LOGBOOK_LENDING_LIMITED - Accounts

LOGBOOK LENDING LIMITED - Company Information

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Company Registration No. 07409180 (England and Wales)

LOGBOOK LENDING LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2014

LOGBOOK LENDING LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

LOGBOOK LENDING LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 DECEMBER 2014

- 1 -

2014

2013

Notes

Current assets

Stocks

2,300

8,307

Debtors

320,308

620,894

Cash at bank and in hand

1,032

20,962

323,640

650,163

Creditors: amounts falling due within one year

(1,362,607)

(1,756,037)

Total assets less current liabilities

(1,038,967)

(1,105,874)

Capital and reserves

Called up share capital

100

Profit and loss account

(1,039,067)

(1,105,974)

Shareholders' funds

(1,038,967)

(1,105,874)

For the financial year ended 31 December 2014 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 abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 19 May 2015

S Dryer

A Lazarus Esq

Director

Company Registration No. 07409180

LOGBOOK LENDING LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2014

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

During the year the company made a profit of £66,907. At the balance sheet date the company had net liabilities of £1,038,967. The directors consider that it is appropriate for the financial statements to be drawn up on the going concern basis having regard to the ongoing support pledged by the parent company in order to allow the company to meet its liabilities as they fall due, until such time as alternative sources of finance become available. The financial statements do not include any adjustments that would be necessary in the event that the financial support of the parent company were to be withdrawn and the company were deemed as a result not to be a going concern.

1.2

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 vehicles are recognised when the title of the goods passes.

1.3

Goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.

1.4

Website development cost

Website development cost is written off in equal annual installments over its estimated useful economic life of 3 years.

Share capital

2014

2013

Allotted, called up and fully paid

100 Ordinary shares of £1 each

100

Ultimate parent company

The ultimate controlling party is AF Premier Limited.