Company Registration No. SC212981 (Scotland)
Scotnet.co.uk Ltd.
Unaudited accounts
for the year ended 30 June 2024
Scotnet.co.uk Ltd.
Unaudited accounts
Contents
Scotnet.co.uk Ltd.
Company Information
for the year ended 30 June 2024
Directors
J Malone
S Glendinning
Company Number
SC212981 (Scotland)
Registered Office
Scotnet Operations Bunker
Mackintosh Road
Inverness
IV2 3TX
Accountants
CMM Accountancy (Inverness) Limited
The Green House
Beechwood Business Park North
Inverness
IV2 3BL
Scotnet.co.uk Ltd.
Statement of financial position
as at 30 June 2024
Tangible assets
135,688
132,420
Cash at bank and in hand
39,785
1,786
Creditors: amounts falling due within one year
(199,556)
(150,415)
Net current assets
4,759
26,488
Total assets less current liabilities
140,447
158,908
Creditors: amounts falling due after more than one year
(15,000)
(31,363)
Provisions for liabilities
Deferred tax
(32,836)
(17,337)
Other provisions
-
(53,055)
Called up share capital
2,728
2,728
Profit and loss account
89,883
54,425
Shareholders' funds
92,611
57,153
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. 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 for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 19 March 2025 and were signed on its behalf by
J Malone
Director
Company Registration No. SC212981
Scotnet.co.uk Ltd.
Notes to the Accounts
for the year ended 30 June 2024
Scotnet.co.uk Ltd. is a private company, limited by shares, registered in Scotland, registration number SC212981. The registered office is Scotnet Operations Bunker, Mackintosh Road, Inverness, IV2 3TX.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
10% to 20% straight line
Motor vehicles
25% reducing balance
Fixtures & fittings
25% reducing balance
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation. Amortisation is calculated so as to write off the assets over their estimated useful lives of 5 years.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Scotnet.co.uk Ltd.
Notes to the Accounts
for the year ended 30 June 2024
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Intangible fixed assets
Total
5
Tangible fixed assets
Total
Charge for the year
71,191
The company has entered into an agreement to provide a community broadband network for a fixed term, including physical infrastructure installed on land owned by third parties. The agreement includes the restoration of the land at the end of the term to its original condition, where requested by a landowner. Therefore when the agreement expires, the company may incur a liability, but due to uncertainty as to whether such a liability will arise, and the value of any such liability, no provision has been recognised in the financial statements.
Included in debtors is a loan of £4,500 to the director J Malone (2023 - £4,500). The loan is interest free, unsecured and has no fixed terms of repayment.
Included in debtors is a loan of £4,500 to the director S Glendinning (2023 - £4,500). The loan is interest free, unsecured and has no fixed terms of repayment.
Scotnet.co.uk Ltd.
Notes to the Accounts
for the year ended 30 June 2024
8
Average number of employees
During the year the average number of employees was 6 (2023: 8).