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Company No: SC301621 (Scotland)

# BRIGHTWIRE TECHNOLOGY SERVICES LIMITED

### UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH THE REGISTRAR

BRIGHTWIRE TECHNOLOGY SERVICES LIMITED

## UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024

Contents

BRIGHTWIRE TECHNOLOGY SERVICES LIMITED

## BALANCE SHEET

AS AT 31 MAY 2024
BRIGHTWIRE TECHNOLOGY SERVICES LIMITED

## BALANCE SHEET (continued)

AS AT 31 MAY 2024

| Note | 2024 |  | 2023
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 3 | 21,749 |  | 21,460
|  | 21,749 |  | 21,460
Current assets |  |  |  |
Debtors | 4 | 553,797 |  | 433,362
Cash at bank and in hand |  | 3,117,506 |  | 3,095,066
|  | 3,671,303 |  | 3,528,428
Creditors: amounts falling due within one year | 5 | ( 352,722) |  | ( 360,982)
Net current assets |  | 3,318,581 |  | 3,167,446
Total assets less current liabilities |  | 3,340,330 |  | 3,188,906
Provision for liabilities |  | ( 5,437) |  | ( 2,960)
Net assets |  | 3,334,893 |  | 3,185,946
Capital and reserves |  |  |  |
Called-up share capital | 6 | 2 |  | 2
Profit and loss account |  | 3,334,891 |  | 3,185,944
Total shareholders' funds |  | 3,334,893 |  | 3,185,946

For the financial year ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- 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; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Brightwire Technology Services Limited (registered number: SC301621) were approved and authorised for issue by the Board of Directors on 26 May 2025. They were signed on its behalf by:

Mrs C Millar Director |

BRIGHTWIRE TECHNOLOGY SERVICES LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
BRIGHTWIRE TECHNOLOGY SERVICES LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Brightwire Technology Services Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 5 High Street, Peebles, EH45 8AG, Scotland, United Kingdom.
The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise.

##### Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts from the provision of professional services is recognised by reference to the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

##### Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
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 financial statements. 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.

##### Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. | 25 % reducing balance

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.

##### Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account. There was no impairment of assets during the year.

##### Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

#### 2. Employees

| 2024 |  | 2023
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 9 |  | 9

#### 3. Tangible assets

| Plant and machinery etc. |  | Total
| £ |  | £
Cost |  |  |
At 01 June 2023 | 34,709 |  | 34,709
Additions | 7,367 |  | 7,367
Disposals | ( 4,083) |  | ( 4,083)
At 31 May 2024 | 37,993 |  | 37,993
Accumulated depreciation |  |  |
At 01 June 2023 | 13,249 |  | 13,249
Charge for the financial year | 5,865 |  | 5,865
Disposals | ( 2,870) |  | ( 2,870)
At 31 May 2024 | 16,244 |  | 16,244
Net book value |  |  |
At 31 May 2024 | 21,749 |  | 21,749
At 31 May 2023 | 21,460 |  | 21,460

#### 4. Debtors

| 2024 |  | 2023
| £ |  | £
Trade debtors | 349,081 |  | 238,307
Corporation tax | 26,914 |  | 0
Other debtors | 177,802 |  | 195,055
| 553,797 |  | 433,362

Included in other debtors is a loan advanced to a company which is controlled by the director, C Millar. The loan is interest free with a 10 year repayment term.

#### 5. Creditors: amounts falling due within one year

| 2024 |  | 2023
| £ |  | £
Trade creditors | 37,791 |  | 31,319
Amounts owed to directors | 3,983 |  | 4,041
Taxation and social security | 136,019 |  | 206,019
Other creditors | 174,929 |  | 119,603
| 352,722 |  | 360,982

#### 6. Called-up share capital

| 2024 |  | 2023
| £ |  | £
Allotted, called-up and fully-paid |  |  |
980 A ordinary shares of £ 0.001 each | 0.98 |  | 0.98
980 B ordinary shares of £ 0.001 each | 0.98 |  | 0.98
20 C ordinary shares of £ 0.001 each | 0.02 |  | 0.02
20 D ordinary shares of £ 0.001 each | 0.02 |  | 0.02
| 2.00 |  | 2.00