Company Registration No. 8350803 (England and Wales)
Logos Unlimited Limited
Filleted accounts
for the year ended 28 February 2017
Logos Unlimited Limited
Filleted accounts
Contents
Logos Unlimited Limited
Company Information
for the year ended 28 February 2017
Company Number
8350803 (England and Wales)
Registered Office
Unit 1, Sands Industrial Estate
Swalwell
Newcastle Upon Tyne
Tyne and Wear
NE16 3DJ
Accountants
Tony Turner Accountants
Spencer House
Market Lane
Swalwell
Tyne and Wear
NE16 3DS
Logos Unlimited Limited
Statement of financial position
as at
28 February 2017
Tangible assets
51,678
57,025
Inventories
25,000
25,000
Creditors: amounts falling due within one year
(137,941)
(173,952)
Net current liabilities
(58,235)
(85,509)
Total assets less current liabilities
(6,557)
(28,484)
Creditors: amounts falling due after more than one year
(3,826)
(7,525)
Net liabilities
(10,383)
(36,009)
Called up share capital
100
100
Profit and loss account
(10,483)
(36,109)
Shareholders' funds
(10,383)
(36,009)
For the year ending 28 February 2017 the company was entitled to exemption from audit 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 her 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 30 November 2017.
B A Sinkinson
Director
Company Registration No. 8350803
Logos Unlimited Limited
Notes to the Accounts
for the year ended 28 February 2017
Logos Unlimited Limited is a private company, limited by shares, registered in England and Wales, registration number 8350803. The registered office is Unit 1, Sands Industrial Estate, Swalwell, Newcastle Upon Tyne, Tyne and Wear, NE16 3DJ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended
28 February 2017 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 March 2015.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in note
11 below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
These accounts have been prepared on the going concern basis due to the ongoing support of the directors and the bank facilities to meet the day to day operating cashflow requirements and anticipation of future profits which will make the company's statement of financial position solvent again. If this basis becomes inappropriate then assets would be written down to their recoverable amounts.
The accounts are presented in £ sterling.
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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% reducing balance
Motor vehicles
25% reducing balance
Fixtures & fittings
20% straight line
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Logos Unlimited Limited
Notes to the Accounts
for the year ended 28 February 2017
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 March 2016
91,978
11,208
10,518
113,704
Additions
8,938
-
-
8,938
At 28 February 2017
100,916
11,208
10,518
122,642
At 1 March 2016
47,358
5,331
3,990
56,679
Charge for the year
10,712
1,469
2,104
14,285
At 28 February 2017
58,070
6,800
6,094
70,964
At 28 February 2017
42,846
4,408
4,424
51,678
At 29 February 2016
44,620
5,877
6,528
57,025
Raw materials
25,000
25,000
Trade debtors
45,436
49,662
Deferred tax asset
8,536
13,047
Accrued income and prepayments
734
734
Logos Unlimited Limited
Notes to the Accounts
for the year ended 28 February 2017
7
Creditors: amounts falling due within one year
2017
2016
Bank loans and overdrafts
4,202
8,654
Trade creditors
48,861
64,649
Taxes and social security
7,342
11,054
Other creditors
10,359
8,601
Loans from directors
65,877
79,319
8
Creditors: amounts falling due after more than one year
2017
2016
The bank loan and overdraft is secured by way of a fixed and floating charge over all of the companies assets.
9
Share capital
2017
2016
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
10
Average number of employees
During the year the average number of employees was 5 (2016: 5).
11
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 March 2015
29 February 2016
Capital and reserves (as previously stated)
(18,812)
(49,056)
Deferred tax (not FRS102 transition related)
593
13,047
Capital and reserves (as restated)
(18,219)
(36,009)
Deferred tax assets are now reflected fully in accordance with the accounting policies.
Reconciliation of profit or loss for the year
29 February 2016
Profit for the year (as previously stated)
(30,244)
Deferred tax (not FRS102 transition related)
12,454
Profit for the year (as restated)
(17,790)