Noveltygroup Ltd Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 09169020

NOVELTYGROUP LTD

FILLETED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 March 2020

NOVELTYGROUP LTD

FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2020

Contents	Page

Officers and professional advisers	1

Independent auditor's report to the members	2

Statement of income and retained earnings	5

Statement of financial position	6

Notes to the financial statements	7

NOVELTYGROUP LTD

OFFICERS AND PROFESSIONAL ADVISERS

Director	J M J Sarrebourse de la Gullionniere

Registered office	Becket House
	Lambeth Palace Road
	C/O Ccfgb
	London
	SE1 7EU

Auditor	BSG Valentine (UK) LLP
	Chartered Accountants & Statutory Auditor
	Lynton House
	7 - 12 Tavistock Square
	London
	WC1H 9BQ

NOVELTYGROUP LTD

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NOVELTYGROUP LTD

YEAR ENDED 31 MARCH 2020

Opinion

We have audited the financial statements of Noveltygroup Ltd (the 'company') for the year ended 31 March 2020 which comprise the statement of income and retained earnings, statement of financial position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 March 2020 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

- the director's use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

- the director has not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The director is responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- the information given in the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the director's report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the director's report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of director's remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the director's report and from the requirement to prepare a strategic report.

Responsibilities of the director

As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. Use of our report

This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Luke Richardson BSc FCA

(Senior Statutory Auditor)

For and on behalf of

BSG Valentine (UK) LLP

Chartered Accountants & Statutory Auditor

Lynton House

7 - 12 Tavistock Square

London

WC1H 9BQ

8 March 2021

NOVELTYGROUP LTD

STATEMENT OF INCOME AND RETAINED EARNINGS

YEAR ENDED 31 MARCH 2020

	2020	2019
Note	£	£
TURNOVER	668,683	658,904

Cost of sales	( 389,410)	( 459,408)
	----------	----------
GROSS PROFIT	279,273	199,496

Administrative expenses	( 225,938)	( 166,775)
	----------	----------
OPERATING PROFIT	53,335	32,721

	----------	----------
PROFIT BEFORE TAXATION	53,335	32,721

Tax on profit	( 10,134)	( 5,739)
	--------	--------
PROFIT FOR THE FINANCIAL YEAR AND TOTAL COMPREHENSIVE INCOME	43,201	26,982
	--------	--------

All the activities of the company are from continuing operations.

NOVELTYGROUP LTD

STATEMENT OF FINANCIAL POSITION

31 March 2020

	2020		2019
Note	£	£	£	£

CURRENT ASSETS

Debtors	6	83,215	87,342
Cash at bank and in hand		158,625	157,978
		----------	----------
		241,840	245,320

CREDITORS: Amounts falling due within one year	7	( 168,862)		( 215,543)
		----------		----------
NET CURRENT ASSETS			72,978		29,777
			--------		--------
TOTAL ASSETS LESS CURRENT LIABILITIES			72,978		29,777
			--------		--------
NET ASSETS			72,978		29,777
			--------		--------

CAPITAL AND RESERVES

Called up share capital	1,000	1,000
Profit and loss account	71,978	28,777
	--------	--------
SHAREHOLDERS FUNDS	72,978	29,777
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements were approved by the board of directors and authorised for issue on 8 March 2021 , and are signed on behalf of the board by:

J M J Sarrebourse de la Gullionniere
Director

Company registration number: 09169020

NOVELTYGROUP LTD

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Becket House, Lambeth Palace Road, C/O Ccfgb, London, SE1 7EU.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The directors have considered the impact of the ongoing global Covid 19 pandemic on the business. At the time of writing the activity of the company has been significantly curtailed by the pandemic and its impact on demand for the company's services by its clients. Consequently, the company has had very little activity in 2020/2021, and is waiting for restrictions to be lifted and for demand to recover. In response, to the post year end fall in its revenue, the company has managed its cashflows by by controlling its costs and has utilised the Coronavirus Job Retention Scheme. Ultimately the company has the support of its group, the director of the company considers that its group has the means to provide financial support to the company. The company's ultimate parent company has confirmed in writing, that should it be required within the foreseeable future, it will provide financial support to the company. The liabilities of the company include a balance of £134,002 (2019: £147,855) payable to its immediate parent company. The company's immediate parent company has provided written confirmation that it will continue to provide financial assistance to the company, as necessary in order to ensure that the company can meet its liabilities as they fall due, for a minimum of 12 months from the approval of these financial statements. Accordingly, the directors are of the opinion that it is appropriate to prepare the financial statements on a going concern basis.

Judgements and key sources of estimation uncertainty

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. There are no significant judgements that management has made in the process of applying the entity's accounting policies. There are no sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. The stage of completion of a contract is measured by comparing the costs incurred for the work performed to date to the total estimated contract costs. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

4. Auditor's remuneration

	2020	2019
	£	£
Fees payable for the audit of the financial statements	2,400	3,750
	-------	-------

5. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2019: 2 ).

6. Debtors

	2020	2019
	£	£
Trade debtors	72,149	79,120
Other debtors	11,066	8,222
	--------	--------
	83,215	87,342
	--------	--------

7. Creditors: Amounts falling due within one year

	2020	2019
	£	£
Trade creditors	2,251	18,533
Amounts owed to group undertakings	134,002	147,855
Corporation tax	10,553	5,734
Social security and other taxes	18,365	31,959
Other creditors	3,691	11,462
	----------	----------
	168,862	215,543
	----------	----------

8. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2020	2019
	£	£
Not later than 1 year	21,216	21,216
	--------	--------

9. Events after the end of the reporting period

Subsequent to the year end, the company renewed its premises lease for a further year. The annual commitment is £29,952.

10. Related party transactions

The company takes advantage of the exemption available within FRS 102 from disclosing transactions between wholly owned group member of its group.

11. Controlling party

The company is included in the consolidated financial statements of Groupe Novelty SAS, a company incorporated in France.