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Registration number: 03378722

Logic Point Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 May 2023

 

Logic Point Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Abridged Profit and Loss Account

4

Statement of Comprehensive Income

5

Abridged Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Abridged Financial Statements

8 to 10

 

Logic Point Limited

Company Information

Director

Mrs Deborah Ann Townshend

Company secretary

Mrs Deborah Ann Townshend

Registered office

207 Summergangs Road
Hull
HU8 8LD

Accountants

MTS Accountancy
1 Dunswell Road
Cottingham
East Yorkshire
HU16 4JA

 

Logic Point Limited

Director's Report for the Year Ended 31 May 2023

The director presents her report and the abridged financial statements for the year ended 31 May 2023.

Director of the company

The director who held office during the year was as follows:

Mr Brian Townshend (Deceased 19 November 2023)

The following director was appointed after the year end:

Mrs Deborah Ann Townshend - Company secretary and director (appointed 30 November 2023)

Principal activity

The principal activity of the company is that of project management consultancy.

Small companies provision statement

This report has 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.

Approved and authorised by the director on 12 February 2024
 

.........................................
Mrs Deborah Ann Townshend
Company secretary and director

 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Logic Point Limited
for the Year Ended 31 May 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Logic Point Limited for the year ended 31 May 2023 as set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.

It is your duty to ensure that Logic Point Limited 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 Logic Point Limited. You consider that Logic Point Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Logic Point Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

MTS Accountancy
1 Dunswell Road
Cottingham
East Yorkshire
HU16 4JA

12 February 2024

 

Logic Point Limited

Abridged Profit and Loss Account for the Year Ended 31 May 2023

Note

2023
£

2022
£

Gross profit/(loss)

 

-

-

Administrative expenses

 

(9,803)

(17,537)

Loss before tax

(9,803)

(17,537)

Loss for the financial year

 

(9,803)

(17,537)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Logic Point Limited

Statement of Comprehensive Income for the Year Ended 31 May 2023

2023
£

2022
£

Loss for the year

(9,803)

(17,537)

Total comprehensive income for the year

(9,803)

(17,537)

 

Logic Point Limited

(Registration number: 03378722)
Abridged Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2

2

Current assets

 

Debtors

5

1,550

803

Cash at bank and in hand

 

16,245

29,783

 

17,795

30,586

Creditors: Amounts falling due within one year

(17,547)

(12,535)

Net current assets

 

248

18,051

Net assets

 

250

18,053

Capital and reserves

 

Called up share capital

6

2

2

Retained earnings

248

18,051

Shareholders' funds

 

250

18,053

For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her 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.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 12 February 2024
 

.........................................
Mrs Deborah Ann Townshend
Company secretary and director

 

Logic Point Limited

Statement of Changes in Equity for the Year Ended 31 May 2023

Share capital
£

Retained earnings
£

Total
£

At 1 June 2022

2

18,051

18,053

Loss for the year

-

(9,803)

(9,803)

Dividends

-

(8,000)

(8,000)

At 31 May 2023

2

248

250

Share capital
£

Retained earnings
£

Total
£

At 1 June 2021

2

45,588

45,590

Loss for the year

-

(17,537)

(17,537)

Dividends

-

(10,000)

(10,000)

At 31 May 2022

2

18,051

18,053

 

Logic Point Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 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:
207 Summergangs Road
Hull
HU8 8LD
England

These financial statements were authorised for issue by the director on 12 February 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.

Going concern

The financial statements have been prepared on a going concern basis.

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

Office equipment

25% on cost

Fixtures and fittings

15% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Logic Point Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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.

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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

 

Logic Point Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2022

7,862

7,862

At 31 May 2023

7,862

7,862

Depreciation

At 1 June 2022

7,860

7,860

At 31 May 2023

7,860

7,860

Carrying amount

At 31 May 2023

2

2

At 31 May 2022

2

2

5

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         

7

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £4,000.00 (2022 - £5,000.00) per each Ordinary

 

8,000

 

10,000