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LOGIC MANUFACTURING LIMITED

Registered Number
02020767
(England and Wales)

Unaudited Financial Statements for the Year ended
31 August 2024

LOGIC MANUFACTURING LIMITED
Company Information
for the year from 1 September 2023 to 31 August 2024

Directors

Mr S J Beniams
Mr B R Cordiner
Mr J D Purdy

Company Secretary

Mr B R Cordiner

Registered Address

Foundry Industrial Estate
Bridge End
Hexham
NE46 4JL

Registered Number

02020767 (England and Wales)
LOGIC MANUFACTURING LIMITED
Statement of Financial Position
31 August 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets4193,724212,811
193,724212,811
Current assets
Stocks1,258,2781,192,866
Debtors5360,180327,381
Cash at bank and on hand604,618521,653
2,223,0762,041,900
Creditors amounts falling due within one year6(684,548)(547,103)
Net current assets (liabilities)1,538,5281,494,797
Total assets less current liabilities1,732,2521,707,608
Creditors amounts falling due after one year7(6,572)(14,459)
Provisions for liabilities8(49,000)(54,000)
Net assets1,676,6801,639,149
Capital and reserves
Called up share capital5,0005,000
Profit and loss account1,671,6801,634,149
Shareholders' funds1,676,6801,639,149
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 S J Beniams
Director
Registered Company No. 02020767
LOGIC MANUFACTURING LIMITED
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 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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement
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.
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.
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
Vehicles4
Finance leases and hire purchase contracts
Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease. Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Stocks and work in progress
Stocks are stated at the lower of cost and net realisable value (less any associated costs to enable such sales to complete). Cost is based on last cost of materials and direct labour costs. 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 only 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 year2929
3.Intangible assets

Other

Total

££
Cost or valuation
At 01 September 237,5007,500
At 31 August 247,5007,500
Amortisation and impairment
At 01 September 237,5007,500
At 31 August 247,5007,500
Net book value
At 31 August 24--
At 31 August 23--
4.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Total

£££££
Cost or valuation
At 01 September 23142,566340,041258,01187,177827,795
Additions-3,38040,00016,32259,702
Disposals-(3,400)(22,825)(14,325)(40,550)
At 31 August 24142,566340,021275,18689,174846,947
Depreciation and impairment
At 01 September 23142,566289,81896,27386,327614,984
Charge for year-17,47460,46585078,789
On disposals-(3,400)(22,825)(14,325)(40,550)
At 31 August 24142,566303,892133,91372,852653,223
Net book value
At 31 August 24-36,129141,27316,322193,724
At 31 August 23-50,223161,738850212,811
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables308,809285,546
Prepayments and accrued income51,37141,835
Total360,180327,381
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.
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables323,808237,338
Taxation and social security198,210187,940
Finance lease and HP contracts7,8877,887
Accrued liabilities and deferred income154,643113,938
Total684,548547,103
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.
7.Creditors: amounts due after one year

2024

2023

££
Other creditors6,57214,459
Total6,57214,459
Finance lease and Hire Purchase contracts amounting to £6,572 (2023 - £14,459) are included within other creditors.
8.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)49,00054,000
Total49,00054,000
9.Other commitments
At 31 August 2024 the company had future minimum lease payments under non-cancellable operating leases of £24,336 (2023: £24,336).