Novatext Graphix Limited - Accounts to registrar - small 17.1.1

REGISTERED NUMBER: SC121388 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

NOVATEXT GRAPHIX LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

W D Graham

SECRETARY:

Mrs J H Graham

REGISTERED OFFICE:

14 Mardale Crescent

Edinburgh

EH10 5AG

REGISTERED NUMBER:

SC121388 (Scotland)

FIXED ASSETS

Tangible assets

3

790

110

Investment property

4

450,000

450,000

450,790

450,110

CURRENT ASSETS

Debtors

5

7,779

2,394

Cash at bank and in hand

21,027

19,643

28,806

22,037

CREDITORS

Amounts falling due within one year

6

220,503

218,851

NET CURRENT LIABILITIES

(191,697

)

(196,814

)

TOTAL ASSETS LESS CURRENT LIABILITIES

259,093

253,296

PROVISIONS FOR LIABILITIES

8

25,150

28,000

NET ASSETS

233,943

225,296

CAPITAL AND RESERVES

Called up share capital

2

2

Fair value reserve

9

220,360

217,360

Retained earnings

13,581

7,934

SHAREHOLDERS' FUNDS

233,943

225,296

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 7 September 2017 and were signed 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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

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.

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 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.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2016

330

Additions

989

Disposals

(330

)

At 31 December 2016

989

DEPRECIATION

At 1 January 2016

220

Charge for year

199

Eliminated on disposal

(220

)

At 31 December 2016

199

NET BOOK VALUE

At 31 December 2016

790

At 31 December 2015

110

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2016

and 31 December 2016

450,000

NET BOOK VALUE

At 31 December 2016

450,000

At 31 December 2015

450,000

Cost or valuation at 31 December 2016 is represented by:

£

Valuation in 2013

236,836

Cost

213,164

450,000

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

cost:

31.12.16

31.12.15

£

£

Cost

213,164

213,164

The investment property was valued on an open market basis on 25 June 2013 by McNeill Maguire & McCreath

.

The director considers that there has been no material change in the fair value of the property since

the last professional valuation in 2013.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Other debtors

7,779

2,394

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Taxation and social security

7,279

6,286

Other creditors

213,224

212,565

220,503

218,851

Included within creditors is an amount of £15,447 (2015 - £15,440) in respect of funds held within cash

at bank as a rental deposit including accumulated interest.

7.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.16

31.12.15

£

£

Directors loan

117,488

118,476

Loan

71,175

72,175

188,663

190,651

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

8.	PROVISIONS FOR LIABILITIES

31.12.16

31.12.15

£

£

Deferred tax

Accelerated capital allowances

150

-

Other timing differences

25,000

28,000

25,150

28,000

Deferred

tax

£

Balance at 1 January 2016

28,000

Movement on capital allowances

in advance of depreciation

150

Movement on provision re tax

on investment property at

valuation

(3,000

)

Balance at 31 December 2016

25,150

9.

RESERVES

Fair

value

reserve

£

At 1 January 2016

217,360

Deferred tax movement re investment property at valuation

3,000

At 31 December 2016

220,360

10.	RELATED PARTY DISCLOSURES

During the year, total dividends of £12,000 (2015 - £11,850) were paid to the director .

Included within creditors are loan balances due to the director of £117,488 (2015 - £118,476) and

company secretary of £71,175 (2015 - £72,175). The loans are secured, interest free and without

formal terms for repayment.

11.	ULTIMATE CONTROLLING PARTY

The controlling party is W D Graham.

12.	FIRST YEAR ADOPTION

These financial statements for the year ended 31 December 2016 are the first financial statements that

comply with FRS 102 section 1A for small entities. The date of transition is 1 January 2015. The

transition to FRS 102 section 1A for small entities has resulted in a small number of changes in

accounting policies to those previously used. The main impact on the financial statements is to reflect

the potential tax arising from the gain on investment property value as a movement on the deferred tax

provision. The adjustment is taken directly to profit or loss account and then transferred to the fair

value reserve.