Scotphone ICS Limited - Period Ending 2015-03-31

Registration number: SC434355

Scotphone ICS Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2015
 

Scotphone ICS Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Scotphone ICS Limited
(Registration number: SC434355)
Abbreviated Balance Sheet at 31 March 2015

		Note			31 March 2015 £			31 March 2014 £
Fixed assets
Tangible fixed assets					88,182			85,306
Investments					100			100
					88,282			85,406
Current assets
Stocks					26,856			19,687
Debtors					248,384			247,499
Cash at bank and in hand					129,082			273,390
					404,322			540,576
Creditors: Amounts falling due within one year					(246,514)			(270,749)
Net current assets					157,808			269,827
Total assets less current liabilities					246,090			355,233
Creditors: Amounts falling due after more than one year					(15,190)			(26,166)
Provisions for liabilities					(4,278)			(5,942)
Net assets					226,622			323,125
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					226,522			323,025
Shareholders' funds					226,622			323,125

For the year ending 31 March 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 26 November 2015 and signed on its behalf by:

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 1

Scotphone ICS Limited
(Registration number: SC434355)
Abbreviated Balance Sheet at 31 March 2015
......... continued

.........................................
Ms R Weston-Lewis
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Scotphone ICS Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	10% & 25% straight line
Motor vehicles	25% reducing balance

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Page 3

Scotphone ICS Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

2	Fixed assets

		Tangible assets £			Investments £			Total £
Cost
At 1 April 2014		111,070			100			111,170
Additions		26,161			-			26,161
At 31 March 2015		137,231			100			137,331
Depreciation
At 1 April 2014		25,764			-			25,764
Charge for the year		23,285			-			23,285
At 31 March 2015		49,049			-			49,049
Net book value
At 31 March 2015		88,182			100			88,282
At 31 March 2014		85,306			100			85,406

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Country of incorporation	Holding	Proportion of voting rights and shares held	Principal activity
Subsidiary undertakings
Morisp Limited	UK	Ordinary shares	100%	Non trading

The profit for the financial period of Morisp Limited was £nil and the aggregate amount of capital and reserves at the end of the period was £100.

3	Share capital

Allotted, called up and fully paid shares

	31 March 2015						31 March 2014
		No.			£			No.			£
Ordinary of £1 each		100			100			100			100

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Scotphone ICS Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

4	Related party transactions

Other related party transactions

During the year the company made the following related party transactions:

Mr M H Linton & Ms R Weston-Lewis (Directors) During the year, the above directors operated a loan account with the company. At the balance sheet date the amount due from Mr M H Linton & Ms R Weston-Lewis was £27 (2014 - £27).

Morisp Limited (Scotphone ICS Limited owns 100% of the share capital in Morisp Limited) During the year, the above operated a loan account with the company. At the balance sheet date the amount due from Morisp Limited was £26,387 (2014 - £35,655).

Starting Gird (Business solely owned by Ms R Weston-Lewis) During the year, there were sales of £618 (2014, £1,826) to Starting Gird and items purchased of £1,450 (2014, £2,226) from Starting Gird. Included in trade debtors is a balance due from Starting Gird of £204 (2014, £518) and included in trade creditors is a balance due to Starting Gird of £240 (2014, £0). At the balance sheet date the amount due to Starting Gird was £nil (2014 - £nil).

Morics Limited (Mr M H Linton and Ms R Weston-Lewis are directors of both companies) During the year, the above opertaed a loan with the company. At the balance sheet date the amount due (to)/from Morics Limited was (£9,997) (2014 - £35,906).

5

Control

The company is controlled by the directors who own 100% of the called up share capital.

Page 5