Logo Leisurewear (South West) Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 07408122 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2023

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

133,596

53,063

CURRENT ASSETS

Stocks

9,800

4,500

Debtors

14,640

13,627

Cash at bank and in hand

100,634

96,882

125,074

115,009

CREDITORS

Amounts falling due within one year

180,667

134,167

NET CURRENT LIABILITIES

(55,593

)

(19,158

)

TOTAL ASSETS LESS CURRENT LIABILITIES

78,003

33,905

CREDITORS

Amounts falling due after more than one year

(50,692

)

(24,167

)

PROVISIONS FOR LIABILITIES

(25,299

)

(13,928

)

NET ASSETS/(LIABILITIES)

2,012

(4,190

)

CAPITAL AND RESERVES

Called up share capital

7

2

2

Revaluation reserve

8

2,457

10,437

Retained earnings

(447

)

(14,629

)

SHAREHOLDERS' FUNDS

2,012

(4,190

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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 2023 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 13 June 2024 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.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

Straight line over 10 years

Plant and machinery

-

Straight line over 6 years, Straight line over 15 years and Straight line over 10 years

Fixtures and fittings

-

Straight line over 4 years

Motor vehicles

-

Straight line over 5 years

Computer equipment

-

Straight line over 4 years

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.

The plant and machinery depreciation policy has been changed from 5 years straight line to 6 - 15 years straight line to more accurately reflect the expected useful life of the assets.

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals under operating leases are charged to the profit and loss account as they fall due.

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 £447 (2022 - £14,629). It also has net current liabilities of £55,593 (2022 - £19,158).

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 6 (2022 - 6 ) .

5.	TANGIBLE FIXED ASSETS

Totals

£

COST OR VALUATION

At 1 January 2023

121,517

Additions

110,835

Disposals

(10,116

)

At 31 December 2023

222,236

DEPRECIATION

At 1 January 2023

68,454

Charge for year

20,302

Eliminated on disposal

(116

)

At 31 December 2023

88,640

NET BOOK VALUE

At 31 December 2023

133,596

At 31 December 2022

53,063

The plant and machinery depreciation policy has been changed from 5 years straight line to 6 - 15 years straight line to more accurately reflect the expected useful life of the assets.

Cost or valuation at 31 December 2023 is represented by:

Totals

£

Valuation in 2020

7,000

Cost

215,236

222,236

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

2023

2022

£

£

Cost

215,236

104,517

Aggregate depreciation

95,756

79,874

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.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2023

2022

£

£

Net obligations repayable:

Within one year

11,009

-

Between one and five years

36,525

-

47,534

-

Non-cancellable

operating leases

2023

2022

£

£

Within one year

47,757

47,757

Between one and five years

28,975

76,732

76,732

124,489

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

2

Ordinary

£1

2

2

8.

RESERVES

Revaluation

reserve

£

At 1 January 2023

10,437

Transferred to profit and loss account

(11,167

)

Deferred tax

3,187

At 31 December 2023

2,457

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

2023

2022

£

£

Mr D P Birch and Mrs D P Birch

Balance outstanding at start of year

842

-

Amounts advanced

2,790

842

Amounts repaid

(960

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

2,672

842

The maximum overdrawn balance during the year was £3,632.

The loan was interest free and had no fixed date for repayment.