Registered number
10178770
Logical Heating Limited
Unaudited Filleted Accounts
31 December 2023
Logical Heating Limited
Registered number: 10178770
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 142,088 107,557
Current assets
Debtors 4 113,674 292,649
Cash at bank and in hand 384,037 287,534
497,711 580,183
Creditors: amounts falling due within one year 5 (414,967) (336,707)
Net current assets 82,744 243,476
Total assets less current liabilities 224,832 351,033
Creditors: amounts falling due after more than one year 6 (54,187) (72,973)
Net assets 170,645 278,060
Capital and reserves
Called up share capital 300 300
Profit and loss account 170,345 277,760
Shareholders' funds 170,645 278,060
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.
Paul Tomlinson
Director
Approved by the board on 22 July 2024
Logical Heating Limited
Notes to the Accounts
for the year ended 31 December 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recog
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 12 9
3 Tangible fixed assets
Fixtures & Fittings Computer Equipment Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 7,702 2,246 145,828 155,776
Additions 5,877 - 94,668 100,545
Disposals (1,930) (138) (50,483) (52,551)
At 31 December 2023 11,649 2,108 190,013 203,770
Depreciation
At 1 January 2023 4,289 1,079 42,851 48,219
Charge for the year 2,032 296 32,987 35,315
On disposals (1,930) (138) (19,784) (21,852)
At 31 December 2023 4,391 1,237 56,054 61,682
Net book value
At 31 December 2023 7,258 871 133,959 142,088
At 31 December 2022 3,413 1,167 102,977 107,557
4 Debtors 2023 2022
£ £
Trade debtors 101,404 291,225
Prepayments 2,270 1,424
Other debtors 10,000 -
113,674 292,649
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Obligations under finance lease and hire purchase contracts 11,186 11,187
Trade creditors 258,906 104,923
Corporation tax 3,449 -
Other taxes and social security costs 14,454 145,554
VAT 74,417 -
Directors loan account 17,359 -
Accruals 3,013 -
Other creditors 22,183 65,043
414,967 336,707
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 14,186 24,167
Obligations under finance lease and hire purchase contracts 40,001 48,806
54,187 72,973
7 Other information
Logical Heating Limited is a private company limited by shares and incorporated in England. Its registered office is:
20-22 Wenlock Road
London
N1 7GU
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