Company Registration No. 07714764 (England and Wales)
Secure Logiq Limited
Unaudited filleted accounts
for the year ended 31 December 2024
Secure Logiq Limited
Unaudited filleted accounts
Contents
Secure Logiq Limited
Company Information
for the year ended 31 December 2024
Directors
Mr Robin Hughes
Mr Aleksandar Uzunov
Mr Hamish Johnson
Mr Ben Yoxall
Company Number
07714764 (England and Wales)
Registered Office
Unit B1
Fleming Centre
Fleming Way
Crawley
West Sussex
RH10 9NN
England
Accountants
Caseron Cloud Accounting Ltd
7 Swallow Drive
Stowmarket
Suffolk
IP14 5BY
Secure Logiq Limited
Statement of financial position
as at 31 December 2024
Tangible assets
877,398
915,406
Inventories
1,823,252
1,720,351
Debtors
1,889,824
1,612,777
Cash at bank and in hand
37,134
134,207
Creditors: amounts falling due within one year
(1,009,755)
(983,471)
Net current assets
2,740,455
2,483,864
Total assets less current liabilities
3,617,853
3,399,270
Creditors: amounts falling due after more than one year
(1,724,820)
(1,650,352)
Provisions for liabilities
Deferred tax
(48,632)
(34,092)
Net assets
1,844,401
1,714,826
Called up share capital
100
100
Profit and loss account
1,844,301
1,714,726
Shareholders' funds
1,844,401
1,714,826
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2025 and were signed on its behalf by
Mr Hamish Johnson
Director
Company Registration No. 07714764
Secure Logiq Limited
Notes to the Accounts
for the year ended 31 December 2024
Secure Logiq Limited is a private company, limited by shares, registered in England and Wales, registration number 07714764. The registered office is Unit B1, Fleming Centre, Fleming Way, Crawley, West Sussex, RH10 9NN, England.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention.
The accounts are presented in £ sterling.
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 sales/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.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Product development costs are recognised as an intangible asset when all of the following criteria are demonstrated:
- The technical feasibility of completing the hardware product so that it will be available for use or sale.
- The intention to complete the hardware and use or sell it.
- The ability to use the hardware or to sell it.
- How the hardware will generate probable future economic benefits.
- The availability of adequate technical, financial and other resources to complete the development and to use or sell the hardware.
- The ability to measure reliably the expenditure attributable to the hardware during its development.
Secure Logiq Limited
Notes to the Accounts
for the year ended 31 December 2024
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
20% straight line
Motor vehicles
20% straight line
Fixtures & fittings
20% straight line
Computer equipment
33% straight line and 20% straight line
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, 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.
Interest income is recognised using the effective interest method.
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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 Profit and Loss Account 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.
Secure Logiq Limited
Notes to the Accounts
for the year ended 31 December 2024
Interest Paid and Finance Costs
Finance costs are charged to the profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Operating lease commitments
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments at the year end.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
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Intangible fixed assets
Total
At 31 December 2024
55,250
At 31 December 2024
55,250
Secure Logiq Limited
Notes to the Accounts
for the year ended 31 December 2024
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Tangible fixed assets
Total
At 1 January 2024
1,676,040
At 31 December 2024
1,945,241
Charge for the year
307,209
At 31 December 2024
1,067,843
At 31 December 2024
877,398
At 31 December 2023
915,406
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Operating lease commitments
2024
2023
At 31 December 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
252,555
107,726
Later than one year and not later than five years
52,539
137,834
At the year-end, the company had an outstanding balance of £231,158 (2023: £210,521) due from the directors.
The loans are unsecured, interest free and repayable on demand.
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Average number of employees
During the year the average number of employees was 19 (2023: 19).