Scottish Voice Technologies Limited - Accounts to registrar (filleted) - small 17.3

Scottish Voice Technologies Limited - Accounts to registrar (filleted) - small 17.3

SCOTTISH VOICE TECHNOLOGIES LIMITED - Company Information

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REGISTERED NUMBER: SC176442 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017

FOR

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






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2017




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 2017







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





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 2017

31.12.16 31.12.17
£ £ Notes £ £
FIXED ASSETS
1,060,000 Investments 4 1,060,000

CURRENT ASSETS
66,248 Debtors 5 66,248
282 Cash at bank 294
66,530 66,542
CREDITORS
328,275 Amounts falling due within one year 6 328,682
(261,745 ) NET CURRENT LIABILITIES (262,140 )
798,255 TOTAL ASSETS LESS CURRENT
LIABILITIES
797,860

CREDITORS
174,480 Amounts falling due after more than one
year
7
60,912
623,775 NET ASSETS 736,948

CAPITAL AND RESERVES
10,000 Called up share capital 9 10,000
262,500 Share premium 262,500
351,275 Retained earnings 464,448
623,775 SHAREHOLDERS' FUNDS 736,948

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 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 2017


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 26 February 2018 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 2017

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 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.

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.

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

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2017

4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£
COST
At 1 January 2017
and 31 December 2017 1,060,000
NET BOOK VALUE
At 31 December 2017 1,060,000
At 31 December 2016 1,060,000

5. DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.17 31.12.16
£ £
Other debtors 66,248 66,248

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.17 31.12.16
£ £
Loan Notes 113,568 113,568
Amounts owed to group undertakings 214,708 214,316
Accrued expenses 406 391
328,682 328,275

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.17 31.12.16
£ £
Loan notes due between one
and two years 60,912 113,568
Loan notes due between two
and five years - 60,912
60,912 174,480

Page 5 continued...
SCOTTISH VOICE TECHNOLOGIES LIMITED (REGISTERED NUMBER: SC176442)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2017

8. SECURED DEBTS

The following secured debts are included within creditors:

31.12.17 31.12.16
£ £
Loan Notes 174,480 288,048

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.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.17 31.12.16
value: £ £
10,000 Ordinary £1 10,000 10,000

10. 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 6