Company registration number 01974510 (England and Wales)
LEISURE AND OUTDOOR FURNITURE ASSOCIATION LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
PAGES FOR FILING WITH REGISTRAR
LEISURE AND OUTDOOR FURNITURE ASSOCIATION LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 10
LEISURE AND OUTDOOR FURNITURE ASSOCIATION LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2025
31 August 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
3
9,167
-
0
Tangible assets
4
2,019
2,377
Investment property
5
450,000
475,000
Investments
6
6,361,776
6,489,712
6,822,962
6,967,089
Current assets
Debtors
7
204,964
172,204
Cash at bank and in hand
106,422
33,939
311,386
206,143
Creditors: amounts falling due within one year
8
(83,484)
(55,775)
Net current assets
227,902
150,368
Total assets less current liabilities
7,050,864
7,117,457
Provisions for liabilities
(414,724)
(337,488)
Net assets
6,636,140
6,779,969
Reserves
Capital redemption reserve
1,213,980
1,028,765
Income and expenditure account
5,422,160
5,751,204
Total members' funds
6,636,140
6,779,969

The notes on pages 3 to 10 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 income and expenditure account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 14 November 2025 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 2025
- 2 -
Investment fair value movement reserve
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 September 2023
641,188
6,377,138
7,018,326
Year ended 31 August 2024:
Loss and total comprehensive income
-
(238,357)
(238,357)
Revaluation movements recognised
538,421
(538,421)
-
0
Deferred tax in respect of revaluation
(150,844)
150,844
-
Balance at 31 August 2024
1,028,765
5,751,204
6,779,969
Year ended 31 August 2025:
Loss and total comprehensive income
-
(143,829)
(143,829)
Revaluation movements recognised
262,451
(262,451)
-
0
Deferred tax in respect of revaluation
(77,236)
77,236
-
Balance at 31 August 2025
1,213,980
5,422,160
6,636,140

The notes on pages 3 to 10 form part of these financial statements.

LEISURE AND OUTDOOR FURNITURE ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
- 3 -
1
Accounting policies
Company information

Leisure and Outdoor Furniture Association Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Unit D8-10 Ferry Road, Jackfield, Telford, Shropshire, TF8 7LS.

1.1
Basis of preparation

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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified 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 Director of LOFA are confident that the business is a going concern. true

Whilst the last few years have been a difficult trading period for our members the industry has now started to return to normal. As an association we help our members wherever and whenever we can with services and subsidies to add value to their membership. We have 72 members at this moment in time and hope to take on new members in the coming year. L OFA 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 needed as well as PPEL in running of the SOLEX shows.

1.3
Income and expenditure

Income and expenses are included in the financial statements as they become receivable or due.

Expenses include VAT where applicable as the company cannot reclaim it.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Website
5 years straight line
1.5
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.

LEISURE AND OUTDOOR FURNITURE ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 4 -

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 surplus or deficit.

1.6
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 a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.7
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 surplus or deficit.

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.

1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.

1.9
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.

1.10
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.

LEISURE AND OUTDOOR FURNITURE ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 5 -
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.

1.11
Taxation

The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.

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
As lessee

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 lease s asset are consumed.

As lessor

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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
2
2
LEISURE AND OUTDOOR FURNITURE ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 6 -
3
Intangible fixed assets
Website
£
Cost
At 1 September 2024
-
0
Additions
10,000
At 31 August 2025
10,000
Amortisation and impairment
At 1 September 2024
-
0
Amortisation charged for the year
833
At 31 August 2025
833
Carrying amount
At 31 August 2025
9,167
At 31 August 2024
-
0
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2024
15,735
Additions
718
At 31 August 2025
16,453
Depreciation and impairment
At 1 September 2024
13,358
Depreciation charged in the year
1,076
At 31 August 2025
14,434
Carrying amount
At 31 August 2025
2,019
At 31 August 2024
2,377
LEISURE AND OUTDOOR FURNITURE ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 7 -
5
Investment property
2025
£
Fair value
At 1 September 2024
475,000
Revaluations
(25,000)
At 31 August 2025
450,000

The 2025 valuations were made by Peter Bellion MRICS, on an open market value for existing use basis.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2025
2024
£
£
Cost
500,000
500,000
Accumulated depreciation
(200,000)
(190,000)
Carrying amount
300,000
310,000
6
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
1
1
Other investments other than loans
6,361,775
6,489,711
6,361,776
6,489,712
LEISURE AND OUTDOOR FURNITURE ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
6
Fixed asset investments
(Continued)
- 8 -
Movements in fixed asset investments
Listed Investments
Listed Investments - Cash
Total
£
£
£
Cost or valuation
At 1 September 2024
6,403,471
86,240
6,489,711
Additions
662,631
(662,631)
-
Valuation changes
308,945
-
308,945
Management fees
-
(35,549)
(35,549)
Realised gains
1,127
-
1,127
Interest and dividends
-
147,541
147,541
Funds drawn
-
(550,000)
(550,000)
Disposals
(1,117,678)
1,117,678
-
At 31 August 2025
6,258,496
103,279
6,361,775
Carrying amount
At 31 August 2025
6,258,496
103,279
6,361,775
At 31 August 2024
6,403,471
86,240
6,489,711
7
Debtors
2025
2024
Amounts falling due within one year:
£
£
Service charges due
33,493
8,279
Corporation tax recoverable
2,916
1,755
Other debtors
168,555
162,170
204,964
172,204
8
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
35,732
15,104
Taxation and social security
1,580
-
0
Other creditors
46,172
40,671
83,484
55,775
LEISURE AND OUTDOOR FURNITURE ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 9 -
9
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Investments
414,724
337,488
2025
Movements in the year:
£
Liability at 1 September 2024
337,488
Charge to profit or loss
77,236
Liability at 31 August 2025
414,724
10
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
4,907
3,729

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.

11
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

12
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 is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 August 2025 and of its deficit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

LEISURE AND OUTDOOR FURNITURE ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
12
Audit report information
(Continued)
- 10 -
Senior Statutory Auditor:
Frances Clapham
Statutory Auditor:
CK Audit
Date of audit report:
17 November 2025
13
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
Total commitments
34,823
28,067
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