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Registration number: 10313245

Logitek Software Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 August 2023

 

Logitek Software Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

Logitek Software Limited

Company Information

Directors

S Fisher

R Fisher

Registered office

1 The Beeches
Lydiard Millicent
Swindon
SN5 3LT

Accountants

Orleigh Fox Accounting Limited
Chartered Accountants
33a Newleaze
Trowbridge
Wiltshire
BA14 7SD

 

Logitek Software Limited

(Registration number: 10313245)
Abridged Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

5

140,651

140,651

Current assets

 

Debtors

14,764

44,965

Cash at bank and in hand

 

308

350

 

15,072

45,315

Creditors: Amounts falling due within one year

(30,133)

(30,133)

Net current (liabilities)/assets

 

(15,061)

15,182

Total assets less current liabilities

 

125,590

155,833

Creditors: Amounts falling due after more than one year

(297,092)

(318,146)

Accruals and deferred income

 

(16,098)

(863)

Net liabilities

 

(187,600)

(163,176)

Capital and reserves

 

Called up share capital

6

300

300

Retained earnings

(187,900)

(163,476)

Shareholders' deficit

 

(187,600)

(163,176)

For the financial year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Logitek Software Limited

(Registration number: 10313245)
Abridged Balance Sheet as at 31 August 2023

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 6 November 2023 and signed on its behalf by:
 

.........................................
S Fisher
Director

.........................................
R Fisher
Director

 

Logitek Software Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
1 The Beeches
Lydiard Millicent
Swindon
SN5 3LT

These financial statements were authorised for issue by the Board on 6 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

Logitek Software Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2023

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Development costs

5 years straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Logitek Software Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Going concern

These financial statements are prepared on the going concern basis. The directors will continue to support the company for the foreseeable future. At the time of approving the financial statements, the directors therefore have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis in preparing the financial statements.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Logitek Software Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2023

4

Intangible assets

Total
£

Cost or valuation

At 1 September 2022

14,000

At 31 August 2023

14,000

Amortisation

At 1 September 2022

14,000

At 31 August 2023

14,000

Carrying amount

At 31 August 2023

-

5

Investments

Total
£

Cost or valuation

At 1 September 2022

140,651

Carrying amount

At 31 August 2023

140,651

At 31 August 2022

140,651

 

Logitek Software Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2023

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

A ordinary of £1 each

225

225

225

225

B ordinary of £1 each

75

75

75

75

 

300

300

300

300

 

7

Controlling party

The company is controlled by S Fisher who owns 75% of the issued share capital of the company.