REGISTERED NUMBER: |
NOVOTEK SOLUTIONS UK & IRELAND LIMITED |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
REGISTERED NUMBER: |
NOVOTEK SOLUTIONS UK & IRELAND LIMITED |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
NOVOTEK SOLUTIONS UK & IRELAND LIMITED (REGISTERED NUMBER: 04062330) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
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 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITOR: |
Countrywide House |
23 West Bar Street |
Banbury |
OX16 9SA |
BANKERS: |
49 Market Street |
Lichfield |
Staffordshire |
WS13 6LA |
NOVOTEK SOLUTIONS UK & IRELAND LIMITED (REGISTERED NUMBER: 04062330) |
BALANCE SHEET |
31 DECEMBER 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
NOVOTEK SOLUTIONS UK & IRELAND LIMITED (REGISTERED NUMBER: 04062330) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
1. | STATUTORY INFORMATION |
Novotek Solutions UK & Ireland Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net invoiced sales of services, excluding value added tax. |
As from 1st January 2024, Novotek Solutions UK & Ireland Limited adopted the same revenue recognition policy as other group members. |
The company has four principal revenue streams: |
Products - sale is recognised on delivery. |
Support and upgrade agreements - income is recognised over the period of the agreement. |
Subscription/Term Licences SAAS - income is recognised over the period of the agreement. |
Subscription/Term Licences On Prem - 50% of the revenue, that being the licence part, is recognised on delivery. The other 50% is recognised over the period of the agreement. |
Corresponding costs from suppliers are recognised on the same basis as the revenue. |
Tangible fixed assets |
Improvements to property | - |
Fixtures and fittings | - |
Computer equipment | - |
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. |
NOVOTEK SOLUTIONS UK & IRELAND LIMITED (REGISTERED NUMBER: 04062330) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
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 |
NOVOTEK SOLUTIONS UK & IRELAND LIMITED (REGISTERED NUMBER: 04062330) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
4. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | and | Computer |
property | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2024 |
Additions |
At 31 December 2024 |
DEPRECIATION |
At 1 January 2024 |
Charge for year |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
as restated |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
as restated |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Corporation tax |
Social security and other taxes |
VAT | 139,298 | 133,951 |
Other creditors |
Accruals and deferred income |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | as restated |
£ | £ |
Ordinary | £1 | 200 | 200 |
NOVOTEK SOLUTIONS UK & IRELAND LIMITED (REGISTERED NUMBER: 04062330) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditor was unqualified. |
for and on behalf of |
9. | OTHER FINANCIAL COMMITMENTS |
The company had total guarantees and commitments at the balance sheet date of £205,647 (2023: £276,966). |
10. | RELATED PARTY DISCLOSURES |
Amounts owed by group undertaking at the year end amounted to £601,281 (2023: amounts owed to group undertakings - £103,817). |
11. | 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. |