Logovisual Limited Company Accounts

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COMPANY REGISTRATION NUMBER: 03920053

Logovisual Limited

Filleted Unaudited Financial Statements

31 March 2017

Logovisual Limited

Financial Statements

Year ended 31 March 2017

Contents	Page

Statement of financial position	1

Statement of changes in equity	3

Notes to the financial statements	4

Logovisual Limited

Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Intangible assets	5	24,000	36,000
Tangible assets	6	20,919	45,517
Investments	7	63,050	–
		---------	--------
		107,969	81,517

Current assets

Stocks		31,409	17,536
Debtors	8	153,383	84,319
Cash at bank and in hand		220,012	67,551
		---------	---------
		404,804	169,406

Prepayments and accrued income	3,810		9,054

Creditors: amounts falling due within one year	9	121,289		66,180
		---------		---------
Net current assets			287,325	112,280
			---------	---------
Total assets less current liabilities			395,294	193,797

Provisions

Taxation including deferred tax		4,184	8,034

Accruals and deferred income	56,404	11,939
	---------	---------
Net assets	334,706	173,824
	---------	---------

Logovisual Limited

Statement of Financial Position (continued)

31 March 2017

	2017		2016
Note	£	£	£

Capital and reserves

Called up share capital	207	200
Profit and loss account	334,499	173,624
	---------	---------
Members funds	334,706	173,824
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 11 December 2017 , and are signed on behalf of the board by:

Mr D D Varney
Director

Company registration number: 03920053

Logovisual Limited

Statement of Changes in Equity

Year ended 31 March 2017

	Called up share capital	Profit and loss account	Total
	£	£	£
At 1 April 2015	200	83,245	83,445

Profit for the year		106,379	106,379
	----	---------	---------
Total comprehensive income for the year	–	106,379	106,379

Dividends paid and payable	–	( 16,000)	( 16,000)
	----	---------	---------
Total investments by and distributions to owners	–	( 16,000)	( 16,000)

At 31 March 2016	200	173,624	173,824

Profit for the year		197,875	197,875
	----	---------	---------
Total comprehensive income for the year	–	197,875	197,875

Issue of shares	7	–	7
Dividends paid and payable	–	( 37,000)	( 37,000)
	----	--------	--------
Total investments by and distributions to owners	7	( 37,000)	( 36,993)

	----	---------	---------
At 31 March 2017	207	334,499	334,706
	----	---------	---------

Logovisual Limited

Notes to the Financial Statements

Year ended 31 March 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 5b Millenium Road, Airedale Business Centre, Skipton, North Yorkshire, BD23 2TZ.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

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 and investment properties measured at fair value through profit or loss.

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

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 12.

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.

Revenue recognition

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.

Income tax

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

Foreign currencies

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 the profit and loss account.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	25% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	20% straight line
Motor vehicles	-	33% straight line
Furniture and office equipment	-	20% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Impairment of fixed assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a 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.

Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy).

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.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 10 (2016: 9 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 April 2016 and 31 March 2017	48,000
	--------
Amortisation
At 1 April 2016	12,000
Charge for the year	12,000
	--------
At 31 March 2017	24,000
	--------
Carrying amount
At 31 March 2017	24,000
	--------
At 31 March 2016	36,000
	--------

6. Tangible assets

	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 April 2016	25,819	27,082	22,574	75,475
Additions	248	–	1,970	2,218
Disposals	( 15,500)	–	–	( 15,500)
	--------	--------	--------	--------
At 31 March 2017	10,567	27,082	24,544	62,193
	--------	--------	--------	--------
Depreciation
At 1 April 2016	6,894	8,553	14,511	29,958
Charge for the year	2,113	6,539	4,731	13,383
Disposals	( 2,067)	–	–	( 2,067)
	--------	--------	--------	--------
At 31 March 2017	6,940	15,092	19,242	41,274
	--------	--------	--------	--------
Carrying amount
At 31 March 2017	3,627	11,990	5,302	20,919
	--------	--------	--------	--------
At 31 March 2016	18,925	18,529	8,063	45,517
	--------	--------	--------	--------

7. Investments

	Other investments other than loans
	£
Cost
Additions	63,050
	--------
At 31 March 2017	63,050
	--------
Impairment
At 1 April 2016 and 31 March 2017	–
	--------

Carrying amount
At 31 March 2017	63,050
	--------
At 31 March 2016	–
	--------

8. Debtors

	2017	2016
	£	£
Trade debtors	153,383	84,121
Other debtors	–	198
	---------	--------
	153,383	84,319
	---------	--------

9. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	23,044	19,830
Corporation tax	36,821	21,073
Social security and other taxes	47,020	10,187
Other creditors	14,404	15,090
	---------	--------
	121,289	66,180
	---------	--------

10. Director's advances, credits and guarantees

At the Year End the company owed the director £8,706 (2016 - £12,213), this amount is interest free and repayable on demand.

11. Related party transactions

The company was under the control of Mr Daniel Varney throughout the current and previous year. Mr Daniel Varney is the managing director and majority shareholder. During the year the company paid £ 63,050 to Craven Lighthouse LLP . A Limited Liability Partnership where D Varney and the company are designated members.

12. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

No transitional adjustments were required in equity or profit or loss for the year.