Scottish Voice Technologies Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC176442 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

SCOTTISH VOICE TECHNOLOGIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mrs H Wylie

J L McPherson

A Shackleton

J McDougall

D C M G Beggs

C Wood

M McCall

M Ross

REGISTERED OFFICE:

10 Shuttle Street

PAISLEY

PA1 1YD

REGISTERED NUMBER:

SC176442 (Scotland)

ACCOUNTANTS:

John M Taylor & Co

Chartered Accountants

9 Glasgow Road

PAISLEY

Renfrewshire

PA1 3QS

FIXED ASSETS

1,060,000

Investments

4

1,060,000

CURRENT ASSETS

66,248

Debtors

5

-

306

Cash at bank and in hand

319

66,554

319

CREDITORS

276,423

Amounts falling due within one year

6

215,901

(209,869

)

NET CURRENT LIABILITIES

(215,582

)

850,131

TOTAL ASSETS LESS CURRENT LIABILITIES

844,418

CAPITAL AND RESERVES

10,000

Called up share capital

8

10,001

262,500

Share premium

262,500

577,631

Retained earnings

571,917

850,131

SHAREHOLDERS' FUNDS

844,418

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 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 on 24 February 2020 and were signed on its behalf by:

J L McPherson - Director

1.	STATUTORY INFORMATION

Scottish Voice Technologies 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The Financial statements have been prepared under the historical cost convention.

The principal accounting policies adopted in the preparation of the financial statements are set out below and

have been consistently applied within the same accounts.

Preparation of consolidated financial statements

The financial statements contain information about Scottish Voice Technologies 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.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

Basic financial instruments are recognised at amortised cost. Financial assets and liabilities are recognised when

the company becomes a party to the contractual provisions of the instrument and are classified in accordance

with their underlying economic reality.

Taxation

Taxation represents the sum of tax currently payable and deferred tax on a non discounted basis.

The company's liability for current tax is calculated using tax rates that have been enacted or substantively

enacted by the end of the reporting period.

Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the

financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying

amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is

no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be

recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period which the

liability is settled or the asset is realised, based on tax rates (and tax laws) that have been enacted or

substantively enacted by the end of the reporting period.

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2019

and 31 December 2019

1,060,000

NET BOOK VALUE

At 31 December 2019

1,060,000

At 31 December 2018

1,060,000

5.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.19

31.12.18

£

£

Other debtors

-

66,248

The "Other Debtor" represented a provision against the loan notes, following full repayment of the loan notes

this has been reversed.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Loan Notes

-

60,912

Amounts owed to group undertakings

215,495

215,105

Accrued expenses

406

406

215,901

276,423

7.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.19

31.12.18

£

£

Loan Notes

-

60,912

Guaranteed Convertible Loan Notes 2020

Guaranteed Convertible Loan Notes were issued to the value of £695,000. The redemption of the Loan Notes

was by equal monthly instalments, with the Loan Notes being fully redeemed by 1st July 2020.These were fully

repaid prior to 31st December 2019.

The debt is secured by a first ranking bond and floating charge over the whole of the property of the company in

favour of Mrs H Wylie (director), the Loan Note holder.

Voice Technologies Ltd (subsidiary) stands as guarantor to the company, in respect of the redemption of the

Loan Notes.

These securities remain in place to guarantee the debt due to Mrs H. Wylie in respect of the sale of her 25%

ordinary shares in this company, to Voice Technologies Trustees Limited on 2nd August 2019.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.19

31.12.18

value:

£

£

10,000

Ordinary

£1

10,000

10,000

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Voice Technologies Trustees Ltd.