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REGISTERED NUMBER: 01485413 (England and Wales)












LRB LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023






LRB LIMITED (REGISTERED NUMBER: 01485413)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


LRB LIMITED

COMPANY INFORMATION
for the year ended 31 March 2023







DIRECTORS: W Frears
I H Jolles
J H Lanchester
A F O'Hagan
M K Wilmers
T Bridgland
J McNicol
A Spawls
R M Doegar





SECRETARY: R M Doegar





REGISTERED OFFICE: 28-30 Little Russell Street
London
WC1A 2HN





REGISTERED NUMBER: 01485413 (England and Wales)





AUDITOR: Shaw Gibbs Audit Ltd
264 Banbury Road
Oxford
Oxfordshire
OX2 7DY

LRB LIMITED (REGISTERED NUMBER: 01485413)

BALANCE SHEET
31 March 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 569,244 1,136,004
Tangible assets 5 581,871 720,608
Investments 6 - 704
1,151,115 1,857,316

CURRENT ASSETS
Stocks 439,654 345,621
Debtors 7 1,087,868 1,020,213
Cash at bank and in hand 674,056 480,852
2,201,578 1,846,686
CREDITORS
Amounts falling due within one year 8 (3,645,159 ) (3,480,957 )
NET CURRENT LIABILITIES (1,443,581 ) (1,634,271 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(292,466

)

223,045

CREDITORS
Amounts falling due after more than one year 9 (270,912 ) (284,291 )
NET LIABILITIES (563,378 ) (61,246 )

CAPITAL AND RESERVES
Called up share capital 11 22,246 22,244
Share premium 12 29,553,639 24,954,648
Retained earnings 12 (30,139,263 ) (25,038,138 )
SHAREHOLDERS' FUNDS (563,378 ) (61,246 )

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 November 2023 and were signed on its behalf by:



J H Lanchester - Director


LRB LIMITED (REGISTERED NUMBER: 01485413)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2023

1. STATUTORY INFORMATION

LRB Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The accounts have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends upon the availability of future financing requirements referred to in note 13 to these financial statements. The directors believe that the support will continue and therefore it is appropriate for the financial statements to be prepared on the going concern basis.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover represents the net income from subscriptions, sales, the sales of advertising and related income in respect of publication of the magazine together with net income from the sale of books and related items and items sold through the bookshop café, excluding VAT. Income is recognised in respect of the magazine such that income for 24 issues is recognised in each financial period. Cash received on subscriptions in respect of issues not yet published is treated as deferred income with discounts being spread over the term of the subscription.

Intangible assets
The development costs associated with an intangible asset have been capitalised. Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

In prior years an impairment loss was recognised in the Income Statement, following an assessment at the Balance Sheet date indicating the recoverable amount was less than its carrying value.

Development costs are amortised evenly over their estimated useful life of four years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - at varying rates on cost
Fixtures and fittings - 20% on reducing balance
Computer equipment - Straight line over 3 years

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

LRB LIMITED (REGISTERED NUMBER: 01485413)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

For book stock, cost has been calculated by applying a reduction to the stock valued at selling price as at the year end equivalent to the average gross profit percentage for the year.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 64 (2022 - 61 ) .

4. INTANGIBLE FIXED ASSETS
Development
costs
£   
COST
At 1 April 2022
and 31 March 2023 2,266,980
AMORTISATION
At 1 April 2022 1,130,976
Amortisation for year 566,760
At 31 March 2023 1,697,736
NET BOOK VALUE
At 31 March 2023 569,244
At 31 March 2022 1,136,004

The capitalised development costs include all costs directly attributable to the project to develop a Content Management System (CMS) and supporting infrastructure, including the costs of staff contracted for the projects, subcontractors, consultancy and associated overheads. The project was intended to increase subscriber conversion rates and increase existing subscriber longevity.

As at 31 March 2020 total impairment of £624,892 had been recognised in relation to the capitalised costs.

LRB LIMITED (REGISTERED NUMBER: 01485413)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 April 2022 1,072,238 409,357 765,589 2,247,184
Additions - 32,612 35,698 68,310
Disposals - - (382,760 ) (382,760 )
At 31 March 2023 1,072,238 441,969 418,527 1,932,734
DEPRECIATION
At 1 April 2022 613,708 273,055 639,813 1,526,576
Charge for year 87,337 31,001 88,708 207,046
Eliminated on disposal - - (382,759 ) (382,759 )
At 31 March 2023 701,045 304,056 345,762 1,350,863
NET BOOK VALUE
At 31 March 2023 371,193 137,913 72,765 581,871
At 31 March 2022 458,530 136,302 125,776 720,608

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2022 704
Disposals (704 )
At 31 March 2023 -
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 704

LRB LIMITED (REGISTERED NUMBER: 01485413)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

7. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 121,974 117,843
Other debtors 25,145 17,929
VAT 125,554 136,239
Prepayments and accrued income 540,654 541,871
Accrued subscription income 117,073 48,863
930,400 862,745

Amounts falling due after more than one year:
Rent deposits 157,468 157,468

Aggregate amounts 1,087,868 1,020,213

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 1,073,237 1,073,196
Social security and other taxes 152,637 138,132
Other creditors 56,845 47,879
Subscriptions in advance 1,935,367 1,814,728
Other deferred income 104,759 84,409
Accrued expenses 322,314 322,613
3,645,159 3,480,957

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Subscriptions in advance 270,912 284,291

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 318,068 133,049
Between one and five years 1,014,085 1,271,701
In more than five years - 60,452
1,332,153 1,465,202

LRB LIMITED (REGISTERED NUMBER: 01485413)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
22,246 Ordinary Shares £1.00 22,246 22,244

During the year ended 31 March 2023 2 ordinary shares were issued at a total premium of £4,598,991.

The parent entity has confirmed that it will continue to provide additional finance to the company by way of subscribing for additional shares at a premium as required until at least 31 December 2024.

12. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 April 2022 (25,038,138 ) 24,954,648 (83,490 )
Deficit for the year (5,101,125 ) (5,101,125 )
Cash share issue - 4,598,991 4,598,991
At 31 March 2023 (30,139,263 ) 29,553,639 (585,624 )

13. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditor was unqualified.

Lance Redman (Senior Statutory Auditor)
for and on behalf of Shaw Gibbs Audit Ltd

The Report of the Auditors included the following paragraph:

"Our evaluation of the directors' assessment of the company's ability to continue to adopt the going concern basis of accounting included consideration of note 2 in the financial statements, which states that although the accounts have been prepared on the basis that the company will continue as a going concern for the foreseeable future, this presumption depends on the availability of future financing requirements referred to in note 13 to these financial statements. This indicates that the company's ability to continue as a going concern is dependent on its parent undertaking's agreement to provide additional finance when required .The parent company has provided the directors with written assurances of the intention to provide additional finance as required until at least 31 December 2024, The matter has been appropriately disclosed and our opinion is not modified in respect of this matter."

14. PARENT COMPANY

On 4th March 2019 the entire issued share capital of the company was transferred to Rimbaud Holdings LLC, 1209 Orange Street, Wilmington, Delaware 19801, United States.