Logic Alarms Limited - Period Ending 2015-09-30

Registration number: SC211267

Logic Alarms Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 September 2015
 

A9 Accountancy Limited
Chartered Accountants
Elm House
Cradlehall Business Park
Inverness
IV2 5GH

Logic Alarms Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

Logic Alarms Limited
(Registration number: SC211267)
Abbreviated Balance Sheet at 30 September 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					140,038			82,426
Current assets
Stocks					62,511			40,800
Debtors					373,613			250,542
Cash at bank and in hand					377,218			182,218
					813,342			473,560
Creditors: Amounts falling due within one year					(285,141)			(203,396)
Net current assets					528,201			270,164
Total assets less current liabilities					668,239			352,590
Creditors: Amounts falling due after more than one year					(18,567)			(4,259)
Provisions for liabilities					(28,008)			(16,486)
Net assets					621,664			331,845
Capital and reserves
Called up share capital		4			100			100
Profit and loss account					621,564			331,745
Shareholders' funds					621,664			331,845

For the year ending 30 September 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 16 December 2015 and signed on its behalf by:

.........................................
Mr I MacKenzie
Director

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

Logic Alarms Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Asset class	Depreciation method and rate
Plant and Machinery	15% Reducing balance
Fixtures and Fittings	33% Straight line
Motor Vehicles	25% Reducing balance

Stock and work in progress

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Work in progress is calculated based on the expected proceeds for the work started during the period still on going at the period end.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions: Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold. Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and law enacted or substantively enacted at the balance sheet date.

Page 2

Logic Alarms Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2015
......... continued

Hire purchase and leasing

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Pensions

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. No company contributions were made during the period.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 October 2014		206,895			206,895
Additions		109,094			109,094
Disposals		(42,977)			(42,977)
At 30 September 2015		273,012			273,012
Depreciation
At 1 October 2014		124,469			124,469
Charge for the year		39,698			39,698
Eliminated on disposals		(31,193)			(31,193)
At 30 September 2015		132,974			132,974
Net book value
At 30 September 2015		140,038			140,038
At 30 September 2014		82,426			82,426

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

2015 £

2014 £

Page 3

Logic Alarms Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2015
......... continued

4	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary Shares of £1 each		100			100			100			100

5

Control

The company is controlled by Mr I MacKenzie throughout the current and previous year. Mr I MacKenzie is the managing director and the majority shareholder
.

Page 4