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Company registration number: 08342337
Logic PM Limited
Unaudited filleted financial statements
31 December 2021
Logic PM Limited
Contents
Statement of financial position
Notes to the financial statements
Logic PM Limited
Statement of financial position
31 December 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 3 1,893 1,365
Investments 4 1 1
_______ _______
1,894 1,366
Current assets
Debtors 5 54,451 9,786
Cash at bank and in hand 241,953 237,892
_______ _______
296,404 247,678
Creditors: amounts falling due
within one year 6 ( 67,901) ( 31,864)
_______ _______
Net current assets 228,503 215,814
_______ _______
Total assets less current liabilities 230,397 217,180
Provisions for liabilities ( 360) ( 259)
_______ _______
Net assets 230,037 216,921
_______ _______
Capital and reserves
Called up share capital 7 100 100
Profit and loss account 229,937 216,821
_______ _______
Shareholders funds 230,037 216,921
_______ _______
For the year ending 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:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 June 2022 , and are signed on behalf of the board by:
Mr Nick Baster
Director
Company registration number: 08342337
Logic PM Limited
Notes to the financial statements
Year ended 31 December 2021
1. General information
Logic PM Limited (Company number 08342337 ) is a private company limited by shares, registered in England and Wales. The address of the registered office is 11 Albion Place, Maidstone, Kent, ME14 5DY.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the 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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors. loans from bank and other third parties and loans to related parties.
2. Employee numbers
The average number of persons employed by the company, including directors, during the year amounted to 1 (2020: 1).
3. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 January 2021 11,368 11,368
Additions 1,134 1,134
_______ _______
At 31 December 2021 12,502 12,502
_______ _______
Depreciation
At 1 January 2021 10,003 10,003
Charge for the year 606 606
_______ _______
At 31 December 2021 10,609 10,609
_______ _______
Carrying amount
At 31 December 2021 1,893 1,893
_______ _______
At 31 December 2020 1,365 1,365
_______ _______
4. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 January 2021 and 31 December 2021 1 1
_______ _______
Impairment
At 1 January 2021 and 31 December 2021 - -
_______ _______
Carrying amount
At 31 December 2021 1 1
_______ _______
At 31 December 2020 1 1
_______ _______
5. Debtors
2021 2020
£ £
Trade debtors 36,758 5,400
Other debtors 17,693 4,386
_______ _______
54,451 9,786
_______ _______
6. Creditors: amounts falling due within one year
2021 2020
£ £
Trade creditors 63,456 515
Social security and other taxes - 8,435
Other creditors 4,445 22,914
_______ _______
67,901 31,864
_______ _______
7. Called up share capital
Issued, called up and fully paid
2021 2020
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______