ACCOUNTS - Final Accounts preparation

COMPLETELY NOVEL LIMITED - Company Information

Caseware UK (AP4) 2020.0.247 2020.0.247 The principal activity of the company is book publishing and consultancy.32020-02-01false3truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06470662 2020-02-01 2021-01-31 06470662 2019-02-01 2020-01-31 06470662 2021-01-31 06470662 2020-01-31 06470662 c:Director2 2020-02-01 2021-01-31 06470662 d:FurnitureFittings 2020-02-01 2021-01-31 06470662 d:FurnitureFittings 2021-01-31 06470662 d:FurnitureFittings 2020-01-31 06470662 d:FurnitureFittings d:OwnedOrFreeholdAssets 2020-02-01 2021-01-31 06470662 d:OfficeEquipment 2020-02-01 2021-01-31 06470662 d:OfficeEquipment 2021-01-31 06470662 d:OfficeEquipment 2020-01-31 06470662 d:OfficeEquipment d:OwnedOrFreeholdAssets 2020-02-01 2021-01-31 06470662 d:OwnedOrFreeholdAssets 2020-02-01 2021-01-31 06470662 d:CurrentFinancialInstruments 2021-01-31 06470662 d:CurrentFinancialInstruments 2020-01-31 06470662 d:Non-currentFinancialInstruments 2021-01-31 06470662 d:Non-currentFinancialInstruments 2020-01-31 06470662 d:CurrentFinancialInstruments d:WithinOneYear 2021-01-31 06470662 d:CurrentFinancialInstruments d:WithinOneYear 2020-01-31 06470662 d:Non-currentFinancialInstruments d:AfterOneYear 2021-01-31 06470662 d:Non-currentFinancialInstruments d:AfterOneYear 2020-01-31 06470662 d:ShareCapital 2021-01-31 06470662 d:ShareCapital 2020-01-31 06470662 d:RetainedEarningsAccumulatedLosses 2021-01-31 06470662 d:RetainedEarningsAccumulatedLosses 2020-01-31 06470662 c:FRS102 2020-02-01 2021-01-31 06470662 c:AuditExempt-NoAccountantsReport 2020-02-01 2021-01-31 06470662 c:FullAccounts 2020-02-01 2021-01-31 06470662 c:PrivateLimitedCompanyLtd 2020-02-01 2021-01-31 iso4217:GBP xbrli:pure

Registered number: 06470662

Completely Novel Limited

Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 January 2021

Completely Novel Limited

Registered number: 06470662

Balance sheet

As at 31 January 2021

		2021		2020
Note		£		£

Fixed assets
Tangible assets	4		116		183
			116		183
Current assets
Stocks		11,702		-
Debtors: amounts falling due within one year	5	12,223		28,321
Cash at bank and in hand		37,837		26,702
		61,762		55,023
Creditors: amounts falling due within one year	6	(4,385)		(3,869)
Net current assets			57,377		51,154
Total assets less current liabilities			57,493		51,337
Creditors: amounts falling due after more than one year	7		(31,000)		(31,000)

Net assets			26,493		20,337

Capital and reserves
Called up share capital	10,000	10,000
Profit and loss account	16,493	10,337
	26,493	20,337

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Completely Novel Limited

Registered number: 06470662

Balance sheet (continued)

As at 31 January 2021

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year 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 financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

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

A J Lewis

Director

Date: 27 October 2021

The notes on pages 3 to 7 form part of these financial statements.

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Completely Novel Limited

Notes to the financial statements

For the year ended 31 January 2021

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: Unit A3 Masterlord Industrial Estate, Leiston, IP16 4JD.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

The going concern basis is considered to be appropriate as the company is dependent upon the support of its directors. The directors have given due consideration to the impact of the COVID-19 pandemic and has indicated that their support will continue for the foreseeable future. If this assumption proves to be inappropriate, then adjustments may have to be made to adjust the value of the assets to their recoverable amount, to provide for any further liabilities which might arise and reclassify fixed assets as current assets.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding value added tax. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

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Completely Novel Limited

Notes to the financial statements

For the year ended 31 January 2021

2.Accounting policies (continued)

2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

				Fixtures and fittings	-	33%	Straight-line
				Office equipment	-	50%	Straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.5

Debtors

Short term debtors are measured at transaction price, less any impairment.

2.6

Creditors

Short term creditors are measured at the transaction price.

2.7

Foreign currency translation

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of income and retained earnings.

2.8

Government grants

Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

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Completely Novel Limited

Notes to the financial statements

For the year ended 31 January 2021

2.Accounting policies (continued)

2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.11

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.

Employees

The average monthly number of employees, including directors, during the year was 3 (2020 - 3).

4.	Tangible fixed assets

	Fixtures and fittings	Office equipment	Total
	£	£	£
Cost or valuation
At 1 February 2020	470	6,890	7,360
At 31 January 2021	470	6,890	7,360
Depreciation
At 1 February 2020	287	6,890	7,177
Charge for the year on owned assets	67	-	67
At 31 January 2021	354	6,890	7,244
Net book value
At 31 January 2021	116	-	116
At 31 January 2020	183	-	183

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Completely Novel Limited

Notes to the financial statements

For the year ended 31 January 2021

Debtors

					2021	2020
					£	£


Trade debtors	1,821	9,531
Other debtors	402	8,790
Called up share capital not paid	10,000	10,000
	12,223	28,321

6.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Trade creditors	-	934
Corporation tax	1,332	-
Other taxation and social security	1,697	1,556
Other creditors	106	179
Accruals and deferred income	1,250	1,200
	4,385	3,869

7.	Creditors: Amounts falling due after more than one year
		2021	2020
		£	£

Other loans	31,000	31,000
	31,000	31,000

8.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £138 (2020 - £226). Contributions totalling £0 (2020 - £47) were payable to the fund at the balance sheet date and are included in creditors.

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Completely Novel Limited

Notes to the financial statements

For the year ended 31 January 2021

9.	Related party transactions
	Mr O W Brooks (Director) During the year the Company provided the director with an interest free loan. At the balance sheet date the amount due (from)/to Mr O W Brooks was (£402) (2019 - £8,662). Mrs A J Lewis (Director) During the year the director provided the company with an interest free loan. At the balance sheet date the amount due to Mrs A J Lewis was £106 (2020 - £106).

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