Logex Services Limited Filleted accounts for Companies House (small and micro)

LOGEX SERVICES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04524003

Logex Services Limited

Filleted Unaudited Financial Statements

For the year ended

31 December 2019

Logex Services Limited

Statement of Financial Position

31 December 2019

	2019		2018
Note	£	£	£	£

Fixed assets

Intangible assets	5	6,392	115,491
Tangible assets	6	75,526	17,220
		--------	---------
		81,918	132,711

Current assets

Debtors	7	359,091	342,000
Cash at bank and in hand		716,486	564,533
		------------	---------
		1,075,577	906,533

Creditors: amounts falling due within one year	8	320,379		290,810
		------------		---------
Net current assets			755,198		615,723
			---------		---------
Total assets less current liabilities			837,116		748,434

Provisions	150	( 3,015)
	---------	---------
Net assets	836,966	751,449
	---------	---------

Capital and reserves

Called up share capital	202	202
Profit and loss account	836,764	751,247
	---------	---------
Shareholders funds	836,966	751,449
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 2019 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 financial statements for the year in question in accordance with section 476 ;

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

Logex Services Limited

Statement of Financial Position (continued)

31 December 2019

These financial statements were approved by the board of directors and authorised for issue on 30 March 2020 , and are signed on behalf of the board by:

Mrs A V Strangward

Director

Company registration number: 04524003

Logex Services Limited

Notes to the Financial Statements

Year ended 31 December 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 20 Maxwell Road, Woodston Industrial Estate, Peterborough, PE2 7JD.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill	-	20% straight line
Franchise fee	-	10 - 20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Other property, plant and equipment	-	33% straight line
Motor vehicles	-	25% reducing balance
Fixtures, fittings and equipment	-	33% straight line

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 90 (2018: 82 ).

5. Intangible assets

	Goodwill	Trademarks, patents and licenses	Total
	£	£	£
Cost
At 1 January 2019 and 31 December 2019	612,994	26,587	639,581
	---------	--------	---------
Amortisation
At 1 January 2019	505,195	18,895	524,090
Charge for the year	107,799	1,300	109,099
	---------	--------	---------
At 31 December 2019	612,994	20,195	633,189
	---------	--------	---------
Carrying amount
At 31 December 2019	–	6,392	6,392
	---------	--------	---------
At 31 December 2018	107,799	7,692	115,491
	---------	--------	---------

6. Tangible assets

	Other property, plant and equipment	Motor vehicles	Fixtures, fittings and equipment	Total
	£	£	£	£
Cost
At 1 January 2019	105,052	47,005	77,374	229,431
Additions	15,242	68,837	5,670	89,749
Disposals	–	( 47,005)	–	( 47,005)
	---------	--------	--------	---------
At 31 December 2019	120,294	68,837	83,044	272,175
	---------	--------	--------	---------
Depreciation
At 1 January 2019	104,317	32,441	75,453	212,211
Charge for the year	3,142	12,686	2,265	18,093
Disposals	–	( 33,655)	–	( 33,655)
	---------	--------	--------	---------
At 31 December 2019	107,459	11,472	77,718	196,649
	---------	--------	--------	---------
Carrying amount
At 31 December 2019	12,835	57,365	5,326	75,526
	---------	--------	--------	---------
At 31 December 2018	735	14,564	1,921	17,220
	---------	--------	--------	---------

7. Debtors

	2019	2018
	£	£
Trade debtors	319,848	303,079
Other debtors	39,243	38,921
	---------	---------
	359,091	342,000
	---------	---------

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	54,045	89,324
Social security and other taxes	208,613	141,691
Other creditors	57,721	59,795
	---------	---------
	320,379	290,810
	---------	---------

9. Financial commitments, guarantees and contingencies

The total amount of financial commitments not included in the balance sheet is £1,083,132 (2018: £1,261,571).