Company Registration No. 03858005 (England and Wales)
Novus Networks Limited
Unaudited accounts
for the year ended 31 October 2020
Novus Networks Limited
Unaudited accounts
Contents
Novus Networks Limited
Company Information
for the year ended 31 October 2020
Directors
D C W Allison
K W Zygmunt
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
31 October 2020
Inventories
121,298
175,264
Cash at bank and in hand
624,169
162,932
Creditors: amounts falling due within one year
(972,419)
(767,430)
Net current assets
471,003
119,067
Total assets less current liabilities
471,003
119,067
Creditors: amounts falling due after more than one year
(350,000)
-
Net assets
121,003
119,067
Called up share capital
16,927
16,927
Profit and loss account
103,841
101,905
Shareholders' funds
121,003
119,067
For the year ending 31 October 2020 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 30 July 2021 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 year ended 31 October 2020
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 year, 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.
4
Debtors: amounts falling due within one year
2020
2019
Trade debtors
638,427
518,628
Accrued income and prepayments
59,528
29,673
Novus Networks Limited
Notes to the Accounts
for the year ended 31 October 2020
5
Creditors: amounts falling due within one year
2020
2019
Trade creditors
182,198
154,179
Amounts owed to group undertakings and other participating interests
131,052
79,408
Taxes and social security
248,484
208,499
Other creditors
12,559
8,953
Deferred income
317,822
237,128
6
Creditors: amounts falling due after more than one year
2020
2019
Aggregate of amounts that fall due for payment after five years
70,000
-
The loan of £350,000 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
2020
2019
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 £46,538 (2019 £118,942) for the hire of assets and £100,000 (2019 £Nil) for management services. Novus Networks Limited paid Novus Group Limited a dividend of £168,000 (2019 £218,000)
At the balance sheet date Novus Group Limited was owed £131,052 ( 2019 £79,408) by Novus Network Limited, the loan is subject to interest at a commercial rate and repayable upon demand
Novus Networks Limited and Novus Consultants Limited are both 100% owned subsidiary companies of Novus Group Limited
During the year Novus Consultants Limited charged Novus Networks Limited £Nil (2019 £54,000) for managment services
The company is 100% owned by Novus Group Limited, a company registered in England and Wales
10
Average number of employees
During the year the average number of employees was 32 (2019: 25).