2022-07-012023-06-302023-06-30false12658606LALO THE SHOP 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LALO THE SHOP LTD

Registered Number
12658606
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2023

LALO THE SHOP LTD
Company Information
for the year from 1 July 2022 to 30 June 2023

Directors

EXTON, Jack
SIMMONDS, Honey

Registered Address

D&J Simons & Sons Ltd Studio 206
2nd Floor, 120-150 Hackney Road
London
E2 7QS

Registered Number

12658606 (England and Wales)
LALO THE SHOP LTD
Balance Sheet as at
30 June 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets3358478
358478
Current assets
Stocks41,2869,056
Debtors50,8953,850
Cash at bank and on hand7,04713,176
59,22826,082
Creditors amounts falling due within one year5(46,355)(24,304)
Net current assets (liabilities)12,8731,778
Total assets less current liabilities13,2312,256
Provisions for liabilities6(68)(91)
Net assets13,1632,165
Capital and reserves
Called up share capital22
Profit and loss account13,1612,163
Shareholders' funds13,1632,165
The financial statements were approved and authorised for issue by the Board of Directors on 27 March 2024, and are signed on its behalf by:
EXTON, Jack
Director
SIMMONDS, Honey
Director

Registered Company No. 12658606
LALO THE SHOP LTD
Notes to the Financial Statements
for the year ended 30 June 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Office Equipment25
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20232022
Average number of employees during the year22
3.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 July 22850850
At 30 June 23850850
Depreciation and impairment
At 01 July 22372372
Charge for year120120
At 30 June 23492492
Net book value
At 30 June 23358358
At 30 June 22478478
4.Stocks

2023

2022

££
Raw materials and consumables1,2869,056
Total1,2869,056
5.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables30,6602,130
Taxation and social security14,0445,868
Other creditors36115,056
Accrued liabilities and deferred income1,2901,250
Total46,35524,304
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
6.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)6891
Total6891