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LOGIC MH LTD

Registered Number
02662824
(England and Wales)

Unaudited Financial Statements for the Year ended
31 August 2024

LOGIC MH LTD
Company Information
for the year from 1 September 2023 to 31 August 2024

Directors

Mr S J Beniams
Mr B R Cordiner
Mr M J Hughes

Company Secretary

Mr B R Cordiner

Registered Address

Logic Manufacturing Ltd
Foundry Ind Estate, Bridge End
Hexham
NE46 4JL

Registered Number

02662824 (England and Wales)
LOGIC MH LTD
Statement of Financial Position
31 August 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets355,59128,752
55,59128,752
Current assets
Stocks292,142270,025
Debtors4346,312294,592
Cash at bank and on hand158,432233,341
796,886797,958
Creditors amounts falling due within one year5(232,634)(214,123)
Net current assets (liabilities)564,252583,835
Total assets less current liabilities619,843612,587
Provisions for liabilities6(11,000)(5,500)
Net assets608,843607,087
Capital and reserves
Called up share capital5,0005,000
Profit and loss account603,843602,087
Shareholders' funds608,843607,087
The financial statements were approved and authorised for issue by the Board of Directors on 14 April 2025, and are signed on its behalf by:
Mr M J Hughes
Director
Registered Company No. 02662824
LOGIC MH LTD
Notes to the Financial Statements
for the year ended 31 August 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Employee benefits
The company operates defined contribution plans for some of 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 obligation. Contributions to defined contribution plans are expensed in the period in which they are paid. The assets of the plan are held separately from the company in independently administered funds.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Plant and machinery4
Fixtures and fittings4
Vehicles3
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement.
Financial instruments
The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

20242023
Average number of employees during the year88
3.Tangible fixed assets

Plant & machinery

Vehicles

Fixtures & fittings

Total

££££
Cost or valuation
At 01 September 2354,79095,58927,860178,239
Additions-56,6864,76661,452
Disposals(3,785)(16,794)(2,549)(23,128)
At 31 August 2451,005135,48130,077216,563
Depreciation and impairment
At 01 September 2354,79067,57427,123149,487
Charge for year-29,73569330,428
On disposals(3,785)(12,609)(2,549)(18,943)
At 31 August 2451,00584,70025,267160,972
Net book value
At 31 August 24-50,7814,81055,591
At 31 August 23-28,01573728,752
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables306,496270,686
Prepayments and accrued income39,81623,906
Total346,312294,592
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables150,405128,658
Taxation and social security54,72569,534
Accrued liabilities and deferred income27,50415,931
Total232,634214,123
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
6.Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of financial position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

2024

2023

££
Net deferred tax liability (asset)11,0005,500
Total11,0005,500