Scottish Voice Technologies Limited - Accounts to registrar - small 16.3

Scottish Voice Technologies Limited - Accounts to registrar - small 16.3

SCOTTISH VOICE TECHNOLOGIES LIMITED - Company Information

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IRIS Accounts Production v16.3.1.90 SC176442 Board of Directors 1.1.16 31.12.16 31.12.16 true false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureSC1764422015-12-31SC1764422016-12-31SC1764422016-01-012016-12-31SC1764422014-12-31SC1764422015-01-012015-12-31SC1764422015-12-31SC176442ns15:Scotland2016-01-012016-12-31SC176442ns14:PoundSterling2016-01-012016-12-31SC176442ns10:Director12016-01-012016-12-31SC176442ns10:PrivateLimitedCompanyLtd2016-01-012016-12-31SC176442ns10:SmallEntities2016-01-012016-12-31SC176442ns10:AuditExempt-NoAccountantsReport2016-01-012016-12-31SC176442ns10:SmallCompaniesRegimeForDirectorsReport2016-01-012016-12-31SC176442ns10:SmallCompaniesRegimeForAccounts2016-01-012016-12-31SC176442ns10:FullAccounts2016-01-012016-12-31SC176442ns10:Director22016-01-012016-12-31SC176442ns10:Director32016-01-012016-12-31SC176442ns10:Director42016-01-012016-12-31SC176442ns10:Director52016-01-012016-12-31SC176442ns10:RegisteredOffice2016-01-012016-12-31SC176442ns5:CurrentFinancialInstruments2015-12-31SC176442ns5:CurrentFinancialInstruments2016-12-31SC176442ns5:Non-currentFinancialInstruments2015-12-31SC176442ns5:Non-currentFinancialInstruments2016-12-31SC176442ns5:ShareCapital2015-12-31SC176442ns5:ShareCapital2016-12-31SC176442ns5:SharePremium2015-12-31SC176442ns5:SharePremium2016-12-31SC176442ns5:RetainedEarningsAccumulatedLosses2015-12-31SC176442ns5:RetainedEarningsAccumulatedLosses2016-12-31SC176442ns5:CostValuation2015-12-31SC1764421ns5:Secured2016-12-31SC1764421ns5:Secured2015-12-31
REGISTERED NUMBER: SC176442 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

SCOTTISH VOICE TECHNOLOGIES LIMITED

SCOTTISH VOICE TECHNOLOGIES LIMITED (REGISTERED NUMBER: SC176442)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2016




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SCOTTISH VOICE TECHNOLOGIES LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2016







DIRECTORS: Mrs H Wylie
A M MacDonald
J L McPherson
A Shackleton
R Botting





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
Page 1
SCOTTISH VOICE TECHNOLOGIES LIMITED (REGISTERED NUMBER: SC176442)

BALANCE SHEET
31 December 2016

31.12.15 31.12.16
£ £ Notes £ £
FIXED ASSETS
1,060,000 Investments 3 1,060,000

CURRENT ASSETS
66,248 Debtors 4 66,248
280 Cash at bank 282
66,528 66,530
CREDITORS
327,897 Amounts falling due within one year 5 328,275
(261,369 ) NET CURRENT LIABILITIES (261,745 )
798,631 TOTAL ASSETS LESS CURRENT
LIABILITIES
798,255

CREDITORS
288,048 Amounts falling due after more than one
year
6
174,480
510,583 NET ASSETS 623,775

CAPITAL AND RESERVES
10,000 Called up share capital 10,000
262,500 Share premium 262,500
238,083 Retained earnings 351,275
510,583 SHAREHOLDERS' FUNDS 623,775

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 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 notes form part of these financial statements

Page 2 continued...
SCOTTISH VOICE TECHNOLOGIES LIMITED (REGISTERED NUMBER: SC176442)

BALANCE SHEET - continued
31 December 2016


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 Board of Directors on 6 March 2017 and were signed on its behalf by:





J L McPherson - Director


The notes form part of these financial statements

Page 3
SCOTTISH VOICE TECHNOLOGIES LIMITED (REGISTERED NUMBER: SC176442)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2016

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. 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.

This is the first year in which the financial statements have been prepared under FRS 102 Section 1A. The last
financial statements, for the year ended 31 December 2015, were prepared under the previous UK GAAP.

The transition date to FRS 102 Section 1A is therefore 1 January 2015.

There has been no material effect of applying FRS 102 for the first time.

The significant accounting policies applied in the preparation of these financial statements are set out below.
These policies have been consistently applied to all years presented unless otherwise stated.

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 has taken
the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

3. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£
COST
At 1 January 2016
and 31 December 2016 1,060,000
NET BOOK VALUE
At 31 December 2016 1,060,000
At 31 December 2015 1,060,000

4. DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.16 31.12.15
£ £
Other debtors 66,248 66,248

The "Other Debtor" represents a provision against the loan notes.

Page 4 continued...
SCOTTISH VOICE TECHNOLOGIES LIMITED (REGISTERED NUMBER: SC176442)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2016

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.16 31.12.15
£ £
Loan Notes 113,568 113,568
Amounts owed to group undertakings 214,316 213,923
Accrued expenses 391 406
328,275 327,897

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.16 31.12.15
£ £
Loan notes due between one
and two years 113,568 113,568
Loan notes due between two
and five years 60,912 174,480
174,480 288,048

7. SECURED DEBTS

The following secured debts are included within creditors:

31.12.16 31.12.15
£ £
Loan Notes 288,048 401,616

Guaranteed Convertible Loan Notes 2020

Guaranteed Convertible Loan Notes were issued to the value of £695,000. The redemption of the Loan Notes is
by equal monthly instalments, with the Loan Notes due to be fully redeemed by 1st July 2020. Any unpaid
instalments will accrue interest on a daily basis at the lower of 4% per annum above the Bank of England base
rate, or 6% per annum .

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.

8. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Voice Technologies Employee Benefit Trust.

Voice Technologies Employee Benefit Trust has control of the company through its beneficial ownership of 75%
of the issued share capital.

Page 5