LINGUASSIST LTD - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 09276415 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 October 2022

for

LINGUASSIST LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Accountants' Report

6

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

2,182

3,128

2,183

3,129

CURRENT ASSETS

Debtors

6

142,591

249,425

Investments

7

194,372

187,613

Cash at bank

60,402

134,937

397,365

571,975

CREDITORS

Amounts falling due within one year

8

92,952

143,556

NET CURRENT ASSETS

304,413

428,419

TOTAL ASSETS LESS CURRENT LIABILITIES

306,596

431,548

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

10

306,496

431,448

SHAREHOLDERS' FUNDS

306,596

431,548

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2022 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 24 July 2023 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.

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

33% on cost

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 4 (2021 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 November 2021

and 31 October 2022

381,228

AMORTISATION

At 1 November 2021

and 31 October 2022

381,227

NET BOOK VALUE

At 31 October 2022

1

At 31 October 2021

1

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 November 2021

3,197

8,344

11,541

Additions

-

587

587

At 31 October 2022

3,197

8,931

12,128

DEPRECIATION

At 1 November 2021

2,293

6,120

8,413

Charge for year

226

1,307

1,533

At 31 October 2022

2,519

7,427

9,946

NET BOOK VALUE

At 31 October 2022

678

1,504

2,182

At 31 October 2021

904

2,224

3,128

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.22

31.10.21

£

£

Trade debtors

67,166

131,316

Other debtors

75,425

118,109

142,591

249,425

7.	CURRENT ASSET INVESTMENTS

31.10.22

31.10.21

£

£

Other investment

194,372

187,613

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.22

31.10.21

£

£

Trade creditors

38,264

31,556

Taxation and social security

52,127

105,963

Other creditors

2,561

6,037

92,952

143,556

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.10.22

31.10.21

value:

£

£

100

Ordinary

£1

100

100

10.

RESERVES

Retained

earnings

£

At 1 November 2021

431,448

Profit for the year

53,048

Dividends

(178,000

)

At 31 October 2022

306,496

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included in other debtors is an amount of £75,416 (2021: £115,973) relating to Mr G Paton's directors loan account.

Included in other creditors is an amount of £140 (2021: £2,135) relating to Mr H Paton's directors loan account.

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is G N Paton.

13.	INVESTMENT ASSET

The value of the investment as at 31 October 2022 was £194,372 (2021: £187,613).

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 2022 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

24 July 2023