Logo Leisurewear (South West) Ltd - Period Ending 2015-12-31

Registration number: 07408122

Logo Leisurewear (South West) Ltd

trading as Logo Leisurewear

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2015
 

Malcolm Neal ACMA - AIMS Accountants for Business
Chartered Management Accountant
Chapel House
Chittlehamholt
Umberleigh
Devon
EX37 9NS

Logo Leisurewear (South West) Ltd
trading as Logo Leisurewear
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Management Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Logo Leisurewear (South West) Ltd
trading as Logo Leisurewear
for the Year Ended 31 December 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the unaudited accounts of Logo Leisurewear (South West) Ltd for the year ended 31 December 2015 set out on pages 2 to 4 from the company's accounting records and from information and explanations you have given us.

As a Member in Practice of the Chartered Institute of Management Accountants(CIMA), we are subject to its ethical and other professional requirements which are detailed at cimaglobal.com/Members/Members-handbook.

This report is made solely to the Board of Directors of Logo Leisurewear (South West) Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Logo Leisurewear (South West) Ltd and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Logo Leisurewear (South West) Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Logo Leisurewear (South West) Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Logo Leisurewear (South West) Ltd. You consider that Logo Leisurewear (South West) Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Logo Leisurewear (South West) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Malcolm Neal ACMA - AIMS Accountants for Business
Chartered Management Accountant
Chapel House
Chittlehamholt
Umberleigh
Devon
EX37 9NS

5 May 2016

Page 1

Registration number: 07408122

Logo Leisurewear (South West) Ltd
at 31 December 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					33,126			14,688
Current assets
Debtors					1,901			727
Cash at bank and in hand					26,917			31,728
					28,818			32,455
Creditors: Amounts falling due within one year					(49,128)			(41,862)
Net current liabilities					(20,310)			(9,407)
Total assets less current liabilities					12,816			5,281
Provisions for liabilities					(6,625)			(2,938)
Net assets					6,191			2,343
Capital and reserves
Called up share capital		3			2			2
Profit and loss account					6,189			2,341
Shareholders' funds					6,191			2,343

For the year ending 31 December 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have 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 in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 5 May 2016

.........................................
Mr Duncan Paul Birch
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Logo Leisurewear (South West) Ltd
trading as Logo Leisurewear
Notes to the Abbreviated Accounts for the Year Ended 31 December 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	20% straight line basis
Fixtures and fittings	25% straight line basis
Office equipment	25% straight line basis

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 3

Logo Leisurewear (South West) Ltd
trading as Logo Leisurewear
Notes to the Abbreviated Accounts for the Year Ended 31 December 2015
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 January 2015		25,362			25,362
Additions		30,258			30,258
At 31 December 2015		55,620			55,620
Depreciation
At 1 January 2015		10,674			10,674
Charge for the year		11,820			11,820
At 31 December 2015		22,494			22,494
Net book value
At 31 December 2015		33,126			33,126
At 31 December 2014		14,688			14,688

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary of £1 each		2			2			2			2

Page 4