Company Registration No. 11610200 (England and Wales)
Noveba Limited
Annual report and unaudited financial statements
for the period ended 31 July 2019
Noveba Limited
Company information
Directors
Genadijs Marjevskis
(Appointed 8 October 2018)
Aleksei Baranov
(Appointed 8 October 2018)
Company number
11610200
Registered office
71-75 Shelton Street
Covent Garden
London
WC2H 9JQ
Accountants
Saffery Champness LLP
Edinburgh Quay
133 Fountainbridge
Edinburgh
EH3 9BA
Bankers
Baltic International Bank
Kaleguiela 43
Kiga
LV-1050
Noveba Limited
Contents
Page
Directors' report
1
Income statement
2
Statement of financial position
3
Statement of changes in equity
4
Notes to the financial statements
5 - 7
Noveba Limited
Directors' report
For the period ended 31 July 2019
Page 1
The directors present their annual report and financial statements for the period ended 31 July 2019.
Principal activities
The company was incorporated on 8 October 2018. The principal activity of the company since incorporation was that of the development and provision of an e-wallet payment system.
Directors
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
Genadijs Marjevskis
(Appointed 8 October 2018)
Aleksei Baranov
(Appointed 8 October 2018)
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Genadijs Marjevskis
Aleksei Baranov
Director
Director
15 April 2020
Noveba Limited
Income statement
For the period ended 31 July 2019
Page 2
Period
ended
31 July
2019
£
Administrative expenses
(42,550)
Other gains and losses
3,232
Loss before taxation
(39,318)
Tax on loss
-
Loss for the financial period
(39,318)
Noveba Limited
Statement of financial position
As at 31 July 2019
Page 3
2019
Notes
£
£
Current assets
Debtors
3
105,671
Cash at bank and in hand
171,684
277,355
Creditors: amounts falling due within one year
4
(15,416)
Net current assets
261,939
Capital and reserves
Called up share capital
5
301,257
Profit and loss reserves
(39,318)
Total equity
261,939
For the financial period ended 31 July 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
.
These financial statements have been prepared 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 15 April 2020 and are signed on its behalf by:
Genadijs Marjevskis
Aleksei Baranov
Director
Director
Company Registration No. 11610200
Noveba Limited
Statement of changes in equity
For the period ended 31 July 2019
Page 4
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Period ended 31 July 2019:
Loss and total comprehensive income for the period
-
(39,318)
(39,318)
Issue of share capital
5
301,257
-
301,257
Balance at 31 July 2019
301,257
(39,318)
261,939
Noveba Limited
Notes to the financial statements
For the period ended 31 July 2019
Page 5
1
Accounting policies
Company information
Noveba Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
71-75 Shelton Street, Covent Garden, London, WC2H 9JQ.
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.
1.2
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.
1.3
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.
Noveba Limited
Notes to the financial statements (continued)
For the period ended 31 July 2019
1
Accounting policies (continued)
Page 6
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.
1.4
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.
1.5
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.6
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 are included in the income statement for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 2.
3
Debtors
2019
Amounts falling due within one year:
£
Other debtors
105,671
Noveba Limited
Notes to the financial statements (continued)
For the period ended 31 July 2019
Page 7
4
Creditors: amounts falling due within one year
2019
£
Trade creditors
15,416
5
Called up share capital
2019
£
Ordinary share capital
Issued and fully paid
100 Ordinary (GBP) of £1 each
100
350,000 Ordinary (Euros) of 86.044763p each
301,157
301,257
On 5 April 2019 100 ordinary (GBP) shares were issued at par £100. On 5 April 2019 350,000 ordinary (Euro) shares were issued at par £301,157
Reconciliation of movements during the period:
Ordinary
Ordinary
Number
Number
At 8 October 2018
-
-
Issue of fully paid shares
100
350,000
At 31 July 2019
100
350,000