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

REGISTERED NUMBER: 10533287 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

LOGOS & MONOGRAMS OF BRIXHAM LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

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

BANKERS:

Natwest

59 High Street

Exeter

Devon

EX3 3DL

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

12,519

12,953

12,519

12,953

CURRENT ASSETS

Stocks

6

4,700

10,750

Debtors

7

27,581

21,239

Cash at bank and in hand

5,765

7,984

38,046

39,973

CREDITORS

Amounts falling due within one year

8

25,845

26,392

NET CURRENT ASSETS

12,201

13,581

TOTAL ASSETS LESS CURRENT LIABILITIES

24,720

26,534

CREDITORS

Amounts falling due after more than one year

9

(21,841

)

(21,666

)

PROVISIONS FOR LIABILITIES

(2,369

)

(2,641

)

NET ASSETS

510

2,227

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

410

2,127

SHAREHOLDERS' FUNDS

510

2,227

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 director and authorised for issue on 26 September 2022 and were signed by:

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

Government grants

During the year, the company received the following Government Grants as a result COVID-19:-

Job Retention Scheme £4,974

Business Rate Grant £13,232

Bounce Back Loan (BBL) interest paid £208

Grants are recognised under the Accruals model

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.

Government grants

During the year, the company received Government Grants as a result COVID-19 in respect of the Job Retention Scheme, Business Rate Grant and interest on the Bounce Back Loan.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2020 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2021

and 31 December 2021

1,000

AMORTISATION

At 1 January 2021

and 31 December 2021

1,000

NET BOOK VALUE

At 31 December 2021

-

At 31 December 2020

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2021

16,319

996

17,315

Additions

408

1,799

2,207

At 31 December 2021

16,727

2,795

19,522

DEPRECIATION

At 1 January 2021

3,766

596

4,362

Charge for year

1,944

697

2,641

At 31 December 2021

5,710

1,293

7,003

NET BOOK VALUE

At 31 December 2021

11,017

1,502

12,519

At 31 December 2020

12,553

400

12,953

6.

STOCKS

2021

2020

£

£

Stocks

4,700

10,750

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

7,377

10,345

Other debtors

3,381

5,447

Directors' current accounts

16,823

5,447

27,581

21,239

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

2,030

3,333

Trade creditors

900

2,307

Tax

18,856

15,694

VAT

1,783

3,224

Accrued expenses

2,276

1,834

25,845

26,392

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans - 2-5 years

21,841

20,000

Bank loans more 5 yr by instal

-

1,666

21,841

21,666

2021

2020

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

1,666

10.	SECURED DEBTS

The company has a Bounce Back Loan of £23,871 which has been guaranteed by the UK Government.

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2021 and 31 December 2020:

2021

2020

£

£

Mr P Jackson

Balance outstanding at start of year

-

9,619

Amounts advanced

-

29,978

Amounts repaid

-

(39,597

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

Mrs J Minchinton

Balance outstanding at start of year

5,447

9,620

Amounts advanced

50,772

39,557

Amounts repaid

(39,395

)

(43,730

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

16,824

5,447

Loans are unsecured, interest free and repayable on demand.

12.	RELATED PARTY DISCLOSURES

During the year, total dividends of £22,000 (2020 - £36,000) were paid to the directors .

During the year the company paid rent of £7,200 (2020: £3,844) to the directors for the use of the business premises.