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The Transcription Agency LLP
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For the year ended 31 December 2022
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Registered number: OC419743
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The Transcription Agency LLP - Registered number: OC419743
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Statement of financial position
As at 31 December 2022
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current assets/(liabilities)
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Total assets less current liabilities
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Net assets/(liabilities) attributable to members
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Loans and other debts due to members within one year
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Other reserves classified as equity
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Amounts due from members (included in debtors)
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Page 1
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The Transcription Agency LLP - Registered number: OC419743
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Statement of financial position (continued)
As at 31 December 2022
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements were approved and authorised for issue by the members and were signed on their behalf on 7 February 2024.
A Edwards on behalf of VIQ Solutions (UK) Limited
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The notes on pages 3 to 7 form part of these financial statements.
Page 2
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The Transcription Agency LLP
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Notes to the financial statements
For the year ended 31 December 2022
The Transcription Agency LLP is a limited liability partnership incorporated in England & Wales. The registered address and principal place of business is 24-28 High Street, Oak House, Hythe, United Kingdom, CT21 5AT and the registered number is OC419743.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".
The following principal accounting policies have been applied:
The LLP continues to consider future plans, information available, including the availability of working capital, group structure and which entity is best placed to provide the contracted services.
The members have concluded that while the LLP is profit making, within the group headed by the parent company, there is significant uncertainty in relation to going concern. Should the wider group require more support, or the group's losses result in an inability to continue trading, this would directly impact the LLP and its ability to continue trading. The financial statements do not include any adjustment to the LLP's assets or liabilities that might be necessary should the going concern basis not continue to be appropriate. In reaching this assumption the members have considered a period of not less than one year from the date of approval of the financial statements.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the LLP will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Page 3
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The Transcription Agency LLP
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Notes to the financial statements
For the year ended 31 December 2022
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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The average monthly number of employees, including directors, during the year was 6 (2021 - 9).
The average number of members in the period was 2 (April 2021 - 5).
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Page 4
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The Transcription Agency LLP
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Notes to the financial statements
For the year ended 31 December 2022
Page 5
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The Transcription Agency LLP
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Notes to the financial statements
For the year ended 31 December 2022
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Amounts owed by group undertakings
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Commitments under operating leases
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At 31 December 2022 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Inclusion in group financial statements
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The smallest group which prepares consolidated financial statements including The Transcription Agency LLP is VIQ Solutions, Inc. The registered office address is 5915 Airport Road, Suite 700 Mississauga, Ontatio, Canada, L4V 1T1.
Page 6
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The Transcription Agency LLP
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Notes to the financial statements
For the year ended 31 December 2022
The auditor's report on the financial statements for the year from 6 April 2021 to ended 31 December 2022 was unqualified.
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In their report, the auditor emphasised the following matter without qualifying their report:
We draw attention to note 2.2 in the financial statements, which indicates that group support may not be forthcoming if required. As stated in note 2.2, these events or conditions, along with the other matters as set forth in note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the LLP's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
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The audit report was signed on 7 February 2024 by Jonathan West (Senior statutory auditor) on behalf of Buzzacott LLP.
Page 7
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