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Registered number: 05560127














LALALAND ASSOCIATES LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED  31 DECEMBER 2024

 
LALALAND ASSOCIATES LIMITED
 

CONTENTS



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


 
LALALAND ASSOCIATES LIMITED
REGISTERED NUMBER:05560127

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
185
1,044

Current assets
  

Debtors: amounts falling due within one year
 5 
66,838
368,563

Bank & cash balances
  
36,821
70,229

  
103,659
438,792

Current liabilities
  

Creditors: amounts falling due within one year
 6 
(25,084)
(560,710)

Net current assets/(liabilities)
  
 
 
78,575
 
 
(121,918)

Total assets less current liabilities
  
78,760
(120,874)

Provisions for liabilities
  

Deferred tax
  
(35)
(234)

  
 
 
(35)
 
 
(234)

Net assets/(liabilities)
  
78,725
(121,108)


Capital and reserves
  

Called up share capital 
 7 
300
300

Profit and loss account
  
78,425
(121,408)

  
78,725
(121,108)


Page 1

 
LALALAND ASSOCIATES LIMITED
REGISTERED NUMBER:05560127
    
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 ASSOCIATES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Lalaland Associates 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 continued to be that of the provision of expert photographic production services to the advertising and fashion industries. 

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

Going concern

The Company at the balance sheet date has net current liabilities and net liabilities. Assurance has been obtained from the Directors and Shareholder that funds will be made available to the Company by the groupd companies so that it will be able to carry on trading and meet its financial obligations as and when they fall due for at least twelve months from the date the accounts are approved. The accounts have been prepared under going concern on this basis.

 
2.3

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'.

Page 3

 
LALALAND ASSOCIATES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Turnover

Turnover comprises revenue recognised by the company in respect of services supplied during hte period, exlusive of Value Added Tax and trade discounts. 
Revenue is recognised based on the completion of the production. 

 
2.5

Interest income

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

 
2.6

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.

 
2.7

Borrowing costs

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

 
2.8

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.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.


Page 4

 
LALALAND ASSOCIATES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.10

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:

L/Term Leasehold Property
-
33%
straight line
Fixtures, fittings and 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.

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.12

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 intially at transaction price plus attributable transaction costs.  Subsequentely they are measured at amortised cost using the effevctive 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 hte company's cash management. 


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 3).

Page 5

 
LALALAND ASSOCIATES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Tangible fixed assets





Fixtures, fittings and equipment

£



Cost or valuation


At 1 January 2024
10,412



At 31 December 2024

10,412



Depreciation


At 1 January 2024
9,368


Charge for the year on owned assets
859



At 31 December 2024

10,227



Net book value



At 31 December 2024
185



At 31 December 2023
1,044


5.


Debtors

2024
2023
£
£


Trade debtors
62,275
201,976

Other debtors
4,563
56,186

Prepayments and accrued income
-
110,401

66,838
368,563



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
240
-

Trade creditors
4,292
430,924

Other taxation and social security
12,395
9,000

Other creditors
8,157
120,786

25,084
560,710


Page 6

 
LALALAND ASSOCIATES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary A shares of £1 each
100
100
100 (2023 - 100) Ordinary B shares of £1 each
100
100
100 (2023 - 100) Ordinary C shares of £1 each
100
100

300

300



8.


Controlling party

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

 
Page 7