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

REGISTERED NUMBER: 05470384 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2021

for

Logo Leisurewear Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr S McSherry

Mrs A J McSherry

REGISTERED OFFICE:

16-18 Station Road

Chapeltown

Sheffield

South Yorkshire

S35 2XH

REGISTERED NUMBER:

05470384 (England and Wales)

ACCOUNTANTS:

Lishmans LLP

16-18 Station Road

Chapeltown

Sheffield

South Yorkshire

S35 2XH

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

13,511

12,076

13,511

12,076

CURRENT ASSETS

Stocks

57,053

40,108

Debtors

6

130,023

94,526

Cash at bank and in hand

26,998

88,240

214,074

222,874

CREDITORS

Amounts falling due within one year

7

181,881

181,641

NET CURRENT ASSETS

32,193

41,233

TOTAL ASSETS LESS CURRENT LIABILITIES

45,704

53,309

CREDITORS

Amounts falling due after more than one year

8

(34,167

)

(50,000

)

PROVISIONS FOR LIABILITIES

9

(2,567

)

(2,294

)

NET ASSETS

8,970

1,015

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

8,968

1,013

SHAREHOLDERS' FUNDS

8,970

1,015

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.

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

The financial statements were approved by the Board of Directors and authorised for issue on 24 March 2022 and were signed on its behalf by:

Mr S McSherry - Director

1.	STATUTORY INFORMATION

Logo Leisurewear Limited 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of the business in 2005, has being fully amortised evenly over its estimated useful life of 10 years.

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 annuals rates in order to write off each asset over its estimated useful life.

Plant and machinery - 20% on reducing balance

Fixtures and fittings - 15% on reducing balance

Computer equipment - 33% on reducing balance

Website development - 25% on reducing balance

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 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.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2020 - 10 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2021

and 31 December 2021

28,000

AMORTISATION

At 1 January 2021

and 31 December 2021

28,000

NET BOOK VALUE

At 31 December 2021

-

At 31 December 2020

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Website

Plant and

and

Computer

development

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 January 2021

5,824

25,000

9,549

11,505

51,878

Additions

-

-

917

5,079

5,996

At 31 December 2021

5,824

25,000

10,466

16,584

57,874

DEPRECIATION

At 1 January 2021

4,788

19,231

6,970

8,813

39,802

Charge for year

259

1,154

583

2,565

4,561

At 31 December 2021

5,047

20,385

7,553

11,378

44,363

NET BOOK VALUE

At 31 December 2021

777

4,615

2,913

5,206

13,511

At 31 December 2020

1,036

5,769

2,579

2,692

12,076

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

21,133

22,466

Other debtors

108,890

72,060

130,023

94,526

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

10,000

-

Trade creditors

51,647

75,413

Taxation and social security

(3,167

)

10,240

Other creditors

123,401

95,988

181,881

181,641

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Other creditors

34,167

50,000

9.	PROVISIONS FOR LIABILITIES

2021

2020

£

£

Deferred tax

2,567

2,294

Deferred

tax

£

Balance at 1 January 2021

2,294

Provided during year

273

Balance at 31 December 2021

2,567

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

2021

2020

£

£

Mr S McSherry

Balance outstanding at start of year

64,970

64,970

Amounts advanced

13,423

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

78,393

64,970

The amounts owed to the company by the director's will be repaid within 9 months of the year end