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Registration number: 15272315

LCR Operations Ltd

Unaudited Filleted Financial Statements

for the Period from 9 November 2023 to 31 October 2024

 

LCR Operations Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 11

 

LCR Operations Ltd

Company Information

Directors

Mr Louis James Dixon

Ms Amy Michele Campbell

Registered office

First Floor
Swan Buildings
20 Swan Street
Manchester
M4 5JW

Accountants

AIMS Accountants for Business
Studio 21
SUM Studios
1 Hartley Street
Sheffield
S2 3AQ

 

LCR Operations Ltd

(Registration number: 15272315)
Balance Sheet as at 31 October 2024

Note

2024
£

Fixed assets

 

Intangible assets

4

24,771

Tangible assets

5

141,785

 

166,556

Current assets

 

Stocks

6

49,022

Debtors

7

91,930

Cash at bank and in hand

 

396,427

 

537,379

Creditors: Amounts falling due within one year

8

(534,508)

Net current assets

 

2,871

Total assets less current liabilities

 

169,427

Creditors: Amounts falling due after more than one year

8

(103,984)

Provisions for liabilities

(11,184)

Net assets

 

54,259

Capital and reserves

 

Called up share capital

9

2

Retained earnings

54,257

Shareholders' funds

 

54,259

For the financial period ending 31 October 2024 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 period 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 24 March 2025 and signed on its behalf by:
 

.........................................
Mr Louis James Dixon
Director

   
     
 

LCR Operations Ltd

Notes to the Unaudited Financial Statements for the Period from 9 November 2023 to 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
First Floor
Swan Buildings
20 Swan Street
Manchester
M4 5JW

These financial statements were authorised for issue by the Board on 24 March 2025.

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 financial statements have been prepared on a going concern basis.

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.

Tax

The tax expense for the period comprises current and deferred 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.

 

LCR Operations Ltd

Notes to the Unaudited Financial Statements for the Period from 9 November 2023 to 31 October 2024

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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

Short Leasehold

Duration of the lease

Furniture, fittings and equipment

25% to 33% straight line

Motor vehicles

33% straight line

Catering Equipment

20% to 50% straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Other intangible assets

14% 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.

 

LCR Operations Ltd

Notes to the Unaudited Financial Statements for the Period from 9 November 2023 to 31 October 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

LCR Operations Ltd

Notes to the Unaudited Financial Statements for the Period from 9 November 2023 to 31 October 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 Recognition and measurement
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt insttrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

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

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 105.

 

LCR Operations Ltd

Notes to the Unaudited Financial Statements for the Period from 9 November 2023 to 31 October 2024

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

Additions acquired separately

26,655

26,655

At 31 October 2024

26,655

26,655

Amortisation

Amortisation charge

1,884

1,884

At 31 October 2024

1,884

1,884

Carrying amount

At 31 October 2024

24,771

24,771

Intangible assets comprise brands acquired in respect of the company's operation.

 

LCR Operations Ltd

Notes to the Unaudited Financial Statements for the Period from 9 November 2023 to 31 October 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Catering Equipment
£

Total
£

Cost or valuation

Additions

2,908

9,802

14,721

144,095

171,526

Disposals

-

-

-

(4,500)

(4,500)

At 31 October 2024

2,908

9,802

14,721

139,595

167,026

Depreciation

Charge for the period

25

884

684

24,816

26,409

Eliminated on disposal

-

-

-

(1,168)

(1,168)

At 31 October 2024

25

884

684

23,648

25,241

Carrying amount

At 31 October 2024

2,883

8,918

14,037

115,947

141,785

Included within the net book value of land and buildings above is £2,883 in respect of short leasehold land and buildings.
 

 

LCR Operations Ltd

Notes to the Unaudited Financial Statements for the Period from 9 November 2023 to 31 October 2024

6

Stocks

2024
£

Food, beverages and disposables

49,022

7

Debtors

Current

2024
£

Trade debtors

15,622

Prepayments

69,308

Other debtors

7,000

 

91,930

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

Due within one year

 

Loans and borrowings

10

39,287

Trade creditors

 

152,587

Taxation and social security

 

113,072

Accruals and deferred income

 

224,754

Other creditors

 

4,808

 

534,508

Creditors include loans from the directors of £7,143 .

Creditors: amounts falling due after more than one year

Note

2024
£

Due after one year

 

Loans and borrowings

10

77,234

Other non-current financial liabilities

 

26,750

 

103,984

Creditors include loans from the directors of £28,751.

 

LCR Operations Ltd

Notes to the Unaudited Financial Statements for the Period from 9 November 2023 to 31 October 2024

9

Share capital

Allotted, called up and fully paid shares

2024

No.

£

Ordinary shares of £1 each

2

2

   

10

Loans and borrowings

Non-current loans and borrowings

2024
£

Hire purchase contracts

48,483

Other borrowings

28,751

77,234

Current loans and borrowings

2024
£

Hire purchase contracts

32,144

Other borrowings

7,143

39,287

11

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

Not later than one year

203,419

Later than one year and not later than five years

192,181

Later than five years

320,135

715,735

The amount of non-cancellable operating lease payments recognised as an expense during the period was £88,567 .

12

Related party transactions

Directors' remuneration

The directors' remuneration for the period was as follows:

 

LCR Operations Ltd

Notes to the Unaudited Financial Statements for the Period from 9 November 2023 to 31 October 2024

2024
£

Remuneration

80,000

Contributions paid to money purchase schemes

880

80,880