Logik Developments Limited - Accounts to registrar (filleted) - small 18.2

Logik Developments Limited - Accounts to registrar (filleted) - small 18.2

LOGIK DEVELOPMENTS LIMITED - Company Information

Print Friendly Version

IRIS Accounts Production v20.3.4.1 07028940 Board of Directors 1.4.19 31.3.20 31.3.20 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure070289402019-03-31070289402020-03-31070289402019-04-012020-03-31070289402018-03-31070289402018-04-012019-03-31070289402019-03-3107028940ns16:EnglandWales2019-04-012020-03-3107028940ns15:PoundSterling2019-04-012020-03-3107028940ns11:Director12019-04-012020-03-3107028940ns11:PrivateLimitedCompanyLtd2019-04-012020-03-3107028940ns11:SmallEntities2019-04-012020-03-3107028940ns11:AuditExemptWithAccountantsReport2019-04-012020-03-3107028940ns11:SmallCompaniesRegimeForDirectorsReport2019-04-012020-03-3107028940ns11:SmallCompaniesRegimeForAccounts2019-04-012020-03-3107028940ns11:FullAccounts2019-04-012020-03-3107028940ns11:Director22019-04-012020-03-3107028940ns11:Director32019-04-012020-03-3107028940ns11:RegisteredOffice2019-04-012020-03-3107028940ns6:CurrentFinancialInstruments2020-03-3107028940ns6:CurrentFinancialInstruments2019-03-3107028940ns6:ShareCapital2020-03-3107028940ns6:ShareCapital2019-03-3107028940ns6:RetainedEarningsAccumulatedLosses2020-03-3107028940ns6:RetainedEarningsAccumulatedLosses2019-03-3107028940ns6:PlantMachinery2019-04-012020-03-3107028940ns6:PlantMachinery2019-03-3107028940ns6:PlantMachinery2020-03-3107028940ns6:PlantMachinery2019-03-3107028940ns6:CostValuation2019-03-3107028940ns6:CurrentFinancialInstrumentsns6:WithinOneYear2020-03-3107028940ns6:CurrentFinancialInstrumentsns6:WithinOneYear2019-03-31
REGISTERED NUMBER: 07028940 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2020

for

LOGIK DEVELOPMENTS LIMITED
LOGIK DEVELOPMENTS LIMITED (REGISTERED NUMBER: 07028940)

Contents of the Financial Statements
for the Year Ended 31 March 2020










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 7

LOGIK DEVELOPMENTS LIMITED

Company Information
for the Year Ended 31 March 2020







DIRECTORS: T Bhatti
A Flintoff
N D Spencer





REGISTERED OFFICE: Vantage House Euxton Lane
Euxton
Chorley
Lancashire
PR7 6TB





REGISTERED NUMBER: 07028940 (England and Wales)





ACCOUNTANTS: Studholme-Bell Limited
Chartered Accountants
& Business Advisors
Vantage House Euxton Lane
Euxton
Chorley
Lancashire
PR7 6TB
Page 1
LOGIK DEVELOPMENTS LIMITED (REGISTERED NUMBER: 07028940)

Balance Sheet
31 March 2020

31.3.20 31.3.19
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 61,058 4,717
Investments 5 100,451 100,401
161,509 105,118

CURRENT ASSETS
Stocks 46,831 46,831
Debtors 6 1,672,251 2,002,429
Cash at bank and in hand 690,618 105,678
2,409,700 2,154,938
CREDITORS
Amounts falling due within one year 7 852,836 1,563,944
NET CURRENT ASSETS 1,556,864 590,994
TOTAL ASSETS LESS CURRENT
LIABILITIES
1,718,373
696,112

PROVISIONS FOR LIABILITIES - 802
NET ASSETS 1,718,373 695,310

CAPITAL AND RESERVES
Called up share capital 300 100
Retained earnings 1,718,073 695,210
1,718,373 695,310

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 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 notes form part of these financial statements

Page 2 continued...
LOGIK DEVELOPMENTS LIMITED (REGISTERED NUMBER: 07028940)

Balance Sheet - continued
31 March 2020


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 Board of Directors and authorised for issue on 21 December 2020 and were signed on its behalf by:





N D Spencer - Director


The notes form part of these financial statements

Page 3
LOGIK DEVELOPMENTS LIMITED (REGISTERED NUMBER: 07028940)

Notes to the Financial Statements
for the Year Ended 31 March 2020


1. STATUTORY INFORMATION

Logik Developments 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 - 25% on cost and 15% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Page 4 continued...
LOGIK DEVELOPMENTS LIMITED (REGISTERED NUMBER: 07028940)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2020


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2019 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2019 9,198
Additions 58,724
At 31 March 2020 67,922
DEPRECIATION
At 1 April 2019 4,481
Charge for year 2,383
At 31 March 2020 6,864
NET BOOK VALUE
At 31 March 2020 61,058
At 31 March 2019 4,717

5. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
COST
At 1 April 2019
and 31 March 2020 451 100,000 100,451
NET BOOK VALUE
At 31 March 2020 451 100,000 100,451
At 31 March 2019 451 100,000 100,451

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.20 31.3.19
£    £   
Trade debtors 45,000 20,860
Other debtors 1,627,251 1,981,569
1,672,251 2,002,429

Page 5 continued...
LOGIK DEVELOPMENTS LIMITED (REGISTERED NUMBER: 07028940)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2020


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.20 31.3.19
£    £   
Trade creditors 16,339 59,171
Taxation and social security - 239,904
Other creditors 836,497 1,264,869
852,836 1,563,944

8. RELATED PARTY DISCLOSURES

During the year, total dividends of £108,000 (2019 - £108,000) were paid to the directors .

Page 6
Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Logik Developments Limited


The following reproduces the text of the report prepared for the directors 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 Report of the Directors 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 financial statements of Logik Developments Limited for the year ended 31 March 2020 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Logik Developments Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Logik Developments Limited and state those matters that we have agreed to state to the Board of Directors of Logik Developments Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Logik Developments Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Logik Developments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Logik Developments Limited. You consider that Logik Developments Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Logik Developments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Studholme-Bell Limited
Chartered Accountants
& Business Advisors
Vantage House Euxton Lane
Euxton
Chorley
Lancashire
PR7 6TB


21 December 2020

This page does not form part of the statutory financial statements

Page 7