Nova Techset Ltd |
Directors' Report |
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The directors present their report and accounts for the year ended 31 March 2023. |
Principal activities |
The principal activity of the company in the year was that of technical typesetters. |
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Directors |
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report. |
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Y Agarwal |
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W L Ruttledge |
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Other changes in directors holding office are as follows: |
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G Krishna Rao - Appointed on 1 June 2023 |
R Kaul - Resigned 28 June 2022 |
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Directors' responsibilities |
The directors are responsible for preparing the report and accounts in accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
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select suitable accounting policies and then apply them consistently; |
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make judgements and estimates that are reasonable and prudent; |
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prepare the accounts on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection offraud and other irregularities. |
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Small company provisions |
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. |
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This report was approved by the board on 1 November 2023 and signed on its behalf. |
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Y Agarwal |
Director |
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Nova Techset Ltd |
Notes to the Accounts |
for the year ended 31 March 2023 |
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1 |
STATUTORY INFORMATION |
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Nova Techset Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. |
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2 |
Accounting policies |
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Basis of preparing the financial statements |
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These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention |
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Turnover |
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Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. |
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The company recognises revenue when: The amount of revenue can be reliably measured when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods or on completion of the designated services; |
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it is probable that future economic benefits will flow to the entity; and specific criteria have met for each of the company's activities |
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Tangible fixed assets |
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Depreciation is provided at the straight line method in order to write off each asset over its estimated useful life. |
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Type of Assets |
Useful Life |
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Computers and Accessories (Plant & Machinery) |
3 Yrs |
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Electrical Fittings |
5 Yrs |
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Furniture & Fixtures |
4 Yrs |
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Office Equipment |
4 Yrs |
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Improvements to Lease Hold |
5 Yrs |
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Stocks and work-in-progress |
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Work in progress is valued at the lower of cost and net realisable value. |
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Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling |
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costs in bringing stocks to their present location and condition. |
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Taxation |
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Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
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Deferred tax |
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Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits |
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Foreign currency |
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Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Pension costs and other post-retirement benefits |
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The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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3 |
Employees |
2023 |
2022 |
Number |
Number |
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Average number of persons employed by the company |
3 |
5 |
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4 |
OPERATING PROFIT |
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The operating profit is stated after charging: |
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31.03.2023 |
31.03.2022 |
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£ |
£ |
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Depreciation - owned assets |
24,152 |
255 |
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5 |
TAXATION |
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Analysis of the tax charge |
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The tax charge on the profit for the year was as follows: |
31.03.2023 |
31.03.2022 |
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£ |
£ |
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Current tax: |
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UK corporation tax |
49,411 |
49,766 |
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Tax on profit |
49,411 |
49,766 |
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6 |
Tangible fixed assets |
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Electrical fittings |
Furniture & Fixtures |
Office Equipment |
Improvements to LeaseHold |
Plant and machinery etc |
Total |
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£ |
£ |
£ |
£ |
£ |
£ |
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Cost |
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At 1 April 2022 |
13,627 |
13,627 |
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Additions |
12,011 |
14,735 |
4,247 |
5,852 |
46,742 |
83,587 |
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Disposals |
- |
- |
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At 31 March 2023 |
12,011 |
14,735 |
4,247 |
5,852 |
60,369 |
97,214 |
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Depreciation |
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At 1 April 2022 |
13,372 |
13,372 |
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Charge for the year |
2,402 |
3,684 |
1,062 |
1,170 |
15,834 |
24,152 |
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On disposals |
- |
- |
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At 31 March 2023 |
2,402 |
3,684 |
1,062 |
1,170 |
29,206 |
37,524 |
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Net book value |
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At 31 March 2023 |
9,609 |
11,051 |
3,185 |
4,682 |
31,163 |
59,690 |
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At 31 March 2022 |
- |
- |
- |
- |
255 |
255 |
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7 |
STOCKS |
31.03.2023 |
31.03.2022 |
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£ |
£ |
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Work -in-progress |
538,198 |
642,956 |
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8 |
Debtors |
31.03.2023 |
31.03.2022 |
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£ |
£ |
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Trade debtors |
1,121,827 |
917,811 |
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Amounts owed by group undertakings |
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2,988,903 |
2,710,932 |
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Other debtors |
1,987 |
100,910 |
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4,112,717 |
3,729,653 |
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9 |
Creditors: amounts falling due within one year |
31.03.2023 |
31.03.2022 |
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£ |
£ |
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Bank loans and overdrafts ( see note 11) |
861,811 |
758,389 |
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Trade creditors |
38,971 |
73,966 |
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Amounts owed to group undertakings |
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101,402 |
66,774 |
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Taxation and social security costs |
283,083 |
271,607 |
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Other creditors |
60,432 |
24,315 |
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1,345,699 |
1,195,051 |
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10 |
Creditors: amounts falling due after one year |
31.03.2023 |
31.03.2022 |
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£ |
£ |
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Other Creditors (Term Loan) |
816,549 |
984,825 |
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11 |
LOANS |
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An analysis of the maturity of loans is given below: |
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31.03.2023 |
31.03.2022 |
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£ |
£ |
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Amounts falling due within one year or on demand : Bank overdrafts |
861,811 |
758,389 |
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12 |
SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.03.2023 |
31.03.2022 |
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£ |
£ |
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Bank overdrafts |
861,811 |
758,389 |
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Bank Loan |
816,549 |
984,825 |
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1,678,361 |
1,743,214 |
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The bank loan and overdraft is secured over the company assets as well as personal Guarantees from directors. |
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13 |
RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group |
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The Unsubscribed 9,900 Equity Shares were being cancelled on 17th May 2022 issued to Katalyst Software Services Ltd, an Indian registered company on 18th February 2022. This was by way of an issue of 9,900 ordinary shares at nominal value. The balance due to this company as at 31st March 2023 is £24,954. (2022 Due from £307,715) During the year the company paid £700,000 for software support. (2022 -£300,000). These transactions were carried out under normal commercial terms. |
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The balance due from Nova Techset limited, India as at the balance sheet date was £509,237. (2022 -Due from £66,774). During the year the company paid a Management charge of £60,000 (2022 £60,000) to Nova Techset Ltd, India. These charges were paid under normal commercial terms. |
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Katalyst Technologies Inc is an US registered Corporation and related to Nova Techset Ltd by way of common Holding company. The balance due from this company as at the close of business on 31st March 2023 was £2,403,217. (2022-£2,403,217). There is no interest charged on this outstanding balance. There is no transaction during the financial year. |