Registered number
09453300
Logical Traction Limited
Filleted Accounts
31 August 2023
Logical Traction Limited
Registered number: 09453300
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 24,512 49,913
Current assets
Stocks 3,000 3,000
Debtors 4 33,014 35,392
36,014 38,392
Creditors: amounts falling due within one year 5 (40,872) (39,292)
Net current liabilities (4,858) (900)
Net assets 19,654 49,013
Capital and reserves
Called up share capital 2 2
Profit and loss account 19,652 49,011
Shareholders' funds 19,654 49,013
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr L Bamber
Director
Approved by the board on 9 November 2023
Logical Traction Limited
Notes to the Accounts
for the year ended 31 August 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 4 years
Motor vehicles over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 September 2022 21,241 93,894 115,135
Additions 2,769 - 2,769
Disposals - (8,613) (8,613)
At 31 August 2023 24,010 85,281 109,291
Depreciation
At 1 September 2022 10,535 54,687 65,222
Charge for the year 5,822 15,888 21,710
On disposals - (2,153) (2,153)
At 31 August 2023 16,357 68,422 84,779
Net book value
At 31 August 2023 7,653 16,859 24,512
At 31 August 2022 10,706 39,207 49,913
4 Debtors 2023 2022
£ £
Trade debtors 31,075 25,258
Other debtors 1,939 10,134
33,014 35,392
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 18,540 11,467
Trade creditors 2,710 669
Taxation and social security costs 16,333 11,146
Other creditors 3,289 16,010
40,872 39,292
6 Other information
Logical Traction Limited is a private company limited by shares and incorporated in England. Its registered office is:
Slack Farm
Sandy Lane
Brindle
Chorley
PR6 8NG
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