Company registration number SC421964 (Scotland)
KRISTIN LINKLATER VOICE CENTRE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
KRISTIN LINKLATER VOICE CENTRE LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 8
KRISTIN LINKLATER VOICE CENTRE LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF KRISTIN LINKLATER VOICE CENTRE LIMITED
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Kristin Linklater Voice Centre Limited for the year ended 30 April 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.

This report is made solely to the board of directors of Kristin Linklater Voice Centre Limited, as a body, in accordance with the terms of our engagement letter dated 17 August 2016. Our work has been undertaken solely to prepare for your approval the financial statements of Kristin Linklater Voice Centre Limited and state those matters that we have agreed to state to the board of directors of Kristin Linklater Voice Centre Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kristin Linklater Voice Centre Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Kristin Linklater Voice Centre Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Kristin Linklater Voice Centre Limited. You consider that Kristin Linklater Voice Centre Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Kristin Linklater Voice Centre Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

A J B Scholes Ltd
25 September 2024
Chartered Accountants
8 Albert Street
Kirkwall
Orkney
KW15 1HP
KRISTIN LINKLATER VOICE CENTRE LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Current assets
Tangible assets
6,561
8,233
Debtors
5
3,986
2,131
Cash at bank and in hand
5,587
3,992
16,134
14,356
Creditors: amounts falling due within one year
6
(176,506)
(174,880)
Net current liabilities
(160,372)
(160,524)
Government grants
(599)
(731)
Net liabilities
(160,971)
(161,255)
Capital and reserves
Called up share capital
7
175,001
175,001
Profit and loss reserves
(335,972)
(336,256)
Total equity
(160,971)
(161,255)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 25 September 2024 and are signed on its behalf by:
H Linklater
Director
Company Registration No. SC421964
KRISTIN LINKLATER VOICE CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information

Kristin Linklater Voice Centre Limited is a private company limited by shares incorporated in Scotland. The registered office is Upper Housegarth, Quoyloo, Stromness, Orkney, Scotland, KW16 3LY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

In December 2022 the directors resolved to cease a significant part of their operations and remaining activities are likely to cease in the near future. The impact of Covid, restrictions on international travel and global economic conditions has resulted in lower bookings for workshops and increased running costs making the financial sustainability of the company uncertain.

 

As a result these financial statements are not prepared on a going concern basis. The company's assets have been reduced to their recoverable amount and non current assets and liabilities are presented as current.

1.3
Turnover

Turnover represents amounts receivable for services net of VAT where applicable. Turnover includes fees for providing courses - this income is recognised in the period in which the service is provided. Turnover also includes membership income - this income is recognised on a straight line basis over the period of the membership.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website costs
20% reducing balance basis
Trademarks
10% straight line basis
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.

KRISTIN LINKLATER VOICE CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Land and buildings Leasehold
4% straight line basis (lease term)
Plant and machinery
10% - 33% reducing balance basis
Fixtures, fittings & equipment
18% reducing balance basis
Motor vehicles
25% straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount.

1.7
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

KRISTIN LINKLATER VOICE CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, are initially recognised at the transaction cost. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases
KRISTIN LINKLATER VOICE CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 6 -

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.14
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
2
3
Intangible fixed assets
Website costs
Trademarks
Total
£
£
£
Cost
At 1 May 2023 and 30 April 2024
31,151
19,295
50,446
Amortisation and impairment
At 1 May 2023 and 30 April 2024
31,151
19,295
50,446
Carrying amount
At 30 April 2024
-
0
-
0
-
0
At 30 April 2023
-
0
-
0
-
0
KRISTIN LINKLATER VOICE CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2023
619,610
87,413
707,023
Disposals
-
0
(20,631)
(20,631)
At 30 April 2024
619,610
66,782
686,392
Depreciation and impairment
At 1 May 2023
619,610
79,180
698,790
Depreciation charged in the year
-
0
1,620
1,620
Eliminated in respect of disposals
-
0
(20,579)
(20,579)
At 30 April 2024
619,610
60,221
679,831
Carrying amount
At 30 April 2024
-
0
6,561
6,561
At 30 April 2023
-
0
8,233
8,233
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,066
2,035
Other debtors
1,920
96
3,986
2,131
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
14,180
-
0
Trade creditors
6,662
10,369
Taxation and social security
5,392
14,441
Other creditors
150,272
150,070
176,506
174,880

The company has granted to the Royal Bank of Scotland PLC a floating charge over its assets as security for all bank borrowings.

 

 

KRISTIN LINKLATER VOICE CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
175,001
175,001
175,001
175,001
8
Financial commitments, guarantees and contingent liabilities

The company received grant assistance from Orkney Islands Council of £54,792, awarded in 2013, towards construction costs of the centre. The award included a clause that there is a ten year grant monitoring period - the cessation of activities at the centre post year end triggers a partial repayment of the grant, which is estimated to be approximately £5k.

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