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

REGISTERED NUMBER: SC121388 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

FOR

NOVATEXT GRAPHIX LIMITED

Page

Company Information

1

Abridged 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

4

630

790

Investment property

5

500,000

450,000

500,630

450,790

CURRENT ASSETS

Debtors

1,767

7,779

Cash at bank and in hand

22,449

21,027

24,216

28,806

CREDITORS

Amounts falling due within one year

215,718

220,503

NET CURRENT LIABILITIES

(191,502

)

(191,697

)

TOTAL ASSETS LESS CURRENT LIABILITIES

309,128

259,093

PROVISIONS FOR LIABILITIES

7

32,120

25,150

NET ASSETS

277,008

233,943

CAPITAL AND RESERVES

Called up share capital

2

2

Fair value reserve

8

263,360

220,360

Retained earnings

13,646

13,581

SHAREHOLDERS' FUNDS

277,008

233,943

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 December 2017 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 on 11 September 2018 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 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 (2016 - NIL).

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2017

and 31 December 2017

989

DEPRECIATION

At 1 January 2017

199

Charge for year

160

At 31 December 2017

359

NET BOOK VALUE

At 31 December 2017

630

At 31 December 2016

790

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2017

450,000

Revaluations

50,000

At 31 December 2017

500,000

NET BOOK VALUE

At 31 December 2017

500,000

At 31 December 2016

450,000

Fair value at 31 December 2017 is represented by:

£

Valuation in 2013

236,836

Valuation in 2017

50,000

Cost

213,164

500,000

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

cost:

31.12.17

31.12.16

£

£

Cost

213,164

213,164

The investment property was valued on an open market basis on 31 December 2017 by the director .

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

6.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.17

31.12.16

£

£

Director's loan

116,008

117,488

Loan

69,575

71,175

185,583

188,663

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

7.	PROVISIONS FOR LIABILITIES

31.12.17

31.12.16

£

£

Deferred tax

Accelerated capital allowances

120

150

Investment property revaln gain

32,000

25,000

32,120

25,150

Deferred

tax

£

Balance at 1 January 2017

25,150

Movement on capital allowances

in advance of depreciation

(30

)

Movement on provision re tax

on investment property at

valuation

7,000

Balance at 31 December 2017

32,120

8.

RESERVES

Fair

value

reserve

£

At 1 January 2017

220,360

Revaluation in year

50,000

Deferred tax movement re investment property at valuation

(7,000

)

At 31 December 2017

263,360

9.	RELATED PARTY DISCLOSURES

During the year, total dividends of £15,400 (2016 - £12,000) were paid to the director .

Included within creditors are loan balances due to the director of £116,008 (2016 - £117,488) and

company secretary of £69,575 (2016 - £71,175). The loans are secured, interest free and without

formal terms for repayment.

10.	ULTIMATE CONTROLLING PARTY

The company is under the control of Mr and Mrs Graham.