Logos & Monograms Of Brixham Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10533287 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

LOGOS & MONOGRAMS OF BRIXHAM LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr P Jackson

Mrs J Minchinton

REGISTERED OFFICE:

Union House

Union Lane

Brixham

Devon

TQ5 8DY

REGISTERED NUMBER:

10533287 (England and Wales)

ACCOUNTANTS:

Marsland Nash Associates

Chartered Tax Advisers, Accountants

and Business Consultants

7a Dartmouth Road

Paignton

Devon

TQ4 5AA

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

2,924

3,272

2,924

3,272

CURRENT ASSETS

Stocks

3,450

3,500

Debtors

6

30,436

30,940

Cash at bank and in hand

1,200

4,852

35,086

39,292

CREDITORS

Amounts falling due within one year

7

19,057

20,980

NET CURRENT ASSETS

16,029

18,312

TOTAL ASSETS LESS CURRENT LIABILITIES

18,953

21,584

PROVISIONS FOR LIABILITIES

622

622

NET ASSETS

18,331

20,962

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

18,231

20,862

SHAREHOLDERS' FUNDS

18,331

20,962

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 October 2020 and were signed on its behalf by:

Mr P Jackson - Director

Mrs J Minchinton - Director

1.	STATUTORY INFORMATION

Logos & Monograms Of Brixham Ltd is a private company, limited by shares , registered in England and Wales. 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.

Tangible fixed assets

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

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2018 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2019

and 31 December 2019

1,000

AMORTISATION

At 1 January 2019

and 31 December 2019

1,000

NET BOOK VALUE

At 31 December 2019

-

At 31 December 2018

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2019

3,848

694

4,542

Additions

281

-

281

At 31 December 2019

4,129

694

4,823

DEPRECIATION

At 1 January 2019

1,096

174

1,270

Charge for year

455

174

629

At 31 December 2019

1,551

348

1,899

NET BOOK VALUE

At 31 December 2019

2,578

346

2,924

At 31 December 2018

2,752

520

3,272

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

11,197

16,542

Directors' current accounts

19,239

14,398

30,436

30,940

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

737

3,953

Tax

12,632

12,443

Social security and other taxes

-

89

VAT

4,321

2,596

Accrued expenses

1,367

1,899

19,057

20,980

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2019 and 31 December 2018:

2019

2018

£

£

Mr P Jackson

Balance outstanding at start of year

7,199

7,573

Amounts advanced

36,658

49,704

Amounts repaid

(34,238

)

(50,078

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

9,619

7,199

Mrs J Minchinton

Balance outstanding at start of year

7,199

7,573

Amounts advanced

24,138

31,363

Amounts repaid

(21,717

)

(31,737

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

9,620

7,199

Loans are unsecured, interest free and repayable on demand.

9.	RELATED PARTY DISCLOSURES

During the year, total dividends of £14,400 (2018 - £32,000) were paid to the directors .

During the year the company paid rent of £4,720 to the directors for the use of the business premises.