Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-31false13false2023-06-01No description of principal activity12falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11868590 2023-06-01 2024-05-31 11868590 2022-06-01 2023-05-31 11868590 2024-05-31 11868590 2023-05-31 11868590 c:Director2 2023-06-01 2024-05-31 11868590 d:PlantMachinery 2023-06-01 2024-05-31 11868590 d:PlantMachinery 2024-05-31 11868590 d:PlantMachinery 2023-05-31 11868590 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 11868590 d:MotorVehicles 2023-06-01 2024-05-31 11868590 d:MotorVehicles 2024-05-31 11868590 d:MotorVehicles 2023-05-31 11868590 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 11868590 d:FurnitureFittings 2023-06-01 2024-05-31 11868590 d:FurnitureFittings 2024-05-31 11868590 d:FurnitureFittings 2023-05-31 11868590 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 11868590 d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 11868590 d:PatentsTrademarksLicencesConcessionsSimilar 2023-06-01 2024-05-31 11868590 d:PatentsTrademarksLicencesConcessionsSimilar 2024-05-31 11868590 d:PatentsTrademarksLicencesConcessionsSimilar 2023-05-31 11868590 d:CurrentFinancialInstruments 2024-05-31 11868590 d:CurrentFinancialInstruments 2023-05-31 11868590 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 11868590 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 11868590 d:ShareCapital 2024-05-31 11868590 d:ShareCapital 2023-05-31 11868590 d:SharePremium 2024-05-31 11868590 d:SharePremium 2023-05-31 11868590 d:RetainedEarningsAccumulatedLosses 2024-05-31 11868590 d:RetainedEarningsAccumulatedLosses 2023-05-31 11868590 c:FRS102 2023-06-01 2024-05-31 11868590 c:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 11868590 c:FullAccounts 2023-06-01 2024-05-31 11868590 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 11868590 d:WithinOneYear 2024-05-31 11868590 d:WithinOneYear 2023-05-31 11868590 d:BetweenOneFiveYears 2024-05-31 11868590 d:BetweenOneFiveYears 2023-05-31 11868590 d:PatentsTrademarksLicencesConcessionsSimilar d:ExternallyAcquiredIntangibleAssets 2023-06-01 2024-05-31 11868590 2 2023-06-01 2024-05-31 11868590 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2023-06-01 2024-05-31 11868590 e:PoundSterling 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure

Registered number: 11868590










Logical Biological Ltd








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 May 2024

 
Logical Biological Ltd
 
  
Chartered Accountants' Report to the Board of Directors on the preparation of the Unaudited Statutory Financial Statements of Logical Biological Ltd for the Year Ended 31 May 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Logical Biological Ltd for the year ended 31 May 2024 which comprise  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 firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of Logical Biological Ltd, as a body, in accordance with the terms of our engagement letter dated 23 May 2024Our work has been undertaken solely to prepare for your approval the financial statements of Logical Biological Ltd and state those matters that we have agreed to state to the Board of Directors of Logical Biological Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Logical Biological Ltd and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Logical Biological Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Logical Biological Ltd. You consider that Logical Biological Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Logical Biological Ltd. 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 statutory financial statements.

  



Kreston Reeves LLP
 
Chartered Accountants
  
Canterbury
10 January 2025
Page 1

 
Logical Biological Ltd
Registered number: 11868590

Balance Sheet
As at 31 May 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
  
14,286
7,007

Tangible assets
 5 
39,390
46,837

  
53,676
53,844

Current assets
  

Stocks
  
140,538
109,148

Debtors: amounts falling due within one year
 6 
371,770
457,686

Cash at bank and in hand
  
2,249,642
1,802,261

  
2,761,950
2,369,095

Creditors: amounts falling due within one year
 7 
(765,352)
(726,196)

Net current assets
  
 
 
1,996,598
 
 
1,642,899

Total assets less current liabilities
  
2,050,274
1,696,743

Provisions for liabilities
  

Deferred tax
  
(13,419)
(13,461)

  
 
 
(13,419)
 
 
(13,461)

Net assets
  
2,036,855
1,683,282


Capital and reserves
  

Called up share capital 
  
10
10

Share premium account
  
241
241

Profit and loss account
  
2,036,604
1,683,031

  
2,036,855
1,683,282


Page 2

 
Logical Biological Ltd
Registered number: 11868590

Balance Sheet (continued)
As at 31 May 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 January 2025.




J Steggles
Director

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
Logical Biological Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 May 2024

1.


General information

Logical Biological Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Office SE2.005, Second Floor, Building 500, Discovery Park, Ramsgate Road, Sandwich, Kent, CT13 9FE. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 4

 
Logical Biological Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 May 2024

2.Accounting policies (continued)

 
2.4

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
Logical Biological Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 May 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 Amortisation is provided on the following bases:

Computer software
-
10%
& 20% straight line

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 6

 
Logical Biological Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 May 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
straight line
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 7

 
Logical Biological Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 May 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 13 (2023 - 12).


4.


Intangible assets




Computer software

£



Cost


At 1 June 2023
9,342


Additions
10,710



At 31 May 2024

20,052



Amortisation


At 1 June 2023
2,335


Charge for the year on owned assets
3,431



At 31 May 2024

5,766



Net book value



At 31 May 2024
14,286



At 31 May 2023
7,007



Page 8

 
Logical Biological Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 May 2024

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 June 2023
6,218
43,188
22,801
72,207


Additions
-
-
5,012
5,012



At 31 May 2024

6,218
43,188
27,813
77,219



Depreciation


At 1 June 2023
3,010
14,787
7,573
25,370


Charge for the year on owned assets
1,243
7,100
4,116
12,459



At 31 May 2024

4,253
21,887
11,689
37,829



Net book value



At 31 May 2024
1,965
21,301
16,124
39,390



At 31 May 2023
3,208
28,401
15,228
46,837


6.


Debtors

2024
2023
£
£


Trade debtors
331,221
429,895

Other debtors
3,473
4,974

Prepayments and accrued income
37,076
22,817

371,770
457,686



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
96,787
63,555

Corporation tax
172,055
227,500

Other taxation and social security
25,832
60,361

Other creditors
367,635
244,949

Accruals and deferred income
103,043
129,831

765,352
726,196


Page 9

 
Logical Biological Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 May 2024

8.


Commitments under operating leases

At 31 May 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
11,577
30,919

Later than 1 year and not later than 5 years
-
11,577

11,577
42,496


9.


Related party transactions

All related party transactions during the current and prior periods, including key management personnel compensation were made under normal market conditions. 


10.


Controlling party

The ultimate controlling party is James Steggles by virtue of his majority shareholding. 


Page 10