Logistics Made Easy Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10176140 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 May 2021

for

LOGISTICS MADE EASY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

P Degavino

REGISTERED OFFICE:

19 Tudor Court

Wootton Hope Drive

Wootton

Northamptonshire

NN4 6FF

REGISTERED NUMBER:

10176140 (England and Wales)

ACCOUNTANT:

Elsby & Co

155 Wellingborough Road

Rushden

Northamptonshire

NN10 9TB

FIXED ASSETS

Intangible assets

4

3,386

4,063

Tangible assets

5

12,583

15,889

15,969

19,952

CURRENT ASSETS

Debtors

6

15,335

18,054

Cash at bank and in hand

32,456

42,676

47,791

60,730

CREDITORS

Amounts falling due within one year

7

36,517

34,726

NET CURRENT ASSETS

11,274

26,004

TOTAL ASSETS LESS CURRENT LIABILITIES

27,243

45,956

CREDITORS

Amounts falling due after more than one year

8

24,816

26,501

NET ASSETS

2,427

19,455

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

2,327

19,355

SHAREHOLDERS' FUNDS

2,427

19,455

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 February 2022 and were signed by:

P Degavino - Director

1.	STATUTORY INFORMATION

Logistics Made Easy 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of ten years.

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.

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

-

20% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

20% on cost

Government grants

During the period, the Company has received government support. The relevant accounting policy is set out below.

A government grant is recognised in the balance sheet within other receivables when there is reasonable assurance that it will be received and that the Group/Company will comply with the conditions attached to it. Grants are recognised within other income in the income statement at a point in time to match the timing of recognition of the related expenses they are intended to compensate. Refer to Note 10 for details of government grants and support received in the period.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

Going concern

The accounting period was impacted by the Coronavirus pandemic, which has affected the ability of businesses worldwide to trade. Due to restrictions on travel and movement, the company saw limited growth during the period. At the date of signing, the company has seen an increase in turnover. The director is therefore happy for the accounts to be prepared on the Going Concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 June 2020

and 31 May 2021

6,771

AMORTISATION

At 1 June 2020

2,708

Amortisation for year

677

At 31 May 2021

3,385

NET BOOK VALUE

At 31 May 2021

3,386

At 31 May 2020

4,063

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 June 2020

1,113

4,266

12,500

7,199

25,078

Additions

-

4,086

-

6,655

10,741

Disposals

-

-

(12,500

)

-

(12,500

)

At 31 May 2021

1,113

8,352

-

13,854

23,319

DEPRECIATION

At 1 June 2020

585

1,789

3,125

3,690

9,189

Charge for year

222

1,670

-

2,780

4,672

Eliminated on disposal

-

-

(3,125

)

-

(3,125

)

At 31 May 2021

807

3,459

-

6,470

10,736

NET BOOK VALUE

At 31 May 2021

306

4,893

-

7,384

12,583

At 31 May 2020

528

2,477

9,375

3,509

15,889

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

10,817

14,556

Other debtors

4,518

3,498

15,335

18,054

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

6,184

-

Hire purchase contracts

-

1,112

Trade creditors

1,013

-

Taxation and social security

23,533

25,593

Other creditors

5,787

8,021

36,517

34,726

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

24,816

20,000

Hire purchase contracts

-

6,501

24,816

26,501

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

100

Ordinary

£1

100

100

10.	GOVERNMENT GRANTS AND ASSISTANCE

Other Operating Income includes Government Grants and Assistance.

During the year, the Company has received government support designed to mitigate the impact of COVID-19.

In the UK, the Government has provided funding towards the salary costs of employees who have been 'furloughed' through the Coronavirus Job Retention Scheme. This funding meets the definition of a government grant under FRS 102 Section 24 Government Grants and a total of £11,784 has been recorded within other income.

The Company applied for a Coronavirus Bounce Back Loans (BBL). This was received in June 2020 for £31,000. The scheme provides loans with government backed guarantee as well as business interruption payments to cover the first 12 months of interest payments and any lender-levied fees. During the year, the interest covered under this scheme was £775.