Company registration number: SC375859
Unaudited financial statements
for the year ended 31 March 2024
for
Satellite Consultancy Limited
Pages for filing with the Registrar
Company registration number: SC375859
Satellite Consultancy Limited
Balance sheet
as at 31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 4 3,200 6,400
Tangible assets 5 - 149
3,200 6,549
Current assets
Debtors 16,164 14,025
Cash at bank and in hand 26,031 24,198
42,195 38,223
Creditors: amounts falling due within
one year
(9,700) (12,503)
Net current assets 32,495 25,720
Total assets less current liabilities 35,695 32,269
NET ASSETS 35,695 32,269
Capital and reserves
Called up share capital 100 100
Profit and loss account 35,595 32,169
TOTAL EQUITY 35,695 32,269
The company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies for the year ended 31 March 2024.
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 to comply with the Companies Act 2006 in respect to accounting records and the preparation of financial statements.
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Company registration number: SC375859
Satellite Consultancy Limited
Balance sheet - continued
as at 31 March 2024
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 Profit and loss account has not been delivered to the Registrar.
These financial statements were approved by the Board of directors and authorised for issue on 6 November 2024 and signed on its behalf by:
Mr A Brown, Director
6 November 2024
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Satellite Consultancy Limited
Notes to the financial statements
for the year ended 31 March 2024
1 Company information
Satellite Consultancy Limited is a private company registered in Scotland. Its registered number is SC375859. The company is limited by shares. Its registered office is Craigie Lodge, Eshiels, Peebles, EH45 8NA.
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 historic cost convention.
Going concern
In preparing these financial statements, the directors have assessed whether there are any material uncertainties related to events or conditions that cast significant doubt upon the company's ability to continue as a going concern. In making this assessment, the directors take into account all available information about the future which is at least 12 months from the date that the financial statements are authorised for issue.
The directors consider that the company has adequate resources to continue in business for the foreseeable future and that it is appropriate to adopt the going concern basis in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes.
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.
Amortisation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Goodwill - 6.67% straight line
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc.:
Plant and machinery - 25% reducing balance
Fixtures & fittings - 25% reducing balance
Computer equipment - 33.33% straight line
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Satellite Consultancy Limited
Notes to the financial statements - continued
for the year ended 31 March 2024
2 Accounting policies - continued
Taxation
Taxation for the year comprises current taxation. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current 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.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
3 Average number of employees
During the year the average number of employees was 2 (2023 - 2).
4 Intangible assets
Goodwill
£
Cost
At 1 April 2023 48,000
At 31 March 2024 48,000
Amortisation
At 1 April 2023 41,600
Charge for year 3,200
At 31 March 2024 44,800
Net book value
At 31 March 2024 3,200
At 31 March 2023 6,400
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Satellite Consultancy Limited
Notes to the financial statements - continued
for the year ended 31 March 2024
5 Tangible fixed assets
Plant and
machinery
etc.
£
Cost
At 1 April 2023 10,598
Disposals (8,122)
At 31 March 2024 2,476
Depreciation
At 1 April 2023 10,449
Charge for year 149
Eliminated on disposal (8,122)
At 31 March 2024 2,476
Net book value
At 31 March 2024 -
At 31 March 2023 149
6 Related party transactions
Included within Debtors is a amount of £11,743 due from (2023 - £188 due to) the director, Mr A Brown to the company. Interest at a rate of 2.25% has been charged where the loan exceeded £10,000. This load was repaid to the company within 9 months of the year end.
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