NOVASTATES_LIMITED - Accounts

NOVASTATES LIMITED - Company Information

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Company Registration No. 01848328 (England and Wales)

NOVASTATES LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2015

NOVASTATES LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

NOVASTATES LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 OCTOBER 2015

- 1 -

2015

2014

Notes

Fixed assets

Tangible assets

461,608

461,787

Investments

461,609

461,788

Current assets

Cash at bank and in hand

29,521

15,883

Creditors: amounts falling due within one year

(56,416)

(34,762)

Net current liabilities

(26,895)

(18,879)

Total assets less current liabilities

434,714

442,909

Capital and reserves

Called up share capital

100

Revaluation reserve

359,780

Profit and loss account

74,834

83,029

Shareholders' funds

434,714

442,909

For the financial year ended 31 October 2015 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.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 5 August 2016

Mr M O'Connell

Director

Company Registration No. 01848328

NOVASTATES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 OCTOBER 2015

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The company has net current liabilities of £26,895 at the balance sheet date which suggests that the going concern basis may not be appropriate. However, the director has given assurance that he will continue to provide support to the company to allow it to continue in operation for the foreseeable future. The director therefore considers it appropriate to prepare financial statements on a going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of this support.

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

Fixtures, fittings & equipment

25% reducing balance

1.5

Investments

Fixed asset investments are stated at cost less provision for diminution in value.

NOVASTATES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2015

- 3 -

Fixed assets

Tangible assets

Investments

Total

Cost or valuation

At 1 November 2014 & at 31 October 2015

464,424

464,425

Depreciation

At 1 November 2014

2,637

Charge for the year

179

At 31 October 2015

2,816

Net book value

At 31 October 2015

461,608

461,609

At 31 October 2014

461,787

461,788

The unlisted fixed asset investment above represents a single share in Greenacres (New Barnet) Freehold Limited.

Share capital

2015

2014

Allotted, called up and fully paid

100 Ordinary shares of £1 each

100