Lazy Oaf Limited
Lazy Oaf Limited
Registered number: 04412845
Unaudited ABRIDGED Financial Statements
For The Year Ended 31 March 2019
Ten Forward Finance Ltd
Chartered Certified Accountants
Balfour House
741 High Road
London
N12 0BP
Lazy Oaf Limited
Unaudited Financial Statements
For The Year Ended 31 March 2019
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Abridged Statement of Financial Position | 1—2 |
| Notes to the Abridged Financial Statements | 3—5 |
Lazy Oaf Limited
Abridged Statement of Financial Position
As at
31 March 2019
Abridged Statement of Financial Position
Registered number:
04412845
For the year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2019 | 2018 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Intangible Assets | 3 |
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| Tangible Assets | 4 |
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| CURRENT ASSETS | |||||
| Stocks |
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| Debtors |
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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 CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 5 |
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| Income Statement |
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| SHAREHOLDERS' FUNDS | 1,440,276 | 1,107,000 | |||
Page 1
Lazy Oaf Limited
Abridged Statement of Financial Position (continued)
As at
31 March 2019
Directors' responsibilities:
-
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
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All of the company's members have consented to the preparation of an Abridged Income Statement and an Abridged Statement of Financial Position for the year end 31 March 2019 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
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The notes on pages 3 to 5 form part of these financial statements.
Page 2
Lazy Oaf Limited
Notes to the Abridged Financial Statements
For The Year Ended 31 March 2019
Notes to the Abridged Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3.
Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are amortised as below on the basis of their useful life:
Trademark- Straight line over 10 years
Website- Straight line over 4 years
Software licence- 25% Reducing balance
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Leasehold |
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| Fixtures & Fittings |
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| Computer Equipment |
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1.5.
Financial Instruments
A financial asset or a financial liability is recognised only when the company 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.
1.6.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
1.7.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Any foeign tax suffered and withheld is offset up to the UK tax where there is a double tax treaty in place. Where there is any foreign tax that cannot be offset against UK tax and therefore irrecoverable is expensed to the profit and loss account.
Page 3
Lazy Oaf Limited
Notes to the Abridged Financial Statements (continued)
For The Year Ended 31 March 2019
1.8.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
2.
Average Number of Employees
Average number of employees, including directors, during the year was 28 (2018: 26).
3.
Intangible Assets
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| Additions |
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| Amortisation | |||
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| Provided during the period |
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| Net Book Value | |||
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4.
Tangible Assets
| Total | |
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| £ | |
| Cost | |
| As at |
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| Additions |
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| Disposals |
( |
| As at |
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| Depreciation | |
| As at |
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| Provided during the period |
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| Disposals |
( |
| As at |
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| Net Book Value | |
| As at |
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Page 4
Lazy Oaf Limited
Notes to the Abridged Financial Statements (continued)
For The Year Ended 31 March 2019
6.
Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
| Land and buildings | ||
|---|---|---|
| 2019 | 2018 | |
| £ | £ | |
| Within 1 year | 203,000 | 115,000 |
| Between 1 and 5 years | 508,000 | 285,000 |
| 711,000 | 400,000 | |
7.
Directors Advances, Credits and Guarantees
Included within creditors is the following loan from the director:
| As at |
Amounts advanced | Amounts repaid | Amounts written off | As at |
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|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Ms Gemma Shiel |
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( |
The above loan is unsecured, interest free and repayable on demand.
8.
Ultimate Controlling Party
The company's ultimate controlling party is Ms Gemma Shiel by virtue of her ownership of 100% of the issued share capital in the company.
9.
General Information
Lazy Oaf Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04412845 . The registered office is Unit 6 New North House Canonbury Business Centre, 190a New North Road, London, N1 7BJ.
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