Company Registration No. 10743805 (England and Wales)
The Logical Choice Group Limited
Unaudited accounts
for the year ended 31 March 2023
The Logical Choice Group Limited
Unaudited accounts
Contents
The Logical Choice Group Limited
Company Information
for the year ended 31 March 2023
Directors
Ralph John Wills
Greig Stuart Balfour Scott
Company Number
10743805 (England and Wales)
Registered Office
Unit 2-3 Chi An Lorell
Sector 2 Aerohub Business Park St Mawgan
Newquay
TR8 4RZ
United Kingdom
Accountants
Blue Cube Accountants Limited
Britwell Grange
Britwell Road
Burnham
SL1 8DF
The Logical Choice Group Limited
Statement of financial position
as at 31 March 2023
Tangible assets
75,491
80,307
Cash at bank and in hand
197,164
251,700
Creditors: amounts falling due within one year
(583,366)
(603,302)
Net current assets
190,585
141,405
Total assets less current liabilities
266,076
221,712
Provisions for liabilities
Net assets
254,576
221,712
Called up share capital
152
152
Profit and loss account
254,424
221,560
Shareholders' funds
254,576
221,712
For the year ending 31 March 2023 the company was entitled to exemption from audit 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 and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 22 December 2023 and were signed on its behalf by
Greig Stuart Balfour Scott
Director
Company Registration No. 10743805
The Logical Choice Group Limited
Notes to the Accounts
for the year ended 31 March 2023
The Logical Choice Group Limited is a private company, limited by shares, registered in England and Wales, registration number 10743805. The registered office is Unit 2-3 Chi An Lorell, Sector 2 Aerohub Business Park St Mawgan, Newquay, TR8 4RZ, United Kingdom.
These financial statements have been prepared in compliance with FRS 102, ’The Financial Reporting Standard applicable to 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 accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
16.66% straight line
Plant & machinery
33.33% straight line
Motor vehicles
20% straight line
Computer equipment
33.33% straight line
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 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.
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charge to the profit & loss account in the period to which they relate.
The Logical Choice Group Limited
Notes to the Accounts
for the year ended 31 March 2023
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
3
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 April 2022
14,725
9,964
10,333
85,241
120,263
Additions
21,854
-
-
13,652
35,506
At 31 March 2023
36,579
9,964
10,333
98,893
155,769
At 1 April 2022
2,454
3,822
3,445
30,235
39,956
Charge for the year
4,633
3,321
2,067
30,301
40,322
At 31 March 2023
7,087
7,143
5,512
60,536
80,278
At 31 March 2023
29,492
2,821
4,821
38,357
75,491
At 31 March 2022
12,271
6,142
6,888
55,006
80,307
Amounts falling due within one year
Trade debtors
566,246
476,645
Amounts due from group undertakings etc.
-
9,070
Accrued income and prepayments
3,889
6,217
5
Creditors: amounts falling due within one year
2023
2022
Trade creditors
403,324
416,420
Amounts owed to group undertakings and other participating interests
5,000
5,000
Taxes and social security
63,048
28,974
Other creditors
8,421
18,121
Loans from directors
55,078
121,985
The Logical Choice Group Limited
Notes to the Accounts
for the year ended 31 March 2023
Allotted, called up and fully paid:
132 Ordinary shares of £1 each
132
132
10 A shares of £1 each
10
10
10 B shares of £1 each
10
10
7
Transactions with related parties
Included in creditors is £5,000 (2022 - £5,000) owed to Logical Connections Holdings Limited. This company is owned and controlled by the directors.
8
Average number of employees
During the year the average number of employees was 18 (2022: 18).