Company registration number 06158162 (England and Wales)
LAZY SUSAN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
LAZY SUSAN LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
LAZY SUSAN LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
1,248
1,560
Tangible assets
5
44,848
76,690
Investments
6
82,902
86,699
128,998
164,949
Current assets
Stocks
7
973,766
1,123,232
Debtors
8
1,458,507
1,495,051
Cash at bank and in hand
2,435,448
2,095,733
4,867,721
4,714,016
Creditors: amounts falling due within one year
9
(481,001)
(294,601)
Net current assets
4,386,720
4,419,415
Total assets less current liabilities
4,515,718
4,584,364
Provisions for liabilities
(11,212)
(19,173)
Net assets
4,504,506
4,565,191
Capital and reserves
Called up share capital
1
1
Other reserves
335,127
335,127
Profit and loss reserves
4,169,378
4,230,063
Total equity
4,504,506
4,565,191
LAZY SUSAN LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -

For the financial year ended 31 December 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 of its financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 26 May 2025
Mr M G T Scott
Director
Company registration number 06158162 (England and Wales)
LAZY SUSAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

Lazy Susan Limited is a private company limited by shares incorporated in England and Wales. The registered office is Top Floor, The Old Treasury, 7 Kings Road, Portsmouth, Hampshire, PO5 4DJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, The principal accounting policies adopted are set out below.

1.2
Turnover

Income is recognised when goods have been delivered to customers such that the risks and rewards of ownership have transferred to them.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Patents & licences
ten years
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Equipment
20%, 25% and 50% on cost
Computers equipment
33% on cost
Motor vehicles
25% on cost
1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

LAZY SUSAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

1.7
Financial instruments

Debtors

Short term debtors are measured at transaction price (which is usually the retail or invoice price), less any impairment losses for bad and doubtful debts.

Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad or doubtful debts.

 

Creditors

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.

1.8
Derivatives

Derivative financial instruments are recognised at fair value using a valuation technique with any gains or losses being reported in profit or loss. Outstanding derivatives at reporting date are included under the appropriate format heading depending on the nature of the derivative.

1.9
Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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

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.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Share-based payments

Equity-settled share-based payments arrangements are measured at fair value (excluding the effect on non-market based vesting conditions) at the date of the grant. The fair value is expensed on a straight-line basis over the vesting period. The amount recognised as an expense is adjusted to reflect the actual number of shares or options that will vest.

 

There are no cash-settled arrangements.

 

1.12
Leases

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease

LAZY SUSAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
3,688,662
5,122,263
Management services
790,581
1,065,704
4,479,243
6,187,967
2024
2023
£
£
Other revenue
Interest income
73,639
86,834

Management services represent the residual profit generated by the subsidiary and represent remuneration for the strategic and tactical management services provided, after deduction of remuneration due to the subsidiary using the net cost plus method of local costs incurred by the subsidiary company.

 

 

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
19
22
LAZY SUSAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
4
Intangible fixed assets
Patents & licences
£
Cost
At 1 January 2024 and 31 December 2024
3,121
Amortisation and impairment
At 1 January 2024
1,561
Amortisation charged for the year
312
At 31 December 2024
1,873
Carrying amount
At 31 December 2024
1,248
At 31 December 2023
1,560
5
Tangible fixed assets
Equipment
Computers equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2024 and 31 December 2024
64,831
372,695
4,570
442,094
Depreciation and impairment
At 1 January 2024
59,434
301,402
4,570
365,404
Depreciation charged in the year
3,584
28,258
-
0
31,842
At 31 December 2024
63,016
329,660
4,570
397,246
Carrying amount
At 31 December 2024
1,814
43,034
-
0
44,848
At 31 December 2023
5,397
71,293
-
0
76,690
6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
82,902
86,699
LAZY SUSAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024
86,699
Valuation changes
(3,797)
At 31 December 2024
82,902
Carrying amount
At 31 December 2024
82,902
At 31 December 2023
86,699
7
Stocks
2024
2023
£
£
Stocks
973,766
1,123,232
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,056
-
0
Corporation tax recoverable
-
0
58,795
Other debtors
149,423
283,758
Prepayments and accrued income
1,307,028
1,152,498
1,458,507
1,495,051
9
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
278,589
144,387
Corporation tax
27,517
36,151
Other taxation and social security
12,901
21,328
Other creditors
137,915
46,372
Accruals and deferred income
24,079
46,363
481,001
294,601
LAZY SUSAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
10
Share-based payment transactions

The company has set up an Employee Management Incentive (EMI) scheme. The options are only vested and exercisable on an exit event and will lapse if no longer employed by the company. During the year, no further options were granted.

Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
£
£
Outstanding at 1 January 2024
104,964
175,798
0.50
0.50
Forfeited
(2,094)
0
(70,834)
0
0.50
0.50
Exercised
-
0
-
0
-
0
-
0
Expired
-
0
-
0
-
0
-
0
Outstanding at 31 December 2024
102,870
104,964
0.50
0.50

These fair values for share options granted during the year were calculated using the Black-Scholes pricing model. The inputs into the model were as follows:

Inputs were as follows:
2024
2023
Weighted average share price
5.74
7.47
Weighted average exercise price
0.50
0.50
Expected volatility
8.20
26.45
Expected life
2.00
3.00
Risk free rate
4.75
5.25

Expected volatility was determined by calculating the historical volatility of the company's share price over the previous 2 years. The expected life used in the model has been determined based on management's best estimate.

 

The company recognised £0 in 2024 (2023: £110,630) related to share-based transactions during the year.

 

No options have been exercised by the end of the year.

 

11
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Total commitments
94,169
136,382
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