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Registration number: 05191378

Display Logic Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 July 2023

 

Display Logic Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

Display Logic Limited

Company Information

Directors

Mr J C Sharpe

Mr G C Sharpe

Mrs M Sharpe

Registered office

Unit A3
Ladyship Mills
Old Lane
Halifax
West Yorkshire
HX3 5QN

Accountants

Charles Best Limited
12 Henley Close
Rawdon
Leeds
Yorkshire
LS19 6QB

 

Display Logic Limited

(Registration number: 05191378)
Abridged Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

279,672

302,834

Current assets

 

Stocks

5

31,000

40,000

Debtors

6

766,187

191,008

Cash at bank and in hand

 

150,903

348,143

 

948,090

579,151

Prepayments and accrued income

 

20,176

63,342

Creditors: Amounts falling due within one year

(552,420)

(418,313)

Net current assets

 

415,846

224,180

Total assets less current liabilities

 

695,518

527,014

Creditors: Amounts falling due after more than one year

(22,021)

(13,189)

Provisions for liabilities

(47,455)

(50,450)

Accruals and deferred income

 

(68,189)

(12,371)

Net assets

 

557,853

451,004

Capital and reserves

 

Called up share capital

7

104

104

Retained earnings

557,749

450,900

Shareholders' funds

 

557,853

451,004

For the financial year ending 31 July 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 year 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.

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Display Logic Limited

(Registration number: 05191378)
Abridged Balance Sheet as at 31 July 2023

Approved and authorised by the Board on 22 February 2024 and signed on its behalf by:
 

.........................................
Mr G C Sharpe
Director

 

Display Logic Limited

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

1

General information

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

The address of its registered office is:
Unit A3
Ladyship Mills
Old Lane
Halifax
West Yorkshire
HX3 5QN
England

These financial statements were authorised for issue by the Board on 22 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services 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;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Display Logic Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 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 & Machinery

15% reducing balance

Vehicles

25% reducing balance

Office Equipment

25% reducing balance

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.

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.

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, where applicable, direct labour costs and those overheads 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.

 

Display Logic Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 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.

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 24 (2022 - 23).

 

Display Logic Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2022

92,388

102,241

1,029,209

1,223,838

Additions

4,320

25,991

3,266

33,577

At 31 July 2023

96,708

128,232

1,032,475

1,257,415

Depreciation

At 1 August 2022

75,413

77,403

768,188

921,004

Charge for the year

4,389

12,707

39,643

56,739

At 31 July 2023

79,802

90,110

807,831

977,743

Carrying amount

At 31 July 2023

16,906

38,122

224,644

279,672

At 31 July 2022

16,975

24,838

261,021

302,834

5

Stocks

2023
£

2022
£

Raw materials and consumables

5,000

5,000

Work in progress

26,000

35,000

31,000

40,000

6

Debtors

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

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

Ordinary A of £1 each

3

3

3

3

Ordinary B of £1 each

1

1

1

1

 

104

104

104

104

 

Display Logic Limited

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

8

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £650.00 per each Ordinary

 

65,000

 

65,000

Interim dividend of £1,800.00 (2022 - £7,000.00) per each Ordinary A

 

18,000

 

21,000

Interim dividend of £6,000.00 per each Ordinary B

 

6,000

 

6,000

   

89,000

 

92,000

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £650 per each Ordinary

 

65,000

 

65,000

Interim dividend of £1,800 (2022 - £7,000) per each Ordinary A

 

18,000

 

21,000

Interim dividend of £6,000 per each Ordinary B

 

6,000

 

6,000

   

89,000

 

92,000