REGISTERED NUMBER: 01485413 (England and Wales)

LRB LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

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

Holborn

London

WC1A 2HN

REGISTERED NUMBER:

01485413 (England and Wales)

AUDITOR:

Shaw Gibbs Audit Ltd

264 Banbury Road

Oxford

Oxfordshire

OX2 7DY

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

327,981

435,195

327,981

435,195

CURRENT ASSETS

Stocks

279,116

339,501

Debtors

6

1,365,817

1,104,169

Cash at bank and in hand

3,247,539

3,090,584

4,892,472

4,534,254

CREDITORS

Amounts falling due within one year

7

(3,260,650

)

(3,208,124

)

NET CURRENT ASSETS

1,631,822

1,326,130

TOTAL ASSETS LESS CURRENT LIABILITIES

1,959,803

1,761,325

CREDITORS

Amounts falling due after more than one year

8

(320,326

)

(242,765

)

NET ASSETS

1,639,477

1,518,560

CAPITAL AND RESERVES

Called up share capital

10

22,251

22,248

Share premium

11

41,053,634

34,353,637

Other reserves

11

-

2,300,000

Retained earnings

11

(39,436,408

)

(35,157,325

)

SHAREHOLDERS' FUNDS

1,639,477

1,518,560

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 24 November 2025 and were signed on its behalf by:

J H Lanchester - Director

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.

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

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 65 (2024 - 67 ) .

4.	INTANGIBLE FIXED ASSETS

Development

costs

£

COST

At 1 April 2024

and 31 March 2025

2,266,980

AMORTISATION

At 1 April 2024

and 31 March 2025

2,266,980

NET BOOK VALUE

At 31 March 2025

-

At 31 March 2024

-

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.

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2024

1,072,238

449,859

431,171

1,953,268

Additions

26,628

6,588

20,598

53,814

Disposals

(330,850

)

(178,580

)

(9,433

)

(518,863

)

At 31 March 2025

768,016

277,867

442,336

1,488,219

DEPRECIATION

At 1 April 2024

788,384

332,683

397,006

1,518,073

Charge for year

88,752

20,786

26,420

135,958

Eliminated on disposal

(330,850

)

(153,847

)

(9,096

)

(493,793

)

At 31 March 2025

546,286

199,622

414,330

1,160,238

NET BOOK VALUE

At 31 March 2025

221,730

78,245

28,006

327,981

At 31 March 2024

283,854

117,176

34,165

435,195

6.

DEBTORS

2025

2024

£

£

Amounts falling due within one year:

Trade debtors

146,794

173,789

Other debtors

32,030

44,487

VAT

86,549

65,669

Prepayments and accrued income

675,231

569,068

Accrued subscription income

267,745

93,688

1,208,349

946,701

Amounts falling due after more than one year:

Rent deposits

157,468

157,468

Aggregate amounts

1,365,817

1,104,169

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

593,465

576,091

Social security and other taxes

146,628

142,785

Other creditors

66,093

162,158

Subscriptions in advance

2,188,528

1,901,260

Other deferred income

20,782

82,909

Accrued expenses

245,154

342,921

3,260,650

3,208,124

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Subscriptions in advance

320,326

242,765

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£

£

Within one year

420,568

318,068

Between one and five years

788,363

696,017

In more than five years

410,000

-

1,618,931

1,014,085

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

22,251

Ordinary Shares

£1.00

22,251

22,248

During the year ended 31 March 2025 3 ordinary shares were issued at a total premium of £6,699,997.

11.

RESERVES

Retained

Share

Other

earnings

premium

reserves

Totals

£

£

£

£

At 1 April 2024

(35,157,325

)

34,353,637

2,300,000

1,496,312

Deficit for the year

(4,279,083

)

(4,279,083

)

Cash share issue

-

6,699,997

(2,300,000

)

4,399,997

At 31 March 2025

(39,436,408

)

41,053,634

-

1,617,226

During the year to 31 March 2024, £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 directors of the company anticipate that the company will incur losses for the foreseeable future, and the company is reliant on cash injections from the parent to cover future losses.

The parent entity has confirmed that they will continue to provide additional finance to the company by way of subscribing for additional shares at a premium as required until at least 31st December 2026.