Company Registration No. 04401314 (England and Wales)
Clarion Interpreting Limited
Financial statements
for the period ended 31 December 2024
Pages for filing with the registrar
Clarion Interpreting Limited
Contents
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
Clarion Interpreting Limited
Statement of financial position
As at 31 December 2024
1
31 December 2024
31 March 2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,313
3,492
Current assets
Debtors
4
1,798,062
1,610,206
Cash at bank and in hand
266,910
366,058
2,064,972
1,976,264
Creditors: amounts falling due within one year
5
(748,144)
(774,553)
Net current assets
1,316,828
1,201,711
Total assets less current liabilities
1,318,141
1,205,203
Provisions for liabilities
(328)
(840)
Net assets
1,317,813
1,204,363
Capital and reserves
Called up share capital
7
57
57
Share premium account
4,720
4,720
Profit and loss reserves
1,313,036
1,199,586
Total equity
1,317,813
1,204,363

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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 by the board of directors and authorised for issue on 26 June 2025 and are signed on its behalf by:
J Gould
Director
Company Registration No. 04401314
Clarion Interpreting Limited
Statement of changes in equity
For the period ended 31 December 2024
2
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2023
50
-
0
50
913,733
913,833
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
-
340,853
340,853
Issue of share capital
7
7
4,720
-
-
4,727
Dividends
-
-
-
(55,000)
(55,000)
Other movements
-
-
(50)
-
(50)
Balance at 31 March 2024
57
4,720
-
1,199,586
1,204,363
Period ended 31 December 2024:
Profit and total comprehensive income
-
-
-
113,450
113,450
Balance at 31 December 2024
57
4,720
-
1,313,036
1,317,813
Clarion Interpreting Limited
Notes to the financial statements
For the period ended 31 December 2024
3
1
Accounting policies
Company information

Clarion Interpreting Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Brainworks, Royds Close, Leeds, England, LS12 6LL.

1.1
Reporting period

The financial statements have been prepared for a period of nine months, in order to bring the company's year end in line with that of other group companies. As a result, the results for the period are not entirely comparable with those for the prior year, which represents a full twelve months.

1.2
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. 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 a mounts 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.

1.3
Going concern

The d irectors manage the business on a UK group wide basis, "the group", and assess g oing c oncern at both a c ompany and g roup level. The going concern basis of preparation is considered applicable in the financial statements despite the group reporting a loss result for 2024. It is forecast to be profitable during the year ending December 2025 and beyond. The group is also in a strong net asset position and holds a significant positive cash balance.

The directors have considered the forecasted cash flows up to December 2026 and are comfortable with the current performance and the forecast which shows that there will continue to be a positive generation of cash to cover all liabilities which fall due over this period.

The debt within the group is currently made up of a £24.5m term loan which is not due for payment until August 2026. There is also a £5m RCF agreement of which £2m was drawn down in January 2024. These are part of the same agreement and require the same covenant compliance including cashflow cover, adjusted leverage, and guarantor coverage. The continued and forecasted improvements in both EBITDA and cash generation enables the directors to be comfortable that the group will continue to be in compliance with all covenants and that the group will be able to either roll over or replace its debt facilities before their expiry date in August 2026.

Based on the above, the directors have a reasonable expectation that the company will continue as a going concern for the foreseeable future with the necessary resources to do this.

The group guarantees the continuing operations of Clarion Interpreting Limited.

Clarion Interpreting Limited
Notes to the financial statements (continued)
For the period ended 31 December 2024
1
Accounting policies (continued)
4
1.4
Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable for services rendered, net of discounts and rebates allowed by the c ompany and value added taxes.

The c ompany provides interpreting services to customers. The c ompany recognises turnover when the service has been provided to the customer; the amount of turnover can be measured reliably and it is probable that future economic benefits will flow to the c ompany from the services provided. Turnover is recognised in the accounting period in which the services are rendered with future revenue included within accruals and deferred income.

Where the c ompany enters into a rebate agreement with customers, the rebate value is accrued against turnover once the turnover relating to the specific customer reaches the agreed threshold. Where the rebate period is not coterminous to the year end, the c ompany estimates whether or not the threshold will be met and accrues for the rebate value accordingly.

Interest receivable and other income

Bank and other interest receivable is recognised in the profit and loss account in the period in which they are receivable.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% straight line
Computers
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Clarion Interpreting Limited
Notes to the financial statements (continued)
For the period ended 31 December 2024
1
Accounting policies (continued)
5
1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.

1.8
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 debtors, 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 creditors, 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 paymen ts 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.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Clarion Interpreting Limited
Notes to the financial statements (continued)
For the period ended 31 December 2024
1
Accounting policies (continued)
6
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.

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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. 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.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

31 December
31 March
2024
2024
Number
Number
Total
19
22
Clarion Interpreting Limited
Notes to the financial statements (continued)
For the period ended 31 December 2024
7
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2024 and 31 December 2024
276,724
Depreciation and impairment
At 1 April 2024
273,232
Depreciation charged in the period
2,179
At 31 December 2024
275,411
Carrying amount
At 31 December 2024
1,313
At 31 March 2024
3,492
4
Debtors
2024
2024
Amounts falling due within one year:
£
£
Trade debtors
321,977
570,511
Amounts owed by group undertakings
1,284,185
1,002,016
Other debtors
191,900
37,679
1,798,062
1,610,206

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

5
Creditors: amounts falling due within one year
2024
2024
£
£
Trade creditors
274,506
335,812
Corporation tax
170,584
127,893
Other taxation and social security
191,817
257,634
Other creditors
111,237
53,214
748,144
774,553
Clarion Interpreting Limited
Notes to the financial statements (continued)
For the period ended 31 December 2024
8
6
Retirement benefit schemes
2024
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
20,444
30,688

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Contributions amounting to £nil (31 March 2024: £325) were payable to the scheme at the year end.

7
Called up share capital
2024
2024
2024
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
5,000
5,000
50
50
B Ordinary shares of 1p each
662
662
7
7
5,662
5,662
57
57

The Ordinary shares have full rights in the company with respect to voting, dividends and to participate in the capital of the company. The B Ordinary shares have no rights to voting or rights of redemption, but have full rights to dividends and to participate in the capital of the company and rank equally with the Ordinary shares in this respect.

8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Diane Petit-Laurent FCA
Statutory Auditors:
Saffery LLP
Date of audit report:
27 June 2025
9
Parent company

The c ompany is a subsidiary of thebigword BSL UK Limited, a company incorporated in Great Britain and registered in England and Wales.

thebigword Group Holdings Limited is the parent company of the largest group for which consolidated financial statements are drawn up.

Copies of the consolidated financial statements of thebigword Group Holdings Limited may be obtained from: Brainworks, Unit 4, Royds Close, Leeds, England, LS12 6LL

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