Company registration number 05669749 (England and Wales)
LANGUAGE MATTERS RECRUITMENT CONSULTANTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
LANGUAGE MATTERS RECRUITMENT CONSULTANTS LIMITED
CONTENTS
Page
Balance sheet
2
Notes to the financial statements
3 - 7
LANGUAGE MATTERS RECRUITMENT CONSULTANTS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
LANGUAGE MATTERS RECRUITMENT CONSULTANTS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
4
122,600
183,900
Tangible assets
5
2
2
Investments
6
187
187
122,789
184,089
Current assets
Stocks
8
7,556
-
Debtors
9
279,799
345,785
Cash at bank and in hand
1,998,040
2,487,706
2,285,395
2,833,491
Creditors: amounts falling due within one year
10
(1,363,383)
(793,694)
Net current assets
922,012
2,039,797
Net assets
1,044,801
2,223,886
Capital and reserves
Called up share capital
11
1,000
1,000
Profit and loss reserves
1,043,801
2,222,886
Total equity
1,044,801
2,223,886
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 5 September 2024 and are signed on its behalf by:
R J House
Director
Company registration number 05669749 (England and Wales)
LANGUAGE MATTERS RECRUITMENT CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Language Matters Recruitment Consultants Limited is a private company limited by shares incorporated in England and Wales. The registered office is Third Floor, 9 Irving Street, London. WC2H 7AH.
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.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet 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 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.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.5
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:
Plant and machinery
20% per annum on cost.
Computer equipment
33.3% per annum on cost
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.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
LANGUAGE MATTERS RECRUITMENT CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.8
Taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.9
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:-
2024
2023
Number
Number
Administration
23
23
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
1,828,032
1,512,210
Social security costs
167,600
148,354
Pension costs
153,143
90,215
2,148,775
1,750,779
LANGUAGE MATTERS RECRUITMENT CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
208,843
102,136
Company pension contributions to defined contribution schemes
132,205
36,840
341,048
138,976
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
135,648
-
Company pension contributions to defined contribution schemes
120,775
-
4
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
1,226,000
Amortisation and impairment
At 1 April 2023
1,042,100
Amortisation charged for the year
61,300
At 31 March 2024
1,103,400
Carrying amount
At 31 March 2024
122,600
At 31 March 2023
183,900
5
Tangible fixed assets
Plant and machinery
Computer equipment
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
15,042
27,823
42,865
Depreciation and impairment
At 1 April 2023 and 31 March 2024
15,041
27,822
42,863
Carrying amount
At 31 March 2024
1
1
2
At 31 March 2023
1
1
2
LANGUAGE MATTERS RECRUITMENT CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
6
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
7
187
187
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 April 2023 & 31 March 2024
187
At 31 March 2024
187
Carrying amount
At 31 March 2024
187
At 31 March 2023
187
7
Subsidiaries
These financial statements are separate company financial statements.
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Langauge Matters BV
Entrada 500, 2e Verdieping, 1114 AA, Amsterdam, Duivendrecht, Netherlands
Recruitment Consultants
Ordinary
100
Covent Garden Recruitment Limited
9 Irving Street London
Recruitment Consultants
Ordinary
100
8
Stocks
2024
2023
£
£
Work in progress
7,556
-
LANGUAGE MATTERS RECRUITMENT CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
9
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
234,300
329,434
Corporation tax recoverable
27,628
Other debtors
34
Prepayments and accrued income
17,837
16,351
279,799
345,785
10
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts due to group undertakings
356,672
361,961
Corporation tax
102,302
Other taxation and social security
129,502
180,336
Director's loan
796,708
96,359
Accruals and deferred income
80,501
52,736
1,363,383
793,694
11
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1,000
1,000
1,000
1,000
12
Directors' transactions
R J House director's loan account balance at the beginning of the year was £96,359 and at the end of the year was £796,708.
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