Accounts filed on 31-03-2015
Accounts filed on 31-03-2015
trueNovarix Ltd050779122015-03-31-1463202-101420417984859824535034716427001612102179848598245214800214800394648813045285289658892395785463232486771352421404857951293164504017414758268910935915415355185699195417484234Basis of accounting
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over
the useful economic life of that asset as follows:
Patents-5%
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance
for obsolete and slow moving items.
Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
Fixed Assets
All fixed assets are initially recorded at cost.
Financial Instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.Plant & MachineryStraight line0.2500EquipmentStraight line0.33001029999838446154781428465193491134981073776121593242314336181216497205761107361071385160855530Ordinary87530.04350347Preference7741774774Ordinary0.043503478753Ordinary0.0472330600During the year the company issued 72 shares at £425 to provide working capital.
2015-06-25JE Scotttruetruetruetruexbrli:sharesiso4217:GBPxbrli:pureNovarix Ltd2014-04-012015-03-31Novarix Ltd2013-04-012014-03-31Novarix Ltd2013-03-31Novarix Ltd2014-03-31Novarix Ltd2014-03-31Novarix Ltd2015-03-31 2015-06-30
