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Registration number: 14089057

Steel Logik Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Period from 5 May 2022 to 31 May 2023

 

Steel Logik Ltd

Contents

Company Information

1

Accountants' Report

2

Abridged Balance Sheet

3 to 4

Notes to the Unaudited Abridged Financial Statements

5 to 8

 

Steel Logik Ltd

Company Information

Directors

Mr Dmytro Taranets

Mr David Michael Ashby

Registered office

31 Edison Road
St. Ives
Cambridgeshire
PE27 3LF

Accountants

Mrs Sara Passey
AIMS Accountants for Business
9 Church Street
Langham
Rutland
LE15 7JE

 

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.

......................................

Mrs Sara Passey
AIMS Accountants for Business
9 Church Street
Langham
Rutland
LE15 7JE

26 January 2024

 

Steel Logik Ltd

(Registration number: 14089057)
Abridged Balance Sheet as at 31 May 2023

Note

2023
£

Fixed assets

 

Tangible assets

4

61,887

Current assets

 

Stocks

5

24,337

Debtors

6

37,983

Cash at bank and in hand

 

508

 

62,828

Prepayments and accrued income

 

4,567

Creditors: Amounts falling due within one year

(328,553)

Net current liabilities

 

(261,158)

Total assets less current liabilities

 

(199,271)

Provisions for liabilities

(11,758)

Accruals and deferred income

 

(6,029)

Net liabilities

 

(217,058)

Capital and reserves

 

Called up share capital

7

2

Retained earnings

(217,060)

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:

The members have not required the company to obtain an audit of its accounts for the period 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.

 

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 Board on 26 January 2024 and signed on its behalf by:
 

.........................................
Mr Dmytro Taranets
Director

.........................................
Mr David Michael Ashby
Director

 

Steel Logik Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 5 May 2022 to 31 May 2023

1

General information

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

The address of its registered office is:
31 Edison Road
St. Ives
Cambridgeshire
PE27 3LF

These financial statements were authorised for issue by the Board on 26 January 2024.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 9.

4

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

Additions

7,900

62,531

70,431

At 31 May 2023

7,900

62,531

70,431

Depreciation

Charge for the period

1,580

6,964

8,544

At 31 May 2023

1,580

6,964

8,544

Carrying amount

At 31 May 2023

6,320

55,567

61,887

5

Stocks

2023
£

Other inventories

24,337

6

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

7

Share capital

Allotted, called up and fully paid shares

 

2023

 

No.

£

Ordinary of £1 each

2

2

     

8

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 £220,000. The company has a five year lease on a commercial property ending July 2027.

9

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.