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Registration number: NI642040

Logic Entertainment Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Logic Entertainment Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Logic Entertainment Limited

(Registration number: NI642040)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

626,561

390,284

Current assets

 

Debtors

5

270,981

7,800

Cash at bank and in hand

 

735,481

950,327

 

1,006,462

958,127

Creditors: Amounts falling due within one year

6

(510,545)

(540,668)

Net current assets

 

495,917

417,459

Total assets less current liabilities

 

1,122,478

807,743

Creditors: Amounts falling due after more than one year

6

(17,185)

(77,919)

Provisions for liabilities

(123,696)

(60,004)

Net assets

 

981,597

669,820

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

981,497

669,720

Shareholders' funds

 

981,597

669,820

For the financial year ending 30 November 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 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 14 August 2024
 

 

Logic Entertainment Limited

(Registration number: NI642040)
Balance Sheet as at 30 November 2023

.........................................
Ryan Lyttle
Director

   
     
 

Logic Entertainment Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

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

The address of its registered office is:
Unit 3
17 Balmoral Road
Belfast
BT12 6QA
United Kingdom

The company registration number is NI642040.

The principal activity of the company is other amusement and recreation activities.

The presentation currency is £ Sterling.
The level of rounding is to the nearest £.

These financial statements were authorised for issue by the director on 14 August 2024.

2

Accounting policies

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 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 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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods
Goods will be recognised when the customer receives the goods. Services are recognised when the customer receives the service.

Government grants

Government grants are recognised in the profit and loss account.

Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. All grants in the profit and loss account are recognised when all conditions for receipt have been compiled with.

 

Logic Entertainment Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit.
Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that
taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have
been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

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:

Depreciation method and rate
Equipment and Fixture and Fittings - 10% Straight Line
Plant and machinery - 10% Straight Line
Office Equipment - 20% Straight Line
Motor Vehicles - 20% Straight Line

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 Entertainment Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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.

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

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

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 the director) during the year, was 23 (2022 - 23).

 

Logic Entertainment Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

396,033

60,955

7,603

56,890

521,481

Additions

151,392

138,994

11,953

-

302,339

At 30 November 2023

547,425

199,949

19,556

56,890

823,820

Depreciation

At 1 December 2022

117,345

6,938

4,069

2,845

131,197

Charge for the year

41,957

9,945

2,782

11,378

66,062

At 30 November 2023

159,302

16,883

6,851

14,223

197,259

Carrying amount

At 30 November 2023

388,123

183,066

12,705

42,667

626,561

At 30 November 2022

278,688

54,017

3,534

54,045

390,284

 

Logic Entertainment Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

5

Debtors

Current

2023
£

2022
£

Trade debtors

10,000

561

Prepayments

3,077

-

Other debtors

257,904

7,239

 

270,981

7,800

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Bank loans

60,555

45,997

Trade creditors

65,281

40,066

Taxation and social security

170,990

183,075

Accruals and deferred income

207,670

163,075

Other creditors

6,049

108,455

510,545

540,668

 

Logic Entertainment Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Bank loans

17,183

60,233

Other creditors

2

17,686

17,185

77,919

Bank loans totalling £68,959 (2021: £106,693) are secured by a personal guarantee from the director.

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A of £1 each

85

85

85

85

Ordinary B of £1 each

15

15

15

15

 

100

100

100

100

8

Related party transactions

Transactions with the director

2023

At 1 December 2022
£

Advances to director
£

Repayments by director
£

At 30 November 2023
£

Ryan Lyttle

(90,096)

234,616

(150,569)

(6,049)

         
       

 

The above loan is unsecured, interest free and repayable on demand.