LINGUASSIST LTD - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09276415 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 October 2020

for

LINGUASSIST LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTORS:

G N Paton

H N Paton

REGISTERED OFFICE:

The Malthouse

Regent Street

Llangollen

Denbighshire

LL20 8HS

REGISTERED NUMBER:

09276415 (England and Wales)

ACCOUNTANTS:

LBW Chartered Accountants

Enterprise House

The Courtyard

Old Courthouse Road

Bromborough

Merseyside

CH62 4UE

FIXED ASSETS

Intangible assets

4

1

1

Tangible assets

5

599

798

600

799

CURRENT ASSETS

Debtors

6

246,366

201,949

Investments

7

169,676

137,037

Cash at bank

174,875

53,122

590,917

392,108

CREDITORS

Amounts falling due within one year

8

208,585

125,517

NET CURRENT ASSETS

382,332

266,591

TOTAL ASSETS LESS CURRENT LIABILITIES

382,932

267,390

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

10

382,832

267,290

SHAREHOLDERS' FUNDS

382,932

267,390

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 March 2021 and were signed on its behalf by:

G N Paton - Director

1.	STATUTORY INFORMATION

LINGUASSIST LTD is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on cost and 25% on reducing balance

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2019 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 November 2019

and 31 October 2020

381,228

AMORTISATION

At 1 November 2019

and 31 October 2020

381,227

NET BOOK VALUE

At 31 October 2020

1

At 31 October 2019

1

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 November 2019

and 31 October 2020

7,599

DEPRECIATION

At 1 November 2019

6,801

Charge for year

199

At 31 October 2020

7,000

NET BOOK VALUE

At 31 October 2020

599

At 31 October 2019

798

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.20

31.10.19

£

£

Trade debtors

126,970

100,046

Other debtors

119,396

101,903

246,366

201,949

7.	CURRENT ASSET INVESTMENTS

31.10.20

31.10.19

£

£

Other investment

169,676

137,037

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.20

31.10.19

£

£

Trade creditors

59,350

43,712

Taxation and social security

147,508

80,078

Other creditors

1,727

1,727

208,585

125,517

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.10.20

31.10.19

value:

£

£

100

Ordinary

£1

100

100

10.

RESERVES

Retained

earnings

£

At 1 November 2019

267,290

Profit for the year

252,542

Dividends

(137,000

)

At 31 October 2020

382,832

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included in other debtors is an amount of £101,904 (2018: £82,848) relating to Mr G Paton's directors loan account.

12.	ULTIMATE CONTROLLING PARTY

The controlling party is G N Paton.

13.	INVESTMENT ASSET

The value of the investment as at 31 October 2020 was £169,676 (2019: £133,497).

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of LINGUASSIST LTD for the year ended 31 October 2020 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of LINGUASSIST LTD, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of LINGUASSIST LTD and state those matters that we have agreed to state to the Board of Directors of LINGUASSIST LTD, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than LINGUASSIST LTD and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that LINGUASSIST LTD has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of LINGUASSIST LTD. You consider that LINGUASSIST LTD is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of LINGUASSIST LTD. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

LBW Chartered Accountants

Enterprise House

The Courtyard

Old Courthouse Road

Bromborough

Merseyside

CH62 4UE

Date: .............................................