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Registered number: 08882661









THE LANGUAGE SHOP LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
THE LANGUAGE SHOP LIMITED
REGISTERED NUMBER: 08882661

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
8,790
4,558

  
8,790
4,558

Current assets
  

Debtors: amounts falling due within one year
 5 
2,523,005
2,006,215

Cash at bank and in hand
 6 
231,885
289,218

  
2,754,890
2,295,433

Creditors: amounts falling due within one year
 7 
(1,908,693)
(1,517,706)

Net current assets
  
 
 
846,197
 
 
777,727

Total assets less current liabilities
  
854,987
782,285

Provisions for liabilities
  

Deferred tax
 9 
-
(866)

  
 
 
-
 
 
(866)

Net assets
  
854,987
781,419

Page 1

 
THE LANGUAGE SHOP LIMITED
REGISTERED NUMBER: 08882661
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
854,887
781,319

  
854,987
781,419


The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 March 2024.




J Patel
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
THE LANGUAGE SHOP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

The Language Shop Limited is a private limited company, limited by shares and incorporated in England and Wales, United Kingdom, with the registration number 08882661. The address of the registered office is Newham Dockside, 1000 Dockside Road, London, E16 2QU. The company's principal activity during the year continued to be that of translation and interpretation services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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 Company 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.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
THE LANGUAGE SHOP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Multi-employer pension plan

The Company is a member of a multi-employer plan. Where it is not possible for the Company to obtain sufficient information to enable it to account for the plan as a defined benefit plan, it accounts for the plan as a defined contribution plan.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Tangible fixed assets

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 4

 
THE LANGUAGE SHOP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment
-
25%
reducing balance

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.

 
2.9

Debtors

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.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

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.

 
2.12

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Page 5

 
THE LANGUAGE SHOP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.13

Financial instruments

The Company 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.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
53
45


4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 April 2022
13,433


Additions
7,162



At 31 March 2023

20,595



Depreciation


At 1 April 2022
8,875


Charge for the year on owned assets
2,930



At 31 March 2023

11,805



Net book value



At 31 March 2023
8,790



At 31 March 2022
4,558

Page 6

 
THE LANGUAGE SHOP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Debtors

2023
2022
£
£


Trade debtors
887,889
812,358

Other debtors
341,239
313,531

Prepayments and accrued income
1,228,743
880,326

Deferred taxation
65,134
-

2,523,005
2,006,215



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
231,885
289,218

231,885
289,218



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
350,000
-

Trade creditors
739,134
589,547

Corporation tax
-
29,837

Other taxation and social security
284,295
298,950

Other creditors
686
2,241

Accruals and deferred income
534,578
597,131

1,908,693
1,517,706


Page 7

 
THE LANGUAGE SHOP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
231,885
289,218




Financial assets measured at fair value through profit or loss comprise cash and cash equivalents.


9.


Deferred taxation




2023


£






At beginning of year
(866)


Deferred tax asset
66,000



At end of year
65,134

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(866)
(866)

Tax losses carried forward
66,000
-

65,134
(866)

Page 8

 
THE LANGUAGE SHOP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Pension commitments

The company is a member of a multiple employer defined benefit pension scheme administered by the London Borough of Newham Council (LBN). LBN is the administering authority of the London Borough of Newham Pension Fund which provides a defined benefit scheme under the Local Government Pension Scheme for employees of The Language Shop Limited.
The Local Government Pension Scheme is a defined benefit statutory scheme administered in accordance with the Local Government Pension Scheme Regulations 2013 and it provides benefits based on career average revalued earnings. There are no minimum funding requirements in the Local Government Pension Scheme but contributions are generally set to target a funding level of 100% using the actuarial assumptions.
The most recent actuarial valuation has been obtained as at the year end and the following has been noted:
As at 31 March 2023 the total present value of the defined benefit obligation was £1,828,000 (2022: £2,638,000), whilst assets were £1,586,000 (2022: £1,165,000) leaving a deficit of £242,000 (2022: £1,473,000). However, LBN has stated in the absence of a bond (which this company does not have), it has issued a guarantee in respect of the premature termination of the provision of service or assets by reason of insolvency, winding up or liquidation of the company.
The above has the effect of the pension fund being fully funded for the company and therefore there is no recognition in these accounts of a pension fund net defined benefit liability. Therefore the treatment of the pension fund has been accounted for as if it were a defined contribution scheme. The contributions made during the year were £180,749 (2022: £144,308).


11.


Commitments under operating leases

At 31 March 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
30,493
28,391

Later than 1 year and not later than 5 years
15,088
35,658

45,581
64,049


12.


Related party transactions

Income during the year from entities with significant influence was £4,384,765 (2022: £4,492,925).
Purchases made during the year from entities with significant influence was £2,314,438 (2022: £1,765,965).

Page 9

 
THE LANGUAGE SHOP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

13.


Controlling party

The ultimate controlling party during the year was The Language Shop Trustee Limited, due to this entity's majority shareholding.


14.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2023 was unqualified.

The audit report was signed on 1 March 2024 by Matthew Wells (Senior Statutory Auditor) on behalf of Haslers.

 
Page 10