Lazy Oaf Limited
Lazy Oaf Limited
Registered number: 04412845
Unaudited ABRIDGED Financial Statements
For The Year Ended
31 March 2021
Ten Forward Accounting Ltd
Chartered Certified Accountants
1 Mountview Court
310 Friern Barnet Lane
London
N20 0LD
Lazy Oaf Limited
Unaudited Financial Statements
For The Year Ended
31 March 2021
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Abridged Statement of Financial Position | 2—3 |
| Notes to the Abridged Financial Statements | 4—6 |
Lazy Oaf Limited
Abridged Statement of Financial Position
As at
31 March 2021
Abridged Statement of Financial Position
Registered number:
04412845
For the year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| 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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| Creditors: Amounts Falling Due After More Than One Year | (180,000) | - | |||
| 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 | 1,762,981 | 1,117,637 | |||
Lazy Oaf Limited
Abridged Statement of Financial Position (continued)
As at
31 March 2021
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 2021 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
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Director
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The notes on pages 4 to 6 form part of these financial statements.
Lazy Oaf Limited
Notes to the Abridged Financial Statements
For The Year Ended
31 March 2021
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 of despatch.
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- Straight line over 4 years
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.
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.
1.6.
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 foreign 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.
1.7.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
1.8.
Government Grant
Government grants are recognised in the income statement in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the income statement. Grants towards general activities of the entity over a specific period are recognised in the income statement over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the income statement over the useful life of the asset concerned.
All grants in the income statement are recognised when all conditions for receipt have been complied with.
These grants were issued through local authorities to support businesses during Coronavirus.
Lazy Oaf Limited
Notes to the Abridged Financial Statements (continued)
For The Year Ended
31 March 2021
1.9.
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: 35 (2020: 37)
3.
Intangible Assets
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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 | |
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| Additions |
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| Depreciation | |
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| Provided during the period |
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| Net Book Value | |
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Lazy Oaf Limited
Notes to the Abridged Financial Statements (continued)
For The Year Ended
31 March 2021
6.
Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
| Land and buildings | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Within 1 year | 188,030 | 154,328 |
| Between 1 and 5 years | 361,451 | 543,633 |
| 549,481 | 697,961 | |
7.
Directors Advances, Credits and Guarantees
Included within Creditors are the following loans from director:
| As at
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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.
Fixed and Floating Charge
On 15 June 2020, Barclays Security Trustee Limited, registered a fixed and floating charge on the company's assets.
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.