IRIS Accounts Production v24.1.4.33 09426067 director 1.3.23 29.2.24 29.2.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh094260672023-02-28094260672024-02-29094260672023-03-012024-02-29094260672022-02-28094260672022-03-012023-02-28094260672023-02-2809426067ns15:EnglandWales2023-03-012024-02-2909426067ns14:PoundSterling2023-03-012024-02-2909426067ns10:Director12023-03-012024-02-2909426067ns10:PrivateLimitedCompanyLtd2023-03-012024-02-2909426067ns10:SmallEntities2023-03-012024-02-2909426067ns10:AuditExempt-NoAccountantsReport2023-03-012024-02-2909426067ns10:SmallCompaniesRegimeForDirectorsReport2023-03-012024-02-2909426067ns10:SmallCompaniesRegimeForAccounts2023-03-012024-02-2909426067ns10:FullAccounts2023-03-012024-02-2909426067ns10:CompanySecretary12023-03-012024-02-2909426067ns10:RegisteredOffice2023-03-012024-02-2909426067ns5:CurrentFinancialInstruments2024-02-2909426067ns5:CurrentFinancialInstruments2023-02-2809426067ns5:Non-currentFinancialInstruments2024-02-2909426067ns5:Non-currentFinancialInstruments2023-02-2809426067ns5:ShareCapital2024-02-2909426067ns5:ShareCapital2023-02-2809426067ns5:RetainedEarningsAccumulatedLosses2024-02-2909426067ns5:RetainedEarningsAccumulatedLosses2023-02-2809426067ns5:FurnitureFittings2023-03-012024-02-2909426067ns5:FurnitureFittings2023-02-2809426067ns5:FurnitureFittings2024-02-2909426067ns5:FurnitureFittings2023-02-2809426067ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-02-2909426067ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-02-2809426067ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-02-2909426067ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-02-28
REGISTERED NUMBER: 09426067 (England and Wales)















Unaudited Financial Statements for the Year Ended 29 February 2024

for

Logic 1 Vehicle Solutions Ltd

Logic 1 Vehicle Solutions Ltd (Registered number: 09426067)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Logic 1 Vehicle Solutions Ltd

Company Information
for the Year Ended 29 February 2024







DIRECTOR: T G Turner





SECRETARY: T Turner





REGISTERED OFFICE: 317 Vale Road
Ash Vale
United Kingdom
GU12 5LN





REGISTERED NUMBER: 09426067 (England and Wales)





ACCOUNTANTS: ElanTax.com
Unit 3 Cedar Court
1 Royal Oak Yard
London
SE1 3GA

Logic 1 Vehicle Solutions Ltd (Registered number: 09426067)

Balance Sheet
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 370 493

CURRENT ASSETS
Stocks 5 14,550 12,303
Debtors 6 134,974 113,620
Cash at bank and in hand 145,196 96,521
294,720 222,444
CREDITORS
Amounts falling due within one year 7 151,506 94,463
NET CURRENT ASSETS 143,214 127,981
TOTAL ASSETS LESS CURRENT
LIABILITIES

143,584

128,474

CREDITORS
Amounts falling due after more than one
year

8

61,079

70,911
NET ASSETS 82,505 57,563

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 82,504 57,562
SHAREHOLDERS' FUNDS 82,505 57,563

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 director acknowledges his 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.

Logic 1 Vehicle Solutions Ltd (Registered number: 09426067)

Balance Sheet - 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.

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

The financial statements were approved by the director and authorised for issue on 29 November 2024 and were signed by:





T G Turner - Director


Logic 1 Vehicle Solutions Ltd (Registered number: 09426067)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Logic 1 Vehicle Solutions Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.
Fixtures and fittings - 25% on reducing balance

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

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 or deferred taxation assets and liabilities are not discounted.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

Logic 1 Vehicle Solutions Ltd (Registered number: 09426067)

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

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 March 2023
and 29 February 2024 1,694
DEPRECIATION
At 1 March 2023 1,201
Charge for year 123
At 29 February 2024 1,324
NET BOOK VALUE
At 29 February 2024 370
At 28 February 2023 493

5. STOCKS
29.2.24 28.2.23
£    £   
Stocks 14,550 12,303

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Other debtors 107,464 85,341
VAT 27,510 28,279
134,974 113,620

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans and overdrafts 19,323 21,707
Trade creditors 17,301 15,572
Tax 15,127 8,238
Other creditors 15,790 15,619
Credit card 14,825 27,031
Directors' current accounts 65,840 2,546
Accrued expenses 3,300 3,750
151,506 94,463

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans - 2-5 years 61,079 70,911