REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
VOICE TECHNOLOGIES LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
VOICE TECHNOLOGIES LIMITED |
VOICE TECHNOLOGIES LIMITED (REGISTERED NUMBER: SC066712) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
VOICE TECHNOLOGIES LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
9 Glasgow Road |
PAISLEY |
Renfrewshire |
PA1 3QS |
VOICE TECHNOLOGIES LIMITED (REGISTERED NUMBER: SC066712) |
BALANCE SHEET |
31 December 2023 |
31.12.22 | 31.12.23 |
£ | £ | Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
Investments | 7 |
CURRENT ASSETS |
Stocks |
Debtors | 8 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
( |
) | Amounts falling due after more than one year | 10 | ( |
) |
( |
) | PROVISIONS FOR LIABILITIES | 13 | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 14 |
Retained earnings | 15 |
SHAREHOLDERS' FUNDS |
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. |
VOICE TECHNOLOGIES LIMITED (REGISTERED NUMBER: SC066712) |
BALANCE SHEET - continued |
31 December 2023 |
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 and authorised for issue on |
VOICE TECHNOLOGIES LIMITED (REGISTERED NUMBER: SC066712) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Voice Technologies Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
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. |
Going concern |
The company is continuing to trade as normal and accordingly the directors continue to adopt the going concern basis of accounting in preparing these financial statements. |
Turnover |
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax and adjusted for deferred maintenance income and other deferred contract income. |
In respect of contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of contracts for on-going services is recognised by reference to the cost at the balance sheet date plus a contribution to profit dependent on the status of services completed.Contract revenue is recognised when and to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the right to consideration. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
VOICE TECHNOLOGIES LIMITED (REGISTERED NUMBER: SC066712) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2023 |
3. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life, or if held under a finance lease, over the lease term, whichever is the shorter. |
Improvements to property - 2% on reducing balance and 10% on cost |
Fixtures and fittings - 20% on cost |
Motor vehicles - 25% on cost |
Computer equipment - 25% on cost |
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses. |
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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. |
Research and development |
Expenditure on research and development is charged to the profit & loss account in the year in which it is incurred, with the exception of expenditure on the development of new products where the outcome of these is assessed as being reasonably certain as regards visibility and technical feasibility. In such cases that expenditure will be capitalised and amortised evenly over a period of 10 years, commencing in the year that sales of the product are first made. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. Amounts owed to the pension scheme at the Balance Sheet date are included in Other Creditors at Note 11. |
VOICE TECHNOLOGIES LIMITED (REGISTERED NUMBER: SC066712) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2023 |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | INTANGIBLE FIXED ASSETS |
Development |
Costs |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
6. | TANGIBLE FIXED ASSETS |
Fixtures |
Improvements | and | Computer |
Totals | to property | fittings | equipment |
£ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
VOICE TECHNOLOGIES LIMITED (REGISTERED NUMBER: SC066712) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2023 |
7. | FIXED ASSET INVESTMENTS |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
The directors believe that the investment in Voice Technologies (UK) Ltd is of no value (2022: £nil). |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
Amounts owed by group companies |
Other debtors |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Other creditors |
11. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.23 | 31.12.22 |
£ | £ |
Within one year |
Between one and five years |
VOICE TECHNOLOGIES LIMITED (REGISTERED NUMBER: SC066712) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2023 |
12. | SECURED DEBTS |
On 2 August 2019, Voice Technologies Trustees Limited (as a trustee for Voice Technologies Employee Benefit Trust) acquired the remaining 25% of Heather Wylie's ordinary shareholding in Scottish Voice Technologies Limited. |
The securities in favour of Heather Wylie were satisfied on 15th August 2023. |
At the balance sheet date, the debt owed by Voice Technologies Trustees Limited (as a trustee for Voice Technologies Employee Benefit Trust) to Heather Wylie was £NIL (2022:£34,880). |
13. | PROVISIONS FOR LIABILITIES |
31.12.23 | 31.12.22 |
£ | £ |
Deferred tax | 1,911 | 1,485 |
Deferred tax |
£ |
Balance at 1 January 2023 |
Accelerated capital allowances | 426 |
Balance at 31 December 2023 |
14. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | £ | £ |
Ordinary | £1 | 10,000 | 10,000 |
15. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2023 |
Profit for the year |
At 31 December 2023 |
16. | ULTIMATE CONTROLLING PARTY |
Following the 2019 acquisition of the balance of 100% of the issued ordinary share capital of Scottish Voice Technologies Limited (the immediate parent company of Voice Technologies Limited), Voice Technologies Trustees Limited (as a trustee for Voice Technologies Employee Benefit Trust) became the ultimate controlling party. |