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Registered number: 08765041














LALALAND ARTISTS LTD
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED  31 DECEMBER 2024

 
LALALAND ARTISTS LTD
 

CONTENTS



Page
Statement of Financial Position
 
1 - 2
Notes to the Financial Statements
 
3 - 7


 
LALALAND ARTISTS LTD
REGISTERED NUMBER:08765041

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible fixed assets
  
1,755
3,148

Current assets
  

Debtors: amounts falling due within one year
 5 
1,658,669
1,125,348

Cash at bank and in hand
  
1,015,827
759,839

  
2,674,496
1,885,187

Current liabilities
  

Creditors: amounts falling due within one year
 6 
(2,265,580)
(1,077,803)

Net current assets
  
 
 
408,916
 
 
807,384

Total assets less current liabilities
  
410,671
810,532

Creditors: amounts falling due after more than one year
 7 
(8,273)
(16,974)

  

Net assets
  
402,398
793,558


Capital and reserves
  

Called up share capital 
 9 
99
99

Profit and loss account
  
402,299
793,459

  
402,398
793,558


Page 1

 
LALALAND ARTISTS LTD
REGISTERED NUMBER:08765041
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 June 2025.


L M Hurst
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
LALALAND ARTISTS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Lalaland Artists Limited is a limited liability company registered in England and Wales.  Its registered office address is at 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, WD6 1JD.
The principal activity of the Company is that of an agent to artists in the photographic, advertising and fashion industry.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is £ sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.3

Turnover

Turnover comprises revenue recognised by the company in respect of services supplied during the period, exclusive of Value Added Tax and trade discounts. 
Revenue is recognised in the period in which it is earned. 

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
LALALAND ARTISTS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.


 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
33% Straight Line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
LALALAND ARTISTS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.10

Financial instruments

The company only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash at bank and in hand, loans to/from related parties. 
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs.  Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs.  Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties. 
Cash and cash equivalents comprise cash balances and call deposits.  Bank overdrafts that are repayable on demand and form an integral part of the company's cash management. 


3.


Employees

The average monthly number of employees, including directors, during the year was 9 (2023 - 6).


4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 January 2024
6,834



At 31 December 2024

6,834



Depreciation


At 1 January 2024
3,686


Charge for the year on owned assets
1,394



At 31 December 2024

5,080



Net book value



At 31 December 2024
1,754



At 31 December 2023
3,148


5.


Debtors

2024
2023
£
£


Trade debtors
1,134,384
984,752
Page 5

 
LALALAND ARTISTS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.Debtors (continued)


Amounts owed by group undertakings
42,131
79,040

Other debtors
67,981
4,981

Prepayments and accrued income
414,173
56,575

1,658,669
1,125,348



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
903
-

Bank loans
10,720
10,721

Trade creditors
1,865,196
937,903

Other taxation and social security
22,529
39,784

Other creditors
345,053
61,395

Accruals and deferred income
21,179
28,000

2,265,580
1,077,803



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
8,273
16,974



8.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,720
10,721


Amounts falling due 2-5 years

Bank loans
8,273
16,974


18,993
27,695


Page 6

 
LALALAND ARTISTS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



99 (2023 - 99) Ordinary shares of £1 each
99
99



10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £188,736 (2023 - £2,642).
Contributions totalling £112 (2023 - £625) were payable to the fund at the reporting date and are included in creditors.


11.


Controlling party

The Company's ultimate parent undertaking is Lalaland Group Limited.

 
Page 7