Company Registration No. 07978026 (England and Wales)
thebigword Overseas Interpreting Limited
Financial statements
for the year ended 31 December 2024
Pages for filing with the registrar
thebigword Overseas Interpreting Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
thebigword Overseas Interpreting Limited
Statement of financial position
As at 31 December 2024
1
2024
2023
Notes
£000
£000
£000
£000
Current assets
Debtors
4
3,928
22,953
Creditors: amounts falling due within one year
5
(3,128)
(22,153)
Net current assets
800
800
Capital and reserves
Called up share capital
6
-
0
-
0
Profit and loss reserves
800
800
Total equity
800
800

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. 07978026
thebigword Overseas Interpreting Limited
Notes to the financial statements
For the year ended 31 December 2024
2
1
Accounting policies
Company information

thebigword Overseas Interpreting Limited (‘the Company’) is a language service provider, providing primarily interpreting services.

The c ompany is a private company limited by shares and is incorporated in England and Wales under the Companies Act 2006. The address of its registered office is Brainworks, Unit 4 - Royds Close, Leeds, LS12 6LL.

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. 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 the financial statements are rounded to the nearest £000.

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 true 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 thebigword Overseas Interpreting Limited.

thebigword Overseas Interpreting Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
3
1.3
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, including trade and other debtors and cash and bank balances, are initially recognised at transaction price.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

1.4
Equity instruments

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Dividends and other distributions to the c ompany’s shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the shareholders. These amounts are recognised in the Statement of Changes in Equity.

thebigword Overseas Interpreting Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
4
1.5
Taxation

Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income or directly in equity respectively.

Current or deferred taxation assets and liabilities are not discounted.

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.

1.6
Foreign exchange

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate.

Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

thebigword Overseas Interpreting Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
5
2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Key accounting estimates and judgements

The c ompany makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the ageing profile of debtors and historical experience. See note 4 for the net carrying amount of the debtors and associated impairment provisions.

3
Employees

The average monthly number of persons (excluding non-remunerated directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0

The c ompany had no employees during the financial year ended 31 December 202 4 or the previous financial year.

The d irectors' emoluments are paid through the fellow group undertakings Link Up Mitaka Limited and thebigword Inc and are disclosed in the financial statements of the c ompany's parent undertaking, thebigword Group Holdings Limited.

thebigword Overseas Interpreting Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
6
4
Debtors
2024
2023
Amounts falling due within one year:
£000
£000
Trade debtors
3
3
Amounts owed by group undertakings
3,916
22,944
Other debtors
9
6
3,928
22,953

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

5
Creditors: amounts falling due within one year
2024
2023
£000
£000
Amounts owed to group undertakings
3,118
22,140
Corporation tax
8
8
Accruals and deferred income
2
5
3,128
22,153

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

6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£000
£000
Issued and fully paid
Ordinary share of £1 each
1
1
-
-

Rights preferences and restrictions:

The share carries a voting right and the right to participate in any discretional dividends.

7
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
thebigword Overseas Interpreting Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
7
8
Financial commitments, guarantees and contingent liabilities

As at the balance sheet date, the company is party to a fixed and floating charge over all of its assets in favour of Kartesia. thebigword Group Holdings Limited and fellow subsidiaries have a total facility with Kartesia for £27,031k (2023: £25,172k).

9
Parent company

The c ompany is a subsidiary undertaking of thebigword Interpreting Services 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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