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Registration number: 09682410

Looselabel Limited

Unaudited Filleted Financial Statements

for the Period from 1 July 2022 to 31 December 2023

 

Looselabel Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Looselabel Limited

(Registration number: 09682410)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,073,329

1,204,435

Investment property

5

109,926

-

 

1,183,255

1,204,435

Current assets

 

Stocks

6

524,720

594,571

Debtors

7

297,076

486,794

Cash at bank and in hand

 

160,996

164,785

 

982,792

1,246,150

Creditors: Amounts falling due within one year

8

(1,771,259)

(1,900,075)

Net current liabilities

 

(788,467)

(653,925)

Total assets less current liabilities

 

394,788

550,510

Creditors: Amounts falling due after more than one year

8

(318,902)

(358,391)

Provisions for liabilities

(8,889)

(8,889)

Net assets

 

66,997

183,230

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

65,997

182,230

Shareholders' funds

 

66,997

183,230

 

Looselabel Limited

(Registration number: 09682410)
Statement of Financial Position as at 31 December 2023 (continued)

For the financial period ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 13 September 2024 and signed on its behalf by:
 


Mr S P Hay
Director

 

Looselabel Limited

Notes to the Unaudited Financial Statements for the Period from 1 July 2022 to 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Plym House,
3 Longbridge Road
Plymouth
Devon
PL6 8LT

Principal activity

The principal activity of the company is that of the distribution of sports supplies.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis based on the position of the company at the year end.

 

Looselabel Limited

Notes to the Unaudited Financial Statements for the Period from 1 July 2022 to 31 December 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Foreign currency transactions and balances

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Looselabel Limited

Notes to the Unaudited Financial Statements for the Period from 1 July 2022 to 31 December 2023 (continued)

2

Accounting policies (continued)

Tangible assets

Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.

Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold Land

Not depreciated

Freehold Buildings

2% Straight line

Fittings fixtures and equipment

20% Reducing balance

Motor vehicles

25% Reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

 

Looselabel Limited

Notes to the Unaudited Financial Statements for the Period from 1 July 2022 to 31 December 2023 (continued)

2

Accounting policies (continued)

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 6 (2022 - 6).

 

Looselabel Limited

Notes to the Unaudited Financial Statements for the Period from 1 July 2022 to 31 December 2023 (continued)

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

1,200,670

114,068

27,619

1,342,357

Additions

-

18,014

-

18,014

Disposals

(113,326)

(11,268)

-

(124,594)

At 31 December 2023

1,087,344

120,814

27,619

1,235,777

Depreciation

At 1 July 2022

31,788

87,252

18,882

137,922

Charge for the period

23,368

9,325

3,277

35,970

Eliminated on disposal

(3,400)

(8,044)

-

(11,444)

At 31 December 2023

51,756

88,533

22,159

162,448

Carrying amount

At 31 December 2023

1,035,588

32,281

5,460

1,073,329

At 30 June 2022

1,168,882

26,816

8,737

1,204,435

Included within the net book value of land and buildings above is £1,035,588 (2022 - £1,168,881) in respect of freehold land and buildings.
 

5

Investment properties

2023
£

Transfers to and from owner-occupied property

109,926

At 31 December

109,926

The investment property was valued by the directors at fair value at the year end. There was no revaluation required that would materially affect the accounts.

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

524,720

594,571

 

Looselabel Limited

Notes to the Unaudited Financial Statements for the Period from 1 July 2022 to 31 December 2023 (continued)

7

Debtors

2023
£

2022
£

Trade debtors

281,085

429,259

Other debtors

9,993

51,362

Prepayments

4,298

6,173

Income tax asset

1,700

-

297,076

486,794


Within Trade debtors is an amount of £36,892 (2022: £153,325) relating to payments in advance for Stock in Transit.

8

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

29,945

36,000

Trade creditors

 

162,970

173,146

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

1,000

-

Taxation and social security

 

27,924

21,170

Accruals and deferred income

 

16,787

8,252

Other creditors

 

1,532,633

1,661,507

 

1,771,259

1,900,075

Within the above total is a balance of £1,372,453 (2022: £1,566,771) owed a company under common control to the reporting entity. Interest is being charged on this loan on a monthly basis and is repayable on demand.
 

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

318,902

358,391

Within the above total is a bank loan, which is secured over the assets of the company.
 

 

Looselabel Limited

Notes to the Unaudited Financial Statements for the Period from 1 July 2022 to 31 December 2023 (continued)

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

10

Directors advances, credits and guarantees

Transactions with directors

2023

At 1 July 2022
£

At 31 December 2023
£

Directors

(75,328)

(75,328)

     
   

 

2022

At 1 July 2021
£

At 30 June 2022
£

Directors

(75,328)

(75,328)

 

Directors' loans are repayable on demand and subject to interest on overdrawn balances at the official rate.

Summary of transactions with other related parties

Within debtors is a balance of £22,663 (2022: £20,872) owed by companies with common control.

Within creditors is a balance of £1,437,024 (2022: £1,525,890) owed to companies with common control.

11

Parent and ultimate parent undertaking

From 1 July 2023, the company's ultimate parent is Bispo Limited, incorporated in England and Wales. Their registered office is Westcotts LLP, Plym House, 3 Longbridge Road, Marsh Mills, Plymouth, Devon, United Kingdom, PL6 8LT.