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REGISTERED NUMBER: 10636221 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023

FOR

SPECTRUM LOGIC LIMITED

SPECTRUM LOGIC LIMITED (REGISTERED NUMBER: 10636221)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 May 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SPECTRUM LOGIC LIMITED

COMPANY INFORMATION
for the year ended 31 May 2023







DIRECTORS: T Anaxagoras
E F Bullard
A G Innes





SECRETARY: E F Bullard





REGISTERED OFFICE: Highgate Buinsess Centre
33 Greenwood Place
London
NW5 1LB





REGISTERED NUMBER: 10636221 (England and Wales)





ACCOUNTANTS: Thorne Lancaster Parker
4th Floor
Venture House
27-29 Glasshouse Street
London
W1B 5DF

SPECTRUM LOGIC LIMITED (REGISTERED NUMBER: 10636221)

BALANCE SHEET
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 4,059 3,581

CURRENT ASSETS
Debtors 6 706,457 156,964
Cash at bank 95,048 198,292
801,505 355,256
CREDITORS
Amounts falling due within one year 7 559,231 398,654
NET CURRENT ASSETS/(LIABILITIES) 242,274 (43,398 )
TOTAL ASSETS LESS CURRENT LIABILITIES 246,333 (39,817 )

CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings 246,323 (39,827 )
246,333 (39,817 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 November 2023 and were signed on its behalf by:





A G Innes - Director


SPECTRUM LOGIC LIMITED (REGISTERED NUMBER: 10636221)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 May 2023


1. STATUTORY INFORMATION

Spectrum Logic Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Revenue recognition
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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost

Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.


SPECTRUM LOGIC LIMITED (REGISTERED NUMBER: 10636221)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2023


3. ACCOUNTING POLICIES - continued
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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.

Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 4 ) .

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2022 6,308
Additions 2,144
At 31 May 2023 8,452
DEPRECIATION
At 1 June 2022 2,727
Charge for year 1,666
At 31 May 2023 4,393
NET BOOK VALUE
At 31 May 2023 4,059
At 31 May 2022 3,581

SPECTRUM LOGIC LIMITED (REGISTERED NUMBER: 10636221)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 643,755 110,162
Other debtors 62,702 46,802
706,457 156,964

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 8,228 1,608
Amounts owed to group undertakings 74,516 126,873
Taxation and social security 5,614 7,058
Other creditors 470,873 263,115
559,231 398,654

8. RELATED PARTY DISCLOSURES

E F Bullard, T Anaxagoras and A G Innes are directors and shareholders in ISDI Ltd. During the year, ISDI invoiced Spectrum Logic £2,032,606 (2022: £355,943), at the balance sheet date £248,572 (2022: £145,374) was outstanding. During the year Spectrum Logic invoiced ISDI £Nil (2022: £92,502). At the balance sheet date £Nil (2022: £18,500) was outstanding. All transactions were at arm's length.

9. ULTIMATE CONTROLLING PARTY

The company's ultimate parent undertaking is ISDI Limited.