Registration number:
Looselabel Distribution Limited
for the Year Ended 31 December 2024
Registration number:
Looselabel Distribution Limited
for the Year Ended 31 December 2024
Looselabel Distribution Limited
Contents
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Company Information |
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Directors' Report |
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Accountants' Report |
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Profit and Loss Account and Statement of Retained Earnings |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
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Detailed Statement of Comprehensive Income |
Looselabel Distribution Limited
Company Information
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Directors |
Mr B P Hay Mr S P Hay |
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Registered office |
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Accountants |
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Looselabel Distribution Limited
Directors' Report for the Year Ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
Directors of the company
The directors who held office during the year were as follows:
Small companies provision statement
This report has 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.
Approved and authorised by the
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Chartered
Accountants' Report to the
Board of Directors
on the Preparation of the Unaudited Statutory Accounts of
Looselabel Distribution Limited
for the
Year
Ended
31 December 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Looselabel Distribution Limited for the year ended 31 December 2024 as set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Looselabel Distribution Limited, 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 Looselabel Distribution Limited and state those matters that we have agreed to state to the Board of Directors of Looselabel Distribution Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Looselabel Distribution Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Looselabel Distribution Limited 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 Looselabel Distribution Limited. You consider that Looselabel Distribution Limited 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 Looselabel Distribution Limited. 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.
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Chartered Accountants
3 Longbridge Road
Plymouth
Marsh Mills
Devon
PL6 8LT
Looselabel Distribution Limited
Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
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Turnover |
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- |
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Administrative expenses |
( |
( |
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Operating profit/(loss) |
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( |
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Profit/(loss) before tax |
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( |
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Profit/(loss) for the financial year |
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( |
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Retained earnings brought forward |
1,588 |
2,887 |
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Retained earnings carried forward |
1,953 |
1,588 |
Looselabel Distribution Limited
(Registration number: 09697347)
Statement of Financial Position as at 31 December 2024
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Note |
2024 |
2023 |
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Current assets |
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Stocks |
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- |
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Debtors |
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- |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
Approved and authorised by the
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Looselabel Distribution Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Principal activity
The principal activity of the company is that of a dormant company.
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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
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
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. The directors have reviewed the company's forecasts and projections, and are satisfied that the company has adequate resources to continue in business for the foreseeable future.
Looselabel Distribution Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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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. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Looselabel Distribution Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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Accounting policies (continued) |
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 at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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
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. .
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Financial instruments
Recognition and measurement
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.
Looselabel Distribution Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Stocks |
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2024 |
2023 |
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Finished goods and goods for resale |
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- |
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Debtors |
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2024 |
2023 |
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Other debtors |
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- |
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- |
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Creditors |
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2024 |
2023 |
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Due within one year |
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Trade creditors |
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- |
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Accruals and deferred income |
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Other creditors |
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Reserves |
Profit and loss account:
This reserve records retained earnings and accumulated losses.
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Related party transactions |
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Transactions with directors |
Looselabel Distribution Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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8 |
Related party transactions (continued) |
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2024 |
At 1 January 2024 |
At 31 December 2024 |
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Directors' loan account |
( |
( |
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2023 |
At 1 July 2022 |
At 31 December 2023 |
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Directors' loan account |
( |
( |
Summary of transactions with other related parties
Within other debtors is a balance of £2,500 (2023: £0) owed by a company with common control.
Within other creditors is a balance of £0 (2023: £12,434) owed to a company with common control.
Also within other creditors is a balance of £91,141 (£21,141) owed to a company with common control.
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Parent and ultimate parent undertaking |
The company's ultimate parent is
Looselabel Distribution Limited
Detailed Statement of Comprehensive Income for the Year Ended 31 December 2024
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2024 |
2023 |
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Turnover |
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Revenue |
2,500 |
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2,500 |
- |
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Gross profit |
2,500 |
- |
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Gross profit (%) |
100% |
0% |
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Administrative expenses |
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Insurance |
337 |
84 |
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Accountancy fees |
1,560 |
845 |
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Bank charges |
238 |
370 |
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2,135 |
1,299 |
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Operating profit/(loss) |
365 |
(1,299) |
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Profit/(loss) before tax |
365 |
(1,299) |