IRIS Accounts Production v24.2.0.383 SC277621 director 1.1.23 31.12.23 31.12.23 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC2776212022-12-31SC2776212023-12-31SC2776212023-01-012023-12-31SC2776212021-12-31SC2776212022-01-012022-12-31SC2776212022-12-31SC277621ns15:Scotland2023-01-012023-12-31SC277621ns14:PoundSterling2023-01-012023-12-31SC277621ns10:Director12023-01-012023-12-31SC277621ns10:PrivateLimitedCompanyLtd2023-01-012023-12-31SC277621ns10:SmallEntities2023-01-012023-12-31SC277621ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-31SC277621ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-31SC277621ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-31SC277621ns10:FullAccounts2023-01-012023-12-31SC27762112023-01-012023-12-31SC277621ns5:CurrentFinancialInstruments2023-12-31SC277621ns5:CurrentFinancialInstruments2022-12-31SC277621ns5:Non-currentFinancialInstruments2023-12-31SC277621ns5:Non-currentFinancialInstruments2022-12-31SC277621ns5:ShareCapital2023-12-31SC277621ns5:ShareCapital2022-12-31SC277621ns5:RetainedEarningsAccumulatedLosses2023-12-31SC277621ns5:RetainedEarningsAccumulatedLosses2022-12-31SC277621ns5:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-31SC277621ns5:PlantMachinery2023-01-012023-12-31SC277621ns5:IntangibleAssetsOtherThanGoodwill2023-12-31SC277621ns5:PlantMachinery2022-12-31SC277621ns5:PlantMachinery2023-12-31SC277621ns5:PlantMachinery2022-12-31SC277621ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-31SC277621ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-31SC2776211ns10:Director12022-12-31SC2776211ns10:Director12021-12-31SC2776211ns10:Director12023-01-012023-12-31SC2776211ns10:Director12022-01-012022-12-31SC2776211ns10:Director12023-12-31SC2776211ns10:Director12022-12-31
REGISTERED NUMBER: SC277621 (Scotland)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Source Telecom (Scotland) Limited

Source Telecom (Scotland) Limited (Registered number: SC277621)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


Source Telecom (Scotland) Limited (Registered number: SC277621)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Intangible assets 4 21,243 -
Tangible assets 5 9,729 8,634
30,972 8,634

CURRENT ASSETS
Debtors 6 124,506 149,965
Cash at bank 43,621 93,127
168,127 243,092
CREDITORS
Amounts falling due within one year 7 (140,419 ) (141,199 )
NET CURRENT ASSETS 27,708 101,893
TOTAL ASSETS LESS CURRENT
LIABILITIES

58,680

110,527

CREDITORS
Amounts falling due after more than one
year

8

(14,949

)

(24,167

)

PROVISIONS FOR LIABILITIES (2,705 ) (2,031 )
NET ASSETS 41,026 84,329

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 40,926 84,229
41,026 84,329

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

Source Telecom (Scotland) Limited (Registered number: SC277621)

Balance Sheet - continued
31 December 2023


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 director and authorised for issue on 24 September 2024 and were signed by:





Ms S Arkley - Director


Source Telecom (Scotland) Limited (Registered number: SC277621)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Source Telecom (Scotland) Limited is a private company, limited by shares and registered in Scotland. Registration number SC277621. The registered office is The Business Suite, Kingsfield Golf Centre, Linlithgow, EH49 7LS.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of goods and services in respect of telecommunication and broadband supplies, excluding value added tax. Sales are recognised at the point at which the goods are delivered or the service is complete.

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.

Computer software is being amortised evenly over its estimated useful life of 3 years.

Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Source Telecom (Scotland) Limited (Registered number: SC277621)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Provisions
Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 7 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
Additions 22,493
At 31 December 2023 22,493
AMORTISATION
Charge for year 1,250
At 31 December 2023 1,250
NET BOOK VALUE
At 31 December 2023 21,243

Source Telecom (Scotland) Limited (Registered number: SC277621)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 51,398
Additions 5,445
Disposals (38,043 )
At 31 December 2023 18,800
DEPRECIATION
At 1 January 2023 42,764
Charge for year 2,717
Eliminated on disposal (36,410 )
At 31 December 2023 9,071
NET BOOK VALUE
At 31 December 2023 9,729
At 31 December 2022 8,634

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 4,450 19,854
Amounts owed by related parties 89,563 90,330
Other debtors 30,493 39,781
124,506 149,965

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 58,674 71,148
Taxation and social security 71,745 59,954
Other creditors - 97
140,419 141,199

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans 14,949 24,167

Source Telecom (Scotland) Limited (Registered number: SC277621)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
Ms S Arkley
Balance outstanding at start of year 19,812 62,478
Amounts advanced - 334
Amounts repaid - (43,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 19,812 19,812

10. RELATED PARTY DISCLOSURES

Entities under common control

At the year end the company was owed £89,563 (2022: £92,130) by related parties.

Management charges to related parties were £18,000 (2022: £18,000).

Rent charged from related parties was £18,000 (2022: £18,000).