Company Registration No. 11762875 (England and Wales)
NOVA GROUP PRODUCTS HOLDINGS LIMITED
(FORMERLY FTSP HOLDINGS LIMITED)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
PAGES FOR FILING WITH REGISTRAR
NOVA GROUP PRODUCTS HOLDINGS LIMITED
(FORMERLY FTSP HOLDINGS LIMITED)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
NOVA GROUP PRODUCTS HOLDINGS LIMITED
(FORMERLY FTSP HOLDINGS LIMITED)
BALANCE SHEET
AS AT
31 MARCH 2021
31 March 2021
- 1 -
2021
2020
as restated
Notes
£
£
£
£
Fixed assets
Investments
3
5,056,014
5,056,014
Current assets
Debtors
5
126,085
16,549
Cash at bank and in hand
1,250
352,057
127,335
368,606
Creditors: amounts falling due within one year
6
(3,635,449)
(3,374,729)
Net current liabilities
(3,508,114)
(3,006,123)
Total assets less current liabilities
1,547,900
2,049,891
Creditors: amounts falling due after more than one year
7
(894,731)
(1,284,042)
Net assets
653,169
765,849
Capital and reserves
Called up share capital
8
910,588
909,000
Share premium account
9
741,000
741,000
Profit and loss reserves
(998,419)
(884,151)
Total equity
653,169
765,849
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 31 March 2022 and are signed on its behalf by:
C Wilkinson
Director
Company Registration No. 11762875
NOVA GROUP PRODUCTS HOLDINGS LIMITED
(FORMERLY FTSP HOLDINGS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 2 -
1
Accounting policies
Company information
Nova Group Products Holdings Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
St Paul's House, Park Square South, Leeds, England, LS1 2ND.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The
financial statements
present information about the company as an individual entity and not about its group
.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he director has a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future.
This is based on the continued financial support provided by its trading subsidiary, Nova Group Products Limited.
At the year-end, creditors falling due within 12 months includes £3,208,086 (2020: £
3,095,453
) which although technically due on demand, will not be sought for repayment until cash flow permits.
In determining whether the
c
ompany’s accounts can be prepared on a going concern basis, the directors have considered the groups’s business activities together with the factors likely to affect its future development, performance, its financial position including cash flow, liquidity position, borrowing facilities and the risks and uncertainties relating to its business activities. This is supported by a 3 year growth strategy plan and financial forecasts. These include the impact of both COVID-19, Brexit and current economic matters including inflation and increased raw material and overhead costs. Post year end the company has secured new bank finance facilities of £2.15m (which in part has facilitated the repayment of historic bank borrowing of £
804,731
) and have negotiated deferment of other borrowing. This has all been undertaken to manage cash flows over the 3 year restructuring and focus of the new management team. The directors regularly review these factors to ensure that any risks are recognised and managed effectively.
In addition the company has financial support from a related company. At the year end this other creditors amounts payable more than 12 month, includes £350,000 (2020: £350,000). Post year end an additional facility of £150,000 has been agreed.
Based on all the above the directors are satisfied that it is applicable to apply the going concern basis.
1.3
Reporting period
The company was incorporated on
11
January
2019 and
extend
ed its accounting period from 31
January 2020
to 3
1 March 2020
, in order to be in alignment with its trading subsidiary. Consequently, the prior year period,
including notes
is not
entirely
comparable.
NOVA GROUP PRODUCTS HOLDINGS LIMITED
(FORMERLY FTSP HOLDINGS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 3 -
1.4
Fixed asset investments
Interests in subsidiaries entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
NOVA GROUP PRODUCTS HOLDINGS LIMITED
(FORMERLY FTSP HOLDINGS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 4 -
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
3
3
3
Fixed asset investments
2021
2020
£
£
Shares in group undertakings and participating interests
5,056,014
5,056,014
NOVA GROUP PRODUCTS HOLDINGS LIMITED
(FORMERLY FTSP HOLDINGS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
3
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2020 & 31 March 2021
5,863,365
Impairment
At 1 April 2020 & 31 March 2021
807,351
Carrying amount
At 31 March 2021
5,056,014
At 31 March 2020
5,056,014
4
Subsidiaries
Details of the company's subsidiaries at 31 March 2021 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Nova Group Products Limited
32 Gibbons Street, Harrimans Lane, Lenton Lane Industrial Estate, Nottingham, NG7 2SD
International product design, solution provider and OE manufacturing
Ordinary
100.00
0
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
126,085
16,549
NOVA GROUP PRODUCTS HOLDINGS LIMITED
(FORMERLY FTSP HOLDINGS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 6 -
6
Creditors: amounts falling due within one year
2021
2020
£
£
as restated
Bank loans
260,000
247,599
Trade creditors
28,147
Amounts owed to group undertakings
3,208,086
3,095,453
Taxation and social security
7,562
Other creditors
131,654
31,677
3,635,449
3,374,729
The bank loan is secured by a debenture over the assets of the company.
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
as restated
Bank loans and overdrafts
544,731
934,042
Other creditors
350,000
350,000
894,731
1,284,042
The bank loan is secured by a debenture over the assets of the company.
NOVA GROUP PRODUCTS HOLDINGS LIMITED
(FORMERLY FTSP HOLDINGS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 7 -
8
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Preferred shares of £1 each
4,500
4,500
4,500
4,500
B shares of £1 each
4,500
4,500
4,500
4,500
C Growth shares of £1 each
1,588
-
1,588
-
10,588
9,000
10,588
9,000
2021
2020
2021
2020
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £1 each
900,000
900,000
900,000
900,000
Preference shares classified as equity
900,000
900,000
Total equity share capital
910,588
909,000
During the year 1,588 C Growth Shares of £1 each were issued at par.
9
Share premium account
The share premium account includes any premium received on issue of share capital. Any transaction costs allocated with the issuing of shares are deducted from the share premium.
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Paul Stansfield and the auditor was Cowgill Holloway LLP.
11
Prior period adjustment
Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
NOVA GROUP PRODUCTS HOLDINGS LIMITED
(FORMERLY FTSP HOLDINGS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
11
Prior period adjustment
(Continued)
- 8 -
Reconciliation of changes in loss for the previous financial period
2020
£
Total adjustments
-
Loss as previously reported
(884,151)
Loss as adjusted
(884,151)
Notes to reconciliation
Loan notes
During the year loan notes amounting to £350k have been reclassified as creditors due greater than one year on the basis that they have a fixed repayment date of 18 August 2024. There is no impact on net assets resulting from the adjustment.
2021-03-31
2020-04-01
false
31 March 2022
CCH Software
CCH Accounts Production 2021.300
No description of principal activity
This audit opinion is unqualified
C Wilkinson
J Martoccia
N P Armstrong
D J A Ritchie
G S Hannath
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