Company registration number 03773746 (England and Wales)
LOGOSHACK (STAFFS) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MAY 2024
PAGES FOR FILING WITH REGISTRAR
LOGOSHACK (STAFFS) LTD
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
LOGOSHACK (STAFFS) LTD
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
208,066
231,301
Investment property
4
563,388
298,388
Investments
5
2
2
771,456
529,691
Current assets
Debtors
7
2,131,442
1,961,340
Cash at bank and in hand
1,049,906
1,110,877
3,181,348
3,072,217
Creditors: amounts falling due within one year
8
(1,011,645)
(894,620)
Net current assets
2,169,703
2,177,597
Total assets less current liabilities
2,941,159
2,707,288
Creditors: amounts falling due after more than one year
9
(159,694)
Provisions for liabilities
(46,440)
(51,734)
Net assets
2,894,719
2,495,860
Capital and reserves
Called up share capital
101
101
Revaluation reserve
38,475
38,475
Capital redemption reserve
101
101
Profit and loss reserves
2,856,042
2,457,183
Total equity
2,894,719
2,495,860
LOGOSHACK (STAFFS) LTD
BALANCE SHEET (CONTINUED)
- 2 -
For the financial year ended 30 May 2024 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 of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 20 February 2025 and are signed on its behalf by:
Mr Phillip Davies
Director
Company registration number 03773746 (England and Wales)
LOGOSHACK (STAFFS) LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 MAY 2024
- 3 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 June 2022
101
38,475
101
2,180,099
2,218,776
Year ended 30 May 2023:
Profit and total comprehensive income
-
-
-
409,084
409,084
Dividends
-
-
-
(132,000)
(132,000)
Balance at 30 May 2023
101
38,475
101
2,457,183
2,495,860
Year ended 30 May 2024:
Profit and total comprehensive income
-
-
-
610,859
610,859
Dividends
-
-
-
(212,000)
(212,000)
Balance at 30 May 2024
101
38,475
101
2,856,042
2,894,719
LOGOSHACK (STAFFS) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MAY 2024
- 4 -
1
Accounting policies
Company information
Logoshack (Staffs) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 5, Grove Industrial Estate, Grove Road, Fenton, Stoke-on-Trent, Staffordshire, United Kingdom, ST4 4LG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Not depreciated
Plant and equipment
20% reducing balance
Fixtures and fittings
20% reducing balance
Website
20% straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
LOGOSHACK (STAFFS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MAY 2024
1
Accounting policies
(Continued)
- 5 -
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
LOGOSHACK (STAFFS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MAY 2024
1
Accounting policies
(Continued)
- 6 -
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
20
20
3
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Website
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 31 May 2023
12,900
281,467
51,920
232,861
579,148
Additions
4,889
1,677
20,500
27,066
At 30 May 2024
12,900
286,356
53,597
20,500
232,861
606,214
Depreciation and impairment
At 31 May 2023
207,721
22,979
117,148
347,848
Depreciation charged in the year
15,362
6,010
28,928
50,300
At 30 May 2024
223,083
28,989
146,076
398,148
Carrying amount
At 30 May 2024
12,900
63,273
24,608
20,500
86,785
208,066
At 30 May 2023
12,900
73,746
28,942
115,713
231,301
-
-
LOGOSHACK (STAFFS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MAY 2024
- 7 -
4
Investment property
2024
£
Fair value
At 31 May 2023
298,388
Additions
265,000
At 30 May 2024
563,388
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
2
2
Fixed asset investments not carried at market value
6
Subsidiaries
Details of the company's subsidiaries at 30 May 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Logoshack Limited
England
Ordinary
100.00
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
519,483
450,168
Other debtors
1,611,959
1,511,172
2,131,442
1,961,340
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
97,158
160,934
Taxation and social security
838,372
704,427
Other creditors
76,115
29,259
1,011,645
894,620
The aggregate amount of secured creditors due within one year amounted to £57,771 (2023 - £23,799).
LOGOSHACK (STAFFS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MAY 2024
- 8 -
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
159,694
The aggregate amount of secured creditors which are due after more one year amounted to £NIL (2023 - £55,629).
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
404,871
310,791
11
Directors' transactions
Included in other debtors is an amount of £1,210,232 (2023 - £1,158,340) due from the directors. Interest is being charged on this loan.