Registered number
04292279
Translogic Systems Limited
Filleted Accounts
31 December 2023
Translogic Systems Limited
Registered number: 04292279
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 8,704 11,606
Current assets
Stocks 235,000 312,222
Debtors 4 75,455 101,400
Cash at bank and in hand 557,386 929,662
867,841 1,343,284
Creditors: amounts falling due within one year 5 (119,917) (194,315)
Net current assets 747,924 1,148,969
Net assets 756,628 1,160,575
Capital and reserves
Called up share capital 100 100
Profit and loss account 756,528 1,160,475
Shareholders' funds 756,628 1,160,575
The directors are 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 directors acknowledge their 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.
Mr D Bruton
Director
Approved by the board on 15 February 2024
Translogic Systems Limited
Notes to the Accounts
for the year ended 31 December 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 includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
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:
Motor vehicles 25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2023 39,508 10,458 49,966
At 31 December 2023 39,508 10,458 49,966
Depreciation
At 1 January 2023 35,746 2,614 38,360
Charge for the year 941 1,961 2,902
At 31 December 2023 36,687 4,575 41,262
Net book value
At 31 December 2023 2,821 5,883 8,704
At 31 December 2022 3,762 7,844 11,606
4 Debtors 2023 2022
£ £
Trade debtors 46,697 73,884
Other debtors 28,758 27,516
75,455 101,400
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 21,815 51,562
Taxation and social security costs 93,919 137,904
Other creditors 4,183 4,849
119,917 194,315
6 Related party transactions
During the year the company purchased goods and services, under normal commercial terms, from UMC of the United States Inc., the parent company, totalling £138,435 (2022: £226,527). At the balance sheet date the company owed UMC of the United States Inc. £Nil (2022: £Nil)
7 Controlling party
The controlling company is UMC of the United States Inc., which is registered in the USA. The registered office address 202 Indies Drive E, Unit 202, Naples, Florida, 34114, USA.
8 Other information
Translogic Systems Limited is a private company limited by shares and incorporated in England. Its registered office is:
Lytchett House, 13 Freeland Park
Lytchett Matravers
Poole
Dorset
BH16 6FA
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