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COMPANY REGISTRATION NUMBER: 13964274
Loyalty Logistix Holdings Limited
Filleted Financial Statements
31 March 2023
Loyalty Logistix Holdings Limited
Statement of Financial Position
31 March 2023
31 Mar 23
Note
£
Fixed assets
Investments
5
2,817,031
Current assets
Debtors
6
106,706
Cash at bank and in hand
11,825
---------
118,531
Creditors: amounts falling due within one year
7
125,867
---------
Net current liabilities
7,336
------------
Total assets less current liabilities
2,809,695
Creditors: amounts falling due after more than one year
8
744,728
------------
Net assets
2,064,967
------------
Capital and reserves
Called up share capital
9
100,000
Share premium account
305,213
Profit and loss account
1,659,754
------------
Shareholders funds
2,064,967
------------
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 comprehensive income has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 17 November 2023 , and are signed on behalf of the board by:
M G Mulholland
N J Welch
Director
Director
Company registration number: 13964274
Loyalty Logistix Holdings Limited
Notes to the Financial Statements
Period from 9 March 2022 to 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is M-Sparc, Menai Science Park, Gaerwen, Anglesey, United Kingdom, LL60 6AG, Wales.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a small entity as defined in FRS102 and section 382 of the Companies Act 2006 and has taken advantage of the disclosure exemptions available under paragraph 1A.7 of FRS102.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
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 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.
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 of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
4. Employees
The company has no employees other than the directors who receive no remuneration.
5. Investments
Shares in group undertakings
£
Cost
At 9 March 2022
Additions
2,817,031
------------
At 31 March 2023
2,817,031
------------
Impairment
At 9 March 2022 and 31 March 2023
------------
Carrying amount
At 31 March 2023
2,817,031
------------
The company has one wholly owned subsidiary, Loyalty Logistix Limited, a company registered in the UK which provides customer support services in the UK. As at the 31 March 2023, the profit after tax is £145,919 and the aggregate capital and reserves is £1,193,934.
6. Debtors
31 Mar 23
£
Prepayments and accrued income
19,442
Other debtors
87,264
---------
106,706
---------
7. Creditors: amounts falling due within one year
31 Mar 23
£
Bank loans and overdrafts
66,173
Trade creditors
6,105
Amounts owed to group undertakings
14,757
Accruals and deferred income
14,754
Corporation tax
2,410
Social security and other taxes
21,668
---------
125,867
---------
Management Succession (Wales) Limited Partnership and DBW Investments (14) Limited hold fixed and floating charges over all the property or undertaking of the company.
8. Creditors: amounts falling due after more than one year
31 Mar 23
£
Bank loans and overdrafts
744,728
---------
9. Called up share capital
Issued, called up and fully paid
31 Mar 23
No.
£
Ordinary shares of £ 1 each
80,000
80,000
Preferred Ordinary shares shares of £ 1 each
20,000
20,000
---------
---------
100,000
100,000
---------
---------
Ordinary and preferred ordinary shares have a £1 par value. The total share value including share premium is £405,213. At the year end, £317,949 had been paid with £87,264 remaining uncalled.
10. Summary audit opinion
The auditor's report for the Period dated 17 November 2023 was unqualified .
The senior statutory auditor was Philippa Miller-Hawkes BA CA , for and on behalf of BSN Associates Limited .
11. Related party transactions
During the year the company used consultancy services from David Paul Gorvett, a director of the company Houston Gorvett Ltd. Consultancy services totalled £18,326 and at the year end the balance owed was £nil.
12. Controlling party
There is no one ulitmate controlling party.