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Registered Number: 06920074
England and Wales

 

 

 

INDUCTIVE LOGIC LTD


Abridged Accounts
 


Period of accounts

Start date: 01 January 2021

End date: 31 December 2021
Accountant’s report
You consider that the company is exempt from an audit for the year ended 31 December 2021 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
Aldous & Saunders Ltd
31 December 2021



....................................................
Aldous & Saunders Ltd
First Floor Vanquish House
Wellesley Road Long Stratton
Norwich
Norfolk
NR15 2PD
12 May 2022
1
 
 
Notes
 
2021
£
  2020
£
Fixed assets      
Tangible fixed assets 20,756    31,057 
20,756    31,057 
Current assets      
Stocks 56,971    55,472 
Debtors 91,158    71,817 
Cash at bank and in hand (31,556)   19 
116,573    127,308 
Creditors: amount falling due within one year (80,234)   (72,782)
Net current assets 36,339    54,526 
 
Total assets less current liabilities 57,095    85,583 
Creditors: amount falling due after more than one year (48,611)   (53,028)
Provisions for liabilities (3,944)   (6,426)
Net assets 4,540    26,129 
 

Capital and reserves
     
Called up share capital 1    1 
Profit and loss account 4,539    26,128 
Shareholder's funds 4,540    26,129 
 


For the year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the companies act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the director on 12 May 2022 and were signed by:


--------------------------------
Ian Baragwanath
Director
2
General Information
Inductive Logic Ltd is a private company, limited by shares, registered in England and Wales, registration number 06920074, registration address Hethel Engineering Centre Chapman Way, Helther, Norwich, Norfolk, NR14 8FB

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared on the going concern basis and under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Development expenditures
Research and development expenditure is charged to the income statement in the period in which it is incurred. However, where the directors are satisfied as to the technical, commercial and financial viability of individual projects, development expenditure is deferred and amortised over years during which the company is expected to benefit.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 25% Straight Line
Motor Vehicles 25% Reducing Balance
Fixtures and Fittings 25% Straight Line
Computer Equipment 33% Straight Line
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 2 (2020 : 1).
3.

Intangible fixed assets

Cost Research and Development   Total
  £   £
At 01 January 2021 11,641    11,641 
Additions  
Disposals  
At 31 December 2021 11,641    11,641 
Amortisation
At 01 January 2021 11,641    11,641 
Charge for year  
On disposals  
At 31 December 2021 11,641    11,641 
Net book values
At 31 December 2021  
At 31 December 2020  


4.

Tangible fixed assets

Cost or valuation Computer Equipment   Plant and Machinery   Fixtures and Fittings   Motor Vehicles   Total
  £   £   £   £   £
At 01 January 2021 25,029    40,308    9,749    13,077    88,163 
Additions 3,168    454        3,622 
Disposals        
At 31 December 2021 28,197    40,762    9,749    13,077    91,785 
Depreciation
At 01 January 2021 24,115    17,535    7,487    7,969    57,106 
Charge for year 1,249    9,717    1,679    1,278    13,923 
On disposals        
At 31 December 2021 25,364    27,252    9,166    9,247    71,029 
Net book values
Closing balance as at 31 December 2021 2,833    13,510    583    3,830    20,756 
Opening balance as at 01 January 2021 914    22,773    2,262    5,108    31,057 


3