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Registered number: 04188279












LOGICALLY APPLIED SOLUTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

 

LOGICALLY APPLIED SOLUTIONS LIMITED

CONTENTS



Page
Company information
 
1
Balance sheet
 
2 - 3
Notes to the financial statements
 
4 - 12


 

LOGICALLY APPLIED SOLUTIONS LIMITED
 
COMPANY INFORMATION


Director
Sir R Dennis CBE 




Company secretary
L A Stapleton



Registered number
04188279



Registered office
Kingsbourne
Pinewood Road

Virginia Water

Surrey

GU25 4PA




Accountants
Blick Rothenberg Limited
Chartered Accountants

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:04188279
LOGICALLY APPLIED SOLUTIONS LIMITED

BALANCE SHEET
AS AT 31 MAY 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Tangible fixed assets
 4 
72,111
96,499

Fixed asset investments
 5 
5,001
5,001

  
77,112
101,500

Current assets
  

Debtors: amounts falling due within one year
 6 
5,401,335
5,849,587

Cash at bank and in hand
  
41,186
69,096

  
5,442,521
5,918,683

Creditors: amounts falling due within one year
 7 
(12,188,312)
(12,402,788)

Net current liabilities
  
 
 
(6,745,791)
 
 
(6,484,105)

Total assets less current liabilities
  
(6,668,679)
(6,382,605)

Provisions for liabilities
  

Deferred tax
 8 
-
(2,654)

  
 
 
-
 
 
(2,654)

Net liabilities
  
(6,668,679)
(6,385,259)


Capital and reserves
  

Called up share capital 
 9 
1
1

Profit and loss account
  
(6,668,680)
(6,385,260)

Total equity
  
(6,668,679)
(6,385,259)


Page 2


 
REGISTERED NUMBER:04188279
LOGICALLY APPLIED SOLUTIONS LIMITED
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The director considers 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 director acknowledges his 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 company has opted not to file the profit and loss account 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 by: 




Sir R Dennis CBE
Director

Date: 4 March 2025

The notes on pages 4 to 12 form part of these financial statements.

Page 3

 

LOGICALLY APPLIED SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Logically Applied Solutions Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is Kingsbourne, Pinewood Road, Virginia Water, Surrey, GU25 4PA.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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

Going concern

The financial statements have been prepared on a going concern basis notwithstanding the fact that the company has a deficiency on total equity at the end of the year. The director considers this basis to be appropriate as the company has received a letter of financial support from its parent company for the foreseeable future being a period of not less than twelve months from the date the financial statements were approve.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

 

LOGICALLY APPLIED SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.4

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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

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

Depreciation is provided on the following basis:

Motor vehicles
-
25.0%
reducing balance
Fixtures and fittings
-
25.0%
reducing balance
Office equipment
-
25.0%
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.

 
2.5

Valuation of investments

Investments in subsidiaries and associates are measured at cost less accumulated impairment.

Page 5

 

LOGICALLY APPLIED SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

  
2.6

Financial Instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 
Financial assets
Basic financial assets, including trade and other debtors and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. 
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
 
Page 6

 

LOGICALLY APPLIED SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. 
Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
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.

 
2.8

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is Sterling (£).

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  are presented in the profit and loss account within 'administrative expenses'. 

Page 7

 

LOGICALLY APPLIED SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.9

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.

 
2.10

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. 

 
2.11

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.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.

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 arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.

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. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.



3.


Employees

 The average monthly number of employees, including directors, during the year was 5 (2023 - 7).

Page 8

 

LOGICALLY APPLIED SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Ground equipment
Other fixed assets
Total

£
£
£
£
£



Cost or valuation


At 1 June 2023
116,091
14,458
42,916
131,362
304,827


Additions
-
352
1,330
16,070
17,752



At 31 May 2024

116,091
14,810
44,246
147,432
322,579



Depreciation


At 1 June 2023
83,337
12,316
33,372
79,303
208,328


Charge for the year on owned assets
8,746
559
2,187
30,648
42,140



At 31 May 2024

92,083
12,875
35,559
109,951
250,468



Net book value



At 31 May 2024
24,008
1,935
8,687
37,481
72,111



At 31 May 2023
32,754
2,142
9,544
52,059
96,499


5.


Fixed asset investments





Investments in subsidiaries and associates

£



Cost or valuation


At 1 June 2023
5,001



At 31 May 2024
5,001




Page 9

 

LOGICALLY APPLIED SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

6.


Debtors

As restated
2024
2023
£
£


Amounts owed by group undertakings
4,908,922
5,286,335

Other debtors
436,231
465,239

Prepayments and accrued income
54,500
98,013

Deferred taxation
1,682
-

5,401,335
5,849,587



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
72,781
244,018

Other taxation and social security
7,818
-

Other creditors
12,100,713
12,151,977

Accruals and deferred income
7,000
6,793

12,188,312
12,402,788



8.


Deferred taxation




2024


£






At beginning of year (As restated)
(2,654)


Charged to profit or loss
4,336



At end of year
1,682

The deferred taxation balance is made up as follows:

As restated
2024
2023
£
£


Accelerated capital allowances
1,682
(2,654)

Page 10

 

LOGICALLY APPLIED SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 (2023 - 1) Ordinary share of £1.00
1
1



10.


Prior year adjustment

These financial statements include the restatement of deferred tax for the year ended 31 May 2023, decreasing the deferred tax asset by £973,686 as it was not recoverable, resulting in a deferred tax liability of £2,654. This restatement also decreases the deferred tax charge in the profit and loss account by the same amount. The overall impact is a reduction in net assets as at 31 May 2023 by £973,686.


11.


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
130,000
31,025

Later than 1 year and not later than 5 years
54,137
-

184,137
31,025

Page 11

 

LOGICALLY APPLIED SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

12.
Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures"  from disclosing transactions with entities which are a wholly owned part of the group.

Transactions with other related parties are as follows:




Relationship

Transaction

Amount
Amount due (to)/from related parties




2024
 
2023 
2024 
2023 




£
 
£ 
£ 
£ 



Common directorship
Loan
(16,214)
3,483
5,882
22,096



Associated undertaking
Loan
10,000
-
433,671
423,671



Director
Loan
50,777
25,019
(12,096,904)
(12,147,681)



Amounts owed to related parties are unsecured, interest free and due for repayment within one year.


13.


Controlling party

The parent company is Lavendo Holdings Limited whose registered office is Kingsbourne, Pinewood Road, Virginia Water, Surrey, GU25 4PA.

 
Page 12