Logik Services Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 05418745 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

LOGIK SERVICES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

M S Kang

REGISTERED OFFICE:

255 Abbey Road

Smethwick

West Midlands

B67 5NQ

REGISTERED NUMBER:

05418745 (England and Wales)

FIXED ASSETS

Tangible assets

4

87,714

77,031

CURRENT ASSETS

Stocks

5

3,256

8,564

Debtors

6

232,878

10,639

Cash at bank

116,696

173,065

352,830

192,268

CREDITORS

Amounts falling due within one year

7

108,040

64,221

NET CURRENT ASSETS

244,790

128,047

TOTAL ASSETS LESS CURRENT LIABILITIES

332,504

205,078

CREDITORS

Amounts falling due after more than one year

8

65,014

79,593

NET ASSETS

267,490

125,485

CAPITAL AND RESERVES

Called up share capital

10

3

3

Retained earnings

11

267,487

125,482

SHAREHOLDERS' FUNDS

267,490

125,485

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 December 2022 and were signed by:

M S Kang - Director

1.	STATUTORY INFORMATION

Logik Services 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

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

15% on reducing balance

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2020 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2021

3,391

9,198

111,687

7,322

131,598

Additions

-

-

64,479

-

64,479

Disposals

-

-

(46,694

)

-

(46,694

)

At 31 December 2021

3,391

9,198

129,472

7,322

149,383

DEPRECIATION

At 1 January 2021

3,053

7,019

41,007

3,488

54,567

Charge for year

51

327

27,438

575

28,391

Eliminated on disposal

-

-

(21,289

)

-

(21,289

)

At 31 December 2021

3,104

7,346

47,156

4,063

61,669

NET BOOK VALUE

At 31 December 2021

287

1,852

82,316

3,259

87,714

At 31 December 2020

338

2,179

70,680

3,834

77,031

5.

STOCKS

31/12/21

31/12/20

£

£

Stocks

3,256

8,564

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/21

31/12/20

£

£

Trade debtors

2,234

3,227

Other debtors

228,144

4,912

Prepayments

2,500

2,500

232,878

10,639

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/21

31/12/20

£

£

Trade creditors

18,804

3,901

Tax

46,245

14,598

Social security and other taxes

-

1,978

Pensions

217

-

CIIS deduction outstranding

12,795

-

VAT

2,155

22,327

Directors' current accounts

26,424

20,017

Accrued expenses

1,400

1,400

108,040

64,221

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/12/21

31/12/20

£

£

Bank loans (see note 9)

45,486

50,000

Hire purchase contracts

19,528

29,593

65,014

79,593

9.

LOANS

An analysis of the maturity of loans is given below:

31/12/21

31/12/20

£

£

Amounts falling due between two and five years:

Bank loans - 2-5 years

45,486

50,000

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/12/21

31/12/20

value:

£

£

3

Ordinary

£1

3

3

11.

RESERVES

Retained

earnings

£

At 1 January 2021

125,482

Profit for the year

157,005

Dividends

(15,000

)

At 31 December 2021

267,487

12.	RELATED PARTY DISCLOSURES

During the year, total dividends of £10,000 (2020 - £10,000) were paid to the director .