Loyalty Logistix Limited Filleted accounts for Companies House (small and micro)
Loyalty Logistix Limited Filleted accounts for Companies House (small and micro)
COMPANY REGISTRATION NUMBER:
04991455
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Statement of Financial Position |
2023 |
2022 |
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Note |
£ |
£ |
Fixed assets
Intangible assets |
5 |
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Tangible assets |
6 |
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Investments |
7 |
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--------- |
-------- |
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Current assets
Debtors |
8 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
9 |
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Net current assets |
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Total assets less current liabilities |
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Provisions |
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Net assets |
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Capital and reserves
Called up share capital |
10 |
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Profit and loss account |
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Shareholders funds |
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In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings 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 financial statements.
These financial statements were approved by the
board of directors
and authorised for issue on
17 November 2023
, and are signed on behalf of the board by:
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Director |
Director |
Company registration number:
04991455
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Notes to the Financial Statements |
Year ended 31 March 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is M-Sparc, Menai Science Park, Gaerwen, Anglesey, LL60 6AG, Wales. The principal activity of the company continued to be that of computer software design and providing data intelligence services and processes to the automotive industry.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Disclosure exemptions
The entity satisfies the criteria of being a small entity as defined in FRS102 and section 382 of the Companies Act 2006 and has taken advantage of the disclosure exemptions available under paragraph 1A.7 of FRS102.
Consolidation
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The main accounting estimate used in the preparation of these accounts is of revenue recognition.
Revenue recognition
Income tax
Foreign currencies
Operating leases
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Software development costs are to be amortised evenly over their useful economic life of three years following completion of said project.
Development costs |
- |
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If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Tangible assets
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:
Equipment |
- |
20% straight line |
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Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Financial instruments
Defined contribution plans
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
41
(2022:
48
).
5.
Intangible assets
Development costs |
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£ |
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Cost |
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At 1 April 2022 |
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Additions |
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Disposals |
(
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------------ |
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At 31 March 2023 |
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Amortisation |
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At 1 April 2022 |
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Charge for the year |
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Disposals |
(
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------------ |
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At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
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------------ |
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At 31 March 2022 |
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6.
Tangible assets
Equipment |
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£ |
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Cost |
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At 1 April 2022 |
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Additions |
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--------- |
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At 31 March 2023 |
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Depreciation |
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At 1 April 2022 |
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Charge for the year |
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At 31 March 2023 |
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--------- |
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Carrying amount |
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At 31 March 2023 |
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--------- |
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At 31 March 2022 |
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7.
Investments
Shares in group undertakings |
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£ |
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Cost |
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At 1 April 2022 and 31 March 2023 |
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------- |
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Impairment |
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At 1 April 2022 and 31 March 2023 |
– |
------- |
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Carrying amount |
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At 31 March 2023 |
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------- |
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At 31 March 2022 |
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The company has one wholly owned subsidiary, Loyalty Logistix K.K. registered in Japan which provides customer support services in the Japanese market. Aggregate capital and reserves are £15,853 (2022: £13,646). Profit before tax is £3,737 (2022: £3,970)
8.
Debtors
2023 |
2022 |
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£ |
£ |
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Trade debtors |
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Amounts owed by group undertakings |
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Prepayments and accrued income |
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Corporation tax repayable |
– |
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Other debtors |
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9.
Creditors:
amounts falling due within one year
2023 |
2022 |
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£ |
£ |
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Trade creditors |
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Amounts owed to group undertakings |
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Accruals and deferred income |
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Corporation tax |
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– |
Social security and other taxes |
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Other creditors |
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NatWest Bank Plc, Management Succession (Wales) Limited Partnership and Dbw Investments (14) Limited hold fixed and floating charges over all the property or undertaking of the company.
10.
Called up share capital
Issued, called up and fully paid
2023 |
2022 |
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No. |
£ |
No. |
£ |
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38,360 |
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38,360 |
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11.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023 |
2022 |
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£ |
£ |
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Not later than 1 year |
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Later than 1 year and not later than 5 years |
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Later than 5 years |
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12.
Other financial commitments
At the year end, the company had entered into 9 separate agreements to sell foreign currency at a later date with a GBP equivalent value of £ 841,167. The forward rate GBP value of the contracts as at 31st March 2023 is £841,726. A forward exchange gain of £559 has been recognised in the accounts within prepayments and accrued income.
13.
Summary audit opinion
The auditor's report for the year dated
17 November 2023
was
unqualified
.
The senior statutory auditor was
Philippa Miller-Hawkes BA CA
, for and on behalf of
BSN Associates Limited
.
14.
Related party transactions
During the year the company used consultancy services from Tatsu Hamamura, a director of the company, totalling £144,351 (2022: £141,239). At the year end the balance owed to the above related party was £nil (2022: £nil).
15.
Controlling party
During the year the company was under the control of Loyalty Logistix Holdings Limited.