NOVIKA LIMITED Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 10967174

NOVIKA LIMITED

Filleted Unaudited Financial Statements

30 September 2020

NOVIKA LIMITED

Statement of Financial Position

30 September 2020

	2020		2019
Note	£	£	£

Current assets

Stocks		2,000,000	1,825,000
Debtors	4	114,162	81,276
Cash at bank and in hand		25,731	4,349
		------------	------------
		2,139,893	1,910,625

Creditors: amounts falling due within one year	5	277,516		214,648
		------------		------------
Net current assets			1,862,377	1,695,977
			------------	------------
Total assets less current liabilities			1,862,377	1,695,977

Creditors: amounts falling due after more than one year	6	2,559,677	1,706,010
		------------	------------
Net liabilities		( 697,300)	( 10,033)
		------------	------------

Capital and reserves

Called up share capital	1	1
Profit and loss account	( 697,301)	( 10,034)
	---------	--------
Shareholders deficit	( 697,300)	( 10,033)
	---------	--------

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'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the 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.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

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

NOVIKA LIMITED

Statement of Financial Position (continued)

30 September 2020

These financial statements were approved by the board of directors and authorised for issue on 14 January 2022 , and are signed on behalf of the board by:

Mr M L Waldman
Director

Company registration number: 10967174

NOVIKA LIMITED

Notes to the Financial Statements

Year ended 30 September 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 Hallswelle House, 1 Hallswelle Road, NW11 0DH, London.

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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.

4. Debtors

	2020	2019
	£	£
Other debtors	114,162	81,276
	---------	--------

5. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	8,510	22,658
Amounts owed to related undertakings	232,856	188,790
Other creditors	36,150	3,200
	---------	---------
	277,516	214,648
	---------	---------

6. Creditors: amounts falling due after more than one year

	2020	2019
	£	£
Bank loans and overdrafts	2,559,677	1,706,010
	------------	------------