Logi - Tek (UK) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04433181 (England and Wales)

LOGI - TEK (UK) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2019

Page

Company Information

1

Statement of Financial Position

2

to

3

Notes to the Financial Statements

4

to

8

DIRECTORS:

K Fletcher

Mrs E Fletcher

SECRETARY:

B T Carrick

REGISTERED OFFICE:

Star Lane House

Star Lane

Stamford

Lincolnshire

PE9 1PH

REGISTERED NUMBER:

04433181 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

26 Park Road

Melton Mowbray

Leicestershire

LE13 1TT

FIXED ASSETS

Intangible assets

4

-

-

Property, plant and equipment

5

52,177

26,980

52,177

26,980

CURRENT ASSETS

Debtors

6

846,716

1,478,570

Cash at bank and in hand

1,264,926

1,748,374

2,111,642

3,226,944

CREDITORS

Amounts falling due within one year

7

468,803

689,662

NET CURRENT ASSETS

1,642,839

2,537,282

TOTAL ASSETS LESS CURRENT LIABILITIES

1,695,016

2,564,262

PROVISIONS FOR LIABILITIES

-

216

NET ASSETS

1,695,016

2,564,046

CAPITAL AND RESERVES

Called up share capital

8

429

420

Share premium

13,591

-

Capital redemption reserve

210

-

Share option reserves

6,778

13,556

Retained earnings

1,674,008

2,550,070

1,695,016

2,564,046

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors on 31 October 2019 and were signed on its behalf by:

K Fletcher - Director

1.	STATUTORY INFORMATION

Logi - Tek (UK) Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of four years.

Property, plant and equipment

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33.33% on cost and 25% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different

from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and

laws that have been enacted or substantively enacted by the year end and that are expected to apply to the

reversal of the timing difference.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial

position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those

held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the

shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital

element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's

pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2018 - 17 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 June 2018

and 31 May 2019

20,000

AMORTISATION

At 1 June 2018

and 31 May 2019

20,000

NET BOOK VALUE

At 31 May 2019

-

At 31 May 2018

-

5.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

etc

£

COST

At 1 June 2018

81,410

Additions

45,572

At 31 May 2019

126,982

DEPRECIATION

At 1 June 2018

54,430

Charge for year

20,375

At 31 May 2019

74,805

NET BOOK VALUE

At 31 May 2019

52,177

At 31 May 2018

26,980

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

809,761

1,206,451

Other debtors

5,536

806

Directors' current accounts

-

250,000

Tax

2,296

2,296

Prepayments

29,123

19,017

846,716

1,478,570

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

130,166

244,046

Corporation tax

42,802

177,799

Other taxes and social security

134,425

150,030

Other creditors

124,564

51,030

Directors' current accounts

203

35,568

Accrued expenses

36,643

31,189

468,803

689,662

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number: Class:

Nominal

2018

2017

value:

£

£

21,985 Ordinary

£0.01

220

20

12,000 Ordinary A

£0.01

120

120

0 Ordinary B

£0.01

-

120

8,000 Ordinary C

£0.01

80

80

0 Ordinary D

£0.01

-

80

1 Ordinary E

£0.01

-

-

933 Ordinary F

£0.01

9

-

1 Ordinary G

£0.01

-

-

1 Ordinary H

£0.01

-

-

On 12 July 2018 the company purchased 1,000 ordinary shares, 12,000 ordinary B shares and 8,000 ordinary D

shares for cancellation. The consideration paid was £1,211,802.

On 12 July 2018 the company issued 20,985 Ordinary shares at par.

On 28 September the company issued 1 Ordinary E share, 1 Ordinary G share and 1 Ordinary H share. The price

paid was £14.53 per share.

On 19 October 2018 the company issued 933 Ordinary F shares. The price paid was £14.53 per share.

9.	OTHER FINANCIAL COMMITMENTS

The company has commitments due as follows:

2019

2018

£

£

Due in less than one year

5,175

13,734

Due between two and five years

-

-

5,175

13,734

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2019 and

31 May 2018:

2019

2018

£

£

K Fletcher

Balance outstanding at start of year

250,000

-

Amounts advanced

-

250,000

Amounts repaid

(250,000

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

250,000

S H Oliver

Balance outstanding at start of year

(35,568

)

683

Amounts advanced

35,568

5

Amounts repaid

-

(36,256

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

(35,568

)

The directors loans are repayable on demand.