Novatext Graphix Limited - Accounts to registrar (filleted) - small 23.1

REGISTERED NUMBER: SC121388 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

NOVATEXT GRAPHIX LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

W D Graham

Professor K S Graham

REGISTERED OFFICE:

14 Mardale Crescent

Edinburgh

EH10 5AG

REGISTERED NUMBER:

SC121388 (Scotland)

FIXED ASSETS

Tangible assets

4

210

260

Investments

5

1

1

Investment property

6

570,000

570,000

570,211

570,261

CURRENT ASSETS

Debtors

7

6,511

6,511

Cash at bank

108,421

77,336

114,932

83,847

CREDITORS

Amounts falling due within one year

8

230,968

227,319

NET CURRENT LIABILITIES

(116,036

)

(143,472

)

TOTAL ASSETS LESS CURRENT LIABILITIES

454,175

426,789

PROVISIONS FOR LIABILITIES

10

58,850

58,865

NET ASSETS

395,325

367,924

CAPITAL AND RESERVES

Called up share capital

2

2

Fair value reserve

11

306,560

306,560

Retained earnings

88,763

61,362

SHAREHOLDERS' FUNDS

395,325

367,924

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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.

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 31 August 2023 and were signed on its behalf by:

W D Graham - Director

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.

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 (2021 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2022

and 31 December 2022

989

DEPRECIATION

At 1 January 2022

729

Charge for year

50

At 31 December 2022

779

NET BOOK VALUE

At 31 December 2022

210

At 31 December 2021

260

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2022

and 31 December 2022

1

NET BOOK VALUE

At 31 December 2022

1

At 31 December 2021

1

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2022

and 31 December 2022

570,000

NET BOOK VALUE

At 31 December 2022

570,000

At 31 December 2021

570,000

Fair value at 31 December 2022 is represented by:

£

Valuation in 2013

236,836

Valuation in 2017

50,000

Valuation in 2018

50,000

Valuation in 2019

10,000

Valuation in 2021

10,000

Cost

213,164

570,000

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

31.12.22

31.12.21

£

£

Cost

213,164

213,164

The investment property was valued on an open market basis on 31 December 2021 by the directors .

The last professional valuation in 2013 disclosed a property value of £450,000. The directors do not consider that there has been any material change to their 2021 valuation as at 31 December 2022.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Other debtors

6,511

6,511

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Taxation and social security

6,436

5,681

Other creditors

224,532

221,638

230,968

227,319

Included within creditors is an amount of £15,066 (2021 - £15,033) in respect of funds held within cash at bank as a rental deposit including accumulated interest.

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.22

31.12.21

£

£

Director's loan

123,575

121,905

Loan

74,325

74,325

197,900

196,230

At both 31 December 2022 and 2021, the loans were secured by standard securities over the company's premises.

10.	PROVISIONS FOR LIABILITIES

31.12.22

31.12.21

£

£

Deferred tax

Accelerated capital allowances

50

65

Investment property revaln gain

58,800

58,800

58,850

58,865

Deferred

tax

£

Balance at 1 January 2022

58,865

Movement on capital allowances

in advance of depreciation

(15

)

Movement on provision re tax

on investment property at

valuation

Balance at 31 December 2022

58,850

11.

RESERVES

Fair

value

reserve

£

At 1 January 2022

and 31 December 2022

306,560

12.	CAPITAL COMMITMENTS

31.12.22

31.12.21

£

£

Contracted but not provided for in the

financial statements

66,044

-

13.	RELATED PARTY DISCLOSURES

Included within creditors are loan balances due to the director of £123,575 (2021 - £121,905) and to a family trust fund of £74,325 (2021 - £74,325). The loans are secured over the company's property and without formal terms for repayment. The loan from the director was interest free until 30 September 2021 and thereafter is subject to interest at 7%pa paid annually. In the current year, interest of £8,548 (2021 - £2,144) was payable with £ 2,165 (2021 - £2,144) accrued at the year end. The loan from the family trust fund is interest free.