Log Networks Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 03023200 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2023

for

Log Networks Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr P Berrow

Mr M Berrow

SECRETARY:

Ms S H Paddon

REGISTERED OFFICE:

2 Higher Barn

Higher Woodsford

DORCHESTER

Dorset

DT2 8BT

REGISTERED NUMBER:

03023200 (England and Wales)

ACCOUNTANTS:

S&T Accountants Ltd

2 Higher Barn

Higher Woodsford

DORCHESTER

Dorset

DT2 8BT

BANKERS:

Lloyds TSB Plc

Colmore Row

BIRMINGHAM

B3 3EW

FIXED ASSETS

Intangible assets

4

100,000

100,000

CURRENT ASSETS

Debtors

5

14

-

Cash at bank

8,938

7,837

8,952

7,837

CREDITORS

Amounts falling due within one year

6

616,252

616,162

NET CURRENT LIABILITIES

(607,300

)

(608,325

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(507,300

)

(508,325

)

CAPITAL AND RESERVES

Called up share capital

60,272

60,272

Share premium

1,094,367

1,094,367

Retained earnings

(1,661,939

)

(1,662,964

)

SHAREHOLDERS' FUNDS

(507,300

)

(508,325

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

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.

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 Board of Directors and authorised for issue on 1 March 2024 and were signed on its behalf by:

Mr M Berrow - Director

1.	STATUTORY INFORMATION

Log Networks 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.

The net amounts of inter company loans totals £610,294 shown on the balance sheet.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Development costs are being amortised evenly over their estimated useful life of nil years.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2022

and 31 March 2023

100,000

NET BOOK VALUE

At 31 March 2023

100,000

At 31 March 2022

100,000

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Amounts owed by group undertakings

14

-

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade creditors

110

22

Amounts owed to group undertakings

610,308

610,310

Other creditors

5,834

5,830

616,252

616,162

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

All transactions with the Directors are entered through the Directors Current Accounts.

8.	RELATED PARTY DISCLOSURES

Paul and Michael Berrow are directors of Wandering Star Ltd, Wandering Star Pictures Ltd, Wandering Star Media Ltd.. There are inter-company loan accounts between Wandering Star Ltd and Wandering Star Media Ltd these are shown on the balance sheet.

9.	CONTROLLING PARTY

The Company is under the control of Paul and Michael Berrow.