Lagmar (Barking) Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: SC303267

Lagmar (Barking) Limited

Filleted Financial Statements

31 December 2024

Lagmar (Barking) Limited

Financial Statements

Year ended 31st December 2024

Contents	Pages

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	3 to 6

Lagmar (Barking) Limited

Officers and Professional Advisers

The board of directors	J P Jakeman
	N P Waring

Registered office	50 Lothian Road
	Festival Square
	Edinburgh
	EH3 9WJ

Auditor	BMK Accounting Limited
	Chartered Accountants & Statutory Auditor
	43 Lockview Road
	Stranmillis
	Belfast
	BT9 5FJ

Lagmar (Barking) Limited

Statement of Financial Position

31 December 2024

	2024		2023
Note	£	£	£

Current assets

Stocks	5	40,000,000	40,000,000
Debtors	6	905,042	1,108,983
Cash at bank and in hand		149,550	98,553
		-------------	-------------
		41,054,592	41,207,536

Creditors: amounts falling due within one year	7	1,089,217		1,058,163
		-------------		-------------
Net current assets			39,965,375	40,149,373
			-------------	-------------
Total assets less current liabilities			39,965,375	40,149,373

Creditors: amounts falling due after more than one year	8	–	10,923,961
		-------------	-------------
Net assets		39,965,375	29,225,412
		-------------	-------------

Capital and reserves

Called up share capital	9	8	8
Share premium account		49,934,322	39,039,994
Profit and loss account		( 9,968,955)	( 9,814,590)
		-------------	-------------
Shareholders funds		39,965,375	29,225,412
		-------------	-------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

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.

These financial statements were approved by the board of directors and authorised for issue on 4 November 2025 , and are signed on behalf of the board by:

J P Jakeman	N P Waring
Director	Director

Company registration number: SC303267

Lagmar (Barking) Limited

Notes to the Financial Statements

Year ended 31st December 2024

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with the Companies Act 2006. They are prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis. The directors have approved cash flow forecasts, prepared by management, for the next 12 months which indicate the entity will have sufficient funds to be able to meet its debts as and when they fall due.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from rental contracts is recognised when the income becomes due in line with the rental contracts; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Debtors and creditors receivable / payable within one year

Debtors are stated after all known bad debts have been written off and specific provisions have been made against all considered doubtful for collection.

Debtors and creditors with no state interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transactions costs. Subsequently, they are measured at amortised costs using the effective interest rate method, less impairment.

Stocks

Trading properties are carried at the lower of cost and net realisable value. The latter is assessed by the company having regard to suitable external advice and knowledge of recent comparable transactions.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Staff costs

The average number of persons employed by the company during the year, amounted to Nil (2023: Nil).

5. Stocks

	2024	2023
	£	£

Trading property	40,000,000	40,000,000
	-------------	-------------

There has been an impairment of stock of £NIL recognised at 31 December 2024 (2023: £2,442,151).

6. Debtors

	2024	2023
	£	£

Trade debtors	724,962	925,940
Amounts owed by group undertakings	36,285	8,668
Other debtors	143,795	174,375
	---------	------------
	905,042	1,108,983
	---------	------------

7. Creditors: amounts falling due within one year

	2024	2023
	£	£

Trade creditors	181,855	278,206
Amounts owed to group undertakings	515,821	364,182
Accruals	38,298	73,828
Other creditors	353,243	341,947
	------------	------------
	1,089,217	1,058,163
	------------	------------

8. Creditors: amounts falling due after more than one year

	2024	2023
	£	£

Amounts owed to group undertakings	–	10,923,961
	----	-------------

9. Called up share capital

Issued, called up and fully paid

2024		2023
No.	£	No.	£

Ordinary shares of £ 1 each	8	8	8	8
	----	----	----	----

During the year, £10,894,328 of debt was converted into share premium.

10. Summary audit opinion

The auditor's report dated 5 November 2025 was unqualified .

The senior statutory auditor was Brian McKee , for and on behalf of BMK Accounting Limited .

11. Related party transactions

As a wholly owned subsidiary the company has taken advantage of the exemption under the terms of FRS 102 from disclosing related party transactions with entities that are members of the group. No transactions have occurred during the year such as are required to be disclosed under FRS 102.

12. Controlling party

The company was under the control of BE Barking BV, a company incorporated in the Netherlands, throughout the current and previous period.