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REGISTERED NUMBER: SC354981 (Scotland)















Financial Statements For The Year Ended 29 February 2024

for

Logical Insulation Solutions Limited

Logical Insulation Solutions Limited (Registered number: SC354981)






Contents of the Financial Statements
For The Year Ended 29 February 2024




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


Logical Insulation Solutions Limited

Company Information
For The Year Ended 29 February 2024







DIRECTORS: J Harvey
A G Hogg
P Dyet
Dr M G Hogg





REGISTERED OFFICE: 65 Northumberland Street
Edinburgh
EH3 6JQ





REGISTERED NUMBER: SC354981 (Scotland)





ACCOUNTANTS: Robb Ferguson Chartered Accountants
Regent Court
70 West Regent Street
Glasgow
G2 2QZ

Logical Insulation Solutions Limited (Registered number: SC354981)

Abridged Statement of Financial Position
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 134,049 181,817

CURRENT ASSETS
Stocks 133,354 111,076
Debtors 712,265 900,116
Cash at bank and in hand 104,398 61,464
950,017 1,072,656
CREDITORS
Amounts falling due within one year 346,848 584,977
NET CURRENT ASSETS 603,169 487,679
TOTAL ASSETS LESS CURRENT
LIABILITIES

737,218

669,496

CREDITORS
Amounts falling due after more than one
year

(21,599

)

(69,175

)

PROVISIONS FOR LIABILITIES (32,951 ) (42,181 )
NET ASSETS 682,668 558,140

CAPITAL AND RESERVES
Called up share capital 3 3
Retained earnings 682,665 558,137
682,668 558,140

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Logical Insulation Solutions Limited (Registered number: SC354981)

Abridged Statement of Financial Position - continued
29 February 2024


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

All the members have consented to the preparation of an abridged Statement of Comprehensive Income and an abridged Statement of Financial Position for the year ended 29 February 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 November 2024 and were signed on its behalf by:





A G Hogg - Director


Logical Insulation Solutions Limited (Registered number: SC354981)

Notes to the Financial Statements
For The Year Ended 29 February 2024

1. STATUTORY INFORMATION

Logical Insulation Solutions Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 20% on cost
Fixed plant and equipment - 25% on reducing balance
Office equipment - 33.33% on cost
Motor vehicles - 25% on reducing balance

Stocks and long term contracts
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Amounts recoverable on contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.


Logical Insulation Solutions Limited (Registered number: SC354981)

Notes to the Financial Statements - continued
For The Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Current or deferred taxation assets and liabilities are not discounted.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2023 - 18 ) .

Logical Insulation Solutions Limited (Registered number: SC354981)

Notes to the Financial Statements - continued
For The Year Ended 29 February 2024

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 March 2023 292,212
Additions 24,799
Disposals (48,574 )
At 29 February 2024 268,437
DEPRECIATION
At 1 March 2023 110,395
Charge for year 51,856
Eliminated on disposal (27,863 )
At 29 February 2024 134,388
NET BOOK VALUE
At 29 February 2024 134,049
At 28 February 2023 181,817

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 March 2023 193,325
Disposals (19,000 )
At 29 February 2024 174,325
DEPRECIATION
At 1 March 2023 42,758
Charge for year 40,605
Eliminated on disposal (9,389 )
At 29 February 2024 73,974
NET BOOK VALUE
At 29 February 2024 100,351
At 28 February 2023 150,567

5. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 66,555 123,024