Logic Expertise Limited - Accounts to registrar (filleted) - small 23.1.2
Logic Expertise Limited - Accounts to registrar (filleted) - small 23.1.2
| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 31 May 2023 |
| for |
| Logic Expertise Limited |
| Logic Expertise Limited (Registered number: 09029827) |
| Contents of the Financial Statements |
| for the Year Ended 31 May 2023 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 3 |
| Logic Expertise Limited |
| Company Information |
| for the Year Ended 31 May 2023 |
| DIRECTORS: |
| SECRETARIES: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| Logic Expertise Limited (Registered number: 09029827) |
| Statement of Financial Position |
| 31 May 2023 |
| 31.5.23 | 31.5.22 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Investment property | 4 |
| 1,315,485 | 1,315,485 |
| CREDITORS |
| Amounts falling due within one year | 5 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Fair value reserve | 6 |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| 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. |
| 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 |
| Logic Expertise Limited (Registered number: 09029827) |
| Notes to the Financial Statements |
| for the Year Ended 31 May 2023 |
| 1. | STATUTORY INFORMATION |
| Logic Expertise Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| 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 statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 June 2022 |
| and 31 May 2023 |
| NET BOOK VALUE |
| At 31 May 2023 |
| At 31 May 2022 |
| Fair value at 31 May 2023 is represented by: |
| £ |
| Valuation in 2023 | 1,315,485 |
| Logic Expertise Limited (Registered number: 09029827) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2023 |
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.5.23 | 31.5.22 |
| £ | £ |
| Trade creditors |
| Amounts owed to associates |
| Other creditors |
| 6. | RESERVES |
| Fair |
| value |
| reserve |
| £ |
| At 1 June 2022 |
| and 31 May 2023 |
| 7. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| During the year ended 31 May 2023, Logic Expertise Ltd owed £244,587 to its directors. This amount is reflected in their respective director's loan accounts in credit balances, which is shown as part of Other creditors under Creditors due within one year. Please be advised that both the directors have agreed to provide this loan on an interest free basis and the loan is repayable on demand. |
| 8. | RELATED PARTY DISCLOSURES |
| During the year ended 31 May 2023, Logic Expertise Ltd entered into a short-term loan agreement with a related company and borrowed short term loan of £1,178,180. The loan was provided at a fixed interest rate of 5% and is repayable on demand. This loan is included within Creditors due within one year and is shown as Amounts owed to associate. |