Company registration number 04252765 (England and Wales)
LOGIC WORKSHOP LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
LOGIC WORKSHOP LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
LOGIC WORKSHOP LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,701
Current assets
Debtors
4
4,745
Cash at bank and in hand
153
7,587
153
12,332
Creditors: amounts falling due within one year
5
(1,259)
(7,232)
Net current (liabilities)/assets
(1,106)
5,100
Total assets less current liabilities
(1,106)
6,801
Creditors: amounts falling due after more than one year
6
(6,000)
Provisions for liabilities
(323)
Net (liabilities)/assets
(1,106)
478
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(1,206)
378
Total equity
(1,106)
478
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 4 January 2025 and are signed on its behalf by:
Mr S Edmonds
Director
Company Registration No. 04252765
LOGIC WORKSHOP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 2 -
1
Accounting policies
Company information
Logic Workshop Limited is a private company limited by shares incorporated in England and Wales. The registered office is Beili Glas Cottage, Llanellen, Abergavenny, Monmouthshire, United Kingdom, NP7 9HS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Reporting period
The prior reporting period is shorter than one year as the company ceased to trade on the 30th September 2023.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
20% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
LOGIC WORKSHOP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
2023
Number
Number
Total
2
2
LOGIC WORKSHOP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 4 -
3
Tangible fixed assets
Computer equipment
£
Cost
At 1 August 2023
4,211
Disposals
(4,211)
At 30 September 2023
Depreciation and impairment
At 1 August 2023
2,510
Depreciation charged in the period
576
Eliminated in respect of disposals
(3,086)
At 30 September 2023
Carrying amount
At 30 September 2023
At 31 July 2023
1,701
4
Debtors
2023
2023
Amounts falling due within one year:
£
£
Trade debtors
4,008
Other debtors
737
4,745
5
Creditors: amounts falling due within one year
2023
2023
£
£
Bank loans
3,000
Corporation tax
814
Other taxation and social security
464
1,747
Other creditors
795
71
Accruals and deferred income
1,600
1,259
7,232
LOGIC WORKSHOP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 5 -
6
Creditors: amounts falling due after more than one year
2023
2023
£
£
Bank loans and overdrafts
6,000
7
Called up share capital
2023
2023
2023
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
8
Directors' transactions
Dividends totalling £0 (2023 - £2,000) were paid in the period in respect of shares held by the company's directors.
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Directors Loan
-
737
1,947
(3,479)
(795)
737
1,947
(3,479)
(795)