| REGISTERED NUMBER: |
| Noviniti Limited |
| Audited Financial Statements |
| for the Year Ended 31 December 2024 |
| REGISTERED NUMBER: |
| 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: |
| Secretary: |
| Registered office: |
| Registered number: |
| Senior statutory auditor: |
| Independent auditors: |
| 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 |
| Investments | 6 |
| Current assets |
| Debtors | 7 |
| Cash at bank |
| Creditors |
| Amounts falling due within one year | 8 |
| Net current assets |
| Total assets less current liabilities |
| Creditors |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| Provisions for liabilities | ( |
) | ( |
) |
| Net assets |
| Capital and reserves |
| Called up share capital |
| Share premium |
| Capital redemption reserve |
| Retained earnings |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Noviniti Limited (Registered number: 09937558) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2024 |
| 1. | Statutory information |
| Noviniti Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | Statement of compliance |
| 3. | Accounting policies |
| Basis of preparing the financial statements |
| 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 |
| 5. | Tangible fixed assets |
| Plant and | Office |
| machinery | equipment | Totals |
| £ | £ | £ |
| Cost |
| At 1 January 2024 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2024 |
| Depreciation |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2024 |
| Net book value |
| At 31 December 2024 |
| At 31 December 2023 |
| 6. | Fixed asset investments |
| Shares in |
| group |
| undertakings |
| £ |
| Cost |
| At 1 January 2024 |
| and 31 December 2024 |
| Net book value |
| At 31 December 2024 |
| At 31 December 2023 |
| 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 |
| Work in progress | 1,094,127 | 638,344 |
| Amounts owed by group undertakings |
| Other debtors | 195,271 | 44,407 |
| Directors' loan accounts | 308,016 | 24,122 |
| Corporation tax |
| VAT |
| Prepayments and accrued income |
| 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 |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 9. | Creditors: amounts falling due after more than one year |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| 10. | Leasing agreements |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| 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 |
| Loans from related parties | 628,774 | 1,635,899 |
| 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. |
| for and on behalf of |
| 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. |