Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-312022-01-01falseNo description of principal activity11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03149288 2022-01-01 2022-12-31 03149288 2021-01-01 2021-12-31 03149288 2022-12-31 03149288 2021-12-31 03149288 c:Director1 2022-01-01 2022-12-31 03149288 d:CurrentFinancialInstruments 2022-12-31 03149288 d:CurrentFinancialInstruments 2021-12-31 03149288 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 03149288 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 03149288 d:ShareCapital 2022-12-31 03149288 d:ShareCapital 2021-12-31 03149288 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 03149288 d:RetainedEarningsAccumulatedLosses 2022-12-31 03149288 d:RetainedEarningsAccumulatedLosses 2021-12-31 03149288 c:OrdinaryShareClass1 2022-01-01 2022-12-31 03149288 c:OrdinaryShareClass1 2022-12-31 03149288 c:OrdinaryShareClass1 2021-12-31 03149288 c:FRS102 2022-01-01 2022-12-31 03149288 c:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 03149288 c:FullAccounts 2022-01-01 2022-12-31 03149288 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 03149288 2 2022-01-01 2022-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 03149288






LOGICAL CONCEPTS LIMITED

UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2022

 
LOGICAL CONCEPTS LIMITED
REGISTERED NUMBER: 03149288

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

  

Current assets
  

Stocks
 4 
-
410

Debtors: amounts falling due within one year
 5 
2,201
3,615

Cash at bank and in hand
 6 
31,260
14,341

  
33,461
18,366

Creditors: amounts falling due within one year
 7 
(34,582)
(22,262)

Net current liabilities
  
 
 
(1,121)
 
 
(3,896)

Total assets less current liabilities
  
(1,121)
(3,896)

  

Net liabilities
  
(1,121)
(3,896)


Capital and reserves
  

Called up share capital 
 8 
1,000
1,000

Profit and loss account
 9 
(2,121)
(4,896)

  
(1,121)
(3,896)


The director considers 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 director acknowledges his 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.

Page 1

 
LOGICAL CONCEPTS LIMITED
REGISTERED NUMBER: 03149288
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2022

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 22 September 2023.





D Bernheim
Director

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

Page 2

 
LOGICAL CONCEPTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.Accounting policies

 
1.1

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:

 
1.2

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.

 
1.3

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.

 
1.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
LOGICAL CONCEPTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.Accounting policies (continued)

 
1.5

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.

 
1.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
1.7

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.

 
1.8

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.

 
1.9

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 4

 
LOGICAL CONCEPTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.Accounting policies (continued)

 
1.10

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.

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.

Financial liabilities

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

Page 5

 
LOGICAL CONCEPTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily ascertainable from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual outcomes may differ from these estimates.
The estimates and underlying assumptions are reviewed on an continuing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised.
The key areas of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:
Prepayments & Accrued Expenditure
The company includes a provision for invoices which are yet to be received from and amounts paid in advance to suppliers. These provisions are estimated based upon the expected values of the invoices which are issued and services received following the period end.  


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2021 - 1).


4.


Stocks

2022
2021
£
£

Work in progress (goods to be sold)
-
410

-
410



5.


Debtors

2022
2021
£
£


Trade debtors
1,970
3,384

Other debtors
231
231

2,201
3,615


Page 6

 
LOGICAL CONCEPTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

6.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
31,260
14,341

31,260
14,341



7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
8,031
131

Corporation tax
651
-

Other taxation and social security
1,321
1,646

Other creditors
671
721

Accruals and deferred income
23,908
19,764

34,582
22,262


2022
2021
£
£

Other taxation and social security

VAT control
1,321
1,646

1,321
1,646



8.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



1,000 (2021 - 1,000) Ordinary shares of £1.00 each
1,000
1,000



9.


Reserves

Profit & loss account

The profit and loss reserve is fully distributable.

Page 7

 
LOGICAL CONCEPTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

10.


Related party transactions

During the year the company paid salary totalling £8,310 (2021 - £8,840) to Mr D Bernheim, the sole director.
At the balance sheet date, the company owed Mr D Bernheim £671 (2021 - £721).
During the year, the company made purchases of £30,122 (2021 - £34,661) from SARL Zalabim, a company in which Mr D Bernheim is a majority shareholder. At the balance sheet date, SARL Zalabim owed the company £Nil (2021 - £Nil).

 
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