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REGISTERED NUMBER: SC542678 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

FOR

NOVATEC ELECTRICAL SERVICES LTD

NOVATEC ELECTRICAL SERVICES LTD (REGISTERED NUMBER: SC542678)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


NOVATEC ELECTRICAL SERVICES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024







DIRECTORS: Michael Carlin
Darren Watson





REGISTERED OFFICE: 1d Langlands Square
Kelvin South
East Kilbride
G75 0YY





REGISTERED NUMBER: SC542678 (Scotland)





ACCOUNTANTS: William Duncan (UK) Limited
Chartered Accountants
4d Auchingramont Road
Hamilton
ML3 6JT

NOVATEC ELECTRICAL SERVICES LTD (REGISTERED NUMBER: SC542678)

STATEMENT OF FINANCIAL POSITION
31 AUGUST 2024

31.8.24 31.8.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 111,986 60,137

CURRENT ASSETS
Debtors 5 168,178 139,476
Cash at bank 4,003 46,053
172,181 185,529
CREDITORS
Amounts falling due within one year 6 109,768 138,465
NET CURRENT ASSETS 62,413 47,064
TOTAL ASSETS LESS CURRENT
LIABILITIES

174,399

107,201

CREDITORS
Amounts falling due after more than one
year

7

(151,842

)

(94,001

)

PROVISIONS FOR LIABILITIES (21,277 ) (11,426 )
NET ASSETS 1,280 1,774

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 1,278 1,772
1,280 1,774

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 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.

NOVATEC ELECTRICAL SERVICES LTD (REGISTERED NUMBER: SC542678)

STATEMENT OF FINANCIAL POSITION - continued
31 AUGUST 2024


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 7 April 2025 and were signed on its behalf by:





Michael Carlin - Director


NOVATEC ELECTRICAL SERVICES LTD (REGISTERED NUMBER: SC542678)

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


1. STATUTORY INFORMATION

Novatec Electrical Services Ltd 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.

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

Rendering of services
Turnover from the rendering of services, namely the provision of electrical services, is recognised by reference to the stage of completion of the service at the statement of financial position date.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on cost
Motor vehicles - 25% on cost

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the income statement.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of impairment loss is recognised immediately in the income statement.

NOVATEC ELECTRICAL SERVICES LTD (REGISTERED NUMBER: SC542678)

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


2. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial instruments are recognised as follows:

(i) Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method less any impairment.

(ii) Cash and cash equivalents
Cash and cash equivalents include cash at bank and in hand.

Cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in liabilities on the statement of financial position.

(iii) Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.

The interest element of these obligations is charged to the income statement over the relevant period using the effective interest method. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the income statement 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.

NOVATEC ELECTRICAL SERVICES LTD (REGISTERED NUMBER: SC542678)

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


2. ACCOUNTING POLICIES - continued

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

Provisions for liabilities
The company recognises a provision for annual leave accrued by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months. The provision is measured at the salary cost payable for the period of absence.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 9 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 September 2023 37,423 65,175 102,598
Additions - 99,655 99,655
Disposals (262 ) - (262 )
At 31 August 2024 37,161 164,830 201,991
DEPRECIATION
At 1 September 2023 25,227 17,234 42,461
Charge for year 6,597 41,208 47,805
Eliminated on disposal (261 ) - (261 )
At 31 August 2024 31,563 58,442 90,005
NET BOOK VALUE
At 31 August 2024 5,598 106,388 111,986
At 31 August 2023 12,196 47,941 60,137

NOVATEC ELECTRICAL SERVICES LTD (REGISTERED NUMBER: SC542678)

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


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 September 2023 65,175
Additions 99,655
At 31 August 2024 164,830
DEPRECIATION
At 1 September 2023 17,234
Charge for year 41,208
At 31 August 2024 58,442
NET BOOK VALUE
At 31 August 2024 106,388
At 31 August 2023 47,941

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade debtors 17,106 16,428
Other debtors 10,268 36,533
Directors' loan 125,013 86,515
VAT 15,791 -
168,178 139,476

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Bank loans and overdrafts 23,775 23,777
Hire purchase contracts 33,454 14,314
Trade creditors 4,994 5,222
Corporation tax 31,113 48,626
PAYE and NIC 1,213 7,871
VAT - 10,861
Other creditors 10,365 18,723
Accrued charges 4,854 9,071
109,768 138,465

NOVATEC ELECTRICAL SERVICES LTD (REGISTERED NUMBER: SC542678)

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


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.24 31.8.23
£    £   
Bank loans - 2-5 years 52,957 53,099
Hire purchase contracts 98,885 40,902
151,842 94,001

8. SECURED DEBTS

The following secured debts are included within creditors:

31.8.24 31.8.23
£    £   
Hire purchase contracts 132,339 55,216

Hire purchase contracts are secured on the assets to which they relate.

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 August 2024 and 31 August 2023:

31.8.24 31.8.23
£    £   
Michael Carlin
Balance outstanding at start of year (43,258 ) (22,869 )
Amounts advanced - (20,389 )
Amounts repaid (19,248 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (62,506 ) (43,258 )

Darren Watson
Balance outstanding at start of year (43,257 ) (22,869 )
Amounts advanced - (20,388 )
Amounts repaid (19,249 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (62,506 ) (43,257 )

The above balances which are due from the directors are unsecured, interest free and have no fixed repayment terms.