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Registration number: 04947299

Dr Logic Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Dr Logic Ltd

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 9

 

Dr Logic Ltd

(Registration number: 04947299)
Statement of Financial Position as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

2,590

-

Tangible assets

5

47,795

82,812

 

50,385

82,812

Current assets

 

Debtors

6

401,441

390,213

Cash at bank and in hand

 

242,653

181,592

 

644,094

571,805

Creditors: Amounts falling due within one year

7

(545,618)

(604,672)

Net current assets/(liabilities)

 

98,476

(32,867)

Total assets less current liabilities

 

148,861

49,945

Creditors: Amounts falling due after more than one year

7

(45,582)

(92,210)

Provisions for liabilities

(12,596)

-

Net assets/(liabilities)

 

90,683

(42,265)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

90,583

(42,365)

Shareholders' funds/(deficit)

 

90,683

(42,265)

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 9 July 2025 and signed on its behalf by:
 


Mr R A Marszalek
Director

 

Dr Logic Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
26-28 Southernhay East
Exeter
EX1 1NS

Principal activity

The principal activity of the company is that of IT support services.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The accounts have been prepared on a going concern basis.

 

Dr Logic Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

Dr Logic Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

33.33% straight line

Motor vehicles

33.33% straight line

Office equipment

20% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website development

33.33% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Dr Logic Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 28 (2023 - 28).

 

Dr Logic Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

4

Intangible assets

Website development
£

Total
£

Cost or valuation

Additions acquired separately

2,975

2,975

At 31 December 2024

2,975

2,975

Amortisation

Amortisation charge

385

385

At 31 December 2024

385

385

Carrying amount

At 31 December 2024

2,590

2,590

5

Tangible assets

Computer equipment
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

42,484

9,629

74,180

126,293

Additions

3,898

1,142

-

5,040

Disposals

(4,885)

-

-

(4,885)

At 31 December 2024

41,497

10,771

74,180

126,448

Depreciation

At 1 January 2024

17,727

-

25,754

43,481

Charge for the year

10,676

2,078

24,724

37,478

Eliminated on disposal

(2,306)

-

-

(2,306)

At 31 December 2024

26,097

2,078

50,478

78,653

Carrying amount

At 31 December 2024

15,400

8,693

23,702

47,795

At 31 December 2023

24,757

9,629

48,426

82,812

 

Dr Logic Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

6

Debtors

2024
£

2023
£

Trade debtors

368,399

329,292

Other debtors

142

-

Prepayments

32,900

60,921

401,441

390,213

 

Dr Logic Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

46,628

55,972

Trade creditors

 

24,409

39,251

Taxation and social security

 

264,551

225,690

Accruals and deferred income

 

154,355

130,514

Other creditors

 

55,675

153,245

 

545,618

604,672

Included within loans and borrowings are hire purchase obligations amounting to £7,692 (2023: £6,978) which are secured against the assets to which they relate. The Government has guaranteed up to 80% of the bank loan balance under the CBIL Scheme,

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

45,582

92,210

Included within loans and borrowings are hire purchase obligations amounting to £45,582 (2023: £53,274) which are secured against the assets to which they relate. The Government has guaranteed up to 80% of the bank loan balance under the CBIL Scheme.

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Dr Logic Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

38,936

Hire purchase contracts

45,582

53,274

45,582

92,210

Current loans and borrowings

2024
£

2023
£

Bank borrowings

38,936

48,994

Hire purchase contracts

7,692

6,978

46,628

55,972

10

Related party transactions

Transactions with directors

2024

At 1 January 2024
£

Advances to director
£

Repayments by director
£

At 31 December 2024
£

Directors

(139,773)

345,626

(244,215)

(38,362)

         
       

 

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Directors

(368,860)

229,148

(61)

(139,773)