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Company Registration No. 11839562 (England and Wales)
Lagom Interiors Ltd Unaudited accounts for the year ended 31 July 2024
Lagom Interiors Ltd Unaudited accounts Contents
Page
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Lagom Interiors Ltd Company Information for the year ended 31 July 2024
Directors
Suzella Anne Evans Martin Robinson
Company Number
11839562 (England and Wales)
Registered Office
71-75 Shelton Street London Greater London WC2H 9JQ UK
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Lagom Interiors Ltd Statement of financial position as at 31 July 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
1,752 
1,686 
Current assets
Debtors
37,119 
260,950 
Cash at bank and in hand
667,426 
239,121 
704,545 
500,071 
Creditors: amounts falling due within one year
(426,319)
(421,008)
Net current assets
278,226 
79,063 
Total assets less current liabilities
279,978 
80,749 
Creditors: amounts falling due after more than one year
(11,667)
- 
Net assets
268,311 
80,749 
Capital and reserves
Called up share capital
1 
1 
Profit and loss account
268,310 
80,748 
Shareholders' funds
268,311 
80,749 
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 6 February 2025 and were signed on its behalf by
Martin Robinson Director Company Registration No. 11839562
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Lagom Interiors Ltd Notes to the Accounts for the year ended 31 July 2024
1
Statutory information
Lagom Interiors Ltd is a private company, limited by shares, registered in England and Wales, registration number 11839562. The registered office is 71-75 Shelton Street, London, Greater London, WC2H 9JQ, UK.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
These financial statements for the year ended 31 July 2024 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 August 2022. The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously. The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
3 Year Straight Line
Computer equipment
3 Year Straight Line
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
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Lagom Interiors Ltd Notes to the Accounts for the year ended 31 July 2024
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.
Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of financial statements in compliance with FRS 102 Section 1A requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. In preparing these financial statements, the directors have made the following judgements: Determine whether there are indicators of impairment of the company's intangible fixed assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit. Determine whether leases are entered into by the company as a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis. Other key sources of estimation uncertainty: Tangible fixed assets (note 4) Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
4
Tangible fixed assets
Plant & machinery 
Computer equipment 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 August 2023
1,832 
2,042 
3,874 
Additions
750 
459 
1,209 
At 31 July 2024
2,582 
2,501 
5,083 
Depreciation
At 1 August 2023
896 
1,292 
2,188 
Charge for the year
500 
643 
1,143 
At 31 July 2024
1,396 
1,935 
3,331 
Net book value
At 31 July 2024
1,186 
566 
1,752 
At 31 July 2023
936 
750 
1,686 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
- 
15,864 
Trade debtors
30,851 
243,505 
Accrued income and prepayments
- 
1,581 
Other debtors
6,268 
- 
37,119 
260,950 
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Lagom Interiors Ltd Notes to the Accounts for the year ended 31 July 2024
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
10,000 
76,725 
VAT
217,569 
- 
Trade creditors
100,221 
128,622 
Taxes and social security
97,786 
157,046 
Other creditors
199 
58,615 
Loans from directors
544 
- 
426,319 
421,008 
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
11,667 
- 
8
Average number of employees
During the year the average number of employees was 2 (2023: 3).
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