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REGISTERED NUMBER: 04062330 (England and Wales)



















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: 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)



AUDITOR: Ellacotts Audit Services Limited
Countrywide House
23 West Bar Street
Banbury
OX16 9SA



BANKERS: HSBC Bank Plc
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 37,961 33,277

CURRENT ASSETS
Debtors 5 1,363,902 964,055
Cash at bank 1,260,456 717,711
2,624,358 1,681,766
CREDITORS
Amounts falling due within one year 6 1,426,793 963,139
NET CURRENT ASSETS 1,197,565 718,627
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,235,526

751,904

PROVISIONS FOR LIABILITIES 7,827 5,824
NET ASSETS 1,227,699 746,080

CAPITAL AND RESERVES
Called up share capital 7 200 200
Retained earnings 1,227,499 745,880
SHAREHOLDERS' FUNDS 1,227,699 746,080

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 13 March 2025 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 2024


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.

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
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 - Straight line over 3 to 5 years

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 24 (2023 - 24 ) .

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 33,307 53,871 94,524 181,702
Additions - 150 21,518 21,668
At 31 December 2024 33,307 54,021 116,042 203,370
DEPRECIATION
At 1 January 2024 23,324 45,669 79,432 148,425
Charge for year 3,331 3,517 10,136 16,984
At 31 December 2024 26,655 49,186 89,568 165,409
NET BOOK VALUE
At 31 December 2024 6,652 4,835 26,474 37,961
At 31 December 2023 9,983 8,202 15,092 33,277

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Trade debtors 504,788 787,628
Amounts owed by group undertakings 723,793 52,744
Prepayments and accrued income 135,321 123,683
1,363,902 964,055

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Trade creditors 28,907 36,116
Amounts owed to group undertakings 122,512 156,561
Corporation tax 86,053 65,531
Social security and other taxes 32,460 36,322
VAT 139,298 133,951
Other creditors 790 662
Accruals and deferred income 1,016,773 533,996
1,426,793 963,139

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: as restated
£    £   
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 2024


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

The Report of the Auditor was unqualified.

David Stevens FCA (Senior Statutory Auditor)
for and on behalf of Ellacotts Audit Services Limited

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.