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REGISTERED NUMBER: SC443357 (Scotland)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

CITADEL TRANSLATIONS LTD

CITADEL TRANSLATIONS LTD (REGISTERED NUMBER: SC443357)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CITADEL TRANSLATIONS LTD

COMPANY INFORMATION
for the year ended 31 March 2024







DIRECTOR: T McTurk





REGISTERED OFFICE: 59 Abbey Wall Road
Pittenweem
Fife
KY10 2NE





REGISTERED NUMBER: SC443357 (Scotland)





ACCOUNTANTS: Haines Watts
Business Advisors and Accountants
Q Court
3 Quality Street
Edinburgh
EH4 5BP

CITADEL TRANSLATIONS LTD (REGISTERED NUMBER: SC443357)

BALANCE SHEET
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 173 715
Tangible assets 5 4,318 5,878
4,491 6,593

CURRENT ASSETS
Debtors 6 21,047 17,222
Cash at bank 1,302 1,693
22,349 18,915
CREDITORS
Amounts falling due within one year 7 17,604 14,883
NET CURRENT ASSETS 4,745 4,032
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,236

10,625

CREDITORS
Amounts falling due after more than one
year

8

(4,494

)

(8,086

)

PROVISIONS FOR LIABILITIES 9 (853 ) (1,252 )
NET ASSETS 3,889 1,287

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 3,789 1,187
SHAREHOLDERS' FUNDS 3,889 1,287

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 profit or loss 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.

CITADEL TRANSLATIONS LTD (REGISTERED NUMBER: SC443357)

BALANCE SHEET - continued
31 March 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 November 2024 and were signed by:





T McTurk - Director


CITADEL TRANSLATIONS LTD (REGISTERED NUMBER: SC443357)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2024

1. STATUTORY INFORMATION

Citadel Translations Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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 represents amounts chargeable to clients for professional services during the period, excluding value added tax.

GOODWILL
Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of ten years.

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.

Website is being amortised evenly over its estimated useful life of four years.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 20% per annum reducing balance
Computer equipment - 33% per annum reducing balance

Tangible fixed assets are reviewed annually for impairment.

CITADEL TRANSLATIONS LTD (REGISTERED NUMBER: SC443357)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

2. ACCOUNTING POLICIES - continued

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 non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

FOREIGN CURRENCIES
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

CITADEL TRANSLATIONS LTD (REGISTERED NUMBER: SC443357)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill Website Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 60,000 2,166 62,166
AMORTISATION
At 1 April 2023 60,000 1,451 61,451
Amortisation for year - 542 542
At 31 March 2024 60,000 1,993 61,993
NET BOOK VALUE
At 31 March 2024 - 173 173
At 31 March 2023 - 715 715

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 April 2023 300 15,419 15,719
Additions - 435 435
At 31 March 2024 300 15,854 16,154
DEPRECIATION
At 1 April 2023 268 9,573 9,841
Charge for year 6 1,989 1,995
At 31 March 2024 274 11,562 11,836
NET BOOK VALUE
At 31 March 2024 26 4,292 4,318
At 31 March 2023 32 5,846 5,878

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 8,292 10,361
Other debtors 12,755 6,861
21,047 17,222

CITADEL TRANSLATIONS LTD (REGISTERED NUMBER: SC443357)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 3,579 3,566
Trade creditors 150 2,550
Taxation and social security 11,143 6,187
Other creditors 2,732 2,580
17,604 14,883

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 4,494 8,086

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 853 1,252

Deferred
tax
£   
Balance at 1 April 2023 1,252
Provided during year (399 )
Balance at 31 March 2024 853

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
T McTurk
Balance outstanding at start of year 6,376 7,759
Amounts advanced 70,139 52,104
Amounts repaid (64,139 ) (53,487 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 12,376 6,376

The loan is interest free and there are no fixed terms of repayment.