REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JULY 2022 TO 31 DECEMBER 2023 |
FOR |
LOGIC WIRELESS EUROPE LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JULY 2022 TO 31 DECEMBER 2023 |
FOR |
LOGIC WIRELESS EUROPE LIMITED |
LOGIC WIRELESS EUROPE LIMITED (REGISTERED NUMBER: 10250084) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JULY 2022 TO 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
LOGIC WIRELESS EUROPE LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 1 JULY 2022 TO 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
25 St Thomas street |
Winchester |
Hampshire |
SO23 9HJ |
LOGIC WIRELESS EUROPE LIMITED (REGISTERED NUMBER: 10250084) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
LOGIC WIRELESS EUROPE LIMITED (REGISTERED NUMBER: 10250084) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JULY 2022 TO 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Logic Wireless Europe Limited is a |
The accounting period has been extended to finish on 31 December, rather than 30 June. Therefore, these financial statements show the results for a 18 months period from 1 July 2022 to 31 December 2023 and the comparatives are not entirely comparable. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
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, rebates and discounts. The company recognises revenue when the amount of revenue can be reliably measured and it is probable that the future economic benefits will flow to the entity which is usually on despatch of goods. |
Tangible fixed assets |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Plant and equipment 33.33% Straight line basis |
Fixture and fittings 33.33% Straight line basis |
Computers 33.33% Straight line basis |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. |
Financial instruments |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
LOGIC WIRELESS EUROPE LIMITED (REGISTERED NUMBER: 10250084) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JULY 2022 TO 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
The accounts have been prepared on the going concern basis and the directors confirm that they are satisfied that the company has adequate resources to continue as a going concern for the foreseeable future. This has been determined by review of cash flow forecasts of at least 12 months from the date of approval of the financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
LOGIC WIRELESS EUROPE LIMITED (REGISTERED NUMBER: 10250084) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JULY 2022 TO 31 DECEMBER 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 July 2022 |
Additions |
Disposals | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for period |
Eliminated on disposal | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 30 June 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
LOGIC WIRELESS EUROPE LIMITED (REGISTERED NUMBER: 10250084) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JULY 2022 TO 31 DECEMBER 2023 |
7. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | 1 | 801,001 | 801,001 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | CONTROLLING PARTY |
From 1 July 2022 to 1 December 2022, Logic Wireless Europe Limited was wholly owned by Logic Technologies Limited incorporated in New Zealand and is included in the consolidated financial statements of that company. The financial statements can be obtained from the company's registered office which is Logic Technologies Limited is Unit 1, 150 Cavendish Road, Casebrook, Christchurch 8051, PO Box 20332, Bishopdale, Christchurch 8051, New Zealand. The company is exempt from disclosing related party transactions with other 100% owned members of the group headed by Logic Technologies Limited by virtue of FRS102 section 33.1A. |
On 1 December 2022 Logic Technologies Limited sold all 801,000 ordinary shares to CSE Technologies Pte. Limited, at which point Logic Wireless Europe was wholly owned by CSE Technologies Pte. Limited which is incorporated in Singapore. The parent and ultimate controlling party of CSE Technologies Pte. Ltd is CSE Global Ltd, also incorporated in Singapore. CSE Global Ltd is the ultimate controlling party from 1 December 2022 to the year end. |
Logic Wireless Europe Limited is incorporated in the consolidated financial statements of CSE Global Ltd which can be obtained from the company's registered office: 1 Harbourfront Avenue, #14-07 Keppel Bay Tower, Singapore, 098632. The company is exempt from disclosing related party transactions with other 100% owned members of the group headed CSE Global Ltd by virtue of FRS102 section 33.1A. |
11. | TRANSACTIONS WITH RELATED PARTIES |
During the period 1 December 2022 - 31 December 2023, services and goods were supplied to companies which have a common director to Logic Wireless Europe Ltd. The total of these sales was £72,535 and the balance due from these companies at the period end was £18,262. These sales were conducted under normal market conditions. |
LOGIC WIRELESS EUROPE LIMITED (REGISTERED NUMBER: 10250084) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JULY 2022 TO 31 DECEMBER 2023 |
12. | PENSION CONTRIBUTIONS |
The company operated a defined contrition pension scheme for all employees. The assets of the scheme are held separately from those of the company in an independently administered fund. During the year the company made contributions to the pension scheme amounting to £2,831 (2022: £13,340). |