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REGISTERED NUMBER: 02166933 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 April 2023

for

Institute Of Translation And
Interpreting

Institute Of Translation And
Interpreting (Registered number: 02166933)






Contents of the Financial Statements
for the Year Ended 30 April 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Institute Of Translation And
Interpreting

Company Information
for the Year Ended 30 April 2023







DIRECTORS: N K Bone
C Swanwick-Roa
H L Stacey
M Dougan
H S Smith
K A Gilchrist
F M Matteoda
A J McCrindle
F Gray
L W J Bingham
S Johnston Crofts
A Higgon
L Bordon





SECRETARY: Bridgehouse Company Secretaries





REGISTERED OFFICE: Suite 141, Milton Keynes Business Centre
Linford Wood
Milton Keynes
Buckinghamshire
MK14 6GD





REGISTERED NUMBER: 02166933 (England and Wales)





ACCOUNTANTS: MJB Accountants Limited
Derngate Mews
Derngate
Northampton
Northamptonshire
NN1 1UE

Institute Of Translation And
Interpreting (Registered number: 02166933)

Balance Sheet
30 April 2023

30.4.23 30.4.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 56,762 64,455
Tangible assets 6 8,625 8,331
65,387 72,786

CURRENT ASSETS
Debtors 7 12,545 24,655
Prepayments and accrued income 21,883 19,802
Cash at bank and in hand 411,368 527,636
445,796 572,093
CREDITORS
Amounts falling due within one year 8 28,281 46,487
NET CURRENT ASSETS 417,515 525,606
TOTAL ASSETS LESS CURRENT
LIABILITIES

482,902

598,392

CREDITORS
Amounts falling due after more than one
year

9

-

(41,666

)

ACCRUALS AND DEFERRED INCOME (197,944 ) (263,452 )
NET ASSETS 284,958 293,274

RESERVES
Restricted fund 17,813 26,352
Designated fund 142,322 142,322
Income and expenditure account 124,823 124,600
284,958 293,274

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Institute Of Translation And
Interpreting (Registered number: 02166933)

Balance Sheet - continued
30 April 2023


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 July 2023 and were signed on its behalf by:





N K Bone - Director


Institute Of Translation And
Interpreting (Registered number: 02166933)

Notes to the Financial Statements
for the Year Ended 30 April 2023

1. STATUTORY INFORMATION

Institute Of Translation And Interpreting is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 historical cost convention.

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.

Computer software is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred 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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 9 ) .

Institute Of Translation And
Interpreting (Registered number: 02166933)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

4. AUDITORS' REMUNERATION
30.4.23 30.4.22
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

-

5,300

5. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 May 2022
and 30 April 2023 96,940
AMORTISATION
At 1 May 2022 32,485
Charge for year 7,693
At 30 April 2023 40,178
NET BOOK VALUE
At 30 April 2023 56,762
At 30 April 2022 64,455

6. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 May 2022 22,829
Additions 4,708
At 30 April 2023 27,537
DEPRECIATION
At 1 May 2022 14,498
Charge for year 4,414
At 30 April 2023 18,912
NET BOOK VALUE
At 30 April 2023 8,625
At 30 April 2022 8,331

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.23 30.4.22
£    £   
Other debtors 12,545 24,655

Institute Of Translation And
Interpreting (Registered number: 02166933)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.23 30.4.22
£    £   
Trade creditors 19,936 11,269
Taxation and social security 7,685 30,754
Other creditors 660 4,464
28,281 46,487

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.4.23 30.4.22
£    £   
Bank loans - 41,666