Company Registration No. 12157768 (England and Wales)
Novex Software Limited
Financial statements
for the year ended 31 March 2022
Pages for filing with the Registrar
Novex Software Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
Novex Software Limited
Statement of financial position
As at 31 March 2022
Page 1
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
4
830,736
394,012
Current assets
Debtors
5
224,074
Cash at bank and in hand
10,000
234,074
Creditors: amounts falling due within one year
6
(994,562)
(427,047)
Net current liabilities
(760,488)
(427,047)
Total assets less current liabilities
70,248
(33,035)
Provisions for liabilities
(113,936)
Net liabilities
(43,688)
(33,035)
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
(43,689)
(33,036)
Total equity
(43,688)
(33,035)
The directors of the company have elected not to include a copy of the income statement 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 23 September 2022 and are signed on its behalf by:
Claire Barker
Director
Company Registration No. 12157768
Novex Software Limited
Notes to the financial statements
For the year ended 31 March 2022
Page 2
1
Accounting policies
Company information
Novex Software Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
1330 Montpellier Court, Gloucester Business Park, Gloucester, GL3 4AH.
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 £
1
.
The financial statements have been prepared under the historical cost convention.
1.2
Going concern
The company is reliant on the support of its parent company, CS Law Limited. A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that
CS Law Limited
has adequate resources to continue
to provide support to the company f
or the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives
on the following bases:
Software
Over 5 years
1.4
Impairment of fixed assets
At each reporting
period
end date, the
group
reviews the carrying amounts of its tangible
and intangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss.
Novex Software Limited
Notes to the financial statements (continued)
For the year ended 31 March 2022
1
Accounting policies (continued)
Page 3
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 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 statement of financial position 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, 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.
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
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Novex Software Limited
Notes to the financial statements (continued)
For the year ended 31 March 2022
1
Accounting policies (continued)
Page 4
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
income statement
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits
.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised
.
Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
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
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Novex Software Limited
Notes to the financial statements (continued)
For the year ended 31 March 2022
Page 5
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
4
Intangible fixed assets
Software
£
Cost
At 1 April 2021
394,012
Additions
478,860
At 31 March 2022
872,872
Amortisation and impairment
At 1 April 2021
Amortisation charged for the year
42,136
At 31 March 2022
42,136
Carrying amount
At 31 March 2022
830,736
At 31 March 2021
394,012
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
224,074
Novex Software Limited
Notes to the financial statements (continued)
For the year ended 31 March 2022
Page 6
6
Creditors: amounts falling due within one year
2022
2021
£
£
Amounts owed to group undertakings
983,512
422,047
Other creditors
11,050
5,000
994,562
427,047
7
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1 each
1
1
Ordinary shares hold full voting, dividend and capital distribution rights.
8
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 Neil Davies and the auditor was Saffery Champness LLP.
9
Parent company
The ultimate parent company is CS Law Limited, a company registered in England and Wales.
The results of the company are included in the consolidated accounts of CS Law Limited whose financial statements are available at their registered office 1330 Montpellier Court, Gloucester Business Park, Gloucester GL3 4AH.