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REGISTERED NUMBER: 01485413 (England and Wales)












LRB LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






LRB LIMITED (REGISTERED NUMBER: 01485413)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


LRB LIMITED

COMPANY INFORMATION
for the year ended 31 March 2024







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 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 - 569,244
Tangible assets 5 435,195 581,871
435,195 1,151,115

CURRENT ASSETS
Stocks 339,501 439,654
Debtors 6 1,104,169 1,087,868
Cash at bank and in hand 3,090,584 674,056
4,534,254 2,201,578
CREDITORS
Amounts falling due within one year 7 (3,208,124 ) (3,645,159 )
NET CURRENT ASSETS/(LIABILITIES) 1,326,130 (1,443,581 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,761,325

(292,466

)

CREDITORS
Amounts falling due after more than one year 8 (242,765 ) (270,912 )
NET ASSETS/(LIABILITIES) 1,518,560 (563,378 )

CAPITAL AND RESERVES
Called up share capital 10 22,248 22,246
Share premium 11 34,353,637 29,553,639
Other reserves 11 2,300,000 -
Retained earnings 11 (35,157,325 ) (30,139,263 )
SHAREHOLDERS' FUNDS 1,518,560 (563,378 )

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 13 November 2024 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 2024

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 resources 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 2024

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 67 (2023 - 64 ) .

4. INTANGIBLE FIXED ASSETS
Development
costs
£   
COST
At 1 April 2023
and 31 March 2024 2,266,980
AMORTISATION
At 1 April 2023 1,697,736
Amortisation for year 569,244
At 31 March 2024 2,266,980
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 569,244

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.

LRB LIMITED (REGISTERED NUMBER: 01485413)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 April 2023 1,072,238 441,969 418,527 1,932,734
Additions - 7,890 12,644 20,534
At 31 March 2024 1,072,238 449,859 431,171 1,953,268
DEPRECIATION
At 1 April 2023 701,045 304,056 345,762 1,350,863
Charge for year 87,339 28,627 51,244 167,210
At 31 March 2024 788,384 332,683 397,006 1,518,073
NET BOOK VALUE
At 31 March 2024 283,854 117,176 34,165 435,195
At 31 March 2023 371,193 137,913 72,765 581,871

6. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 173,789 121,974
Other debtors 44,487 25,145
VAT 65,669 125,554
Prepayments and accrued income 569,068 540,654
Accrued subscription income 93,688 117,073
946,701 930,400

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

Aggregate amounts 1,104,169 1,087,868

LRB LIMITED (REGISTERED NUMBER: 01485413)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 576,091 1,073,237
Social security and other taxes 142,785 152,637
Other creditors 162,158 56,845
Subscriptions in advance 1,901,260 1,935,367
Other deferred income 82,909 104,759
Accrued expenses 342,921 322,314
3,208,124 3,645,159

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Subscriptions in advance 242,765 270,912

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 318,068 318,068
Between one and five years 696,017 1,014,085
1,014,085 1,332,153

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
22,248 Ordinary Shares £1.00 22,248 22,246

During the year ended 31 March 2024 2 ordinary shares were issued at a total premium of £4,799,998.

LRB LIMITED (REGISTERED NUMBER: 01485413)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

11. RESERVES
Retained Share Other
earnings premium reserves Totals
£    £    £    £   

At 1 April 2023 (30,139,263 ) 29,553,639 - (585,624 )
Deficit for the year (5,018,062 ) (5,018,062 )
Cash share issue - 4,799,998 - 4,799,998
Shares to be issued - - 2,300,000 2,300,000
At 31 March 2024 (35,157,325 ) 34,353,637 2,300,000 1,496,312

During the year £2,300,000 was received from the parent entity as a capital contribution. The cash was received on 21 March 2024 and the subsequent share was issued on 1 May 2024.

12. 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."

13. PARENT COMPANY

The entire issued share capital of the company is held by Rimbaud Holdings LLC, 1209 Orange Street, Wilmington, Delaware 19801, United States.

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 2025.