Caseware UK (AP4) 2022.0.179 2022.0.179 2023-08-312023-08-31false122022-09-01No description of principal activity12truetrue 01974510 2022-09-01 2023-08-31 01974510 2021-09-01 2022-08-31 01974510 2023-08-31 01974510 2022-08-31 01974510 2021-09-01 01974510 1 2022-09-01 2023-08-31 01974510 1 2021-09-01 2022-08-31 01974510 2 2022-09-01 2023-08-31 01974510 2 2021-09-01 2022-08-31 01974510 3 2022-09-01 2023-08-31 01974510 d:Director5 2022-09-01 2023-08-31 01974510 e:FurnitureFittings 2022-09-01 2023-08-31 01974510 e:FurnitureFittings 2023-08-31 01974510 e:FurnitureFittings 2022-08-31 01974510 e:FurnitureFittings e:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 01974510 e:LeaseholdInvestmentProperty 2023-08-31 01974510 e:LeaseholdInvestmentProperty 2022-08-31 01974510 e:LeaseholdInvestmentProperty 2 2022-09-01 2023-08-31 01974510 e:CurrentFinancialInstruments 2023-08-31 01974510 e:CurrentFinancialInstruments 2022-08-31 01974510 e:CurrentFinancialInstruments e:WithinOneYear 2023-08-31 01974510 e:CurrentFinancialInstruments e:WithinOneYear 2022-08-31 01974510 e:InvestmentPropertiesRevaluationReserve 2022-09-01 2023-08-31 01974510 e:InvestmentPropertiesRevaluationReserve 2023-08-31 01974510 e:InvestmentPropertiesRevaluationReserve 1 2022-09-01 2023-08-31 01974510 e:InvestmentPropertiesRevaluationReserve 2 2022-09-01 2023-08-31 01974510 e:InvestmentPropertiesRevaluationReserve 3 2022-09-01 2023-08-31 01974510 e:InvestmentPropertiesRevaluationReserve 2021-09-01 2022-08-31 01974510 e:InvestmentPropertiesRevaluationReserve 2022-08-31 01974510 e:InvestmentPropertiesRevaluationReserve 2021-09-01 01974510 e:InvestmentPropertiesRevaluationReserve 1 2021-09-01 2022-08-31 01974510 e:InvestmentPropertiesRevaluationReserve 2 2021-09-01 2022-08-31 01974510 e:OtherMiscellaneousReserve 2022-09-01 2023-08-31 01974510 e:OtherMiscellaneousReserve 2023-08-31 01974510 e:OtherMiscellaneousReserve 1 2022-09-01 2023-08-31 01974510 e:OtherMiscellaneousReserve 2 2022-09-01 2023-08-31 01974510 e:OtherMiscellaneousReserve 3 2022-09-01 2023-08-31 01974510 e:OtherMiscellaneousReserve 2021-09-01 2022-08-31 01974510 e:OtherMiscellaneousReserve 2022-08-31 01974510 e:OtherMiscellaneousReserve 2021-09-01 01974510 e:OtherMiscellaneousReserve 1 2021-09-01 2022-08-31 01974510 e:OtherMiscellaneousReserve 2 2021-09-01 2022-08-31 01974510 e:RetainedEarningsAccumulatedLosses 2022-09-01 2023-08-31 01974510 e:RetainedEarningsAccumulatedLosses 2023-08-31 01974510 e:RetainedEarningsAccumulatedLosses 1 2022-09-01 2023-08-31 01974510 e:RetainedEarningsAccumulatedLosses 2 2022-09-01 2023-08-31 01974510 e:RetainedEarningsAccumulatedLosses 3 2022-09-01 2023-08-31 01974510 e:RetainedEarningsAccumulatedLosses 2021-09-01 2022-08-31 01974510 e:RetainedEarningsAccumulatedLosses 2022-08-31 01974510 e:RetainedEarningsAccumulatedLosses 2021-09-01 01974510 e:RetainedEarningsAccumulatedLosses 1 2021-09-01 2022-08-31 01974510 e:RetainedEarningsAccumulatedLosses 2 2021-09-01 2022-08-31 01974510 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-08-31 01974510 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-08-31 01974510 d:FRS102 2022-09-01 2023-08-31 01974510 d:Audited 2022-09-01 2023-08-31 01974510 d:FullAccounts 2022-09-01 2023-08-31 01974510 d:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 01974510 d:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 01974510 2 2022-09-01 2023-08-31 01974510 6 2022-09-01 2023-08-31 01974510 e:AcceleratedTaxDepreciationDeferredTax 2023-08-31 01974510 e:AcceleratedTaxDepreciationDeferredTax 2022-08-31 iso4217:GBP xbrli:pure

Registered number: 01974510
















LEISURE AND OUTDOOR FURNITURE ASSOCIATION LIMITED




FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2023


































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LEISURE AND OUTDOOR FURNITURE ASSOCIATION LIMITED
REGISTERED NUMBER:01974510

STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2023

2023
2022 (restated)
Note
£
£

Fixed assets
  

Tangible assets
 5 
4,361
1,703

Investments
 6 
6,515,997
6,668,684

Investment property
 7 
525,000
630,000

  
7,045,358
7,300,387

Current assets
  

Debtors: amounts falling due within one year
 8 
166,052
245,096

Cash at bank and in hand
 9 
56,464
164,251

  
222,516
409,347

Creditors: amounts falling due within one year
 10 
(62,179)
(64,052)

Net current assets
  
160,337
345,295

Total assets less current liabilities
  
7,205,695
7,645,682

Provisions for liabilities
  

Deferred tax
 12 
(187,369)
(230,430)

  
(187,369)
(230,430)

Net assets
  
7,018,326
7,415,252


Capital and reserves
  

Investment property reserve
 13 
-
88,137

Other reserves
 13 
641,188
888,810

Profit and loss account
 13 
6,377,138
6,438,305

  
7,018,326
7,415,252


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 by: 

S A Millington
Director
Date: 17 April 2024

The notes on pages 3 to 12 form part of these financial statements.
Page 1


LEISURE AND OUTDOOR FURNITURE ASSOCIATION LIMITED


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023


Investment property revaluation reserve
Investment fair value movement reserve* (restated)
Profit and loss account (restated)
Total equity

£
£
£
£


At 1 September 2021
88,137
1,617,059
6,226,739
7,931,935


Comprehensive income for the year

Loss for the year
-
-
(516,683)
(516,683)

Unrealised loss relating to fair value movement
-
(643,087)
643,087
-

Revaluation movements recognised
-
(255,546)
255,546
-

Deferred tax in respect of revaluation movements
-
170,384
(170,384)
-
Total comprehensive income for the year
-
(728,249)
211,566
(516,683)



At 1 September 2022
88,137
888,810
6,438,305
7,415,252


Comprehensive income for the year

Loss for the year
-
-
(308,789)
(308,789)

Unrealised loss relating to fair value movement
-
(121,639)
121,639
-

Revaluation movements recognised
-
(149,094)
149,094
-

Deferred tax in respect of revaluation movements
-
23,111
(23,111)
-

Revaluation of building
(88,137)
-
-
(88,137)
Total comprehensive income for the year
(88,137)
(247,622)
(61,167)
(396,926)


At 31 August 2023
-
641,188
6,377,138
7,018,326


The notes on pages 3 to 12 form part of these financial statements.

Investment fair value movement reserve is shown for information purposes only.

Page 2


LEISURE AND OUTDOOR FURNITURE ASSOCIATION LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


GENERAL INFORMATION

Leisure and Outdoor Furniture Limited is a private company, limited by shares, registered in England and Wales. Its registered number is 01974510 and its registered office is Unit D8-10 Ferry Road, Jackfield, Telford, Shropshire, England, TF8 7LS.
The Company's principal activity is that of a professional membership organisation.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The presentation and functional currency of the Company is GBP and these financial statements are rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The Directors have reviewed budgets and forecasts for a period of 12 months following the date of approval of the financial statements and are of the opinion that the financial statements are correctly prepared on the going concern basis. The Company continues to hold healthy cash reserves and has a strong balance sheet. The Directors have considered the going concern of the business in light of challenges faced in relation to the current financial climate and feel that the Company is well structured to respond to these challenges for the foreseeable future. The directors therefore continue to adopt the going concern basis in preparing these financial statements.

 
2.3

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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.

Page 3


LEISURE AND OUTDOOR FURNITURE ASSOCIATION LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.ACCOUNTING POLICIES (continued)

 
2.4

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover represents the value of new membership fees and annual subscriptions income from members of the association, excluding value added tax. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.5

OPERATING LEASES: THE COMPANY AS LESSOR

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

 
2.6

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.7

INTEREST INCOME

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

 
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

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:

Fixtures and fittings
-
25% - 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


LEISURE AND OUTDOOR FURNITURE ASSOCIATION LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.ACCOUNTING POLICIES (continued)

 
2.10

IMPAIRMENT OF FIXED ASSETS AND GOODWILL

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.11

INVESTMENT PROPERTY

Investment property is carried at fair value determined annually by the directors and periodically by external valuers. The fair value is derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.

 
2.12

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each Balance Sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Investments in listed company shares are remeasured to market value at each Balance Sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period.

 
2.13

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5


LEISURE AND OUTDOOR FURNITURE ASSOCIATION LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.ACCOUNTING POLICIES (continued)

 
2.16

PROVISIONS FOR LIABILITIES

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.17

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Investments in non-derivative instruments that are equity to the issuer are measured:
at fair value with changes recognised in the Statement of Comprehensive Income if the shares are publicly traded or their fair value can otherwise be measured reliably;
at cost less impairment for all other investments.


3.



JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include estimation of the fair value of the investment property held by the company. Valuation of the property was carried out by a professional surveyor during the financial year. Management considers that the valuation remains materially correct at year-end
 


4.


EMPLOYEES

2023
2022
£
£

Wages and salaries
78,370
67,602

Social security costs
8,328
6,386

Cost of defined contribution scheme
5,369
4,858

92,067
78,846


The average monthly number of employees, including directors, during the year was 12 (2022: 12).

Page 6


LEISURE AND OUTDOOR FURNITURE ASSOCIATION LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

5.


TANGIBLE FIXED ASSETS





Fixtures and fittings

£



COST OR VALUATION


At 1 September 2022
13,860


Additions
3,095


Disposals
(1,713)



At 31 August 2023
15,242



DEPRECIATION


At 1 September 2022
12,157


Charge for the year on owned assets
437


Disposals
(1,713)



At 31 August 2023
10,881



NET BOOK VALUE



At 31 August 2023
4,361



At 31 August 2022
1,703

Page 7


LEISURE AND OUTDOOR FURNITURE ASSOCIATION LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

6.


FIXED ASSET INVESTMENTS





Investments in subsidiary companies (Premier Promotions and Exhibitions Ltd)
Listed investments
Total

£
£
£



COST OR VALUATION


At 1 September 2022
1
6,668,683
6,668,684


Additions
-
1,038,214
1,038,214


Disposals
-
(971,280)
(971,280)


Revaluations
-
(121,639)
(121,639)


Profit/(loss) on disposal
-
(97,982)
(97,982)



At 31 August 2023
1
6,515,996
6,515,997




The fair value of listed investments, which are all traded in active markets, was determined with reference to the quoted market price at the reporting date.

Page 8


LEISURE AND OUTDOOR FURNITURE ASSOCIATION LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

7.


INVESTMENT PROPERTY


Long term leasehold investment property

£



VALUATION


At 1 September 2022
630,000


Movement on revaluation
(105,000)



AT 31 AUGUST 2023
525,000

The 2023 valuations were made by Peter Bellion MRICS, on 13th January 2023, on an open market value for existing use basis. The valuation is considered to be materially accurate at reporting date



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
500,000
500,000

Accumulated depreciation and impairments
(180,000)
(170,000)

320,000
330,000


8.


DEBTORS

2023
2022
£
£


Trade debtors
12,177
13,707

Amounts owed by group undertakings
35,219
137,159

Other debtors
2,800
18,684

Prepayments and accrued income
115,856
75,546

166,052
245,096



9.


CASH AND CASH EQUIVALENTS

2023
2022
£
£

Cash at bank and in hand
56,464
164,251

56,464
164,251


Page 9


LEISURE AND OUTDOOR FURNITURE ASSOCIATION LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

10.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Trade creditors
23,051
25,533

Other creditors
21,953
23,134

Accruals and deferred income
17,175
15,385

62,179
64,052



11.


FINANCIAL INSTRUMENTS

2023
2022
£
£

FINANCIAL ASSETS


Financial assets measured at fair value through profit or loss
6,515,997
6,668,683




Financial assets measured at fair value through profit or loss comprise listed fixed asset investments.


12.


DEFERRED TAXATION




2023


£






At beginning of year
(230,430)


Charged to profit or loss
43,061



AT END OF YEAR
(187,369)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Fair value difference on listed shares and investment properties
(187,369)
(230,430)

(187,369)
(230,430)

Page 10


LEISURE AND OUTDOOR FURNITURE ASSOCIATION LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

13.


RESERVES

Investment property revaluation reserve

The investment property revaluation reserve represents cumulative fair value gains recognised to date, net of any expected deferred tax liabilities.
Share investment revaluation reserve
The share investment revaluation reserve represents cumulative fair value gains recognised to date, net of any expected deferred tax liabilities.

Profit and loss account

The profit and loss account represents accumulated distributable profits less distributions to date.


14.


PRIOR YEAR ADJUSTMENT

The prior period movements on the Statement of Changes in Equity have been restated to correctly present the movements in fair value of investments through the Investment fair value movement reserve and profit and loss. Consequently there is a restatement of the closing balances on the reserves in the Statement of Financial Position. The restatement on the prior year figures presented in the Statement of Comprehensive Income is presentational only.


15.


PENSION COMMITMENTS

The Company pays contributions to defined contributions pension schemes for its employees. The pension cost charge represents contributions payable by the company to the pension funds and amounted to £5,369 (2022: £4,858). Contributions totalling £1,533 (2022: £712) were payable to these funds at the Balance Sheet date and are included in creditors.

Page 11


LEISURE AND OUTDOOR FURNITURE ASSOCIATION LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

16.


RELATED PARTY TRANSACTIONS

The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 not to disclose related party transactions with the wholly owned subsidiary within the Group. 
During the financial year, Leisure and Outdoor Furniture Association Limited generated turnover from the following related parties of which there a director in common;
Alexander Rose Ltd - £360 (2022: £360)
Premier Decorations Limited - £2,737 (2022: £NIL)
Southsea Deckchairs Limited - £1,134 (2022: £NIL)
Tom Chambers Limited - £1,134 (2022: £NIL)
Supremo Limited- £2,268 (2022: £NIL)
4 Seasons Outdoor trading - £1,931 (2022: £NIL)
Daro (Trading) Ltd - £2,268 (2022: £NIL)
Kamado Joe - £1,134 (2022: £NIL)
Char - Broil CmbH - £1,134 (2022: £NIL)
BDP Imports - £1,609 (2022: £NIL)
Zest4Leisure - £1,975 (2022: £NIL)
There following amounts were outstanding as at 31 August 2023:
Alexander Rose Ltd - £NIL (2022: £360)
During the financial year, Leisure and Outdoor Furniture Association Limited generated expenditure from the following related parties;
Daro (Trading) Ltd - £NIL (2022: £175)
Superclean (Wolverhampton) Ltd - £824 (2022: £267)
There following amounts were due as at 31 August 2023:
Superclean (Wolverhampton) Ltd - £95 (2022: £59)


17.


AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 31 August 2023 was unqualified.

The audit report was signed on 23 April 2024 by Andrew Wood FCCA (Senior Statutory Auditor) on behalf of Bishop Fleming LLP.

 
Page 12