Logbook Lending Limited
Logbook Lending Limited
Registered number: 07409180
Unaudited Financial Statements
For The Year Ended
31 December 2020
Logbook Lending Limited
Unaudited Financial Statements
For The Year Ended
31 December 2020
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—5 |
Logbook Lending Limited
Balance Sheet
As at
31 December 2020
Balance Sheet
Registered number:
07409180
For the year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2020 | 2019 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Debtors | 4 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 5 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 6 |
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| NET LIABILITIES |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 7 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | (215,508) | (67,504) | |||
Page 1
Logbook Lending Limited
Balance Sheet (continued)
As at
31 December 2020
Director's responsibilities
-
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 3 to 5 form part of these financial statements.
Page 2
Logbook Lending Limited
Notes to the Financial Statements
For The Year Ended
31 December 2020
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Going Concern Disclosure
The director, having considered the company forecasts and projections and after making enquiries has a reasonable
expectation that the company has adequate resources to continue in operational existance for the forerseeable future.
Accordingly the financial statements have been prepared on a going concern basis. Notably this expectation has been
based on the assumption that the director and the company's creditors will continue to support the company and that
the company will trade out of the deficit position indicated by the Balance Sheet.
1.3.
Turnover
Turnover represents interest earned from loans and the sale of repossessed vehicles held as security. Interest income is recognised in the period in which it is earned. Proceeds from the sale of the vehicles are recognised when the title has passed.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Computer Equipment |
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1.5.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
1.6.
Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2020 | 2019 | ||
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| Office and administration |
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Page 3
Logbook Lending Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2020
3.
Tangible Assets
| Computer Equipment | |
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| £ | |
| Cost | |
| As at
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| As at
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| Depreciation | |
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| Provided during the period |
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| As at
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| Net Book Value | |
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| As at
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4.
Debtors
| 2020 | 2019 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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| Due after more than one year | |||
| Trade debtors |
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5.
Creditors: Amounts Falling Due Within One Year
| 2020 | 2019 | ||
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| £ | £ | ||
| Trade creditors |
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| Bank loans and overdrafts |
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| Other taxes and social security |
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| Other creditors |
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| Accruals and deferred income |
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| Director's loan account |
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| Amounts owed to group undertakings |
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Page 4
Logbook Lending Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2020
6.
Creditors: Amounts Falling Due After More Than One Year
| 2020 | 2019 | ||
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| £ | £ | ||
| Bank loans |
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| Other creditors |
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Of the creditors falling due within and after more than one year the following amounts are due after more than five years.
| 2020 | 2019 | ||
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| £ | £ | ||
| Bank loans and overdrafts | 5,285 | - |
8.
Related Party Transactions
AF Premier Ltd
Parent company
Funds have been made available by the parent compnay during the year on an unsecured interest free basis with no fixed date for repayment. At the year end the balance owed to AF Premier Ltd amounted to £73,547, (2019: £17,762).
Andrew Lazarus
Director
Mr Lazarus has a credit loan balance with the company which is lent on an unsecured, interest free basis with no fixed date for repayment. The amount due to the related party at 31 December 2020 was £64,931 (2019: £66.00)
9.
Ultimate Parent Undertaking and Controlling Party
The company's immediate and ultimate parent undertaking is
AF Premier Limited
.
AF Premier Limited
was incorporated in England & Wales. Copies of the group accounts may be obtained from the secretary,
82 Wandsworth Bridge Road, London SW6 2TF
. The ultimate controlling party is
AF Premier Limited
who controls 100% of the shares of
Logbook Lending Limited
.
10.
General Information
Logbook Lending Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
07409180
. The registered office is 82 Wandsworth Bridge Road, London, SW6 2TF.
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