LMRA Trading Limited - Period Ending 2020-12-31
LMRA Trading Limited - Period Ending 2020-12-31
Registration number:
LMRA Trading Limited
for the Year Ended 31 December 2020
LMRA Trading Limited
Contents
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Company Information |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Accountants' Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
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Detailed Profit and Loss Account |
LMRA Trading Limited
Company Information
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Directors |
Mr N Brasier Mr G Corfield Mrs G Jarvis Mr D Lloyd Mr D Stewart |
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Company secretary |
Mrs G Jarvis |
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Registered office |
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Bankers |
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Accountants |
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LMRA Trading Limited
Directors' Report for the Year Ended 31 December 2020
The directors present their report and the financial statements for the year ended 31 December 2020.
Principal activity
The principal activity of the company is the provision of accomodation
Directors of the company
The directors who held office during the year were as follows:
Small companies provision statement
This report has 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.
Approved by the
.........................................
Mr N Brasier
Director
LMRA Trading Limited
Statement of Directors' Responsibilities
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
LMRA Trading Limited
for the Year Ended 31 December 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of LMRA Trading Limited for the year ended 31 December 2020 as set out on pages 5 to 11 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of LMRA Trading Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of LMRA Trading Limited and state those matters that we have agreed to state to the Board of Directors of LMRA Trading Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than LMRA Trading Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that LMRA Trading Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of LMRA Trading Limited. You consider that LMRA Trading Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of LMRA Trading Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Chartered Accountants
South Pallant
Chichester
West Sussex
P019 1SY
LMRA Trading Limited
Profit and Loss Account for the Year Ended 31 December 2020
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Note |
2020 |
2019 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Other operating income |
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- |
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Operating (loss)/profit |
( |
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(Loss)/profit before tax |
( |
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Taxation |
- |
( |
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(Loss)/profit for the financial year |
( |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
LMRA Trading Limited
(Registration number: 03565617)
Balance Sheet as at 31 December 2020
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Note |
2020 |
2019 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
( |
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Total equity |
( |
( |
For the financial year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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.
Approved and authorised by the
.........................................
Mr N Brasier
Director
LMRA Trading Limited
Statement of Changes in Equity for the Year Ended 31 December 2020
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Share capital |
Profit and loss account |
Total |
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At 1 January 2020 |
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( |
( |
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Loss for the year |
- |
( |
( |
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Total comprehensive income |
- |
( |
( |
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At 31 December 2020 |
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( |
( |
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Share capital |
Profit and loss account |
Total |
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At 1 January 2019 |
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( |
( |
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Profit for the year |
- |
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Total comprehensive income |
- |
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At 31 December 2019 |
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( |
( |
LMRA Trading Limited
Notes to the Financial Statements for the Year Ended 31 December 2020
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General information |
The company (reg. no. 03565617) is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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
These financial statements have been prepared on a going concern basis. The directors have considered the indebtedness of the company together with the impact of the COVID-19 pandemic which arose during the year and UK government restrictions introduced to combat the pandemic. It is the belief of the directors the continued support of the parent charity and loan note finance the company’s position is secure.
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 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.
LMRA Trading Limited
Notes to the Financial Statements for the Year Ended 31 December 2020
Tangible assets
Tangible assets are stated in the statement of financial position 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:
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Asset class |
Depreciation method and rate |
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Leasehold property |
Over remaining lease term |
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Furniture and fittings |
25% Straight line |
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Equipment |
25% 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.
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.
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.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
LMRA Trading Limited
Notes to the Financial Statements for the Year Ended 31 December 2020
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Tangible assets |
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Leasehold land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 January 2020 |
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Additions |
- |
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At 31 December 2020 |
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Depreciation |
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At 1 January 2020 |
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Charge for the year |
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At 31 December 2020 |
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Carrying amount |
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At 31 December 2020 |
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At 31 December 2019 |
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LMRA Trading Limited
Notes to the Financial Statements for the Year Ended 31 December 2020
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Debtors |
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Note |
2020 |
2019 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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- |
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Other debtors |
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- |
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Other prepayments |
3,252 |
3,250 |
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Total current trade and other debtors |
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Creditors |
Creditors: amounts falling due within one year
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Note |
2020 |
2019 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Accrued expenses |
10,144 |
1,610 |
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Taxation and social security |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
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2020 |
2019 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
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Parent and ultimate parent undertaking |
The name of the company's parent and ultimate parent is London & Middlesex Rifle Association, Bisley Camp, Brookwood, Surrey, GU24 0NY. Copies of the consolidated accounts can be obtained from the Charity Commission website.
LMRA Trading Limited
Detailed Profit and Loss Account for the Year Ended 31 December 2020
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2020 |
2019 |
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Turnover (analysed below) |
23,253 |
92,539 |
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Cost of sales (analysed below) |
(19,846) |
(40,288) |
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Gross profit |
3,407 |
52,251 |
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Gross profit (%) |
14.65% |
56.46% |
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Administrative expenses |
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Establishment costs (analysed below) |
(24,515) |
(18,074) |
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General administrative expenses (analysed below) |
(3,044) |
(5,160) |
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Finance charges (analysed below) |
(975) |
(2,161) |
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Depreciation costs (analysed below) |
(5,878) |
(14,141) |
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(34,412) |
(39,536) |
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Other operating income (analysed below) |
11,334 |
- |
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Operating (loss)/profit |
(19,671) |
12,715 |
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(Loss)/profit before tax |
(19,671) |
12,715 |
LMRA Trading Limited
Detailed Profit and Loss Account for the Year Ended 31 December 2020
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2020 |
2019 |
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Turnover |
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Sale of goods, UK |
23,253 |
92,539 |
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Cost of sales |
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Wages and salaries (excluding directors) |
5,855 |
8,854 |
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Casual Labour |
5,187 |
10,925 |
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Commissions payable |
3,158 |
9,305 |
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Cleaning |
667 |
573 |
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Laundry |
4,979 |
10,631 |
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19,846 |
40,288 |
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Establishment costs |
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Rent and rates |
15,910 |
8,155 |
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Light, heat and power |
3,882 |
5,052 |
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Insurance |
432 |
432 |
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Repairs and maintenance |
4,291 |
4,435 |
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24,515 |
18,074 |
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General administrative expenses |
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Telephone and fax |
796 |
576 |
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Trade subscriptions |
- |
80 |
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Sundry expenses |
273 |
1,062 |
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Accountancy fees |
775 |
725 |
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Legal and professional fees |
1,200 |
2,717 |
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3,044 |
5,160 |
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Finance charges |
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Bank charges |
79 |
78 |
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Credit card charges |
896 |
2,083 |
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975 |
2,161 |
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Depreciation costs |
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Depreciation of long leasehold property |
440 |
11,088 |
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Depreciation of fixtures and fittings (owned) |
5,438 |
3,053 |
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5,878 |
14,141 |
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Other operating income |
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Other operating income |
11,334 |
- |