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Company registration number: 11929417
Logicon Systems Limited
Unaudited filleted financial statements
31 December 2023
Logicon Systems Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Logicon Systems Limited
Directors and other information
Directors Mr N Street (Resigned 26 January 2023)
Mr A Benson (Appointed 26 January 2023)
Company number 11929417
Registered office 5 Underwood Street
London
N1 7LY
Logicon Systems Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 4 2,000 -
_______ _______
2,000 -
Current assets
Debtors 5 24,973 44,931
Cash at bank and in hand 17,350 13,414
_______ _______
42,323 58,345
Creditors: amounts falling due
within one year 6 ( 60,818) ( 56,104)
_______ _______
Net current (liabilities)/assets ( 18,495) 2,241
_______ _______
Total assets less current liabilities ( 16,495) 2,241
Creditors: amounts falling due
after more than one year 7 ( 9,372) ( 15,445)
_______ _______
Net liabilities ( 25,867) ( 13,204)
_______ _______
Capital and reserves
Called up share capital 100 100
Share premium account 396 396
Profit and loss account ( 26,363) ( 13,700)
_______ _______
Shareholders deficit ( 25,867) ( 13,204)
_______ _______
For the year ending 31 December 2023 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 22 November 2024 , and are signed on behalf of the board by:
Mr A Benson
Director
Company registration number: 11929417
Logicon Systems Limited
Statement of changes in equity
Year ended 31 December 2023
Called up share capital Share premium account Profit and loss account Total
£ £ £ £
At 1 January 2022 1 - ( 4,228) ( 4,227)
Loss for the year ( 9,472) ( 9,472)
_______ _______ _______ _______
Total comprehensive income for the year - - ( 9,472) ( 9,472)
Issue of shares 99 396 495
_______ _______ _______ _______
Total investments by and distributions to owners 99 396 - 495
_______ _______ _______ _______
At 31 December 2022 and 1 January 2023 100 396 ( 13,700) ( 13,204)
Loss for the year ( 12,663) ( 12,663)
_______ _______ _______ _______
Total comprehensive income for the year - - ( 12,663) ( 12,663)
_______ _______ _______ _______
At 31 December 2023 100 396 ( 26,363) ( 25,867)
_______ _______ _______ _______
Logicon Systems Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 5 Underwood Street, London, N1 7LY.
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.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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 the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.
Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
No provision for deferred taxation has been provided for in the financial statements, due to the amount not being material.
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:
Fittings fixtures and equipment - 20 % 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.
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.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 January 2023 - -
Additions 2,500 2,500
_______ _______
At 31 December 2023 2,500 2,500
_______ _______
Depreciation
At 1 January 2023 - -
Charge for the year 500 500
_______ _______
At 31 December 2023 500 500
_______ _______
Carrying amount
At 31 December 2023 2,000 2,000
_______ _______
At 31 December 2022 - -
_______ _______
5. Debtors
2023 2022
£ £
Trade debtors 4,799 465
Other debtors 20,174 44,466
_______ _______
24,973 44,931
_______ _______
6. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 6,072 5,922
Trade creditors 1,900 10,714
Social security and other taxes 46,910 36,118
Other creditors 5,936 3,350
_______ _______
60,818 56,104
_______ _______
7. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 9,372 15,445
_______ _______