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REGISTERED NUMBER: 03599526















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Novatel Systems Limited

Novatel Systems Limited (Registered number: 03599526)






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 4


Novatel Systems Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: I G Gray
Mrs A E Gray





SECRETARY: I G Gray





REGISTERED OFFICE: Ibex House
42-47 The Minnories
London
EC3N 1DY





REGISTERED NUMBER: 03599526





ACCOUNTANTS: Havard & Associates
Suite 1
Concept House
23 Billet Lane
Hornchurch
Essex
RM11 1XP

Novatel Systems Limited (Registered number: 03599526)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,690 2,744

CURRENT ASSETS
Debtors 5 30,004 106,243
Cash at bank 211,725 259,331
241,729 365,574
CREDITORS
Amounts falling due within one year 6 68,481 87,755
NET CURRENT ASSETS 173,248 277,819
TOTAL ASSETS LESS CURRENT
LIABILITIES

175,938

280,563

PROVISIONS FOR LIABILITIES 352 362
NET ASSETS 175,586 280,201

CAPITAL AND RESERVES
Called up share capital 7 10 10
Retained earnings 175,576 280,191
SHAREHOLDERS' FUNDS 175,586 280,201

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 July 2024 and were signed on its behalf by:



I G Gray - Director


Novatel Systems Limited (Registered number: 03599526)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Novatel Systems Limited is a private company, limited by shares , registered in Not specified/Other. 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following rates in order to write off each asset over its estimated useful life:

Fixtures & fittings - 20% reducing value.
Computer equipment - 33.33% straight line.

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.

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 AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

Novatel Systems Limited (Registered number: 03599526)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 11,883
Additions 1,226
At 31 December 2023 13,109
DEPRECIATION
At 1 January 2023 9,139
Charge for year 1,280
At 31 December 2023 10,419
NET BOOK VALUE
At 31 December 2023 2,690
At 31 December 2022 2,744

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 27,809 75,113
Other debtors 2,195 31,130
30,004 106,243

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 30 -
Trade creditors 1,304 1,446
Taxation and social security 51,561 22,014
Other creditors 15,586 64,295
68,481 87,755

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
10 Ordinary £1 10 10