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Registration number: 07473013

LanguageWire Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

LanguageWire Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 6

 

LanguageWire Limited

Company Information

Director

Mr S B Justesen

Registered office

Rivington House
82 Great Eastern Street
London
EC2A 3JF

Auditors

CBSL Accountants Limited
Chartered Accountants and Statutory Auditor
Rowan House North
1 The Professional Quarter
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

 

LanguageWire Limited

(Registration number: 07473013)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

3,606

14,135

Current assets

 

Debtors

5

1,101,009

550,613

Cash at bank and in hand

 

1,208,902

1,146,936

 

2,309,911

1,697,549

Creditors: Amounts falling due within one year

6

(1,148,118)

(668,343)

Net current assets

 

1,161,793

1,029,206

Net assets

 

1,165,399

1,043,341

Capital and reserves

 

Called up share capital

1,300,100

1,300,100

Retained earnings

(134,701)

(256,759)

Shareholders' funds

 

1,165,399

1,043,341

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 22 February 2024
 


Mr S B Justesen
Director

 

LanguageWire Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Rivington House
82 Great Eastern Street
London
EC2A 3JF

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis, which assumes the combined support of the company's parent undertaking and other group companies.

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 27 February 2024 was Louise Osselton FCA, who signed for and on behalf of CBSL Accountants Limited.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

 

LanguageWire Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Contract revenue recognition

Where the substance of a contract is that the contractual obligations are performed gradually over time, revenue is recognised as contract activity progresses to reflect the partial performance of our contractual obligations. The amount of revenue included reflects the accrual of the right to consideration as contract activity progresses by reference to value of the work performed.

Foreign currency transactions and balances

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

20% straight line

Leasehold improvements

20% straight line

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 10 (2022 - 10).

 

LanguageWire Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

67,346

7,841

75,187

At 31 December 2023

67,346

7,841

75,187

Depreciation

At 1 January 2023

54,257

6,795

61,052

Charge for the year

9,483

1,046

10,529

At 31 December 2023

63,740

7,841

71,581

Carrying amount

At 31 December 2023

3,606

-

3,606

At 31 December 2022

13,089

1,046

14,135

Included within the net book value of land and buildings above is £3,606 (2022 - £13,089) in respect of long leasehold land and buildings.
 

5

Debtors

2023
£

2022
£

Trade debtors

729,307

449,049

Prepayments

8,684

67,881

Other debtors

363,018

33,683

1,101,009

550,613

 

LanguageWire Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

-

10,007

Amounts owed to group undertakings and undertakings in which the company has a participating interest

8

326,497

75,419

Taxation and social security

 

236,870

93,299

Accruals and deferred income

 

88,263

92,213

Other creditors

 

496,488

397,405

 

1,148,118

668,343

7

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

87,600

39,073

Later than one year and not later than five years

29,200

-

116,800

39,073

8

Related party transactions

As at 31 December 2023 a balance of £326,497 (2022 - £75,419) was due to the parent company LanguageWire A/S and other group subsidiaries, which is included in creditors. Amounts due to group undertakings are unsecured, interest free and have no fixed terms of repayment.

 

9

Parent and ultimate parent undertaking

The company's immediate parent is LanguageWire A/S, incorporated in Denmark.

 The ultimate parent is LanguageWire Holding A/S, incorporated in Denmark.