Novatext Graphix Limited - Accounts to registrar (filleted) - small 18.2

Novatext Graphix Limited - Accounts to registrar (filleted) - small 18.2

NOVATEXT GRAPHIX LIMITED - Company Information

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REGISTERED NUMBER: SC121388 (Scotland)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

NOVATEXT GRAPHIX LIMITED
NOVATEXT GRAPHIX LIMITED (REGISTERED NUMBER: SC121388)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2019




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


NOVATEXT GRAPHIX LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2019







DIRECTOR: W D Graham





REGISTERED OFFICE: 14 Mardale Crescent
Edinburgh
EH10 5AG





REGISTERED NUMBER: SC121388 (Scotland)
Page 1
NOVATEXT GRAPHIX LIMITED (REGISTERED NUMBER: SC121388)

ABRIDGED BALANCE SHEET
31 December 2019

31.12.19 31.12.18
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 405 505
Investments 5 1 -
Investment property 6 560,000 550,000
560,406 550,505

CURRENT ASSETS
Debtors - 9,618
Cash at bank and in hand 26,423 21,377
26,423 30,995
CREDITORS
Amounts falling due within one year 219,509 209,445
NET CURRENT LIABILITIES (193,086 ) (178,450 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
367,320
372,055

PROVISIONS FOR LIABILITIES 8 43,475 41,595
NET ASSETS 323,845 330,460

CAPITAL AND RESERVES
Called up share capital 2 2
Fair value reserve 9 311,960 303,860
Retained earnings 11,883 26,598
SHAREHOLDERS' FUNDS 323,845 330,460

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The notes form part of these financial statements

Page 2 continued...
NOVATEXT GRAPHIX LIMITED (REGISTERED NUMBER: SC121388)

ABRIDGED BALANCE SHEET - continued
31 December 2019


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 December 2019 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 9 September 2020 and
were signed by:





W D Graham - Director


The notes form part of these financial statements

Page 3
NOVATEXT GRAPHIX LIMITED (REGISTERED NUMBER: SC121388)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2019

1. STATUTORY INFORMATION

Novatext Graphix 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 as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about Novatext Graphix 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.

Turnover
Turnover represents the value of rents receivable for the year with rentals received in advance being
reflected within other creditors.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on reducing balance

The directors undertake an impairment review of tangible fixed assets where there is an indication of
impairment.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from
changes in fair value is recognised in profit or loss.

Basic financial instruments
Short term debtors are measured at transaction price less any impairment losses for bad and doubtful
debts. Loans and other financial assets are initially recognised at transaction price including any
transaction costs and subsequently measured at amortised cost determined using the effective interest
method, less any impairment losses for bad and doubtful debts.

Short term creditors are measured at transaction price. Loans and other financial liabilities are initially
recognised at transaction price net of any transaction costs and subsequently measured at amortised
cost determined 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 balance sheet date.


Page 4 continued...
NOVATEXT GRAPHIX LIMITED (REGISTERED NUMBER: SC121388)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2019

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - NIL).

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2019
and 31 December 2019 989
DEPRECIATION
At 1 January 2019 484
Charge for year 100
At 31 December 2019 584
NET BOOK VALUE
At 31 December 2019 405
At 31 December 2018 505

5. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST
Additions 1
At 31 December 2019 1
NET BOOK VALUE
At 31 December 2019 1

Page 5 continued...
NOVATEXT GRAPHIX LIMITED (REGISTERED NUMBER: SC121388)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2019

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2019 550,000
Revaluations 10,000
At 31 December 2019 560,000
NET BOOK VALUE
At 31 December 2019 560,000
At 31 December 2018 550,000

Fair value at 31 December 2019 is represented by:

£   
Valuation in 2013 236,836
Valuation in 2017 50,000
Valuation in 2018 50,000
Valuation in 2019 10,000
Cost 213,164
560,000

If the investment property had not been revalued it would have been included at the following historical
cost:

31.12.19 31.12.18
£    £   
Cost 213,164 213,164

The investment property was valued on an open market basis on 31 December 2019 by the director .

The last professional valuation in 2013 disclosed a property value of £450,000.

7. SECURED DEBTS

The following secured debts are included within creditors:

31.12.19 31.12.18
£    £   
Director's loan 120,849 116,128
Loan 74,325 69,575
195,174 185,703

The loans are secured by standard securities over the company's premises.

Page 6 continued...
NOVATEXT GRAPHIX LIMITED (REGISTERED NUMBER: SC121388)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2019

8. PROVISIONS FOR LIABILITIES
31.12.19 31.12.18
£    £   
Deferred tax
Accelerated capital allowances 75 95
Investment property revaln gain 43,400 41,500
43,475 41,595

Deferred
tax
£   
Balance at 1 January 2019 41,595
Movement on capital allowances
in advance of depreciation (20 )
Movement on provision re tax
on investment property at
valuation 1,900
Balance at 31 December 2019 43,475

9. RESERVES
Fair
value
reserve
£   
At 1 January 2019 303,860
Revaluation in year 10,000
Deferred tax movement re investment
property at valuation
(1,900
)

At 31 December 2019 311,960

10. RELATED PARTY DISCLOSURES

During the year, total dividends of £9,750 (2018 - £9,000) were paid to the director .

Included within creditors are loan balances due to the director of £120,849 (2018 - £116,128) and
former company secretary of £74,325 (2018 - £69,575). The loans are secured, interest free and
without formal terms for repayment.

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