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Registered number: 07401600
Languagenut Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Clear9 LTD
Chartered Certified Accountants
43 Brunswick Square
Hove
BN3 1EE
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07401600
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 175,244 191,376
Tangible Assets 5 10,864 13,908
186,108 205,284
CURRENT ASSETS
Debtors 6 624,824 644,602
Cash at bank and in hand 515,873 601,760
1,140,697 1,246,362
Creditors: Amounts Falling Due Within One Year 7 (1,114,438 ) (876,791 )
NET CURRENT ASSETS (LIABILITIES) 26,259 369,571
TOTAL ASSETS LESS CURRENT LIABILITIES 212,367 574,855
Creditors: Amounts Falling Due After More Than One Year 8 (924,655 ) (934,584 )
NET LIABILITIES (712,288 ) (359,729 )
CAPITAL AND RESERVES
Called up share capital 9 15 15
Share premium account 2,710,935 2,710,935
Profit and Loss Account (3,423,238 ) (3,070,679 )
SHAREHOLDERS' FUNDS (712,288) (359,729)
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Paul Fairbank
Director
13/11/2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Languagenut Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07401600 . The registered office is Projects The Lanes Nile House, Nile Street, Brighton, BN1 1HW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are capitalised software costs It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25%
Computer Equipment 33%
2.5. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
...CONTINUED
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2.6. Taxation - continued
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 22 (2023: 21)
22 21
4. Intangible Assets
Other Development Costs Total
£ £ £
Cost
As at 1 April 2023 144,725 251,323 396,048
Additions 10,000 - 10,000
As at 31 March 2024 154,725 251,323 406,048
Amortisation
As at 1 April 2023 144,725 59,947 204,672
Provided during the period 1,000 25,132 26,132
As at 31 March 2024 145,725 85,079 230,804
Net Book Value
As at 31 March 2024 9,000 166,244 175,244
As at 1 April 2023 - 191,376 191,376
5. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 April 2023 20,730 77,167 97,897
Additions - 4,374 4,374
As at 31 March 2024 20,730 81,541 102,271
Depreciation
As at 1 April 2023 16,481 67,508 83,989
Provided during the period 263 7,155 7,418
As at 31 March 2024 16,744 74,663 91,407
Net Book Value
As at 31 March 2024 3,986 6,878 10,864
As at 1 April 2023 4,249 9,659 13,908
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 85,737 112,973
Prepayments and accrued income 8,797 39,653
Other debtors 15,625 1,117
Corporation tax recoverable assets - 51,525
Deferred tax current asset 30,197 -
Director's loan account 64,044 18,910
204,400 224,178
Due after more than one year
Deferred tax current asset 420,424 420,424
624,824 644,602
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,886 4,123
Bank loans and overdrafts 10,000 10,000
VAT 55,958 35,784
Net wages 96,236 97,614
Other creditors 56,371 22,792
Accruals and deferred income 893,987 706,478
1,114,438 876,791
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 13,276 23,205
Other loans 858,016 858,016
Other creditors 53,363 53,363
924,655 934,584
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 15 15
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr Paul Fairbank 18,910 45,134 - - 64,044
The above loan is unsecured, interest free and repayable on demand.
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