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REGISTERED NUMBER: SC575097 (Scotland)



















NOVOTEK HOLDINGS LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024






NOVOTEK HOLDINGS LIMITED (REGISTERED NUMBER: SC575097)

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 5


NOVOTEK HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: Mr G M Walker
Mr A T Antius
Ms A H Bramstorp





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





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





REGISTERED NUMBER: SC575097 (Scotland)





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

NOVOTEK HOLDINGS LIMITED (REGISTERED NUMBER: SC575097)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investments 4 4,305,038 4,305,038

CURRENT ASSETS
Debtors 5 6,598,542 6,929,629
Cash at bank 53,392 5,738
6,651,934 6,935,367
CREDITORS
Amounts falling due within one year 6 505,049 506,375
NET CURRENT ASSETS 6,146,885 6,428,992
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,451,923

10,734,030

PROVISIONS FOR LIABILITIES 1,600,000 1,600,000
NET ASSETS 8,851,923 9,134,030

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 8,851,922 9,134,029
8,851,923 9,134,030

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 12 March 2025 and were signed on its behalf by:





Mr G M Walker - Director


NOVOTEK HOLDINGS LIMITED (REGISTERED NUMBER: SC575097)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


1. STATUTORY INFORMATION

Novotek Holdings 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 Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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

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.

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

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions.

Creditors
Short term creditors are measured at transaction price.

NOVOTEK HOLDINGS LIMITED (REGISTERED NUMBER: SC575097)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2024
and 31 December 2024 4,305,038
NET BOOK VALUE
At 31 December 2024 4,305,038
At 31 December 2023 4,305,038

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 332
Amounts owed by group undertakings 6,592,922 6,928,028
Other debtors 3,309 1,269
VAT 2,311 -
6,598,542 6,929,629

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 309 299
Amounts owed to group undertakings 500,000 -
VAT - 2,776
Other creditors - 501,000
Accruals and deferred income 4,740 2,300
505,049 506,375

7. 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

8. CONTINGENT LIABILITIES

A provision for £1.6million has been made in relation to the acquisition of Novotek Solutions UK & Ireland Limited (formerly Astec IT Solutions Limited).

The provision of £1.6million is the total earn out consideration, subject to certain criteria being met. It is the belief of the directors that the criteria will be met and that the provision should be made.

NOVOTEK HOLDINGS LIMITED (REGISTERED NUMBER: SC575097)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


9. 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.

George Walker, a director of the company, is owed £0(2023: £501,000) as part of the agreement to purchase the shareholding of Novotek UK & Ireland Limited. This liability is shown within Other Creditors.

Novotek Holdings Limited have a wholly owned subsidiary called Novotek UK & Ireland Limited, who in turn own 100% of the share capital of Novotek Solutions UK & Ireland Limited.

Novotek Holdings Limited are a wholly owned subsidiary of Novotek AB.

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