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Registered number: 12464515
Logic Rent Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2025
Harrisons Accountancy Ltd
Harrison House Sheep Walk
Langford Road
Biggleswade
Bedfordshire
SG18 9RB
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12464515
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 50,471 80,959
50,471 80,959
CURRENT ASSETS
Stocks 5 5,193 2,901
Debtors 6 259,303 253,083
Cash at bank and in hand 309,613 177,915
574,109 433,899
Creditors: Amounts Falling Due Within One Year 7 (269,676 ) (142,946 )
NET CURRENT ASSETS (LIABILITIES) 304,433 290,953
TOTAL ASSETS LESS CURRENT LIABILITIES 354,904 371,912
Creditors: Amounts Falling Due After More Than One Year 8 - (11,598 )
NET ASSETS 354,904 360,314
CAPITAL AND RESERVES
Called up share capital 10 140 140
Profit and Loss Account 354,764 360,174
SHAREHOLDERS' FUNDS 354,904 360,314
Page 1
Page 2
For the year ending 31 March 2025 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.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Ms Iuri Shiraishi-Ferreira
Director
Ms Jessica Calvert
Director
17/12/2025
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Logic Rent Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12464515 . The registered office is 20 Furmston Court, Letchworth Garden City, Hertfordshire, SG6 1UJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 33% on cost
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 25% on reducing balance
Computer Equipment 25% on reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2024: 4)
3 4
4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2024 60,798 83,016 1,189 145,003
Additions 333 5,401 1,771 7,505
Disposals - (29,300 ) - (29,300 )
As at 31 March 2025 61,131 59,117 2,960 123,208
Depreciation
As at 1 April 2024 42,764 20,799 481 64,044
Provided during the period 6,061 14,444 263 20,768
Disposals - (12,075 ) - (12,075 )
As at 31 March 2025 48,825 23,168 744 72,737
Net Book Value
As at 31 March 2025 12,306 35,949 2,216 50,471
As at 1 April 2024 18,034 62,217 708 80,959
5. Stocks
2025 2024
£ £
Materials 5,193 2,901
6. Debtors
2025 2024
£ £
Due within one year
Trade debtors 41,531 52,226
Prepayments and accrued income 134,385 119,171
Other debtors 40 40
Deposits 83,347 81,646
259,303 253,083
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7. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts - 7,325
Trade creditors 2,871 4,795
Corporation tax 79,964 41,428
Other taxes and social security 3,020 3,260
VAT 47,332 46,406
Other creditors 50 -
Credit card 3,546 3,897
Accruals and deferred income 4,893 5,835
Directors' loan accounts 32,000 -
Amounts owed to parent undertaking 96,000 30,000
269,676 142,946
8. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts - 11,598
9. Obligations Under Finance Leases and Hire Purchase
2025 2024
£ £
The future minimum finance lease payments are as follows:
Not later than one year - 8,040
Later than one year and not later than five years - 12,731
- 20,771
Less: Finance charges allocated to future periods - 1,848
- 18,923
10. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 140 140
11. Related Party Transactions
Logic Land & Property Limited
At the balance sheet date an intercompany loan of £96,000 (2024: £30,000) was owed by the company to Logic Land & Property Limited on which no interest was charged.
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