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Registered Number: 06920074


 

 

 

INDUCTIVE LOGIC LTD



Abridged Accounts
 


Period of accounts

Start date: 01 January 2024

End date: 31 December 2024

Inductive Logic Ltd
Contents Page
For the year ended 31 December 2024
Accountants report
You consider that the company is exempt from an audit for the year ended 31 December 2024 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
Swan Saunders
31 December 2024
These are the Abridged accounts; They replace the original accounts, they are now the statutory accounts and are prepared as they were at the date of the original accounts.




....................................................
Swan Saunders
Oak Lodge Business Centre
129 School Lane
Little Melton
Norwich
NR9 3LB
25 September 2025
1
 
 		 Notes
 		 2024
£		   2023
£
Fixed assets      
Tangible fixed assets 4 2,812    2,246 
2,812    2,246 
Current assets      
Stocks 38,886    49,532 
Debtors 54,204    14,782 
Cash at bank and in hand (28,090)   (27,465)
65,000    36,849 
Creditors: amount falling due within one year (29,412)   (21,691)
Net current assets 35,588    15,158 
 
Total assets less current liabilities 38,400    17,404 
Creditors: amount falling due after more than one year (50,965)   (3,223)
Provisions for liabilities (11,268)   (11,268)
Net assets (23,833)   2,913 
 

Capital and reserves 		     
Called up share capital 1    1 
Profit and loss account (23,834)   2,912 
Shareholders' funds (23,833)   2,913 
 


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

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the director on 25 September 2025 and were signed by:


-------------------------------
Ian Baragwanath
Director
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General Information
Inductive Logic Ltd is a private company, limited by shares, registered in , registration number 06920074, registration address Hethel Engineering Centre Chapman Way Helther Norwich, NR14 8FB.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Licences and patents
Licences and patents are stated at cost less amortisation. Amortisation of licences is calculated on a straight line basis over the life of the licence. Amortisation of patents is calculated on a straight line basis over the estimated expected useful economic life of the patents of years.
Development expenditures
Research and development expenditure is charged to the income statement in the period in which it is incurred. However, where the directors are satisfied as to the technical, commercial and financial viability of individual projects, development expenditure is deferred and amortised over years during which the company is expected to benefit.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures and Fittings 25% Reducing Balance
Computer Equipment 33% Reducing Balance
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 2 (2023 : 1).
3.

Intangible fixed assets

Cost Research and Development   Total
  £   £
At 01 January 2024 (11,641)   (11,641)
Additions -    - 
Disposals -    - 
At 31 December 2024 (11,641)   (11,641)
Amortisation
At 01 January 2024 (11,641)   (11,641)
Charge for year -    - 
On disposals -    - 
At 31 December 2024 (11,641)   (11,641)
Net book values
At 31 December 2024 -    - 
At 31 December 2023 -    - 


4.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £   £
At 01 January 2024 40,762    13,077    9,869    29,399    93,107 
Additions 670    -    -    948    1,618 
Disposals -    -    -    -    - 
At 31 December 2024 41,432    13,077    9,869    30,347    94,725 
Depreciation
At 01 January 2024 40,762    10,923    9,777    29,399    90,861 
Charge for year 167    539    30    316    1,052 
On disposals -    -    -    -    - 
At 31 December 2024 40,929    11,462    9,807    29,715    91,913 
Net book values
Closing balance as at 31 December 2024 503    1,615    62    632    2,812 
Opening balance as at 01 January 2024 -    2,154    92    -    2,246 


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