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COMPANY REGISTRATION NUMBER: 03295517
Applied Logic Limited
Filleted Unaudited Financial Statements
31 December 2023
Applied Logic Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Balance sheet
1
Notes to the financial statements
3
Applied Logic Limited
Balance Sheet
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
829
62
Current assets
Debtors
6
125
6,351
Cash at bank and in hand
74,045
59,680
--------
--------
74,170
66,031
Creditors: amounts falling due within one year
7
7,264
8,329
--------
--------
Net current assets
66,906
57,702
--------
--------
Total assets less current liabilities
67,735
57,764
Provisions
Taxation including deferred tax
158
12
--------
--------
Net assets
67,577
57,752
--------
--------
Applied Logic Limited
Balance Sheet (continued)
31 December 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
2
2
Profit and loss account
67,575
57,750
--------
--------
Shareholders funds
67,577
57,752
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 22 July 2024 , and are signed on behalf of the board by:
Mr P V Cornwall
Director
Company registration number: 03295517
Applied Logic Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Corunna Court, Corunna Road, Warwick, CV34 5HQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis and in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Current tax is recognised on taxable profit for the current and past periods. Deferred tax is recognised in respect of all timing differences at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and Machinery
-
33% straight line
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Plant and machinery
£
Cost
At 1 January 2023
4,526
Additions
1,245
Disposals
( 1,520)
-------
At 31 December 2023
4,251
-------
Depreciation
At 1 January 2023
4,464
Charge for the year
478
Disposals
( 1,520)
-------
At 31 December 2023
3,422
-------
Carrying amount
At 31 December 2023
829
-------
At 31 December 2022
62
-------
6. Debtors
2023
2022
£
£
Other debtors
125
6,351
----
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
11
289
Corporation tax
4,020
Social security and other taxes
1,054
5,972
Other creditors
2,179
2,068
-------
-------
7,264
8,329
-------
-------
8. Director's advances, credits and guarantees
The director had an interest free, repayable on demand loan during the year. At the beginning of the year the company owed him £324 and a the end of the year the company owed him £494.
9. Related party transactions
During the year the company raised sales of £30,000 (2022: £27,500) to a company controlled by a related party. These sales were made at market rate.