Company Registration No. 8350803 (England and Wales)
Logos Unlimited Limited
Filleted accounts
for the year ended 28 February 2018
Logos Unlimited Limited
Filleted accounts
Contents
Logos Unlimited Limited
Company Information
for the year ended 28 February 2018
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 2018
Intangible assets
1,000
-
Tangible assets
52,147
51,678
Inventories
45,000
25,000
Cash at bank and in hand
5,828
-
Creditors: amounts falling due within one year
(148,990)
(137,941)
Net current liabilities
(40,397)
(58,235)
Total assets less current liabilities
12,750
(6,557)
Creditors: amounts falling due after more than one year
-
(3,826)
Net assets/(liabilities)
12,750
(10,383)
Called up share capital
100
100
Profit and loss account
12,650
(10,483)
Shareholders' funds
12,750
(10,383)
For the year ending 28 February 2018 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 4 May 2018.
B A Sinkinson
Director
Company Registration No. 8350803
Logos Unlimited Limited
Notes to the Accounts
for the year ended 28 February 2018
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.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
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
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
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 2018
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
Intangible fixed assets
Goodwill
At 28 February 2018
1,000
At 28 February 2018
1,000
Logos Unlimited Limited
Notes to the Accounts
for the year ended 28 February 2018
5
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 March 2017
100,916
11,208
10,518
-
122,642
Additions
10,895
-
-
2,023
12,918
At 28 February 2018
111,811
11,208
10,518
2,023
135,560
At 1 March 2017
58,070
6,800
6,094
-
70,964
Charge for the year
8,569
1,102
2,104
674
12,449
At 28 February 2018
66,639
7,902
8,198
674
83,413
At 28 February 2018
45,172
3,306
2,320
1,349
52,147
At 28 February 2017
42,846
4,408
4,424
-
51,678
Raw materials
45,000
25,000
Trade debtors
55,081
45,436
Deferred tax asset
1,450
8,536
Accrued income and prepayments
1,234
734
8
Creditors: amounts falling due within one year
2018
2017
Bank loans and overdrafts
3,700
4,202
Trade creditors
50,491
48,861
Taxes and social security
5,187
7,342
Other creditors
10,102
10,359
Loans from directors
74,860
65,877
9
Creditors: amounts falling due after more than one year
2018
2017
The bank loan and overdraft is secured by way of a fixed and floating charge over all of the company's assets.
Logos Unlimited Limited
Notes to the Accounts
for the year ended 28 February 2018
10
Deferred taxation
2018
2017
Accelerated capital allowances
4,164
2,814
Tax losses carried forward
(5,614)
(11,350)
Provision at start of year
(8,536)
(13,047)
Charged to the profit and loss account
7,086
4,511
Provision at end of year
(1,450)
(8,536)
11
Share capital
2018
2017
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
12
Average number of employees
During the year the average number of employees was 5 (2017: 5).