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Registration number: 03565617

LMRA Trading Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

LMRA Trading Limited

Contents

Company Information

1

Directors' Report

2

Statement of Directors' Responsibilities

3

Balance Sheet

4

Statement of Changes in Equity

5

Notes to the Unaudited Financial Statements

6 to 10

 

LMRA Trading Limited

Company Information

Directors

Mr N Brasier

Mr T Bedwell

Mr G Corfield

Mrs G Jarvis

Mr D Stewart

Mr R Warren

Company secretary

Mrs G Jarvis

Registered office

London & Middlesex Rifle Association
Bisley Camp
Brookwood
Surrey
GU24 0PA

Bankers

Lloyds TSB Bank Plc
2 Winchester Street
Basingstoke
Hampshire
RG21 7EB

Accountants

Blue Spire Limited
Chartered Accountants
Cawley Priory
South Pallant
Chichester
West Sussex
P019 1SY

 

LMRA Trading Limited

Directors' Report for the Year Ended 31 December 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Principal activity

The principal activity of the company is the provision of accomodation

Directors of the company

The directors who held office during the year were as follows:

Mr N Brasier

Mr T Bedwell

Mr G Corfield

Mrs G Jarvis - Company secretary and director

Mr D Stewart

Mr R Warren

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 4 June 2024 and signed on its behalf by:
 

.........................................
Mr N Brasier
Director

 

LMRA Trading Limited

Statement of Directors' Responsibilities

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

LMRA Trading Limited

(Registration number: 03565617)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

15,346

25,123

Current assets

 

Debtors

5

74,333

44,645

Cash at bank and in hand

 

66,749

77,034

 

141,082

121,679

Creditors: Amounts falling due within one year

6

(198,688)

(225,587)

Net current liabilities

 

(57,606)

(103,908)

Net liabilities

 

(42,260)

(78,785)

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

(42,360)

(78,885)

Shareholders' deficit

 

(42,260)

(78,785)

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 4 June 2024 and signed on its behalf by:
 

.........................................
Mr R Warren
Director

 

LMRA Trading Limited

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

100

(78,885)

(78,785)

Profit for the year

-

36,525

36,525

At 31 December 2023

100

(42,360)

(42,260)

Share capital
£

Retained earnings
£

Total
£

At 1 January 2022

100

(122,247)

(122,147)

Profit for the year

-

43,362

43,362

At 31 December 2022

100

(78,885)

(78,785)

 

LMRA Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company (reg. no. 03565617) is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
London & Middlesex Rifle Association
Bisley Camp
Brookwood
Surrey
GU24 0PA

These financial statements were authorised for issue by the Board on 4 June 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The directors have considered the indebtedness of the company together with the impact on the revenue of the business of Covid and the lockdowns imposed by the Government to limit the spread of the virus. The planned repayment of balances outstanding has been agreed with investors within a timeframe that the directors believe is supported by current trading performance and does not impair the company. It is the belief of the directors that the continued support of the parent charity, the new management structure of the company and the early improvements in activity seen as the economy has reopened means that the company remains a viable going concern.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

LMRA Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold property

Over remaining lease term

Furniture and fittings

25% Straight line

Equipment

25% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

LMRA Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Tangible assets

Leasehold land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

231,175

115,084

346,259

At 31 December 2023

231,175

115,084

346,259

Depreciation

At 1 January 2023

231,174

89,962

321,136

Charge for the year

-

9,777

9,777

At 31 December 2023

231,174

99,739

330,913

Carrying amount

At 31 December 2023

1

15,345

15,346

At 31 December 2022

1

25,122

25,123

 

LMRA Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

debtors

Current

Note

2023
£

2022
£

Trade debtors

 

270

320

Amounts owed by related parties

70,432

40,575

Prepayments

 

3,631

3,750

   

74,333

44,645

 

LMRA Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

166,250

182,750

Trade creditors

 

11,595

9,546

Amounts owed to group undertakings and undertakings in which the company has a participating interest

-

11,918

Taxation and social security

 

14,880

9,176

Accruals and deferred income

 

5,963

12,197

 

198,688

225,587

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

8

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Secured debentures

166,250

182,750

9

Parent and ultimate parent undertaking

The name of the company's parent and ultimate parent is London & Middlesex Rifle Association, Bisley Camp, Brookwood, Surrey, GU24 0NY. Copies of the consolidated accounts can be obtained from the Charity Commission website.