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Registered number: 04412845
Lazy Oaf Limited
Unaudited ABRIDGED Financial Statements
For The Year Ended 31 March 2024
Ten Forward Accounting Ltd
Chartered Certified Accountants
Suite 2A, 7th Floor
City Reach, 5 Greenwich View Place
London
E14 9NN
Contents
Page
Abridged Statement of Financial Position 1—2
Notes to the Abridged Financial Statements 3—5
Page 1
Abridged Statement of Financial Position
Registered number: 04412845
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 322 430
Tangible Assets 5 41,888 91,561
42,210 91,991
CURRENT ASSETS
Stocks 329,718 546,306
Debtors 94,112 189,549
Cash at bank and in hand 360,657 522,454
784,487 1,258,309
Creditors: Amounts Falling Due Within One Year (425,286 ) (734,149 )
NET CURRENT ASSETS (LIABILITIES) 359,201 524,160
TOTAL ASSETS LESS CURRENT LIABILITIES 401,411 616,151
Creditors: Amounts Falling Due After More Than One Year - (20,084 )
NET ASSETS 401,411 596,067
CAPITAL AND RESERVES
Called up share capital 6 1 1
Income Statement 401,410 596,066
SHAREHOLDERS' FUNDS 401,411 596,067
Page 1
Page 2
For the year ending 31 March 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.
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.
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 2024 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Ms Gemma Shiel
Director
24 March 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Abridged Financial Statements
1. 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.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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.
2.3. 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
2.4. 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 25.00% Reducing balance
Fixtures & Fittings 15.00% Reducing balance
Computer Equipment 33.33% Straight line
2.5. 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.
2.6. 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.
2.7. Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 25 (2023: 41)
25 41
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4. Intangible Assets
Total
£
Cost
As at 1 April 2023 41,466
As at 31 March 2024 41,466
Amortisation
As at 1 April 2023 41,036
Provided during the period 108
As at 31 March 2024 41,144
Net Book Value
As at 31 March 2024 322
As at 1 April 2023 430
5. Tangible Assets
Total
£
Cost
As at 1 April 2023 323,554
Disposals (125,534 )
As at 31 March 2024 198,020
Depreciation
As at 1 April 2023 231,993
Provided during the period 23,248
Disposals (99,109 )
As at 31 March 2024 156,132
Net Book Value
As at 31 March 2024 41,888
As at 1 April 2023 91,561
6. Share Capital
2024 2023
Allotted, called up and fully paid £ £
1 Ordinary Shares of £ 1.00 each 1 1
7. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 67,915 173,650
Later than one year and not later than five years 122,658 192,491
190,573 366,141
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8. Fixed and Floating Charge
On 15 June 2020, Barclays Security Trustee Limited, registered a fixed and floating charge on the company's assets.
Page 5