Company registration number SC524812 (Scotland)
TWM TRANSLATIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
TWM TRANSLATIONS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
TWM TRANSLATIONS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
488
Current assets
Debtors
4
8,620
2,106
Cash at bank and in hand
32,283
39,093
40,903
41,199
Creditors: amounts falling due within one year
5
(13,559)
(12,244)
Net current assets
27,344
28,955
Net assets
27,832
28,955
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
27,732
28,855
Total equity
27,832
28,955
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 31 March 2023 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 31 August 2023 and are signed on its behalf by:
MR C N WOOD
Mr C N Wood
Director
Company Registration No. SC524812
TWM TRANSLATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
TWM Translations Limited is a private company limited by shares incorporated in Scotland. The registered office is Anderson Anderson & Brown LLP, Citypoint 2, 25 Tyndrum Street, Glasgow, G4 0JY.
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 £.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable.
Turnover is attributable to the principal activity of the company being that of translation and interpretation services and is recognised when the service is provided to the customer.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation 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:
Computers
33.33% Straight line
1.5
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
TWM TRANSLATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Computers
£
Cost
At 1 April 2022
680
Additions
627
At 31 March 2023
1,307
Depreciation and impairment
At 1 April 2022
680
Depreciation charged in the year
139
At 31 March 2023
819
Carrying amount
At 31 March 2023
488
At 31 March 2022
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
8,620
2,106
5
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
5,677
3,929
Other creditors
7,882
8,315
13,559
12,244