Company Registration No. 03858005 (England and Wales)
Novus Networks Limited
Unaudited accounts
for the period from 27 October 2021 to 30 June 2022
Novus Networks Limited
Unaudited accounts
Contents
Novus Networks Limited
Company Information
for the period from 27 October 2021 to 30 June 2022
Directors
D C W Allison
J M Harling
R M J Behan
Company Number
03858005 (England and Wales)
Registered Office
The Old Corn Mill
Macclesfield Road
Siddington, Macclesfield
Cheshire
SK11 9JR
Accountants
Taylor Consultancy, Chartered Certified Accountants
Primary House
Spring Gardens
Macclesfield
Cheshire
SK10 2DX
Novus Networks Limited
Statement of financial position
as at
30 June 2022
Inventories
130,946
47,389
Cash at bank and in hand
214,373
836,754
Creditors: amounts falling due within one year
(840,037)
(1,124,154)
Net current assets
327,372
372,616
Total assets less current liabilities
327,372
372,616
Creditors: amounts falling due after more than one year
(204,167)
(250,833)
Net assets
123,205
121,783
Called up share capital
16,927
16,927
Profit and loss account
106,043
104,621
Shareholders' funds
123,205
121,783
For the period ending 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 9 February 2023 and were signed on its behalf by
D C W Allison
Director
Company Registration No. 03858005
Novus Networks Limited
Notes to the Accounts
for the period from 27 October 2021 to 30 June 2022
Novus Networks Limited is a private company, limited by shares, registered in England and Wales, registration number 03858005. The registered office is The Old Corn Mill, Macclesfield Road, Siddington, Macclesfield, Cheshire, SK11 9JR.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous period, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Stocks and work-in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Amounts falling due within one year
Trade debtors
752,408
592,564
Accrued income and prepayments
69,682
20,063
Novus Networks Limited
Notes to the Accounts
for the period from 27 October 2021 to 30 June 2022
5
Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
70,000
70,000
Trade creditors
247,531
257,769
Amounts owed to group undertakings and other participating interests
197,389
169,442
Taxes and social security
121,164
236,931
Other creditors
16,080
12,279
Deferred income
187,323
293,018
6
Creditors: amounts falling due after more than one year
2022
2021
Bank loans
204,167
250,833
The bank loan was issued under the Corona-virus Business Interruption Loan Scheme and is secured by a debenture over the assets of the company.
7
Share capital
2022
2021
Allotted, called up and fully paid:
3 Ordinary shares of £1 each
3
3
16,840 A Ordinary Shares of £1 each
16,840
16,840
840 B Ordinary Shares of £0.10 each
84
84
8
Transactions with related parties
Novus Networks Limited is a 100% owned subsidiary company of Novus Group Limited
During the year Novus Group Limited charged Novus Networks Limited £31,817 (2021 £72,261) for the hire of assets.
During the year Novus Networks Limited charged Novus Group Limited £40,000 (2021 £Nil) for management services.
At the balance sheet date Novus Group Limited was owed £197,389 ( 2021 £169,422) by Novus Network Limited, the loan is subject to interest at a commercial rate and repayable upon demand.
The company is 100% owned by Novus Group Limited, a company registered in England and Wales.
The Ultimate holding company is CAE Technology Services Limited, A company registered in England and Wales.
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Average number of employees
During the period the average number of employees was 28 (2021: 33).