First Edition Translations Limited Accounts

FIRST EDITION TRANSLATIONS LIMITED - Company Information






First Edition Translations Limited

	Company No. 02520431
		Information for Filing with The Registrar
		31 March 2020

at	31 March 2020
Company No.		02520431	Notes	2020	2019
				£	£
Fixed assets

	Tangible assets		4	917	2,470


				917	2,470
Current assets

	Debtors		5	245,014	230,260

	Cash at bank and in hand			27,819	379
				272,833	230,639
Creditors: Amount falling due within one year			6	(212,473)	(100,732)
Net current assets				60,360	129,907
Total assets less current liabilities				61,277	132,377




Net assets				61,277	132,377

Capital and reserves
	Called up share capital			107	107
	Share premium account		7	12,418	12,418


	Profit and loss account		7	48,752	119,852

Total equity				61,277	132,377



These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.

For the year ended 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.



As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 17 December 2020
And signed on its behalf by:
C.A. Worboys
Director
17 December 2020

for the year ended 31 March 2020

General information

Its registered number is: 02520431

Its registered office is:

8 Wellington Street

Cambridge

CB1 1HW

The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.

The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006. The March 2018 edition of FRS 102 includes amendments arising from the Financial Reporting Council's triennial review of the standard. There is no material effect on the amounts recognised in these financial statements as a result of early adopting these amendments.

Accounting policies

Turnover

Turnover is measured at the fair value of the consideration received or receivable, and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by the reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for the work performed to date to the total estimated contract costs.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Plant and machinery

33% Straight line

Furniture, fittings and equipment

20% Straight line

Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other 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.

Foreign currencies

Transactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. all differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.

Provisions

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.

3	Employees
			2020	2019
			Number	Number
		The average number of persons employed during the year :	2	2

4	Tangible fixed assets
			Plant and machinery	Fixtures, fittings and equipment	Total
			£	£	£
		Cost or revaluation
		At 1 April 2019	36,399	5,484	41,883




		At 31 March 2020	36,399	5,484	41,883
		Depreciation
		At 1 April 2019	33,929	5,484	39,413
		Charge for the year	1,553	-	1,553



		At 31 March 2020	35,482	5,484	40,966
		Net book values
		At 31 March 2020	917	-	917
		At 31 March 2019	2,470	-	2,470

5	Debtors
			2020	2019
			£	£
		Trade debtors	194,448	207,493
		Amounts owed by group undertakings	3,096	-





		Prepayments and accrued income	47,470	22,767
			245,014	230,260

6	Creditors:
		amounts falling due within one year
			2020	2019
			£	£

		Bank loans and overdrafts	-	3,342


		Trade creditors	81,744	11,246
		Amounts owed to group undertakings	-	1,657

		Other taxes and social security	27,762	19,738


		Accruals and deferred income	102,967	64,749
			212,473	100,732

Reserves

Share premium account - includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Profit and loss account - includes all current and prior period retained profits and losses.