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Company registration number: SC653204
Logan Bruce Limited
Unaudited filleted financial statements
31 January 2024
Logan Bruce Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Logan Bruce Limited
Directors and other information
Directors Mr Rodger Walls (Resigned 8 August 2023
Mr Gary Walls (Appointed 8 August 2023)
Ms Tracey Walls (Appointed 8 August 2023)
Company number SC653204
Registered office Unit D Pitreavie Crescent
Pitreavie Business Park
Dunfermline
Fife
KY11 8UT
Accountants Arm in Arm Accounting Limited
Herkimer House
Mill Road Industrial Estate
Linlithgow
EH49 7SF
Logan Bruce Limited
Statement of financial position
31 January 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 211,902 157,677
_______ _______
211,902 157,677
Current assets
Debtors 6 265,586 118,574
Cash at bank and in hand 7,876 -
_______ _______
273,462 118,574
Creditors: amounts falling due
within one year 7 ( 232,955) ( 180,587)
_______ _______
Net current assets/(liabilities) 40,507 ( 62,013)
_______ _______
Total assets less current liabilities 252,409 95,664
Creditors: amounts falling due
after more than one year 8 ( 90,935) ( 86,320)
Provisions for liabilities ( 5,444) ( 5,444)
_______ _______
Net assets 156,030 3,900
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 155,930 3,800
_______ _______
Shareholders funds 156,030 3,900
_______ _______
For the 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 31 October 2024 , and are signed on behalf of the board by:
Mr Gary Walls
Director
Company registration number: SC653204
Logan Bruce Limited
Statement of changes in equity
Year ended 31 January 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 February 2022 100 853 953
Profit for the year 2,947 2,947
_______ _______ _______
Total comprehensive income for the year - 2,947 2,947
_______ _______ _______
At 31 January 2023 and 1 February 2023 100 3,800 3,900
Profit for the year 152,130 152,130
_______ _______ _______
Total comprehensive income for the year - 152,130 152,130
_______ _______ _______
At 31 January 2024 100 155,930 156,030
_______ _______ _______
Logan Bruce Limited
Notes to the financial statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Logan Bruce Limited, Unit D Pitreavie Crescent, Pitreavie Business Park, Dunfermline, Fife, KY11 8UT.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 33 % straight line
Motor vehicles - 15 % reducing balance
Computer Equipment - 33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Staff costs
The average number of persons employed by the company during the year amounted to 8 (2023: 6 ).
The aggregate payroll costs incurred during the year were:
2024 2023
£ £
Wages and salaries 397,278 166,037
Social security costs 37,111 15,751
Other pension costs 7,708 3,117
_______ _______
442,097 184,905
_______ _______
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Computer Equipment Total
£ £ £ £ £
Cost
At 1 February 2023 113,963 1,872 74,782 1,037 191,654
Additions 22,167 - 70,401 2,240 94,808
_______ _______ _______ _______ _______
At 31 January 2024 136,130 1,872 145,183 3,277 286,462
_______ _______ _______ _______ _______
Depreciation
At 1 February 2023 22,094 842 10,079 962 33,977
Charge for the year 17,105 577 22,087 814 40,583
_______ _______ _______ _______ _______
At 31 January 2024 39,199 1,419 32,166 1,776 74,560
_______ _______ _______ _______ _______
Carrying amount
At 31 January 2024 96,931 453 113,017 1,501 211,902
_______ _______ _______ _______ _______
At 31 January 2023 91,869 1,030 64,703 75 157,677
_______ _______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 214,741 111,852
Other debtors 50,845 6,722
_______ _______
265,586 118,574
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 5,000 5,703
Trade creditors 192,920 110,615
Social security and other taxes - 18,991
Other creditors 35,035 45,278
_______ _______
232,955 180,587
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 11,663 16,667
Other creditors 79,272 69,653
_______ _______
90,935 86,320
_______ _______