Company registration number 01974510 (England and Wales)
LEISURE AND OUTDOOR FURNITURE ASSOCIATION LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
LEISURE AND OUTDOOR FURNITURE ASSOCIATION LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
3 - 9
LEISURE AND OUTDOOR FURNITURE ASSOCIATION LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,377
4,361
Investment property
4
475,000
525,000
Investments
5
6,489,712
6,515,997
6,967,089
7,045,358
Current assets
Debtors
6
172,204
166,052
Cash at bank and in hand
33,939
56,464
206,143
222,516
Creditors: amounts falling due within one year
7
(55,775)
(62,179)
Net current assets
150,368
160,337
Total assets less current liabilities
7,117,457
7,205,695
Provisions for liabilities
(337,488)
(187,369)
Net assets
6,779,969
7,018,326
Capital and reserves
Called up share capital
Share investment revaluation reserve
1,028,765
641,188
Profit and loss reserves
5,751,204
6,377,138
Total equity
6,779,969
7,018,326
The notes on pages 3 to 9 form part of these financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 29 November 2024 and are signed on its behalf by:
S A Millington
Director
Company registration number 01974510 (England and Wales)
LEISURE AND OUTDOOR FURNITURE ASSOCIATION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
Share capital
Revaluation reserve
Investment fair value movement reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 September 2022
88,137
888,810
6,438,305
7,415,252
Year ended 31 August 2023:
Loss and total comprehensive income
-
-
-
(308,789)
(308,789)
Revaluation movements recognised
-
(270,733)
270,733
-
Deferred tax in respect of revaluation movements
-
23,111
(23,111)
Revaluation of building
-
(88,137)
-
(88,137)
Balance at 31 August 2023
641,188
6,377,138
7,018,326
Year ended 31 August 2024:
Loss and total comprehensive income
-
-
-
(238,356)
(238,356)
Revaluation movements recognised
-
538,421
(538,421)
-
Deferred tax in respect of revaluation movements
-
(150,844)
150,844
Balance at 31 August 2024
1,028,765
5,751,204
6,779,969
The notes on pages 3 to 9 form part of these financial statements.
LEISURE AND OUTDOOR FURNITURE ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
1
Accounting policies
Company information
Leisure and Outdoor Furniture Association Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit D8-10 Ferry Road, Jackfield, Telford, Shropshire, TF8 7LS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The Directors of LOFA are confident that the business is a going concern. Whilst the last few years have been a difficult trading period for our members they have struggled with many obstacles such as increased shipping costs and large overstocks due to the fallout from Covid. We as an association help our members where we can with services and subsidies to help alleviate some of the financial burden they are facing. We have 73 members at this moment and hope to take on new members in the coming year. LOFA holds funds of £6.4m on its balance sheet, which generates sufficient income to run the association independently and can be used to support the association if neededtrue as well as PPEL in the running of the SOLEX shows.
1.3
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. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other services.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
LEISURE AND OUTDOOR FURNITURE ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
Investments in unlisted company shares, whose market value can be reliably determined, are remeasured at market value at each balance sheet date. Gains and losses on remeasurement are recognised in the profit and loss account for the period. Where market value cannot be reliably determined, such investments are held at historic cost less impairment.
Investments in listed company shares, are remeasured at market value at each balance sheet date. Gains and losses on remeasurement are recognised in the profit and loss account for the period.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
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.
Classification of financial liabilities
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.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
LEISURE AND OUTDOOR FURNITURE ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
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.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
LEISURE AND OUTDOOR FURNITURE ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
11
12
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2023
15,242
Additions
493
At 31 August 2024
15,735
Depreciation and impairment
At 1 September 2023
10,881
Depreciation charged in the year
2,477
At 31 August 2024
13,358
Carrying amount
At 31 August 2024
2,377
At 31 August 2023
4,361
4
Investment property
2024
£
Fair value
At 1 September 2023
525,000
Revaluations
(50,000)
At 31 August 2024
475,000
The 2024 valuations were made by Peter Bellion MRICS, on an open market value for existing use basis.
LEISURE AND OUTDOOR FURNITURE ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
4
Investment property
(Continued)
- 7 -
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
500,000
500,000
Accumulated depreciation
(190,000)
(180,000)
Carrying amount
310,000
320,000
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1
1
Other investments other than loans
6,489,711
6,515,996
6,489,712
6,515,997
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 September 2023
1
6,515,996
6,515,997
Additions
-
1,086,778
1,086,778
Valuation changes
-
609,029
609,029
Management fees
-
(36,859)
(36,859)
Realised gains
-
60,161
60,161
Disposals
-
(1,745,394)
(1,745,394)
At 31 August 2024
1
6,489,711
6,489,712
Carrying amount
At 31 August 2024
1
6,489,711
6,489,712
At 31 August 2023
1
6,515,996
6,515,997
LEISURE AND OUTDOOR FURNITURE ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 8 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
8,279
12,177
Corporation tax recoverable
1,755
1,896
Amounts owed by group undertakings
35,219
Other debtors
162,170
116,760
172,204
166,052
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
15,104
23,051
Other creditors
40,671
39,128
55,775
62,179
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Investment property
-
(724)
Investments
337,488
188,093
337,488
187,369
2024
Movements in the year:
£
Liability at 1 September 2023
187,369
Charge to profit or loss
150,119
Liability at 31 August 2024
337,488
LEISURE AND OUTDOOR FURNITURE ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 9 -
9
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
3,729
5,369
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Frances Clapham
Statutory Auditor:
CK Audit
Date of audit report:
29 November 2024
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
28,067
40,646
2024-08-312023-09-01false29 November 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityThis audit opinion is unqualifiedH M BrownS M DaviesL A HopkinsS A MillingtonT PennellA R WilliamsJ P WindsorC P NewmanA HutchinsonP PatelB ForteG Hindefalsefalse019745102023-09-012024-08-31019745102024-08-31019745102023-08-3101974510core:OtherPropertyPlantEquipment2024-08-3101974510core:OtherPropertyPlantEquipment2023-08-3101974510core:CurrentFinancialInstrumentscore:WithinOneYear2024-08-3101974510core:CurrentFinancialInstrumentscore:WithinOneYear2023-08-3101974510core:CurrentFinancialInstruments2024-08-3101974510core:CurrentFinancialInstruments2023-08-3101974510core:ShareCapital2024-08-3101974510core:ShareCapital2023-08-3101974510core:CapitalRedemptionReserve2024-08-3101974510core:CapitalRedemptionReserve2023-08-3101974510core:RetainedEarningsAccumulatedLosses2024-08-3101974510core:RetainedEarningsAccumulatedLosses2023-08-3101974510core:ShareCapital2022-08-3101974510core:RevaluationReserve2022-08-3101974510core:CapitalRedemptionReserve2022-08-3101974510core:RevaluationReserve2023-08-3101974510core:RevaluationReserve2024-08-3101974510bus:Director42023-09-012024-08-3101974510core:RetainedEarningsAccumulatedLosses2022-09-012023-08-31019745102022-09-012023-08-3101974510core:RetainedEarningsAccumulatedLosses2023-09-012024-08-3101974510core:ShareCapital2022-09-012023-08-3101974510core:ShareCapital2023-09-012024-08-3101974510core:FurnitureFittings2023-09-012024-08-3101974510core:OtherPropertyPlantEquipment2023-08-3101974510core:OtherPropertyPlantEquipment2023-09-012024-08-31019745102023-08-3101974510core:Non-currentFinancialInstruments2024-08-3101974510core:Non-currentFinancialInstruments2023-08-3101974510core:WithinOneYear2024-08-3101974510core:WithinOneYear2023-08-3101974510bus:PrivateLimitedCompanyLtd2023-09-012024-08-3101974510bus:SmallCompaniesRegimeForAccounts2023-09-012024-08-3101974510bus:FRS1022023-09-012024-08-3101974510bus:Audited2023-09-012024-08-3101974510bus:Director12023-09-012024-08-3101974510bus:Director22023-09-012024-08-3101974510bus:Director32023-09-012024-08-3101974510bus:Director52023-09-012024-08-3101974510bus:Director62023-09-012024-08-3101974510bus:Director72023-09-012024-08-3101974510bus:Director82023-09-012024-08-3101974510bus:Director92023-09-012024-08-3101974510bus:Director102023-09-012024-08-3101974510bus:Director112023-09-012024-08-3101974510bus:CompanySecretary12023-09-012024-08-3101974510bus:FullAccounts2023-09-012024-08-31xbrli:purexbrli:sharesiso4217:GBP