Registered number
02420700
Nova Techset Ltd
Filleted Accounts
31 March 2023
Nova Techset Ltd
Directors' Report
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.
Directors
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report.
Y Agarwal
W L Ruttledge
Other changes in directors holding office are as follows:
G Krishna Rao - Appointed on 1 June 2023
R Kaul - Resigned 28 June 2022
Directors' responsibilities
The directors are responsible for preparing the report and accounts in accordance with applicable law and regulations.
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:
select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
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.
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.
This report was approved by the board on 1 November 2023 and signed on its behalf.
Y Agarwal
Director
Nova Techset Ltd
Balance Sheet
as at 31 March 2023
Notes 31.03.2023 31.03.2022
£ £
Fixed assets
Tangible assets 6 59,690 255
Current assets
Stocks 7 538,198 642,956
Debtors 8 4,112,717 3,729,653
Cash at bank and in hand 5,672 169,383
4,656,587 4,541,992
Creditors: amounts falling due within one year 9 (1,345,699) (1,195,051)
Net current assets 3,310,888 3,346,941
Total assets less current liabilities 3,370,578 3,347,196
Creditors: amounts falling due after more than one year 10 (816,549) (984,825)
Net assets 2,554,029 2,362,371
Capital and reserves
Called up share capital 100 10,000
Retained earnings 2,553,929 2,352,371
Shareholders' funds 2,554,029 2,362,371
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime.
Y Agarwal
Director
Approved by the board on 1 November 2023
Nova Techset Ltd
Notes to the Accounts
for the year ended 31 March 2023
1 STATUTORY INFORMATION
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.
2 Accounting policies
Basis of preparing the financial statements
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
Turnover
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.
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;
it is probable that future economic benefits will flow to the entity;
and specific criteria have met for each of the company's activities
Tangible fixed assets
Depreciation is provided at the straight line method in order to write off each asset over its estimated useful life.
Type of Assets Useful Life
Computers and Accessories (Plant & Machinery) 3 Yrs
Electrical Fittings 5 Yrs
Furniture & Fixtures 4 Yrs
Office Equipment 4 Yrs
Improvements to Lease Hold 5 Yrs
Stocks and work-in-progress
Work in progress is valued at the lower of cost and net realisable value.
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling
costs in bringing stocks to their present location and condition.
Taxation
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
Current or deferred taxation assets and liabilities are not discounted.
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.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.
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
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
Foreign currency
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.
Pension costs and other post-retirement benefits
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.
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 5
4 OPERATING PROFIT
The operating profit is stated after charging:
31.03.2023 31.03.2022
£ £
Depreciation - owned assets 24,152 255
5 TAXATION
Analysis of the tax charge
The tax charge on the profit for the year was as follows: 31.03.2023 31.03.2022
£ £
Current tax:
UK corporation tax 49,411 49,766
Tax on profit 49,411 49,766
6 Tangible fixed assets
Electrical fittings Furniture & Fixtures Office Equipment Improvements to LeaseHold Plant and machinery etc Total
£ £ £ £ £ £
Cost
At 1 April 2022 13,627 13,627
Additions 12,011 14,735 4,247 5,852 46,742 83,587
Disposals - -
At 31 March 2023 12,011 14,735 4,247 5,852 60,369 97,214
Depreciation
At 1 April 2022 13,372 13,372
Charge for the year 2,402 3,684 1,062 1,170 15,834 24,152
On disposals - -
At 31 March 2023 2,402 3,684 1,062 1,170 29,206 37,524
Net book value
At 31 March 2023 9,609 11,051 3,185 4,682 31,163 59,690
At 31 March 2022 - - - - 255 255
7 STOCKS 31.03.2023 31.03.2022
£ £
Work -in-progress 538,198 642,956
8 Debtors 31.03.2023 31.03.2022
£ £
Trade debtors 1,121,827 917,811
Amounts owed by group undertakings 2,988,903 2,710,932
Other debtors 1,987 100,910
4,112,717 3,729,653
9 Creditors: amounts falling due within one year 31.03.2023 31.03.2022
£ £
Bank loans and overdrafts ( see note 11) 861,811 758,389
Trade creditors 38,971 73,966
Amounts owed to group undertakings 101,402 66,774
Taxation and social security costs 283,083 271,607
Other creditors 60,432 24,315
1,345,699 1,195,051
10 Creditors: amounts falling due after one year 31.03.2023 31.03.2022
£ £
Other Creditors (Term Loan) 816,549 984,825
11 LOANS
An analysis of the maturity of loans is given below:
31.03.2023 31.03.2022
£ £
Amounts falling due within one year or on demand : Bank overdrafts 861,811 758,389
12 SECURED DEBTS
The following secured debts are included within creditors:
31.03.2023 31.03.2022
£ £
Bank overdrafts 861,811 758,389
Bank Loan 816,549 984,825
1,678,361 1,743,214
The bank loan and overdraft is secured over the company assets as well as personal Guarantees from directors.
13 RELATED PARTY DISCLOSURES
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
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.
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.
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.
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