| Registered number |
| 06755733 |
| LINGUA FRANCA TV LTD |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| PAGES FOR FILING WITH REGISTRAR |
| LINGUA FRANCA TV LTD | |||
| CONTENTS | |||
| Page | |||
| Balance sheet | 1 | ||
| Notes to the financial statements | 2 - 6 | ||
| Balance Sheet | |||||||
| as at |
|||||||
| Company Registration No. | 06755733 | ||||||
| Restated | |||||||
| Notes | 2024 | 2023 | |||||
| £ | £ | ||||||
| Fixed assets | |||||||
| Tangible assets | 3 | ||||||
| Current assets | |||||||
| Debtors | 4 | ||||||
| Cash at bank and in hand | |||||||
| Creditors: amounts falling due within one year | 5 | ( |
( |
||||
| Net current assets | |||||||
| Net assets | |||||||
| Capital and reserves | |||||||
| Called up share capital | |||||||
| Profit and loss account | |||||||
| Shareholder's funds | |||||||
| ………………………………….. | |||||||
| Simon Nicholas Gallimore | |||||||
| Director | |||||||
| Approved by the board on |
|||||||
| NOTES TO THE FINANCIAL STATEMENTS | ||||||||
| FOR THE YEAR ENDED 30 NOVEMBER 2024 | ||||||||
| 1 | Accounting policies | |||||||
| Basis of preparation | ||||||||
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 convention. The principal accounting policies adopted are set out below. |
||||||||
| Going concern | ||||||||
| The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. | ||||||||
| Turnover | ||||||||
| Tangible fixed assets | ||||||||
| Fixtures, fittings and equipment | 25% reducing balance | |||||||
| Financial instruments | ||||||||
| The company only enters into basic financial statements 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. Financial instruments are recognised in the company's balance sheet date when the company becomes party to the contractual provisions of the instruments. 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 of impairments found, an impairment loss is recognised in profit and loss accounts. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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 | ||||||||
| Derecognition of financial assets | ||||||||
| Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. | ||||||||
| Basic financial liabilities | ||||||||
| Derecognition of financial liabilities | ||||||||
| Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled. | ||||||||
| Cash and cash equivalents | ||||||||
| Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with financial institutions, and 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. | ||||||||
| Current tax | ||||||||
| The current tax payable is based on taxable profit for the year. Taxable profit differs from net profit 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. | ||||||||
| 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 profits. Such assets and liabilities are not recognised if the timing differences arises from goodwill or from the initial recognition of the 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. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the assets is realised. Deferred tax is charged or credited in the profit and loss account, 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 relate to taxes levied by the same tax authority. |
||||||||
| Foreign currency translation | ||||||||
| Retirement benefits | ||||||||
| 2 | Employees | 2024 | 2023 | |||||
| Number | Number | |||||||
| Average number of persons employed by the company | ||||||||
| 3 | Tangible fixed assets | |||||||
| Fixtures, fittings and equipment | ||||||||
| £ | ||||||||
| Cost | ||||||||
| At 1 December 2023 | ||||||||
| At 30 November 2024 | ||||||||
| Depreciation | ||||||||
| At 1 December 2023 | ||||||||
| Charge for the year | ||||||||
| At 30 November 2024 | ||||||||
| Net book value | ||||||||
| At 30 November 2024 | ||||||||
| At 30 November 2023 | ||||||||
| 4 | Debtors | 2024 | 2023 | |||||
| £ | £ | |||||||
| Other debtors | ||||||||
| 5 | Creditors: amounts falling due within one year | 2024 | 2023 | |||||
| £ | £ | |||||||
| Trade creditors | ||||||||
| Corporation tax | ||||||||
| Director's current account | 71,956 | 61,656 | ||||||
| Other creditors | ||||||||
| 6 | Prior year adjustment | |||||||
| Capital and reserves | Restated | |||||||
| 2024 | ||||||||
| Opening capital and reserves | 46,466 | |||||||
| Prior year adjustment | 7,000 | |||||||
| Opening capital and reserves after prior year adjustment | 53,466 | |||||||
| The originally declared dividends of £32,000 have been reduced to £25,000 following a decision by the director. This adjustment has been reflected as a prior year change in the financial statements. | ||||||||
| As a result of the adjustment, retained earnings as at 30th November 2023 have increased by £7,000, from £46,466 to £53,466, and the corresponding director loan account balance has decreased by £7,000, from £68,656 to £61,656. | ||||||||
| This adjustment has been made in accordance with FRS 102 Section 10, which requires prior period errors to be corrected retrospectively by restating the comparative amounts for the prior period. | ||||||||
| 7 | Other information | |||||||
| Lingua Franca TV Ltd is a private company limited by shares and incorporated in England and Wales. The registered office is: Level 5A, Maple House, 149 Tottenham Court Road, London, W1T 7NF. | ||||||||