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Registered number: 4977560
Logic Aluminium Systems Limited
Directors' Report and
Unaudited Financial Statements
For The Year Ended 31 October 2024
Ravenwood Business Solutions Limited
Sherbrook Enterprise
100 Sherbrook Road
Nottingham
NG5 6AB
Contents
Page
Company Information 1
Directors' Report 2
Accountant's Report 3
Profit and Loss Account 4
Balance Sheet 5—6
Statement of Changes in Equity 7
Notes to the Financial Statements 8—11
Page 1
Company Information
Directors Mr Murray Pullen
Mr Richard McKenzie
Mrs Joanne Pullen
Mr Gary Keen
Company Number 4977560
Registered Office Unit 3 Benneworth Close
Hucknall
Nottingham
NG15 6EL
Accountants Ravenwood Business Solutions Limited
Sherbrook Enterprise
100 Sherbrook Road
Nottingham
NG5 6AB
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Directors' Report
The directors present their report and the financial statements for the year ended 31 October 2024.
Directors
The directors who held office during the year were as follows:
Mr Murray Pullen
Mr Richard McKenzie
Mrs Joanne Pullen
Mr Gary Keen
Statement of Directors' Responsibilities
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Small Company Rules
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
On behalf of the board
Mr Murray Pullen
Director
18 December 2024
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Accountant's Report
Report to the directors on the preparation of the unaudited statutory accounts of Logic Aluminium Systems Limited For The Year Ended 31 October 2024
To assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Logic Aluminium Systems Limited which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the directors of Logic Aluminium Systems Limited , as a body, in accordance with the terms of our engagement letter dated 01 January 2017. Our work has been undertaken solely to prepare for your approval the accounts of Logic Aluminium Systems Limited and state those matters that we have agreed to state to the directors of Logic Aluminium Systems Limited , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Logic Aluminium Systems Limited and its directors as a body for our work or for this report.
It is your duty to ensure that Logic Aluminium Systems Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Logic Aluminium Systems Limited . You consider that Logic Aluminium Systems Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Logic Aluminium Systems Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
GH Ravenwood FCCA
18 December 2024
Ravenwood Business Solutions Limited
Sherbrook Enterprise
100 Sherbrook Road
Nottingham
NG5 6AB
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Profit and Loss Account
2024 2023
Notes £ £
TURNOVER 5,477,213 5,420,806
Cost of sales (4,304,628 ) (4,342,194 )
GROSS PROFIT 1,172,585 1,078,612
Administrative expenses (651,677 ) (611,280 )
OPERATING PROFIT 520,908 467,332
Loss on disposal of fixed assets (8,912 ) (2,963 )
Interest payable and similar charges (12,308 ) (13,595 )
PROFIT BEFORE TAXATION 499,688 450,774
Tax on Profit 4 (136,739 ) (85,962 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 362,949 364,812
The notes on pages 8 to 11 form part of these financial statements.
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Balance Sheet
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 89,394 125,904
89,394 125,904
CURRENT ASSETS
Stocks 6 326,372 358,712
Debtors 7 1,367,230 1,255,311
Cash at bank and in hand 184,464 116,941
1,878,066 1,730,964
Creditors: Amounts Falling Due Within One Year 8 (968,369 ) (927,894 )
NET CURRENT ASSETS (LIABILITIES) 909,697 803,070
TOTAL ASSETS LESS CURRENT LIABILITIES 999,091 928,974
Creditors: Amounts Falling Due After More Than One Year 9 (58,665 ) (84,699 )
NET ASSETS 940,426 844,275
CAPITAL AND RESERVES
Called up share capital 11 99 104
Profit and Loss Account 940,327 844,171
SHAREHOLDERS' FUNDS 940,426 844,275
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For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
On behalf of the board
Mr Murray Pullen
Director
18 December 2024
The notes on pages 8 to 11 form part of these financial statements.
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Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 November 2022 104 668,524 668,628
Profit for the year and total comprehensive income - 364,812 364,812
Dividends paid - (189,165) (189,165)
As at 31 October 2023 and 1 November 2023 104 844,171 844,275
Profit for the year and total comprehensive income - 362,949 362,949
Dividends paid - (206,798) (206,798)
Purchase of own shares - (60,000 ) (60,000)
Share capital reduction - 5 5
As at 31 October 2024 99 940,327 940,426
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Notes to the Financial Statements
1. General Information
Logic Aluminium Systems Limited is a private company, limited by shares, incorporated in England & Wales, registered number 4977560 . The registered office is Unit 3 Benneworth Close, Hucknall, Nottingham, NG15 6EL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 33% Reducing Balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 30 (2023: 34)
30 34
4. Tax on Profit
Tax Rate 2024 2023
2024 2023 £ £
Current tax
UK Corporation Tax 25.0% 22.5% 136,739 85,962
Total tax charge for the period 136,739 85,962
2024 2023
£ £
Profit before tax 499,688 450,774
Breakdown of tax charge is:
Tax on profit at 25% (UK standard rate) 124,922 101,424
Goodwill/depreciation not allowed for tax 9,128 5,753
Expenses not deductible for tax purposes 2,689 -
Capital allowances - (21,215 )
Total tax charge for the period 136,739 85,962
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5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 November 2023 57,180 149,673 12,805 219,658
Disposals - (32,120 ) - (32,120 )
As at 31 October 2024 57,180 117,553 12,805 187,538
Depreciation
As at 1 November 2023 39,431 43,089 11,234 93,754
Provided during the period 2,662 24,418 518 27,598
Disposals - (23,208 ) - (23,208 )
As at 31 October 2024 42,093 44,299 11,752 98,144
Net Book Value
As at 31 October 2024 15,087 73,254 1,053 89,394
As at 1 November 2023 17,749 106,584 1,571 125,904
6. Stocks
2024 2023
£ £
Materials 18,056 18,560
Work in progress 308,316 340,152
326,372 358,712
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,304,558 1,186,600
Prepayments and accrued income 8,167 7,167
VAT 54,505 61,544
1,367,230 1,255,311
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 16,034 21,567
Trade creditors 717,269 758,550
Bank loans and overdrafts 10,000 10,000
Corporation tax 136,739 85,962
Other taxes and social security 30,100 16,825
Other creditors 38,474 25,944
Accruals and deferred income 19,753 9,046
968,369 927,894
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9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 51,998 68,032
Bank loans 6,667 16,667
58,665 84,699
10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 16,034 21,567
Later than one year and not later than five years 51,998 68,032
68,032 89,599
68,032 89,599
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 99 104
12. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid 206,798 189,165
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