ACCOUNTS - Final Accounts preparation

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Company registration number: 14029228

	FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 DECEMBER 2023

	NOVATA UK LIMITED


NOVATA UK LIMITED REGISTERED NUMBER:14029228

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2023

		12 months ended 31 December 2023		9 months ended 31 December 2022
Note		£		£


Current assets
Debtors: amounts falling due after more than one year	4	67,154		-
Debtors: amounts falling due within one year	4	1,663,092		441,928
Cash at bank and in hand		88,577		-
		1,818,823		441,928
Creditors: amounts falling due within one year	5	(815,419)		(188,924)
Net current assets			1,003,404		253,004
Total assets less current liabilities			1,003,404		253,004

Net assets			1,003,404		253,004

Capital and reserves
Called up share capital	1,000	1,000
Profit and loss account	1,002,404	252,004
	1,003,404	253,004

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 on 6 June 2024.

A S Friedman

Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1


NOVATA UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

1.	General information

Novata UK Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is Copthall House, 14-18 Copthall Avenue, 5th Floor, London, EC2R 7DJ.
The prior period financial statements were in respect of the 9 month period from 6 April 2022 to 31 December 2022. These financial statements for the year ended 31 December 2023 are therefore not directly comparable with the prior period.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

2.2

Going concern

The sole customer of the company is its parent undertaking, Novata Inc. The company is therefore dependent on the performance of the group and without such support the company would not be a going concern. The company has received a letter of financial support from its parent company, confirming it will provide such support for at least the next 12 months.
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

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 profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 2


NOVATA UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

2.4

Revenue

Revenue from contracts to provide sales, marketing, G&A, and R&D services to the parent company is recognised in the period in which the services are provided. Revenue is recognised on a mark up basis on certain operating costs incurred by the Company. Revenue is recognised to the extent that is probable that the company will receive the consideration due under the contract and the amount of revenue can be measured reliably. Revenue is measured as the fair value of the consideration received or receivable, excluding value added tax.

2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.7

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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 3


NOVATA UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.

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NOVATA UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

Employees

The average monthly number of employees, including directors, during the year was 31 (2022 - 18).

4.	Debtors
		12 months ended 31 December 2023	9 months ended 31 December 2022
		£	£

Due after more than one year
Other debtors	67,154	-
	67,154	-

					12 months ended 31 December 2023	9 months ended 31 December 2022
					£	£

Due within one year
Amounts owed by group undertakings	781,488	347,339
Other debtors	717,369	72,851
Prepayments and accrued income	145,753	21,738
Deferred taxation	18,482	-
	1,663,092	441,928

5.	Creditors: Amounts falling due within one year
		12 months ended 31 December 2023	9 months ended 31 December 2022
		£	£

Trade creditors	83,234	-
Corporation tax	251,919	60,845
Other taxation and social security	143,949	57,729
Other creditors	42,851	15,022
Accruals and deferred income	293,466	55,328
	815,419	188,924

Page 5


NOVATA UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

6.	Commitments under operating leases
	At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		2023
		£

	Not later than 1 year	223,848
	Later than 1 year and not later than 5 years	481,833
		705,681

7.	Controlling party

The smallest group for which consolidated financial statements are drawn up is headed by Novata, Inc. whose registered office is 915 Broadway, 11th Floor, New York, NY 10010.

8.	Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 7 June 2024 by Robin Hopkins FCA (Senior statutory auditor) on behalf of Menzies LLP.

Page 6