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REGISTERED NUMBER: 09937558 (England and Wales)














Noviniti Limited

Audited Financial Statements

for the Year Ended 31 December 2024






Noviniti Limited (Registered number: 09937558)

Contents of the Financial Statements
for the Year Ended 31 December 2024










Page

Company information 1

Statement of financial position 2

Notes to the financial statements 3 to 7


Noviniti Limited

Company Information
for the Year Ended 31 December 2024







Directors: C W E Graham
M S F Hastings
J R Houlston
A R J Clayton



Secretary: A R J Clayton



Registered office: Unit 2
Newby Stables
Newby Hall
Ripon
North Yorkshire
HG4 5AE



Registered number: 09937558 (England and Wales)



Senior statutory auditor: M A East, FCCA



Independent auditors: Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB

Noviniti Limited (Registered number: 09937558)

Statement of Financial Position
31 December 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Tangible assets 5 12,980 20,447
Investments 6 1,202 1,202
14,182 21,649

Current assets
Debtors 7 2,241,989 2,403,873
Cash at bank 129,305 242,283
2,371,294 2,646,156
Creditors
Amounts falling due within one year 8 2,070,895 2,101,615
Net current assets 300,399 544,541
Total assets less current liabilities 314,581 566,190

Creditors
Amounts falling due after more than one
year

9

(23,177

)

(82,552

)

Provisions for liabilities (3,245 ) (5,112 )
Net assets 288,159 478,526

Capital and reserves
Called up share capital 91 97
Share premium 149,990 149,990
Capital redemption reserve 19 13
Retained earnings 138,059 328,426
288,159 478,526

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 15 May 2025 and were signed on its behalf by:





A R J Clayton - Director


Noviniti Limited (Registered number: 09937558)

Notes to the Financial Statements
for the Year Ended 31 December 2024


1. Statutory information

Noviniti 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. Statement of compliance

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.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Noviniti Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Revenue recognition
Turnover is measured at fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the provision of services is recognised as the company performs significant elements of its obligations under contract, provided that the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the company, and the costs incurred in respect of the transactions can be measured reliably.

Tangible fixed assets
Tangible assets are initially recognised at cost, and subsequently stated at cost less accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of revaluation, is recorded in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excesses shall be recognised in profit or loss.

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


Noviniti Limited (Registered number: 09937558)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024


3. Accounting policies - continued
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.

Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

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.

Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery - 15% on cost
Office equipment - 33% on cost

Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, as estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or group of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Noviniti Limited (Registered number: 09937558)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024


4. Employees and directors

The average number of employees during the year was 14 (2023 - 15 ) .

5. Tangible fixed assets
Plant and Office
machinery equipment Totals
£    £    £   
Cost
At 1 January 2024 2,181 49,664 51,845
Additions 4,040 - 4,040
Disposals - (800 ) (800 )
At 31 December 2024 6,221 48,864 55,085
Depreciation
At 1 January 2024 1,981 29,417 31,398
Charge for year 935 10,572 11,507
Eliminated on disposal - (800 ) (800 )
At 31 December 2024 2,916 39,189 42,105
Net book value
At 31 December 2024 3,305 9,675 12,980
At 31 December 2023 200 20,247 20,447

6. Fixed asset investments
Shares in
group
undertakings
£   
Cost
At 1 January 2024
and 31 December 2024 1,202
Net book value
At 31 December 2024 1,202
At 31 December 2023 1,202

The entire shareholding in a subsidiary undertakings has been provided as security against debt borrowing in that company.

Noviniti Limited (Registered number: 09937558)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024


7. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 239,494 27,375
Work in progress 1,094,127 638,344
Amounts owed by group undertakings 289,832 1,581,057
Other debtors 195,271 44,407
Directors' loan accounts 308,016 24,122
Corporation tax - 44,273
VAT 82,091 -
Prepayments and accrued income 33,158 44,295
2,241,989 2,403,873

Included within "amounts owed by group undertakings", is an amount of £nil (2023: £1,456,820) which has been provided as security against a debt borrowing.

8. Creditors: amounts falling due within one year
2024 2023
£    £   
Bank loans and overdrafts 54,687 50,000
Trade creditors 408,455 82,515
Amounts owed to group undertakings 445,344 90,600
Taxation and social security 104,560 199,986
Other creditors 1,057,849 1,678,514
2,070,895 2,101,615

9. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Bank loans 23,177 82,552

10. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 66,283 54,315
Between one and five years 105,435 106,939
171,718 161,254

Noviniti Limited (Registered number: 09937558)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024


11. Secured debts

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 77,864 132,552
Loans from related parties 628,774 1,635,899
706,638 1,768,451

Bank loans are secured by fixed and floating charges over the company's assets.

Loans from related parties are secured by fixed and floating charges over the a subsidiary company's assets.

12. Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the auditors was unqualified.

M A East, FCCA (Senior Statutory Auditor)
for and on behalf of Moore Thompson

13. Related party disclosures

The company has taken advantage of exemptions within section 33 of FRS 102 - Related party Disclosures - and has not disclosed transactions undertaken with other members of the group.