Logistics and General Medical Limited 31/10/2021 iXBRL

Logistics and General Medical Limited 31/10/2021 iXBRL

LOGISTICS AND GENERAL MEDICAL LIMITED - Company Information

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Company registration number: 10998188
Logistics and General Medical Limited
Unaudited filleted financial statements
31 October 2021
Logistics and General Medical Limited
Contents
Statement of financial position
Notes to the financial statements
Logistics and General Medical Limited
Statement of financial position
31 October 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 3 23,122 27,489
_______ _______
23,122 27,489
Current assets
Stocks 1,000 10,000
Debtors 4 194,272 76,113
Cash at bank and in hand 459,293 277,842
_______ _______
654,565 363,955
Creditors: amounts falling due
within one year 5 ( 141,742) ( 100,629)
_______ _______
Net current assets 512,823 263,326
_______ _______
Total assets less current liabilities 535,945 290,815
_______ _______
Net assets 535,945 290,815
_______ _______
Capital and reserves
Called up share capital 6 100 100
Profit and loss account 535,845 290,715
_______ _______
Shareholders funds 535,945 290,815
_______ _______
For the year ending 31 October 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 16 June 2022 , and are signed on behalf of the board by:
Mr Spencer Gibbens
Director
Company registration number: 10998188
Logistics and General Medical Limited
Notes to the financial statements
Year ended 31 October 2021
1. General information
Logistics and General Medical Limited (Company number 10998188 ) is a private company limited by shares, registered in England & Wales. The address of the registered office is Henry Reeves & Co Limited, 11 Albion Place, Maidstone, Kent, ME14 5DY.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity, and to the nearest £1.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 33.33 % straight line
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
2. Staff costs
The average number of persons employed by the company, including directors, during the year amounted to 2 (2020: 2).
3. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 November 2020 1,898 2,268 36,650 40,816
Additions 3,062 - - 3,062
_______ _______ _______ _______
At 31 October 2021 4,960 2,268 36,650 43,878
_______ _______ _______ _______
Depreciation
At 1 November 2020 831 658 11,838 13,327
Charge for the year 470 756 6,203 7,429
_______ _______ _______ _______
At 31 October 2021 1,301 1,414 18,041 20,756
_______ _______ _______ _______
Carrying amount
At 31 October 2021 3,659 854 18,609 23,122
_______ _______ _______ _______
At 31 October 2020 1,067 1,610 24,812 27,489
_______ _______ _______ _______
4. Debtors
2021 2020
£ £
Trade debtors 76,989 23,623
Other debtors 117,283 52,490
_______ _______
194,272 76,113
_______ _______
5. Creditors: amounts falling due within one year
2021 2020
£ £
Trade creditors 10,308 33,684
Social security and other taxes 26,673 4,286
Other creditors 104,761 62,659
_______ _______
141,742 100,629
_______ _______
6. Called up share capital
Issued, called up and fully paid
2021 2020
No £ No £
Ordinary shares shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______