LOGIC WINDOW SYSTEMS LTD - Filleted accounts

LOGIC WINDOW SYSTEMS LTD - Filleted accounts

LOGIC WINDOW SYSTEMS LTD - Company Information

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LOGIC WINDOW SYSTEMS LTD
Registered number: 05990787
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 37,111 41,723
Current assets
Stocks 15,380 17,802
Debtors 4 224,941 219,573
Cash at bank and in hand 426,586 527,901
666,907 765,276
Creditors: amounts falling due within one year 5 (217,649) (268,249)
Net current assets 449,258 497,027
Total assets less current liabilities 486,369 538,750
Provisions for liabilities (7,051) (7,927)
Net assets 479,318 530,823
Capital and reserves
Called up share capital 2 2
Profit and loss account 479,316 530,821
Shareholders' funds 479,318 530,823
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
C Wadsworth
Director
Approved by the board on 27 February 2024
LOGIC WINDOW SYSTEMS LTD
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computer equipment straight line over 4 years
Plant and machinery reducing balance
Motor vehicles reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 18 19
3 Tangible fixed assets
Computer equipment Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 6,240 122,615 27,497 156,352
Additions - 509 - 509
At 31 December 2023 6,240 123,124 27,497 156,861
Depreciation
At 1 January 2023 5,194 86,164 23,271 114,629
Charge for the year 419 3,645 1,057 5,121
At 31 December 2023 5,613 89,809 24,328 119,750
Net book value
At 31 December 2023 627 33,315 3,169 37,111
At 31 December 2022 1,046 36,451 4,226 41,723
4 Debtors 2023 2022
£ £
Trade debtors 222,208 217,877
Amounts owed by group undertakings and undertakings in which the company has a participating interest 90 90
Other debtors 2,643 1,606
224,941 219,573
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 155,572 137,951
Corporation tax 27,957 73,255
Other taxes and social security costs 21,817 37,011
Other creditors 12,303 20,032
217,649 268,249
6 Other information
LOGIC WINDOW SYSTEMS LTD is a private company limited by shares and incorporated in England. Its registered office is:
105 Redbrook Road
Barnsley
South Yorkshire
S75 2RG
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