Company registration number SC042330 (Scotland)
LOGITECH LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
LOGITECH LIMITED
COMPANY INFORMATION
Directors
N Leveret III
(Appointed 26 May 2023)
J R Petkovich
(Appointed 26 May 2023)
W D Wright
(Appointed 26 May 2023)
J Miller
(Appointed 26 April 2024)
Company number
SC042330
Registered office
Erskine Ferry Road
Glasgow
G60 5EU
Auditor
Azets Audit Services
Titanium 1
Kings Inch Place
Renfrew
United Kingdom
PA4 8WF
LOGITECH LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 11
LOGITECH LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
5
98,007
125,233
Tangible assets
6
1,361,969
1,464,978
1,459,976
1,590,211
Current assets
Stocks
1,684,036
1,101,362
Debtors
7
12,859,857
11,043,739
Cash at bank and in hand
965,499
904,733
15,509,392
13,049,834
Creditors: amounts falling due within one year
8
(1,872,144)
(1,362,264)
Net current assets
13,637,248
11,687,570
Total assets less current liabilities
15,097,224
13,277,781
Provisions for liabilities
(258,505)
(271,629)
Net assets
14,838,719
13,006,152
Capital and reserves
Called up share capital
9
100,000
100,000
Profit and loss reserves
10
14,738,719
12,906,152
Total equity
14,838,719
13,006,152

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 23 September 2024 and are signed on its behalf by:
J Miller
Director
Company Registration No. SC042330
LOGITECH LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 31 December 2022:
Balance at 1 January 2022
100,000
15,139,712
15,239,712
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
2,650,699
2,650,699
Dividends
-
(4,884,259)
(4,884,259)
Balance at 31 December 2022
100,000
12,906,152
13,006,152
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
2,234,983
2,234,983
Dividends
-
(402,416)
(402,416)
Balance at 31 December 2023
100,000
14,738,719
14,838,719
LOGITECH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Logitech Limited is a private company limited by shares incorporated in Scotland. The registered office is Erskine Ferry Road, Glasgow, G60 5EU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.

1.2
Going concern

After reviewing the Company's forecasts and projections, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for a period of at least 12 months from issuance of these financial statements. The company therefore continues to adopt the going concern basis in preparing its financial statements. true

1.3
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 typically recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer; the Company retains no continuing involvement or control over the goods; the amount of revenue can be measured reliably; it is probable that future economic benefits will flow to the entity and when the specific criteria relating to each of the Company’s sales channels have been met, as described.

 

Turnover from the sale of goods are recognised on delivery to the customer, which occurs when the goods have been shipped to the location specified by the customer, the risks of obsolescence or loss have been transferred to the customer, the customer has accepted the products in accordance with the sales contract, the acceptance provisions have lapsed or the Company has objective evidence that all criteria for acceptance have been satisfied.

Turnover from the rendering of services is typically recognised when the performance of the service has been provided.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

 

 

 

 

 

 

LOGITECH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Intangible fixed assets other than goodwill

Intangible assets are stated at cost less accumulated amortisation and any accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to it's working condition for it's intended use and expenditure on training staff to operate the asset.

 

Costs incurred after the final acceptance testing and launch have been successfully completed are expensed.

Software
5 Years
1.6
Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and any accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs and borrowing costs capitalised.

Land is not depreciated. Depreciation on other assets is calculated, using the straight-line method, to allocate cost to their residual values over their estimated useful lives, as follows:

Freehold land and buildings
25 years
Plant and equipment
3 to 5 years
Fixtures and fittings
3 to 5 years
Computers
3 to 5 years

Repairs and maintenance costs are expensed as incurred.

1.7
Impairment of fixed assets

At each reporting period end date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

1.8
Stocks

Stocks are stated at the lower of cost, using the first in first out method, and selling price less costs to complete and sell. Where necessary, a specifc provision is made for obsolete, slow-moving and defective stock.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments
Basic financial assets

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.

LOGITECH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

Short-term employee benefits to defined contribution plans are recognised as an expense in the period in which they are incurred.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Leases are classified as finance leases whenever the terms of the lease substantially transfer all the risks and rewards of ownership of the leased asset to the company. All other leases are classified as operating leases.

 

Rentals payable under operating leases are charged to profit or loss on a straight-line basis over the lease term.

LOGITECH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.15
Foreign exchange

Functional currency and presentation currency.

The financial statements of the Company are presented in Sterling (£), the currency of the primary economic environment in which the Company operates (its functional currency).

 

Transactions and balances

In preparing the financial statements of the Company, transactions in currencies other than the functional currency of the Company are recognised at the spot rate at the dates of the transactions, or at an average rate where this rate approximates the actual rate at the date of the transaction. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

Exchange differences are recognised in profit or loss in the period in which they arise.

2
Change in accounting policy

The company has elected to measure freehold properties using the revaluation model. Previously these were measured using the cost model.

 

The financial effect of this change in policy for the previous accounting period is set out in note 16 to the financial statements. The directors consider that this change provides the users of the financial statements with more relevant and reliable information, while allowing the company to be further aligned with the wider group accounting policies.

3
Judgements and key sources of estimation uncertainty

In preparing these financial statements, the directors have made the following judgements:

 

The Company has intercompany receivables and payables for which the expectations are that all will be fully paid and received without a premium or discount. In assessing the recoverability of amounts owed to the Company by fellow group undertakings, management has considered the anticipated cash flow within the wider group and the support from the ultimate parent company and has deemed these balances recoverable.

 

In determining whether transactions with other subsidiary undertakings of the Company and the wider group have been conducted on an arm's length basis. These decisions involve the input of internal and external tax advisors to the wider group and Company, includng analysis of comparable companies and groups who operate in similar markets to the Indicor Group.

LOGITECH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Judgements and key sources of estimation uncertainty
(Continued)
- 7 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Stock provisioning

The Company designs, manufactures and seels materials processing equipment and consumables which are subject to changing industry demands. As a result, it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated salesability of finished goods and future usage of raw materials.

Impairment of debtors

The Company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors., management considers factors including the ageing profile debtors and historical experience.

Valuation of property

Freehold property is professionally valued on a periodic basis to its fair value. This requires consideration of various market conditions which are subject to fluctuations over time.

4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
45
43
5
Intangible fixed assets
Other
£
Cost
At 1 January 2023 and 31 December 2023
129,908
Amortisation and impairment
At 1 January 2023
4,675
Amortisation charged for the year
27,226
At 31 December 2023
31,901
Carrying amount
At 31 December 2023
98,007
At 31 December 2022
125,233
LOGITECH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
6
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 January 2023
1,220,917
2,185,368
3,406,285
Additions
-
0
61,050
61,050
Disposals
-
0
(638)
(638)
At 31 December 2023
1,220,917
2,245,780
3,466,697
Depreciation and impairment
At 1 January 2023
-
0
1,941,307
1,941,307
Depreciation charged in the year
52,903
111,156
164,059
Eliminated in respect of disposals
-
0
(638)
(638)
At 31 December 2023
52,903
2,051,825
2,104,728
Carrying amount
At 31 December 2023
1,168,014
193,955
1,361,969
At 31 December 2022
1,220,917
244,061
1,464,978

Land and buildings previously measured at cost were valued on 22 November 2022 by Houlihan Lokey, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

As described at note 2, management have elected to measure land and buildings at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Land and buildings
2023
2022
£
£
Cost
861,387
861,387
Accumulated depreciation
(744,770)
(736,085)
Carrying value
116,617
125,302
LOGITECH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,140,081
1,376,385
Corporation tax recoverable
350,117
508,345
Amounts owed by group undertakings
11,123,104
9,016,372
Other debtors
56,873
42,027
Prepayments and accrued income
189,682
100,610
12,859,857
11,043,739
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
455,522
231,323
Taxation and social security
62,240
57,668
Accruals and deferred income
1,354,382
1,073,273
1,872,144
1,362,264
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100,000
100,000
100,000
100,000
10
Profit and loss reserves

Within retained earnings, there are non-distributable reserves of £768,808 (2022 restated: £821,711) relating to the revaluation of property.

11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
David MacCallum
Statutory Auditor:
Azets Audit Services
LOGITECH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
12
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
24,016
42,423
13
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2023
2022
2023
2022
£
£
£
£
Other related parties
623,235
118,973
122,629
151,661
Dividends paid
Interest received
2023
2022
2023
2022
£
£
£
£
Entities with control, joint control or significant influence over the company
402,416
4,884,259
411,530
334,941

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
11,107,363
8,962,304
Other related parties
44,324
54,067
14
Parent company

The immediate controlling party is RIL Holding Limited which is incorporated in England and Wales and holds 100% of the issued share capital.

15
Prior period adjustment

The financial statements for the year ended 31 December 2022 have been restated in order to reflect management's decision to change accounting policy in respect of the valuation of freehold properties to align with the accounting policy of the wider group. The deferred tax impact of the revaluation has also been incorporated into the 31 December 2022 financial statements.

LOGITECH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
15
Prior period adjustment
(Continued)
- 11 -
Reconciliation of changes in equity
1 January
31 December
2022
2022
£
£
Adjustments to prior year
Revaluation of freehold property
-
1,095,615
Deferred tax impact of revaluation
-
(273,904)
Total adjustments
-
821,711
Equity as previously reported
15,239,712
12,184,441
Equity as adjusted
15,239,712
13,006,152
Analysis of the effect upon equity
Profit and loss reserves
-
821,711
Reconciliation of changes in profit for the previous financial period
2022
£
Adjustments to prior year
Revaluation of freehold property
1,095,615
Deferred tax impact of revaluation
(273,904)
Total adjustments
821,711
Profit as previously reported
1,828,988
Profit as adjusted
2,650,699
2023-12-312023-01-01false23 September 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityThis audit opinion is unqualifiedN Leveret IIIR L OwensJ R PetkovichW D WrightS K KrullH MonstedJ StroupJ MillerfalsefalseSC0423302023-01-012023-12-31SC042330bus:Director12023-01-012023-12-31SC042330bus:Director32023-01-012023-12-31SC042330bus:Director42023-01-012023-12-31SC042330bus:Director82023-01-012023-12-31SC042330bus:Director22023-01-012023-12-31SC042330bus:Director52023-01-012023-12-31SC042330bus:Director62023-01-012023-12-31SC042330bus:Director72023-01-012023-12-31SC042330bus:RegisteredOffice2023-01-012023-12-31SC0423302023-12-31SC0423302022-12-31SC042330core:IntangibleAssetsOtherThanGoodwill2023-12-31SC042330core:IntangibleAssetsOtherThanGoodwill2022-12-31SC042330core:LandBuildings2023-12-31SC042330core:OtherPropertyPlantEquipment2023-12-31SC042330core:LandBuildings2022-12-31SC042330core:OtherPropertyPlantEquipment2022-12-31SC042330core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-31SC042330core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-31SC042330core:CurrentFinancialInstruments2023-12-31SC042330core:CurrentFinancialInstruments2022-12-31SC042330core:ShareCapital2023-12-31SC042330core:ShareCapital2022-12-31SC042330core:RetainedEarningsAccumulatedLosses2023-12-31SC042330core:RetainedEarningsAccumulatedLosses2022-12-31SC042330core:ShareCapital2021-12-31SC042330core:RetainedEarningsAccumulatedLosses2021-12-31SC042330core:RetainedEarningsAccumulatedLosses2022-01-012022-12-31SC0423302022-01-012022-12-31SC042330core:RetainedEarningsAccumulatedLosses2023-01-012023-12-31SC042330core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-31SC042330core:ComputerSoftware2023-01-012023-12-31SC042330core:LandBuildingscore:OwnedOrFreeholdAssets2023-01-012023-12-31SC042330core:PlantMachinery2023-01-012023-12-31SC042330core:FurnitureFittings2023-01-012023-12-31SC042330core:ComputerEquipment2023-01-012023-12-31SC042330core:IntangibleAssetsOtherThanGoodwill2022-12-31SC042330core:LandBuildings2022-12-31SC042330core:OtherPropertyPlantEquipment2022-12-31SC0423302022-12-31SC042330core:LandBuildings2023-01-012023-12-31SC042330core:OtherPropertyPlantEquipment2023-01-012023-12-31SC042330core:OtherRelatedPartiescore:SaleOrPurchaseGoods2023-01-012023-12-31SC042330core:OtherRelatedPartiescore:SaleOrPurchaseGoods2022-01-012022-12-31SC042330bus:PrivateLimitedCompanyLtd2023-01-012023-12-31SC042330bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-31SC042330bus:FRS1022023-01-012023-12-31SC042330bus:Audited2023-01-012023-12-31SC042330bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP