Logik Copying Systems Limited - Period Ending 2014-11-30

Registration number: 03243072

Logik Copying Systems Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 November 2014
 

Logik Copying Systems Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Logik Copying Systems Limited
for the Year Ended 30 November 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Logik Copying Systems Limited for the year ended 30 November 2014 set out on pages from the company's accounting records and from information and explanations you have given us.

We have carried out this engagement in accordance with technical guidance issued by the Association of Accounting Technicians and have complied with the ethical guidance laid down by the Association relating to members undertaking the compilation of financial statements.

This report is made solely to the Board of Directors of Logik Copying Systems Limited, as a body, in accordance with the terms of our engagement letter dated 15 November 2004. Our work has been undertaken solely to prepare for your approval the accounts of Logik Copying Systems Limited and state those matters that we have agreed to state to them, as a body, in this report and for no other purpose.To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Logik Copying Systems Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Logik Copying Systems Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Logik Copying Systems Limited. You consider that Logik Copying Systems Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Logik Copying Systems Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Birkett Ferguson Associates Ltd
Accountants & Tax Advisors
186B Lower Blandford Road
Broadstone
Dorset
BH18 8DP

23 December 2014

Page 1

Logik Copying Systems Limited
(Registration number: 03243072)
Abbreviated Balance Sheet at 30 November 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets					183,576			183,985
Current assets
Stocks					9,090			8,075
Debtors					38,643			43,303
Cash at bank and in hand					107,529			64,858
					155,262			116,236
Creditors: Amounts falling due within one year					(94,930)			(90,246)
Net current assets					60,332			25,990
Total assets less current liabilities					243,908			209,975
Creditors: Amounts falling due after more than one year					(16,147)			(53,199)
Provisions for liabilities					(3,532)			(1,474)
Net assets					224,229			155,302
Capital and reserves
Called up share capital		4			100			100
Profit and loss account					224,129			155,202
Shareholders' funds					224,229			155,302

For the year ending 30 November 2014 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 23 December 2014 and signed on its behalf by:

.........................................
Mr Robert John Cullen
Director

.........................................
Mr Ian Timothy Leslie Coleman
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Logik Copying Systems Limited
Notes to the Abbreviated Accounts for the Year Ended 30 November 2014
......... 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 provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Freehold land and buildings	No depreciation charge
Fixtures & fittings	25% straight line
Office equipment	33% straight line
Leasehold improvements	13 years straight line

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 3

Logik Copying Systems Limited
Notes to the Abbreviated Accounts for the Year Ended 30 November 2014
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 December 2013		213,517			213,517
Additions		3,540			3,540
At 30 November 2014		217,057			217,057
Depreciation
At 1 December 2013		29,532			29,532
Charge for the year		3,949			3,949
At 30 November 2014		33,481			33,481
Net book value
At 30 November 2014		183,576			183,576
At 30 November 2013		183,985			183,985

3

Creditors

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

		2014 £			2013 £
Amounts falling due within one year		22,681			22,681
Amounts falling due after more than one year		13,960			51,011
Total secured creditors		36,641			73,692

4	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

Page 4