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REGISTERED NUMBER: SC274480 (Scotland)



















NOVOTEK UK & IRELAND LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






NOVOTEK UK & IRELAND LIMITED (REGISTERED NUMBER: SC274480)

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 7


NOVOTEK UK & IRELAND LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr G M Walker
Mr A T Antius





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





BUSINESS ADDRESS: Cartelli House
3 Hawthorn Park
LEEDS
LS14 1PQ





REGISTERED NUMBER: SC274480 (Scotland)





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

NOVOTEK UK & IRELAND LIMITED (REGISTERED NUMBER: SC274480)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 28,761 59,350
Investments 5 8,063,031 8,063,031
8,091,792 8,122,381

CURRENT ASSETS
Stocks 27,289 49,002
Debtors 6 1,146,156 1,189,006
Cash at bank 753,091 642,361
1,926,536 1,880,369
CREDITORS
Amounts falling due within one year 7 7,905,678 8,618,011
NET CURRENT LIABILITIES (5,979,142 ) (6,737,642 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,112,650

1,384,739

CREDITORS
Amounts falling due after more than one year 8 - (15,119 )

PROVISIONS FOR LIABILITIES (3,346 ) (4,328 )
NET ASSETS 2,109,304 1,365,292

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Retained earnings 2,099,304 1,355,292
2,109,304 1,365,292

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 UK & IRELAND LIMITED (REGISTERED NUMBER: SC274480)

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


1. STATUTORY INFORMATION

Novotek UK & Ireland 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 UK & Ireland Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 401 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.

Significant judgements and estimates
The preparation of financial statements in conformity with accounting standards and in conformity with the requirements of the Companies Act 2006 requires the use of estimates and assumptions which affect the reported amounts.

Although these estimates are based on management's best knowledge of current events and circumstances, actual results may ultimately differ from these estimates. In the opinion of the directors there were no judgements required when applying these accounting policies or other key sources of estimation uncertainty that would have a significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year.

The following judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial statements:

There are trade debts amounting to £62,224 at the year end that are currently exceeding the normal credit terms for the customer. Management believe all of these balances are recoverable.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and Value Added Tax.

Revenue from the sale of goods and associated services are recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be reliably measured, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be reliably measured.

Support services and corresponding costs are recognised in full at the commencement of the contract period.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on cost
Computer equipment - 20% on cost

Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended.

NOVOTEK UK & IRELAND LIMITED (REGISTERED NUMBER: SC274480)

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


2. ACCOUNTING POLICIES - continued

Government grants
Grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attached to them and the grants will be received.

Grants are recognised using the accrual model. Under the accrual model, grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.

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

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

Leasing commitments
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight line basis.

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.

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

NOVOTEK UK & IRELAND LIMITED (REGISTERED NUMBER: SC274480)

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


2. ACCOUNTING POLICIES - continued

Cash & 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 14 (2022 - 13 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 80,101 32,468 112,569
DEPRECIATION
At 1 January 2023 38,594 14,625 53,219
Charge for year 24,095 6,494 30,589
At 31 December 2023 62,689 21,119 83,808
NET BOOK VALUE
At 31 December 2023 17,412 11,349 28,761
At 31 December 2022 41,507 17,843 59,350

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 8,063,031
NET BOOK VALUE
At 31 December 2023 8,063,031
At 31 December 2022 8,063,031

NOVOTEK UK & IRELAND LIMITED (REGISTERED NUMBER: SC274480)

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


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 929,573 942,950
Amounts owed by group undertakings 154,443 -
Corporation tax - 6,969
Prepayments and accrued income 62,140 239,087
1,146,156 1,189,006

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 619,787 995,722
Amounts owed to group undertakings 6,981,103 7,360,751
Corporation tax 71,070 -
Social security and other taxes 19,017 42,451
VAT 28,371 46,932
Other creditors 24,975 21,900
Accruals and deferred income 161,355 150,255
7,905,678 8,618,011

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Other creditors - 15,119

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 18,000 24,000
Between one and five years - 16,000
18,000 40,000

10. 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

NOVOTEK UK & IRELAND LIMITED (REGISTERED NUMBER: SC274480)

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


11. 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.

Novotek UK & Ireland Limited is a wholly owned subsidiary of Novotek Holdings Limited, who in turn are a wholly owned subsidiary of Novotek A.B..

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

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Swedish company, Novotek AB, by virtue of its holding in Novotek Holdings Limited, which holds the entire share capital of Novotek UK & Ireland Limited.