Novus Biomass Limited - Period Ending 2020-09-30

Novus Biomass Limited

Contents

Balance Sheet	1
Notes to the Unaudited Financial Statements	2 to 4

Novus Biomass Limited

(Registration number: 08845388)
Balance Sheet as at 30 September 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	104,686	116,870
Current assets
Debtors	5	3,174	3,174
Cash at bank and in hand		18,237	18,406
		21,411	21,580
Creditors: Amounts falling due within one year	6	(4,324)	(3,529)
Net current assets		17,087	18,051
Net assets		121,773	134,921
Capital and reserves
Called up share capital		160,200	160,200
Profit and loss account		(38,427)	(25,279)
Shareholders' funds		121,773	134,921

For the financial year ending 30 September 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account and Directors' Report has been taken.

Approved and authorised by the Board on 12 February 2021 and signed on its behalf by:
 

.........................................

Mr SP Beaumont
Director

Novus Biomass Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Drayton Beaumont Building
Merrial Street
Newcastle-Under-Lyme
Staffordshire
ST5 2AE

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.
These financial statements are presented in Sterling which is the functional currency of the company and rounded to the nearest £.

Judgements

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of biomass fuel and income from renewable heat incentive. Turnover is shown net of value added tax.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Novus Biomass Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Equipment	20% straight line
Plant and machinery	10% reducing balance

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2019 - 2).

Novus Biomass Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020

4	Tangible assets

	Equipment £	Plant and machinery £	Total £
Cost or valuation
At 1 October 2019	4,145	213,671	217,816
At 30 September 2020	4,145	213,671	217,816
Depreciation
At 1 October 2019	829	100,117	100,946
Charge for the year	829	11,355	12,184
At 30 September 2020	1,658	111,472	113,130
Carrying amount
At 30 September 2020	2,487	102,199	104,686
At 30 September 2019	3,316	113,554	116,870

5

Debtors

	2020 £	2019 £
Trade debtors	3,174	3,174
	3,174	3,174

6

Creditors

Creditors: amounts falling due within one year

	2020 £	2019 £
Due within one year
Trade creditors	20	541
Taxation and social security	3,654	2,187
Other creditors	650	801
	4,324	3,529