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REGISTERED NUMBER: SC575097 (Scotland)



















NOVOTEK HOLDINGS LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






NOVOTEK HOLDINGS LIMITED (REGISTERED NUMBER: SC575097)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 5


NOVOTEK HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr G M Walker
Mr A T Antius
Ms A H Bramstorp





REGISTERED OFFICE: Stanley House
69/71 Hamilton Road
Motherwell
ML1 3DG





REGISTERED NUMBER: SC575097 (Scotland)





AUDITORS: Johnson Tidsall Limited
Chartered Accountants
& Statutory Auditor
81 Burton Road
Derby
Derbyshire
DE1 1TJ

NOVOTEK HOLDINGS LIMITED (REGISTERED NUMBER: SC575097)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investments 4 4,305,038 4,305,038

CURRENT ASSETS
Debtors 5 6,929,629 6,929,036
Cash at bank 5,738 89,098
6,935,367 7,018,134
CREDITORS
Amounts falling due within one year 6 506,375 206,467
NET CURRENT ASSETS 6,428,992 6,811,667
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,734,030

11,116,705

CREDITORS
Amounts falling due after more than one year 7 - (367,000 )

PROVISIONS FOR LIABILITIES (1,600,000 ) (1,600,000 )
NET ASSETS 9,134,030 9,149,705

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 9,134,029 9,149,704
9,134,030 9,149,705

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 March 2024 and were signed on its behalf by:





Mr G M Walker - Director


NOVOTEK HOLDINGS LIMITED (REGISTERED NUMBER: SC575097)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Novotek Holdings Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Preparation of consolidated financial statements
The financial statements contain information about Novotek Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Novotek AB, Hojdrodergatan 18, 212 39 Malmo, Sweden.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Debtors
Short term debtors are measured at transaction price, less any impairment.

NOVOTEK HOLDINGS LIMITED (REGISTERED NUMBER: SC575097)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions.

Creditors
Short term creditors are measured at transaction price.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 4,305,038
NET BOOK VALUE
At 31 December 2023 4,305,038
At 31 December 2022 4,305,038

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 332 331
Amounts owed by group undertakings 6,928,028 6,928,705
Other debtors 1,269 -
6,929,629 6,929,036

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 299 57,662
VAT 2,776 12,805
Other creditors 501,000 134,000
Accruals and deferred income 2,300 2,000
506,375 206,467

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Other creditors - 367,000

NOVOTEK HOLDINGS LIMITED (REGISTERED NUMBER: SC575097)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

RICHARD MINNS FCA (Senior Statutory Auditor)
for and on behalf of Johnson Tidsall Limited

9. CONTINGENT LIABILITIES

A provision for £1.6million has been made in relation to the acquisition of Novotek Solutions UK & Ireland Limited (formerly Astec IT Solutions Limited).

The provision of £1.6million is the total earn out consideration, subject to certain criteria being met. It is the belief of the directors that the criteria will be met and that the provision should be made.

10. 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.

George Walker, a director of the company, is owed £501,000 (2022: £501,000) as part of the agreement to purchase the shareholding of Novotek UK & Ireland Limited. This liability is shown within Other Creditors.

Novotek Holdings Limited have a wholly owned subsidiary called Novotek UK & Ireland Limited, who in turn own 100% of the share capital of Novotek Solutions UK & Ireland Limited.

Novotek Holdings Limited are a wholly owned subsidiary of Novotek AB.

The consolidated financial statements of Novotek AB are available from its head office at Hojdrodergatan 18, 212 39 Malmo, Sweden.