Registered number: 03229379
FOR THE YEAR ENDED 30 JUNE 2014
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REGISTERED NUMBER: 03229379
ABBREVIATED BALANCE SHEET
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CREDITORS: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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PROVISIONS FOR LIABILITIES
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ABBREVIATED BALANCE SHEET (continued)
The director considers that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 30 June 2014 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The abbreviated accounts, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf on 25 October 2014.
The notes on pages 3 to 5 form part of these financial statements.
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NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2014
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Basis of preparation of financial statements
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The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
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Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
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Intangible fixed assets and amortisation
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Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the Profit and loss account over its estimated economic life.
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Research and development has been amortised over its useful life of two years. Purchased goodwill has been amortised over its useful life of five years.
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Tangible fixed assets and depreciation
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Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
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Long-term leasehold property
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Rentals under operating leases are charged to the Profit and loss account 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 period until the date the rent is expected to be adjusted to the prevailing market rate.
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Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
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NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2014
1.ACCOUNTING POLICIES (continued)
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Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
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A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.
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The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.
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As permitted by the FRSSE, Novia Limited has elected on a selective basis to comply with FRS 8 Related Party Transactions, which entitles the company to take up the exemption of disclosure of related party transactions with its parent company.
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2.INTANGIBLE FIXED ASSETS
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At 1 July 2013 and 30 June 2014
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At 1 July 2013 and 30 June 2014
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NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2014
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Allotted, called up and fully paid
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100 Ordinary shares of £1 each
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5.DIRECTOR'S BENEFITS: ADVANCES, CREDIT AND GUARANTEES
Directors
During the year, the following transactions took place with D Macham, the director:
Advances were made to the director in the sum of £886,043 (2013 - £916,167). Repayments were received from the director in the sum of £886,043 (2013 - £916,167). Other advances were made to the company in the sum of £7,144. The advances were made interest free and repayable on demand.
At the year end £7,144 (2013 - £Nil) was due to D Macham.
6.ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY
During the year under review the company was under the ultimate control of it's parent company, Novia Holdings Limited, who owns 100% of the issued share capital.
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