Loyalty Logistix Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04991455 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020

FOR

LOYALTY LOGISTIX LIMITED

Page

Company information

1

Balance sheet

2

Notes to the financial statements

4

Chartered certified accountants' report

9

DIRECTOR:

R H Williams

SECRETARY:

R H Williams

REGISTERED OFFICE:

M-Sparc

Menai Science Park

Gaerwen

Anglesey

LL60 6AG

REGISTERED NUMBER:

04991455 (England and Wales)

ACCOUNTANTS:

Fraser Wood Limited

Chartered Certified Accountants

Victoria House

Plas Llwyd Terrace

Bangor

Gwynedd

LL57 1UB

FIXED ASSETS

Intangible assets

4

25,650

299,561

Tangible assets

5

35,744

44,765

Investments

6

7,200

7,200

68,594

351,526

CURRENT ASSETS

Stocks

9,450

15,750

Debtors

7

1,018,479

799,736

Cash at bank and in hand

1,569,627

1,546,111

2,597,556

2,361,597

CREDITORS

Amounts falling due within one year

8

(423,292

)

(407,399

)

NET CURRENT ASSETS

2,174,264

1,954,198

TOTAL ASSETS LESS CURRENT LIABILITIES

2,242,858

2,305,724

PROVISIONS FOR LIABILITIES

(4,306

)

(28,329

)

NET ASSETS

2,238,552

2,277,395

CAPITAL AND RESERVES

Called up share capital

38,360

38,360

Retained earnings

2,200,192

2,239,035

SHAREHOLDERS' FUNDS

2,238,552

2,277,395

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 by the director and authorised for issue on 7 October 2020 and were signed by:

R H Williams - Director

1.	STATUTORY INFORMATION

Loyalty Logistix 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.

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.

Preparation of consolidated financial statements

The financial statements contain information about Loyalty Logistix Limited as an individual company

and do not contain consolidated financial information as the parent of a group. The company is exempt

under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated

financial statements.

Turnover

Turnover represents amounts receivable for computer software design and consultancy net of V. A. T.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured

at cost less any accumulated amortisation and any accumulated impairment losses.

Software development costs are being amortised evenly over their estimated useful life of three years.

Intellectual property is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

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

Plant and machinery etc

-

20% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less provision for diminution in value.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete

and slow moving items.

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 balance sheet date.

Deferred tax

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

the balance sheet 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.

Software development

Expenditure on software development is treated as revenue rather than capital.

Foreign currencies

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 rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at

the operating result.

Revenue recognition

Income represents revenue earned under a wide variety of contracts to provide professional services.

Revenue is recognised as earned when, and to the extent that, the firm obtains the right to

consideration in exchange for its performance under these contracts. It is measured at the fair value of

the right to consideration, which represents amounts chargeable to clients, including expenses and

disbursements but excluding value added tax.

Revenue is generally recognised as contract activity progresses so that for incomplete contracts it

reflects the partial performance of the contractual obligations. For such contracts the amount of

revenue reflects the accrual of the right to consideration by reference to the value of work performed.

Revenue not billed to clients is included in debtors and payments on account in excess of the relevant

amount of revenue are included in creditors.

Income that is contingent on events outside the control of the firm is recognised when the contingent

event occurs.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 56 (2019 - 60 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2019

and 31 March 2020

3,950,780

AMORTISATION

At 1 April 2019

3,651,219

Charge for year

273,911

At 31 March 2020

3,925,130

NET BOOK VALUE

At 31 March 2020

25,650

At 31 March 2019

299,561

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2019

103,827

Additions

7,223

At 31 March 2020

111,050

DEPRECIATION

At 1 April 2019

59,062

Charge for year

16,244

At 31 March 2020

75,306

NET BOOK VALUE

At 31 March 2020

35,744

At 31 March 2019

44,765

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2019

and 31 March 2020

7,200

NET BOOK VALUE

At 31 March 2020

7,200

At 31 March 2019

7,200

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade debtors

515,191

783,237

Other debtors

503,288

16,499

1,018,479

799,736

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Bank loans and overdrafts

-

85,995

Payments on account

14,947

14,478

Trade creditors

95,794

79,130

Amounts owed to group undertakings

7,569

16,733

Taxation and social security

155,260

76,978

Other creditors

149,722

134,085

423,292

407,399

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.3.20

31.3.19

£

£

Within one year

79,897

39,069

Between one and five years

141,138

141,138

221,035

180,207

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.20

31.3.19

£

£

Bank loans

-

85,995

The bank loans are secured by fixed and floating charges over the assets of the company.

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2020 and

31 March 2019:

31.3.20

31.3.19

£

£

R H Williams

Balance outstanding at start of year

-

-

Amounts advanced

300,000

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

300,000

-

12.

CONTROL

The following reproduces the text of the report prepared for the director in respect of the company's

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Balance sheet. Readers are cautioned that the Income statement and certain

other primary statements and the Director's report are not required to be filed with the Registrar of

Companies.

In order to assist you to fulfil your duties under the Companies Act 2006 we have prepared for your approval

the accounts of Loyalty Logistix Limited for the year ended 31 March 2020 from the Company's accounting

records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical

and other professional requirements which are detailed at http://rulebook.accaglobal.com.

Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified

Accountants as detailed at http://www.accaglobal.com/factsheet163.

Fraser Wood Limited

Chartered Certified Accountants

Victoria House

Plas Llwyd Terrace

Bangor

Gwynedd

LL57 1UB

7 October 2020