Logo Leisurewear (South West) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07408122 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2021

for

Logo Leisurewear (South West) Ltd

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr D P Birch

Mrs D P Birch

REGISTERED OFFICE:

Unit 2

Daddon Rise

Clovelly Road Industrial Estate

Bideford

Devon

EX39 3HN

REGISTERED NUMBER:

07408122 (England and Wales)

ACCOUNTANTS:

R T Marke & Co Ltd

Chartered Accountants

69 High Street

Bideford

Devon

EX39 2AT

FIXED ASSETS

Tangible assets

5

52,336

47,821

CURRENT ASSETS

Stocks

4,000

250

Debtors

25,833

18,048

Cash at bank and in hand

133,861

54,780

163,694

73,078

CREDITORS

Amounts falling due within one year

169,246

155,832

NET CURRENT LIABILITIES

(5,552

)

(82,754

)

TOTAL ASSETS LESS CURRENT LIABILITIES

46,784

(34,933

)

CREDITORS

Amounts falling due after more than one year

6

(34,167

)

(43,689

)

PROVISIONS FOR LIABILITIES

(9,836

)

(9,086

)

NET ASSETS/(LIABILITIES)

2,781

(87,708

)

CAPITAL AND RESERVES

Called up share capital

8

2

2

Revaluation reserve

9

11,016

12,150

Retained earnings

(8,237

)

(99,860

)

SHAREHOLDERS' FUNDS

2,781

(87,708

)

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 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2021 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 April 2022 and were signed on its behalf by:

Mr D P Birch - Director

Mrs D P Birch - Director

1.	STATUTORY INFORMATION

Logo Leisurewear (South West) 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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. There were no material departures from that standard.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The principal accounting policies adopted in the preparation of the financial statements are set out below and remain unchanged from the previous period, and also have been consistently applied within the same accounts.

The consequences of the COVID-19 pandemic and the measures taken to control its spread have materially and adversely affected the company's operations. The impact of the pandemic, as well as the effectiveness of government and central bank responses, remain unclear at this time. It is not possible to reliably estimate the duration and severity of these consequences, as well as their impact on the financial position and results of the company for future periods. The directors are optimistic that necessary measures can be taken to ensure the viability of the company and so they have continued to adopt the going concern basis of accounting as set out below.

Turnover

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

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

Improvements to property

-

10% straight line

Plant and machinery

-

20% straight line

Fixtures and fittings

-

25% straight line

Computer equipment

-

25% straight line

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Government grants

Government grants in respect of capital expenditure are treated as deferred income and are credited to the profit and loss account over the estimated useful life of the assets to which they relate.

Government grants in respect of revenue items are credited to the profit and loss account when they are receivable.

Stocks

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

Financial instruments

Basic financial instruments with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs.

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.

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.

Going concern

The company has retained losses of £8,237 (2020 - £99,860). It also has net current liabilities of £5,552 (2020 - £82,754).

The company is reliant on the continuing financial support of its creditors and while there are no reasons to doubt that this support will continue, inherently there can be no certainty in relation to these matters. On this basis, and having regard to the company's anticipated future revenues and costs including repayment of debt where appropriate, together with the expected availability of working capital, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from an inability to meet obligations as they fall due.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2020 - 5 ) .

5.	TANGIBLE FIXED ASSETS

Totals

£

COST OR VALUATION

At 1 January 2021

108,386

Additions

13,634

Disposals

(15,526

)

At 31 December 2021

106,494

DEPRECIATION

At 1 January 2021

60,565

Charge for year

16,715

Eliminated on disposal

(15,522

)

Revaluation adjustments

(7,600

)

At 31 December 2021

54,158

NET BOOK VALUE

At 31 December 2021

52,336

At 31 December 2020

47,821

Cost or valuation at 31 December 2021 is represented by:

Totals

£

Valuation in 2020

15,000

Cost

91,494

106,494

If fixed assets had not been revalued they would have been included at the following historical cost:

2021

2020

£

£

Cost

91,494

93,386

Aggregate depreciation

72,018

79,065

The production machinery was valued on an open market basis at the balance sheet date.

The production machinery is accounted for at fair value on an on-going basis.

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2021

2020

£

£

Repayable by instalments

Bank loans due after 5 years

-

3,531

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2021

2020

£

£

Within one year

34,356

19,200

Between one and five years

88,753

68,800

123,109

88,000

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

2

Ordinary

£1

2

2

9.

RESERVES

Revaluation

reserve

£

At 1 January 2021

12,150

Transferred to profit and loss account

(9,000

)

Arising on revaluation in year

7,600

Deferred tax

266

At 31 December 2021

11,016