Registration number:
Steel Logik Ltd
for the Period from 5 May 2022 to 31 May 2023
Steel Logik Ltd
Contents
Company Information |
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Accountants' Report |
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Abridged Balance Sheet |
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Notes to the Unaudited Abridged Financial Statements |
Steel Logik Ltd
Company Information
Directors |
Mr Dmytro Taranets Mr David Michael Ashby |
Registered office |
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Accountants |
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Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Steel Logik Ltd
for the Period Ended 31 May 2023
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Steel Logik Ltd for the period ended 31 May 2023 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given me.
As a practising member firm of the Chartered Institute of Management Accountants, I am subject to its ethical and other professional requirements.
These are detailed at http://www.cimaglobal.com/Professionalism/Professionalism1/.
This report is made solely to the Board of Directors of Steel Logik Ltd, as a body, in accordance with the terms of our engagement letter dated 24 April 2023. My work has been undertaken solely to prepare for your approval the accounts of Steel Logik Ltd and state those matters that I have agreed to state to the Board of Directors of Steel Logik Ltd, as a body, in this report. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Steel Logik Ltd and its Board of Directors as a body for my work or for this report.
It is your duty to ensure that Steel Logik Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Steel Logik Ltd. You consider that Steel Logik Ltd is exempt from the statutory audit requirement for the period.
I have not been instructed to carry out an audit or a review of the accounts of Steel Logik Ltd. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory accounts.
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AIMS Accountants for Business
Langham
Rutland
LE15 7JE
Steel Logik Ltd
(Registration number: 14089057)
Abridged Balance Sheet as at 31 May 2023
Note |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Prepayments and accrued income |
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Creditors: Amounts falling due within one year |
( |
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Net current liabilities |
( |
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Total assets less current liabilities |
( |
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Provisions for liabilities |
( |
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Accruals and deferred income |
( |
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Net liabilities |
( |
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Capital and reserves |
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Called up share capital |
2 |
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Retained earnings |
(217,060) |
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Shareholders' deficit |
(217,058) |
For the financial period ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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• |
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.
Steel Logik Ltd
(Registration number: 14089057)
Abridged Balance Sheet as at 31 May 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
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Steel Logik Ltd
Notes to the Unaudited Abridged Financial Statements for the Period from 5 May 2022 to 31 May 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
Revenue recognition
Turnover comprises consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or
substantively enacted by the balance sheet date.
Steel Logik Ltd
Notes to the Unaudited Abridged Financial Statements for the Period from 5 May 2022 to 31 May 2023
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.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant & Equipment |
Depreciation is calculated as cost less disposal value over the life of that piece of equipment |
Vehicles |
Depreciation is calculated at 20% per year balance reducing |
Trade debtors
Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. 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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and direct labour costs that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.
Steel Logik Ltd
Notes to the Unaudited Abridged Financial Statements for the Period from 5 May 2022 to 31 May 2023
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.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash.
Defined contribution pension obligation
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit or loss in the period to which they relate.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Tangible assets |
Motor vehicles |
Other tangible assets |
Total |
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Cost or valuation |
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Additions |
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At 31 May 2023 |
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Depreciation |
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Charge for the period |
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At 31 May 2023 |
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Carrying amount |
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At 31 May 2023 |
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Stocks |
2023 |
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Other inventories |
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Debtors |
Debtors includes £Nil due after more than one year.
Steel Logik Ltd
Notes to the Unaudited Abridged Financial Statements for the Period from 5 May 2022 to 31 May 2023
Share capital |
Allotted, called up and fully paid shares
2023 |
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No. |
£ |
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2 |
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
Of the trade creditors figure of £299,444, £128,260 is owed to a company that is owned by one of the director/shareholder's and his wife.