Company registration number 06737511 (England and Wales)
LINGVO HOUSE TRANSLATION SERVICES LIMITED
Unaudited financial statements
For the year ended 31 October 2024
Pages for filing with registrar
LINGVO HOUSE TRANSLATION SERVICES LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
LINGVO HOUSE TRANSLATION SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION
As at 31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
4
958
861
Current assets
Trade and other receivables
5
227,918
269,639
Cash and cash equivalents
30,572
92,860
258,490
362,499
Current liabilities
6
(337,088)
(229,738)
Net current (liabilities)/assets
(78,598)
132,761
Total assets less current liabilities
(77,640)
133,622
Non-current liabilities
7
(80,724)
(26,920)
Net (liabilities)/assets
(158,364)
106,702
Equity
Called up share capital
8
1
1
Retained earnings
(158,365)
106,701
Total equity
(158,364)
106,702
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 17 July 2025
T Lapteva
Director
Company Registration No. 06737511
LINGVO HOUSE TRANSLATION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 October 2024
- 2 -
1
Accounting policies
Company information
Lingvo House Translation Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 60 Cannon Street, London, EC4N 6NP.
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 as applicable to companies subject to the small companies regime (except as otherwise stated). The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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
The statement of financial position has a deficit at the year endtrue. At the time of approving the financial statements, the director has undertaken an assessment of the adequacy of the resources available to the company. The director is confident that the company will trade out of its current difficulties and has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. On this basis, the director considers it appropriate to prepare the financial statements on the going concern basis.
1.3
Revenue
Revenue 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.
Revenue from the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably.
1.4
Intangible fixed assets
Software is not capitalised by the company and is expensed direct to the income statement. The director is of the opinion that software does not need to be capitalised as they have a short life and are frequently updated or replaced.
1.5
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost less depreciation and less any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% reducing balance per annum
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
LINGVO HOUSE TRANSLATION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 October 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
LINGVO HOUSE TRANSLATION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 October 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates that the transactions were settled. This accounting policy represents a departure from the requirements of FRS 102, which requires transactions in currencies to be recorded at the rates of exchange prevailing at the date of the transaction and for any monetary assets and liabilities that are denominated in a foreign currency, and which are held at the reporting end date, to be retranslated at the prevailing rates on the reporting end date. The director considers that this accounting policy is sufficient and that the financial statements still give a true and fair view.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
4
3
Dividends
2024
2023
£
£
Interim paid
16,000
42,000
During the year interim dividends of £16,000 were paid. At the time the dividends were paid the company had sufficient profits available for distribution. The director acknowledges that no further dividends can be paid until there are sufficient distributable profits available.
LINGVO HOUSE TRANSLATION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 October 2024
- 5 -
4
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 November 2023
6,452
Additions
416
At 31 October 2024
6,868
Depreciation and impairment
At 1 November 2023
5,591
Depreciation charged in the year
319
At 31 October 2024
5,910
Carrying amount
At 31 October 2024
958
At 31 October 2023
861
5
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
213,256
181,718
Corporation tax recoverable
12,681
Other receivables
14,662
61,135
227,918
255,534
Deferred tax asset
14,105
227,918
269,639
6
Current liabilities
2024
2023
£
£
Bank loans
4,822
4,822
Trade payables
42,123
75,159
Taxation and social security
134,013
107,213
Other payables
156,130
42,544
337,088
229,738
LINGVO HOUSE TRANSLATION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 October 2024
- 6 -
7
Non-current liabilities
2024
2023
£
£
Bank loans and overdrafts
22,099
26,920
Other payables
58,625
80,724
26,920
Creditors which fall due after five years are payable as follows:
Payable by instalments
2,812
7,634
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
9
Directors' and related party transactions
At the start of the year the company was owed £20,711 by a person connected to the director. The loan was subsequently transferred to the director. During the year the director was loaned £2,000 and the company received interest of £943. At the end of the year the loan of £23,654 was written off as it was no longer considered recoverable.