Registered number
11700202
Logic Experts Limited
Filleted Accounts
30 November 2023
Logic Experts Limited
Registered number: 11700202
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 54,119 2,911
Current assets
Debtors 5 8,640 33,480
Cash at bank and in hand 55,326 87,498
63,966 120,978
Creditors: amounts falling due within one year 6 (56,653) (108,597)
Net current assets 7,313 12,381
Total assets less current liabilities 61,432 15,292
Creditors: amounts falling due after more than one year 7 (23,120) -
Net assets 38,312 15,292
Capital and reserves
Called up share capital 100 100
Profit and loss account 38,212 15,192
Shareholders' funds 38,312 15,292
The director is 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 director acknowledges his 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.
Usman Waheed
Director
Approved by the board on 20 August 2024
Logic Experts Limited
Notes to the Accounts
for the year ended 30 November 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 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.
2 Going concern
At the time of preparing the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future. Thus, the director continues to adopt the going concern basis of accounting in preparing the financial statements.
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:
Fixtures, fittings, tools and equipment 20% reducing balance
Motor Vehicle 18% Straight line
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 December 2022 5,875 - 5,875
Additions 4,172 49,190 53,362
At 30 November 2023 10,047 49,190 59,237
Depreciation
At 1 December 2022 2,964 - 2,964
Charge for the year 1,416 738 2,154
At 30 November 2023 4,380 738 5,118
Net book value
At 30 November 2023 5,667 48,452 54,119
At 30 November 2022 2,911 - 2,911
5 Debtors 2023 2022
£ £
Trade debtors 8,640 33,480
6 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 11,070 -
Taxation and social security costs 20,356 30,962
Other creditors 25,227 77,635
56,653 108,597
7 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 23,120 -
8 Other information
Logic Experts Limited is a private company limited by shares and incorporated in England. Its registered office is:
93 Noon Layer Drive
Middleton
Milton Keynes
MK10 9SX
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