Logos Logistics Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC257557 (Scotland)

Unaudited Financial Statements

For The Year Ended 31 May 2020

for

Logos Logistics Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

W Devine

J Summers

SECRETARY:

Mrs H I Devine

REGISTERED OFFICE:

1 Cambuslang Court

Cambuslang

Glasgow

Strathclyde

G32 8FH

REGISTERED NUMBER:

SC257557 (Scotland)

ACCOUNTANTS:

Atkinson Donnelly LLP

1 Cambuslang Court

Cambuslang

Glasgow

Strathclyde

G32 8FH

FIXED ASSETS

Intangible assets

4

3,723

-

Tangible assets

5

991,665

52,414

995,388

52,414

CURRENT ASSETS

Debtors

6

485,462

618,901

Cash at bank and in hand

122,564

53,280

608,026

672,181

CREDITORS

Amounts falling due within one year

7

376,468

382,747

NET CURRENT ASSETS

231,558

289,434

TOTAL ASSETS LESS CURRENT LIABILITIES

1,226,946

341,848

CREDITORS

Amounts falling due after more than one year

8

(922,341

)

(28,353

)

PROVISIONS FOR LIABILITIES

9

(13,457

)

(9,876

)

NET ASSETS

291,148

303,619

CAPITAL AND RESERVES

Called up share capital

10

6

6

Retained earnings

291,142

303,613

SHAREHOLDERS' FUNDS

291,148

303,619

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2020 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 24 November 2020 and were signed on its behalf by:

W Devine - Director

1.	STATUTORY INFORMATION

Logos Logistics Ltd is a private company, limited by shares , registered in Scotland. 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.

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.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Freehold property

-

2% on cost

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Financial instruments

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Cash and Bank Balances

Cash and bank balances are measured at the transaction price.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2019 - 23 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

Additions

4,654

At 31 May 2020

4,654

AMORTISATION

Charge for year

931

At 31 May 2020

931

NET BOOK VALUE

At 31 May 2020

3,723

5.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

property

machinery

vehicles

Totals

£

£

£

£

COST

At 1 June 2019

-

36,028

80,110

116,138

Additions

939,268

36,407

-

975,675

At 31 May 2020

939,268

72,435

80,110

1,091,813

DEPRECIATION

At 1 June 2019

-

26,766

36,958

63,724

Charge for year

18,785

6,851

10,788

36,424

At 31 May 2020

18,785

33,617

47,746

100,148

NET BOOK VALUE

At 31 May 2020

920,483

38,818

32,364

991,665

At 31 May 2019

-

9,262

43,152

52,414

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.20

31.5.19

£

£

Trade debtors

129,808

344,949

Logos (Holdings)

185,084

137,042

Logos (Group)

136,190

134,440

Other debtors

778

-

Prepayments and accrued income

33,602

2,470

485,462

618,901

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.20

31.5.19

£

£

Bank loans and overdrafts

10,781

-

Other loans

13,238

-

Hire purchase contracts

13,799

9,946

Trade creditors

86,764

180,288

Tax

103,631

79,139

Social security and other taxes

19,095

32,597

VAT

44,475

56,150

Other creditors

5,641

12,353

Invoice Factor

51,449

7,911

Accruals and deferred income

27,595

4,363

376,468

382,747

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.20

31.5.19

£

£

Bank loans - 1-2 years

9,833

-

Bank loans - 2-5 years

80,144

-

Other loans - 1-2 years

13,915

-

Other loans - 2-5 years

81,017

-

Other loans more 5yrs instal

515,455

-

Hire purchase contracts

25,977

28,353

Accruals and deferred income

196,000

-

922,341

28,353

Amounts falling due in more than five years:

Repayable by instalments

Other loans more 5yrs instal

515,455

-

9.	PROVISIONS FOR LIABILITIES

31.5.20

31.5.19

£

£

Deferred tax

13,457

9,876

Deferred

tax

£

Balance at 1 June 2019

9,876

Provided during year

3,581

Balance at 31 May 2020

13,457

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.20

31.5.19

value:

£

£

600

Ordinary

.01

6

6

11.	RELATED PARTY DISCLOSURES

At the end of the year the company was owed £185,084 by Logos Group Ltd; a company which shares the same company officers.

At the end of the year the company was owed £136,189.75 by Logos Logistics (Holdings) Ltd; a company which holds 100% of the shares in Logos Logistics Ltd.

12.	ULTIMATE CONTROLLING PARTY

The ultimate holding company is Logos Logistics (Holdings) Ltd.