Registration number:
Novella Satcoms Limited
for the Year Ended 31 December 2016
Chartered Accountants
4 Park Place
Leeds
LS1 2RU
Novella Satcoms Limited
Contents
Company Information |
|
Accountants' Report |
|
Balance Sheet |
|
Notes to the Financial Statements |
Novella Satcoms Limited
Company Information
Directors |
Dr Ventura Tavares Rufino Mr Christopher John Maslen Mrs Maria Cecilia Da Costa Mr Colin Glass |
Company secretary |
Mrs Maria Cecilia Da Costa |
Registered office |
|
Accountants |
|
Page 1 |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Novella Satcoms Limited
for the Year Ended 31 December 2016
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Novella Satcoms Limited for the year ended 31 December 2016 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Novella Satcoms Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Novella Satcoms Limited and state those matters that we have agreed to state to the Board of Directors of Novella Satcoms Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Novella Satcoms Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Novella Satcoms Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Novella Satcoms Limited. You consider that Novella Satcoms Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Novella Satcoms Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Chartered Accountants
Leeds
LS1 2RU
Page 2 |
Novella Satcoms Limited
(Registration number: 03475429)
Balance Sheet as at 31 December 2016
Note |
2016 |
2015 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
- |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Share premium reserve |
|
|
|
Capital redemption reserve |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
For the financial year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements 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.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Page 3 |
Novella Satcoms Limited
(Registration number: 03475429)
Balance Sheet as at 31 December 2016
Approved and authorised by the
.........................................
Dr Ventura Tavares Rufino
Director
Page 4 |
Novella Satcoms Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
General information |
The company is a private company limited by share capital incorporated in England and Wales .
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. This is the first year in which the financial statements have been prepared under FRS102. Prior year comparative amounts have not been restated as there were no material adjustments brought about by the implementation of the new standard.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Research and development
Research and development costs are written off to profit and loss account as incurred.
Product Warranties
The cost of maintenance under guarantees and warranties in respect of products delivered and invoiced is
recognised as soon as the company accepts liability.
Tangible assets
Tangible assets are stated at cost, less any subsequent accumulated depreciation.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Page 5 |
Novella Satcoms Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Asset class |
Depreciation method and rate |
Freehold buildings |
2% straight line |
Plant and motor vehicles |
25% reducing balance |
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Trade debtors
Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Stocks are assessed for obsolescence, and if stocks are impaired the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in the profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Contributions to defined contribution plans are recognised as employee benefit expense when they are due.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 6 |
Novella Satcoms Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Tangible assets |
Land and buildings |
Motor vehicles |
Other property, plant and equipment |
Total |
|
Cost or valuation |
||||
At 1 January 2016 |
|
|
|
|
Additions |
- |
- |
|
|
At 31 December 2016 |
|
|
|
|
Depreciation |
||||
At 1 January 2016 |
|
|
|
|
Charge for the year |
|
|
|
|
At 31 December 2016 |
|
|
|
|
Carrying amount |
||||
At 31 December 2016 |
|
|
|
|
At 31 December 2015 |
|
|
|
|
Included within the net book value of land and buildings above is £920,686 (2015 - £936,601) in respect of freehold land and buildings.
Investments |
2016 |
2015 |
|
Investments in associates |
|
|
Page 7 |
Novella Satcoms Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Associates |
£ |
Cost |
|
At 1 January 2016 |
|
At 31 December 2016 |
|
Carrying amount |
|
At 31 December 2016 |
|
At 31 December 2015 |
|
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Associates
Novella USA Inc, incorporated in the United States of America.
49% of common stock held (2015: 49%).
The principal activity of Novella USA Inc is as a seller of satellite earth station radio frequency equipment.
No call on the shares has yet been made. No statutory accounts for the company have yet become available but the directors believe the capital and reserves at 31 December 2016 are negligible as is the profit or loss for the year ended on that date.
Stocks |
2016 |
2015 |
|
Raw materials and consumables |
|
|
Work in progress |
|
|
Finished goods and goods for resale |
|
|
|
|
Debtors |
2016 |
2015 |
|
Trade debtors |
|
|
Other debtors |
|
|
Total current trade and other debtors |
|
|
Page 8 |
Novella Satcoms Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Creditors |
Note |
2016 |
2015 |
|
Due within one year |
|||
Trade creditors |
|
|
|
Taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
Related party transactions |
Transactions with directors |
2016 |
At 1 January 2016 |
Advances to directors |
Repayments by director |
At 31 December 2016 |
Dr Ventura Tavares Rufino |
||||
Loan on which interest was paid at 3% |
(1,258) |
|
( |
( |
2015 |
At 1 January 2015 |
Advances to directors |
Repayments by director |
At 31 December 2015 |
Dr Ventura Tavares Rufino |
||||
Loan on which interest was paid at 3% |
(1,232) |
|
( |
( |
Other transactions with directors |
A director was reimbursed £2,805 (2015: £2,550) for use of home.
A director received fees of £22,680 (2016: £19,350) for professional services. At the balance sheet date the amount due to the director was £1,980 (2015: £4,590).
Fees of £17,135 (2015: £14,772) were charged by, a firm of Chartered Accountants in which one of the directors is a partner, for professional services.
Page 9 |
Novella Satcoms Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Summary of transactions with associates
Income and receivables from related parties
2016 |
Associates |
Sale of goods |
|
2015 |
Associates |
Sale of goods |
|
Page 10 |