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REGISTERED NUMBER: 04062330 (England and Wales)



















NOVOTEK SOLUTIONS UK & IRELAND LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






NOVOTEK SOLUTIONS UK & IRELAND LIMITED (REGISTERED NUMBER: 04062330)

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 6


NOVOTEK SOLUTIONS UK & IRELAND LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr A S Tripp
Mr C R Barlow
Mr G M Walker



REGISTERED OFFICE: Edric House
Towers Business Park
Wheelhouse Road
Rugeley
Staffordshire
WS15 1UW



REGISTERED NUMBER: 04062330 (England and Wales)



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



BANKERS: HSBC Bank Plc
49 Market Street
Lichfield
Staffordshire
WS13 6LA

NOVOTEK SOLUTIONS UK & IRELAND LIMITED (REGISTERED NUMBER: 04062330)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 33,277 34,176

CURRENT ASSETS
Debtors 5 867,233 951,359
Cash at bank 717,711 236,498
1,584,944 1,187,857
CREDITORS
Amounts falling due within one year 6 821,648 694,149
NET CURRENT ASSETS 763,296 493,708
TOTAL ASSETS LESS CURRENT
LIABILITIES

796,573

527,884

PROVISIONS FOR LIABILITIES 5,824 3,964
NET ASSETS 790,749 523,920

CAPITAL AND RESERVES
Called up share capital 7 200 200
Retained earnings 790,549 523,720
SHAREHOLDERS' FUNDS 790,749 523,920

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 A S Tripp - Director


NOVOTEK SOLUTIONS UK & IRELAND LIMITED (REGISTERED NUMBER: 04062330)

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


1. STATUTORY INFORMATION

Novotek Solutions UK & Ireland Limited 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.

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.

Turnover
Turnover represents net invoiced sales of services, excluding value added tax.

The company has two principal revenue streams - contract work and annual support.

Contract work is invoiced in stages and projects can last multiple months. The client consistently applies the same stage invoices across all contracts, so revenue is consistently recognised in the correct period.

Annual support is usually invoiced in the first month, but income is deferred evenly over the life of the support.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Fixtures and fittings - 15% on cost
Computer equipment - 33% on cost

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

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.

NOVOTEK SOLUTIONS UK & IRELAND LIMITED (REGISTERED NUMBER: 04062330)

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


2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

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.

Investments
Investments have been measured at fair value with deferred taxation recognised in accordance with the requirements of FRS102.

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

Cash at bank and in hand

Cash is represented by cash in hand and deposits in financial institutions repayable without penalty on notice of not more than 24 hours.

Creditors

Short term creditors are measured at the transaction price.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2022 - 21 ) .

NOVOTEK SOLUTIONS UK & IRELAND LIMITED (REGISTERED NUMBER: 04062330)

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


4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 January 2023 33,307 51,120 83,201 167,628
Additions - 2,751 11,323 14,074
At 31 December 2023 33,307 53,871 94,524 181,702
DEPRECIATION
At 1 January 2023 19,994 41,653 71,805 133,452
Charge for year 3,330 4,016 7,627 14,973
At 31 December 2023 23,324 45,669 79,432 148,425
NET BOOK VALUE
At 31 December 2023 9,983 8,202 15,092 33,277
At 31 December 2022 13,313 9,467 11,396 34,176

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 787,628 492,070
Amounts owed by group undertakings 52,744 432,046
Prepayments and accrued income 26,861 27,243
867,233 951,359

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 36,116 135,039
Amounts owed to group undertakings 156,561 -
Corporation tax 65,531 214,571
Social security and other taxes 36,322 22,584
VAT 133,951 64,346
Other creditors 662 738
Accruals and deferred income 392,505 256,871
821,648 694,149

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
200 Ordinary £1 200 200

NOVOTEK SOLUTIONS UK & IRELAND LIMITED (REGISTERED NUMBER: 04062330)

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. OTHER FINANCIAL COMMITMENTS

The company had total guarantees and commitments at the balance sheet date of £276,966 (2022: £348,284).

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the year ended 31 December 2023 and the period ended 31 December 2022:

2023 2022
£    £   
Mr A S Tripp
Balance outstanding at start of year - 3,460
Amounts repaid - (3,460 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

Mr C R Barlow
Balance outstanding at start of year - 4,500
Amounts repaid - (4,500 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

11. RELATED PARTY DISCLOSURES

Amounts owed to group undertaking at the year end amounted to £103,817 (2022: amount owed by group undertaking of £432,046).

12. ULTIMATE CONTROLLING PARTY

The company's immediate parent undertaking is Novotek UK & Ireland Limited, a company registered in the UK.

The ultimate parent undertaking and controlling party of the company is Novotek AB and this is the group into which Novotek Solutions UK & Ireland Limited is consolidated. The consolidated financial statements of Novotek AB are available from its head office at Hojdrodergatan 18, 212 39 Malmo, Sweden.