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 2021

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

Tangible assets

5

31,226

35,744

Investments

6

7,200

7,200

38,426

68,594

CURRENT ASSETS

Stocks

-

9,450

Debtors

7

978,642

1,018,479

Cash at bank and in hand

1,981,151

1,569,627

2,959,793

2,597,556

CREDITORS

Amounts falling due within one year

8

(382,517

)

(423,292

)

NET CURRENT ASSETS

2,577,276

2,174,264

TOTAL ASSETS LESS CURRENT LIABILITIES

2,615,702

2,242,858

PROVISIONS FOR LIABILITIES

(3,895

)

(4,306

)

NET ASSETS

2,611,807

2,238,552

CAPITAL AND RESERVES

Called up share capital

38,360

38,360

Retained earnings

2,573,447

2,200,192

SHAREHOLDERS' FUNDS

2,611,807

2,238,552

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 21 May 2021 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.

Leasehold property improvements

-

100% on cost

Plant and machinery etc

-

20% on cost

Government grants

Grantsare accounted for under the accrual modelandare credited to deferred revenue.

Grants towards capital expenditure are released to theprofit & lossaccount over the expected useful life of the assets.

Grants towards revenue expenditure arereleased to the profit and loss account as the related expenditure is incurredfurthermore,grantswhich becomes receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.

Government grants in respect of Covid-19 have been treated as revenue grants.

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 52 (2020 - 56 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2020

and 31 March 2021

3,950,780

AMORTISATION

At 1 April 2020

3,925,130

Charge for year

25,650

At 31 March 2021

3,950,780

NET BOOK VALUE

At 31 March 2021

-

At 31 March 2020

25,650

5.	TANGIBLE FIXED ASSETS

Leasehold

Plant and

property

machinery

improvements

etc

Totals

£

£

£

COST

At 1 April 2020

-

111,050

111,050

Additions

11,000

9,497

20,497

At 31 March 2021

11,000

120,547

131,547

DEPRECIATION

At 1 April 2020

-

75,306

75,306

Charge for year

11,000

14,015

25,015

At 31 March 2021

11,000

89,321

100,321

NET BOOK VALUE

At 31 March 2021

-

31,226

31,226

At 31 March 2020

-

35,744

35,744

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2020

and 31 March 2021

7,200

NET BOOK VALUE

At 31 March 2021

7,200

At 31 March 2020

7,200

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Trade debtors

497,824

515,191

Other debtors

480,818

503,288

978,642

1,018,479

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Payments on account

19,278

14,947

Trade creditors

55,763

95,794

Amounts owed to group undertakings

16,169

7,569

Taxation and social security

170,726

155,260

Other creditors

120,581

149,722

382,517

423,292

9.	LEASING AGREEMENTS

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

31.3.21

31.3.20

£

£

Within one year

56,021

79,897

Between one and five years

112,042

141,138

168,063

221,035

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2021 and 31 March 2020:

31.3.21

31.3.20

£

£

R H Williams

Balance outstanding at start of year

300,000

-

Amounts advanced

-

300,000

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

300,000

300,000

11.

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 2021 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

21 May 2021