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REGISTERED NUMBER: 07140965















Unaudited Financial Statements

for the Year Ended 31 January 2024

for

Lagom Agency Limited

Lagom Agency Limited (Registered number: 07140965)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 JANUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Lagom Agency Limited

Company Information
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTOR: C P Lane





REGISTERED OFFICE: 85 Great Portland Street
First Floor
London
W1W 7LT





REGISTERED NUMBER: 07140965





ACCOUNTANTS: Connolly Accountants & Business Advisors Ltd
Chartered Certified Accountants
The Stable Yard
25-33 Vicarage Road
Stony Stratford
Milton Keynes
Buckinghamshire
MK11 1BN

Lagom Agency Limited (Registered number: 07140965)

Balance Sheet
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 119 137
Tangible assets 5 23,963 30,283
24,082 30,420

CURRENT ASSETS
Stocks 5,627 16,871
Debtors 6 4,386 29,183
Cash at bank and in hand 1,929 34,622
11,942 80,676
CREDITORS
Amounts falling due within one year 7 11,362 43,187
NET CURRENT ASSETS 580 37,489
TOTAL ASSETS LESS CURRENT
LIABILITIES

24,662

67,909

CREDITORS
Amounts falling due after more than one
year

8

(6,978

)

(12,014

)

PROVISIONS FOR LIABILITIES (4,553 ) -
NET ASSETS 13,131 55,895

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 13,129 55,893
SHAREHOLDERS' FUNDS 13,131 55,895

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Lagom Agency Limited (Registered number: 07140965)

Balance Sheet - continued
31 JANUARY 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 31 October 2024 and were signed by:





C P Lane - Director


Lagom Agency Limited (Registered number: 07140965)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 JANUARY 2024

1. STATUTORY INFORMATION

Lagom Agency Limited is a private company, limited by shares , registered in Not specified/Other. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Lagom Agency Limited (Registered number: 07140965)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provision of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic Financial Assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised costs using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is a contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from related companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised costs, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Lagom Agency Limited (Registered number: 07140965)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 February 2023
and 31 January 2024 3,169 170 3,339
AMORTISATION
At 1 February 2023 3,168 34 3,202
Charge for year 1 17 18
At 31 January 2024 3,169 51 3,220
NET BOOK VALUE
At 31 January 2024 - 119 119
At 31 January 2023 1 136 137

5. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 February 2023 5,726 51,165 56,891
Additions 1,790 - 1,790
Disposals (3,332 ) - (3,332 )
At 31 January 2024 4,184 51,165 55,349
DEPRECIATION
At 1 February 2023 4,224 22,384 26,608
Charge for year 792 7,195 7,987
Eliminated on disposal (3,209 ) - (3,209 )
At 31 January 2024 1,807 29,579 31,386
NET BOOK VALUE
At 31 January 2024 2,377 21,586 23,963
At 31 January 2023 1,502 28,781 30,283

Lagom Agency Limited (Registered number: 07140965)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 3,477 28,649
Other debtors 909 534
4,386 29,183

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 9) 5,155 5,685
Trade creditors - 419
Taxation and social security 4,956 34,882
Other creditors 1,251 2,201
11,362 43,187

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 9) 6,978 12,014

9. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 74 685
Bank loans 5,081 5,000
5,155 5,685

Amounts falling due between one and two years:
Bank loans - 1-2 years 5,209 5,081

Amounts falling due between two and five years:
Bank loans - 2-5 years 1,769 6,933

Loan balances outstanding at the year end relate to a Bounce Back Loan. The loan is unsecured and is guaranteed by the UK government.

10. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. The assets of the scheme are held separately from those of the company in an independently administered fund.

Contributions totalling £500 (2023:£108) were payable to the fund at the balance sheet date and are included in other creditors.

Lagom Agency Limited (Registered number: 07140965)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2024

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 January 2024 and 31 January 2023:

2024 2023
£    £   
C P Lane
Balance outstanding at start of year 534 -
Amounts advanced - 534
Amounts repaid (534 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 534

Loan balances due from directors are interest free and without fixed repayment terms.