So here goes:

1. Create a new image slightly larger than the desired image size with a transparent background.
2. Make a rectangular selection the size of the actual logo, convert it to a round-edged rectangle and fill the selection with the highlight color (for example, the red on the edge of the logo).
3. Duplicate the layer twice.
4. Fill the lowermost layer with black, and blur it in order to create a shadow effect. It needs to spill out from behind the main logo slightly. Scale up the layer a few pixels if requried.
5. Scale down the top most layer by around 10–15 pixels, and apply a slightly darker shade gradient to it. (for example, a darker shade of red). The gradient should be subtle and slightly asymmetrical. Blur this layer just a little, so that it merges with the middle layer which is just below it.
6. Create a new text or image layer to add your logo to the image foreground.
7. Save your file.

That’s it — you’re done!