain in place at the date of this report.

Events after the end of the reporting period

On 19 June 2020, the previous immediate parent company Land Securities SPV's Limited sold its 2 £1 B shares to LS Nova LP1 Limited and LS Nova LP2 Limited. On the same date, LS Nova LP1 Limited and LS Nova LP2 Limited subscribed for 2,708 new £1 B shares and Nova Nominee 1 Limited and Nova Nominee 2 Limited each subscribed for 7,290 new £1 A Shares.

On 8 October 2020, CPP Investment Board Real Estate Holdings Inc entered into an agreement to sell its interests in the Company to an external buyer, with the transaction due to complete 60 days after exchange. No significant changes as a result of the change in ownership are expected.

Small companies exemption

The Directors' Report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

	Registered Office
	100 Victoria Street
	London
	SW1E 5JL

This report was approved by the Board and signed on its behalf.

M Smout, on behalf of LS Company Secretaries Limited

Company Secretary

Date: 20 October 2020
Registered in England and Wales

Registered number: 12203835

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NOVA ESTATE MANAGEMENT COMPANY LIMITED REGISTERED NUMBER:12203835

BALANCE SHEET

AS AT 31 MARCH 2020

	31 March
	2020
Notes	£

Current assets
Amounts due from related parties	2	2
		2

Net assets		2

Capital and reserves
Share capital	3	2
Total equity		2

For the period ended 31 March 2020 the Company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of the financial statements.

The financial statements on pages 2 to 4 were approved by the Board of Directors and were signed on its behalf by:

D J Heaford	L Benzine
Director	Director

Date: 20 October 2020	20 October 202020 October 2020

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NOVA ESTATE MANAGEMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2020

1.Accounting policies

1.1

Basis of preparation

The financial statements have been prepared on a going concern basis and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland ('FRS 102') and the Companies Act 2006. The financial statements are prepared under the historical cost convention.
Nova Estate Management Company Limited (the ‘Company’) is a private company limited by shares and is incorporated, domiciled and registered in England and Wales (Registered number:12203835). The nature of the Company’s operations is set out in the Directors' Report on page 1.
The accounting policies which follow set out those policies which apply in preparing the financial statements for the period ended 31 March 2020. The financial statements are prepared in Pounds Sterling (£).

1.2

Financial reporting standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102:

∙the requirements of Section 4 Statement of Financial Position paragraph 4.12(a)(iv);

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); and

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

1.3

Amounts due from related parties

Amounts due from related parties are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, amounts due from related parties are stated at amortised cost and, where relevant, adjusted for the time value of money. The Company assesses on a forward-looking basis, the expected credit losses associated with its amounts due from related parties. A provision for impairment is made for the lifetime expected credit losses on initial recognition of the amounts due.

In determining the expected credit losses, the Company takes into account any future expectations of likely default events based on the level of capitalisation of the counterparty.

1.4

Statement of Comprehensive Income and other primary statements

There was no activity in the Company for the period ended 31 March 2020 and consequently no Statement of Comprehensive Income has been disclosed.

2.	Amounts due from related parties

					31 March
					2020
					£


	Amounts due from related parties	2
	Total amounts due from related parties	2

The unsecured amount due from related parties is owed from Nova Residential (GP) Limited, and is interest free, repayable on demand with no fixed repayment date.

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NOVA ESTATE MANAGEMENT COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2020

3.	Share capital
		Authorised and issued 2020	Allotted and fully paid 2020
		£	£


Ordinary shares of £1.00 each	2	2
	2	2

4.	Parent company

The immediate parent company at 31 March 2020 was Land Securities SPV's Limited.

Events after the end of the reporting period

The Company is jointly owned by the immediate companies LS Nova LP1 Limited, LS Nova LP2 Limited, Nova Nominee 1 Limited and Nova Nominee 2 Limited which ultimate parent companies are Land Securities Group PLC and CPP Investment Board Real Estate Holdings Inc. Therefore, there is no ultimate controlling party.

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