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Filleted

Registration number: 07166226

Managed SalesLogix Solutions Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Managed SalesLogix Solutions Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

Managed SalesLogix Solutions Limited

Company Information

Directors

Mr D B Purnell

Mrs A Purnell

Registered office

Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

 

Managed SalesLogix Solutions Limited

(Registration number: 07166226)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

4,885

5,057

Current assets

 

Debtors

6

27,468

11,352

Cash at bank and in hand

 

41,610

34,507

 

69,078

45,859

Creditors: Amounts falling due within one year

7

(26,874)

(21,055)

Net current assets

 

42,204

24,804

Net assets

 

47,089

29,861

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

47,087

29,859

Total equity

 

47,089

29,861

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 21 August 2024 and signed on its behalf by:
 

.........................................
Mr D B Purnell
Director

   
     
 

Managed SalesLogix Solutions Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

1

General information

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

The address of its registered office is:
Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

The principal place of business is:
Highcroft
Brechfa
Carmarthen
SA32 7QZ

These financial statements were authorised for issue by the Board on 21 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

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, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Managed SalesLogix Solutions Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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:

Asset class

Depreciation method and rate

Office Equipment

25% reducing balance

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.

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.

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.

 

Managed SalesLogix Solutions Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

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.

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 directors) during the year, was 2 (2023 - 2).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

1,410

1,686

 

Managed SalesLogix Solutions Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 February 2023

38,223

38,223

Additions

1,237

1,237

At 31 January 2024

39,460

39,460

Depreciation

At 1 February 2023

33,165

33,165

Charge for the year

1,410

1,410

At 31 January 2024

34,575

34,575

Carrying amount

At 31 January 2024

4,885

4,885

At 31 January 2023

5,057

5,057

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

22,680

11,004

Amounts owed by related parties

10

4,788

-

Other debtors

 

-

348

 

27,468

11,352

 

Managed SalesLogix Solutions Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

9

-

1,757

Trade creditors

 

93

228

Taxation and social security

 

5,167

-

Other related parties

 

-

2,362

Corporation tax liability

 

20,354

15,508

Other creditors

 

1,260

1,200

 

26,874

21,055

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         
 

Managed SalesLogix Solutions Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

9

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank overdrafts

-

1,757

10

Related party transactions

Transactions with directors

2024

At 1 February 2023
£

Other payments made to company by director
£

At 31 January 2024
£

Mr D B Purnell

Interest free loan repayable on demand

(2,080)

2,843

763

       
     

Mrs A Purnell

Interest free loan repayable on demand

(282)

4,307

4,025

       
     

 

2023

At 1 February 2022
£

Other payments made to company by director
£

At 31 January 2023
£

Mr D B Purnell

Interest free loan repayable on demand

(4,228)

2,148

(2,080)

       
     

Mrs A Purnell

Interest free loan repayable on demand

520

(803)

(282)