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

LOGOS LEGAL SERVICES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05815422

Logos Legal Services Limited

Filleted Abridged Financial Statements

31 December 2021

Logos Legal Services Limited

Abridged Statement of Financial Position

31 December 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	5	3,150	2,915
Investments	6	100	100
		-------	-------
		3,250	3,015

Current assets

Debtors	614,615	739,619
Cash at bank and in hand	515,543	1,091,866
	------------	------------
	1,130,158	1,831,485

Creditors: amounts falling due within one year	261,410		278,212
	------------		------------
Net current assets		868,748	1,553,273
		---------	------------
Total assets less current liabilities		871,998	1,556,288
		---------	------------
Net assets		871,998	1,556,288
		---------	------------

Capital and reserves

Called up share capital	100	100
Profit and loss account	871,898	1,556,188
	---------	------------
Shareholders funds	871,998	1,556,288
	---------	------------

These abridged 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 abridged statement of comprehensive income has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of abridged financial statements.

All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 December 2021 in accordance with Section 444(2A) of the Companies Act 2006.

Logos Legal Services Limited

Abridged Statement of Financial Position (continued)

31 December 2021

These abridged financial statements were approved by the board of directors and authorised for issue on 6 April 2022 , and are signed on behalf of the board by:

G J Oddsson

Director

Company registration number: 05815422

Logos Legal Services Limited

Notes to the Abridged Financial Statements

Year ended 31 December 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Paternoster House, 65 St. Paul's Churchyard, London, EC4M 8AB.

2. Statement of compliance

These abridged 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 abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged 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 services rendered, stated net of discounts and of Value Added Tax. Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:

Leasehold property	-	33% straight line
Fixtures, fittings & equipment	-	33% straight line

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs .

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Classification of financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual Interest in the assets of the company after deducting all of its liabilities. Basic financial liabilities Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 8 (2020: 8 ).

5. Tangible assets

	£
Cost
At 1 January 2021	36,502
Additions	3,433
Disposals	( 532)
	--------
At 31 December 2021	39,403
	--------
Depreciation
At 1 January 2021	33,587
Charge for the year	2,666
	--------
At 31 December 2021	36,253
	--------
Carrying amount
At 31 December 2021	3,150
	--------
At 31 December 2020	2,915
	--------

6. Investments

	£
Impairment
At 1 January 2021	–
	----
At 31 December 2021	–
	----
Carrying amount
At 31 December 2021	100
	----
At 31 December 2020	100
	----

7. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2021	2020
	£	£
Not later than 1 year	49,519	51,169
Later than 1 year and not later than 5 years	90,784	144,980
	---------	---------
	140,303	196,149
	---------	---------

8. Prior year adjustment

During the previous year, as a result of an exercise in reviewing salaries, it became apparent that an error had occurred in the calculation of a director's gross salary dating back to 2014 and which with associated employer costs amounted to £65,833. Of this sum £46,258 related to prior periods and this necessitated the restatement of comparative figures for 2019 in the Statement of Comprehensive Income and Statement of Financial Position by £7,710 and a prior year adjustment charge of £38,548 against the Profit and Loss Account at 1 January 2019.

9. Summary audit opinion

The auditor's report for the year dated 6 April 2022 was unqualified.

The senior statutory auditor was David Seymour ACA , for and on behalf of Masons Audit Limited .

10. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2021
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
G J Oddsson	25,703	( 25,703)	–
	--------	--------	----

	2020
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
G J Oddsson	–	25,703	25,703
	----	--------	--------

11. Controlling party

The controlling party of the company is Logos slf, a company registered in Iceland with a Registered Office address of Efstaleiti 5, 103 Reykjavik.