ACCOUNTS - Final Accounts

LINK TRANSLATION BUREAU LIMITED - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 2022-07-312022-07-31false2021-08-01No description of principal activity55falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02889291 2021-08-01 2022-07-31 02889291 2020-08-01 2021-07-31 02889291 2022-07-31 02889291 2021-07-31 02889291 c:Director2 2021-08-01 2022-07-31 02889291 d:CurrentFinancialInstruments 2022-07-31 02889291 d:CurrentFinancialInstruments 2021-07-31 02889291 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 02889291 d:CurrentFinancialInstruments d:WithinOneYear 2021-07-31 02889291 d:ShareCapital 2022-07-31 02889291 d:ShareCapital 2021-07-31 02889291 d:RetainedEarningsAccumulatedLosses 2022-07-31 02889291 d:RetainedEarningsAccumulatedLosses 2021-07-31 02889291 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-07-31 02889291 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2021-07-31 02889291 c:FRS102 2021-08-01 2022-07-31 02889291 c:AuditExempt-NoAccountantsReport 2021-08-01 2022-07-31 02889291 c:FullAccounts 2021-08-01 2022-07-31 02889291 c:PrivateLimitedCompanyLtd 2021-08-01 2022-07-31 iso4217:GBP xbrli:pure

Registered number: 02889291

LINK TRANSLATION BUREAU LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

LINK TRANSLATION BUREAU LIMITED

REGISTERED NUMBER: 02889291

STATEMENT OF FINANCIAL POSITION

AS AT 31 JULY 2022

		2022		2021
Note		£		£


Current assets
Debtors: amounts falling due within one year	4	243,937		292,471
Cash at bank and in hand	5	48,955		148,959
		292,892		441,430
Creditors: amounts falling due within one year	6	(68,954)		(143,474)
Net current assets			223,938		297,956
Total assets less current liabilities			223,938		297,956

Net assets			223,938		297,956

Capital and reserves
Called up share capital	4	4
Profit and loss account	223,934	297,952
	223,938	297,956

Page 1

LINK TRANSLATION BUREAU LIMITED

REGISTERED NUMBER: 02889291

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 JULY 2022

The directors consider 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 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 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 on 28 July 2023.

D. A. Gill

Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

LINK TRANSLATION BUREAU LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

1.	General information

Link Translation Bureau Limited is a private limited company, limited by shares, incorporated in England and Wales. It's registered office is 1 Mann Island, Liverpool, L3 1BP. The company number is 02889291.

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 following principal accounting policies have been applied:

2.2

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. They continue to believe the going concern basis of accounting appropriate in preparing the annual financial statements.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Rendering of services

Revenue 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 revenue 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

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.

2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 3

LINK TRANSLATION BUREAU LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

2.Accounting policies (continued)

2.6

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual

Page 4

LINK TRANSLATION BUREAU LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

2.Accounting policies (continued)

2.6

Financial instruments (continued)

arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

2.7

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.

Page 5

LINK TRANSLATION BUREAU LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

2.Accounting policies (continued)

2.8

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2.10

Taxation

Tax is recognised in profit or loss 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 reporting date in the countries where the Company operates and generates income.

Employees

The average monthly number of employees, including directors, during the year was 5 (2021 - 5).

Page 6

LINK TRANSLATION BUREAU LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

Debtors

					2022	2021
					£	£


Trade debtors	235,687	181,905
Other debtors	-	85,139
Prepayments and accrued income	4,606	4,316
Amounts recoverable on contracts	3,644	21,111
	243,937	292,471

5.	Cash and cash equivalents
		2022	2021
		£	£

Cash at bank and in hand	48,955	148,959
	48,955	148,959

6.	Creditors: Amounts falling due within one year
		2022	2021
		£	£

Trade creditors	37,998	87,028
Corporation tax	1,346	15,556
Other taxation and social security	6,965	16,119
Other creditors	11,721	-
Accruals and deferred income	10,924	24,771
	68,954	143,474

7.	Financial instruments
		2022	2021
		£	£

	Financial assets
	Financial assets measured at fair value through profit or loss	48,955	148,959

Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.

Page 7

LINK TRANSLATION BUREAU LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

8.	Controlling party

The company is a 100% subsidiary of Scintilla Links Limited, a company registered in England and Wales.
The directors of Scintilla Links Limited are the ultimate controlling party.

Page 8