ACCOUNTS - Final Accounts

SEMOS LANGUAGE SERVICES LIMITED - Company Information

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Registered number: 05736599

SEMOS LANGUAGE SERVICES LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2019

SEMOS LANGUAGE SERVICES LIMITED

REGISTERED NUMBER: 05736599

BALANCE SHEET

AS AT 31 MARCH 2019

		2019		2018
Note		£		£


Current assets
Debtors: amounts falling due within one year	6	11,035		14,773
		11,035		14,773
Creditors: amounts falling due within one year	7	(40,350)		(33,496)
Net current liabilities			(29,315)		(18,723)
Total assets less current liabilities			(29,315)		(18,723)

Net liabilities			(29,315)		(18,723)

Capital and reserves
Called up share capital	120	120
Profit and loss account	(29,435)	(18,843)
	(29,315)	(18,723)

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SEMOS LANGUAGE SERVICES LIMITED

REGISTERED NUMBER: 05736599

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2019

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

Mrs K M Hamilton

Director

Date: 24 December 2019

The notes on pages 3 to 6 form part of these financial statements.

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SEMOS LANGUAGE SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

1.	General information

Semos Language Services Limited is a private company limited by shares incorporated in England and Wales.
The address of the registered office is 6 Neptune Terrace, Sheerness, Kent, ME12 2AW.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

The following principal accounting policies have been applied:

2.2

Going concern

The financial statements have been prepared on a going concern basis as the company will have the support from its director. Although the company has suffered a loss in the year the director plans for the company to return to profit in the future.

2.3

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of turnover can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Interest income

Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method.

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SEMOS LANGUAGE SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

2.Accounting policies (continued)

2.5

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.6

Borrowing costs

All borrowing costs are recognised in the Statement of Income and Retained Earnings in the year in which they are incurred.

2.7

Taxation

Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.9

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.10

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.11

Financial instruments

The Company only enters into basic financial instrument 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.

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SEMOS LANGUAGE SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

No significant judgments have been made by management in preparing these financial statements.

Employees

The Company has no employees other than the directors, who did not receive any remuneration (2018 - £NIL)

5.	Intangible assets

		Trademarks
		£
	Cost
	At 1 April 2018	250
	At 31 March 2019	250
	Amortisation
	At 1 April 2018	250
	At 31 March 2019	250
	Net book value
	At 31 March 2019	-
	At 31 March 2018	-

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SEMOS LANGUAGE SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

Debtors

					2019	2018
					£	£


Trade debtors	8,100	3,692
Other debtors	2,935	11,081
	11,035	14,773

7.	Creditors: Amounts falling due within one year
		2019	2018
		£	£

Bank overdrafts	4,533	2,498
Trade creditors	31,029	27,923
Other taxation and social security	408	1,285
Other creditors	3,195	795
Accruals and deferred income	1,185	995
	40,350	33,496

8.	Related party transactions
	During the year management charges totalling £14,489 (2018: £25,359) were paid to a shareholder of the company and son of the director During the year, amounts advanced to a shareholder of £2,935. At the balance sheet date the amount remained outstanding, the balance is payable on demand and interest free. The balance will be repaid nine months after the year end.

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