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Registered number: 01974510
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LEISURE AND OUTDOOR FURNITURE ASSOCIATION LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 AUGUST 2021
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LEISURE AND OUTDOOR FURNITURE ASSOCIATION LIMITED
REGISTERED NUMBER:01974510
STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2021
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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Investment property reserve
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Page 1
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LEISURE AND OUTDOOR FURNITURE ASSOCIATION LIMITED
REGISTERED NUMBER:01974510
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 AUGUST 2021
The notes on pages 4 to 11 form part of these financial statements.
Page 2
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LEISURE AND OUTDOOR FURNITURE ASSOCIATION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2021
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Investment property revaluation reserve
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Share investment revaluation reserve
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Comprehensive income for the year
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Revaluation movements recognised
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Deferred tax in respect of revaluation movements
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Total comprehensive income for the year
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Comprehensive income for the year
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Revaluation movements recognised
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Deferred tax in respect of revaluation movements
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Total comprehensive income for the year
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The notes on pages 4 to 11 form part of these financial statements.
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Page 3
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LEISURE AND OUTDOOR FURNITURE ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
Leisure and Outdoor Furniture Limited is a private company, limited by shares, registered in England and Wales. Its registered number is 01974510 and its registered office is Suite 7, Pemberton House, Stafford Park 1, Telford, Shropshire, England, TF3 3BD.
The Company's principal activity is that of a professional membership organisation.
2.ACCOUNTING POLICIES
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The presentation and functional currency of the Company is GBP and these financial statements are rounded to the nearest £1.
The following principal accounting policies have been applied:
The Directors have reviewed budgets and forecasts for a period of 12 months following the date of approval of the financial statements and are of the opinion that the financial statements are correctly prepared on the going concern basis. The Company continues to hold healthy cash reserves and has a strong balance sheet. The Directors have considered the going concern of the business in light of challenges faced in relation to COVID-19 and feel that the Company is well structured to respond to these challenges for the foreseeable future. The Directors therefore continue to adopt the going concern basis in preparing these financial statements.
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FOREIGN CURRENCY TRANSLATION
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Page 4
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LEISURE AND OUTDOOR FURNITURE ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
2.ACCOUNTING POLICIES (continued)
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, excluding value added tax. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
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OPERATING LEASES: THE COMPANY AS LESSEE
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.
Interest income is recognised in profit or loss using the effective interest method.
DEFINED CONTRIBUTION PENSION PLAN
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Page 5
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LEISURE AND OUTDOOR FURNITURE ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
2.ACCOUNTING POLICIES (continued)
Investment property is carried at fair value determined annually by the directors and periodically by external valuers. The fair value is derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each Balance Sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Investments in listed company shares are remeasured to market value at each Balance Sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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CASH AND CASH EQUIVALENTS
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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PROVISIONS FOR LIABILITIES
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
The Company only enters into basic financial instrument transactions that result in the recognition of
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LEISURE AND OUTDOOR FURNITURE ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
2.ACCOUNTING POLICIES (continued)
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FINANCIAL INSTRUMENTS (CONTINUED)
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financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Investments in non-derivative instruments that are equity to the issuer are measured:
∙at fair value with changes recognised in the Statement of Comprehensive Income if the shares are publicly traded or their fair value can otherwise be measured reliably;
∙at cost less impairment for all other investments.
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Cost of defined contribution scheme
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The average monthly number of employees, including directors, during the year was 12 (2020: 11).
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Page 7
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LEISURE AND OUTDOOR FURNITURE ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
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Charge for the year on owned assets
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Investments in subsidiary companies
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Page 8
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LEISURE AND OUTDOOR FURNITURE ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
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Long term leasehold investment property
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The 2021 valuations were made by the Directors, on an open market value for existing use basis.
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Amounts owed by group undertakings
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Prepayments and accrued income
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CASH AND CASH EQUIVALENTS
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CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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Accruals and deferred income
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Page 9
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LEISURE AND OUTDOOR FURNITURE ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
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Financial assets measured at fair value through profit or loss
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Financial assets measured at fair value through profit or loss comprise listed fixed asset investments and cash at bank and in hand.
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Fair value difference on listed shares and property investments
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Investment property revaluation reserve
The investment property revaluation reserve represents cumulative fair value gains recognised to date, net of any expected deferred tax liabilities.
Share investment revaluation reserve
The share investment revaluation reserve represents cumulative fair value gains recognised to date, net of any expected deferred tax liabilities.
Profit and loss account
The profit and loss account represents accumulated distributable profits less distributions to date.
Page 10
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LEISURE AND OUTDOOR FURNITURE ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
The Company pays contributions to defined contributions pension schemes for its employees. The pension cost charge represents contributions payable by the company to the pension funds and amounted to £4,590 (2020: £4,500). Contributions totalling £412 (2020: £165) were payable to these funds at the Balance Sheet date and are included in creditors.
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RELATED PARTY TRANSACTIONS
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The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 not to disclose related party transactions with the wholly owned subsidiary within the Group. During the financial year, Leisure and Outdoor Furniture Association Limited generated turnover from the following related parties;
Alexander Rose Ltd - £960 (2020: £660)
Hartman Outdoor Products UK Limited - £Nil (2020: £660)
Outback International (UK) Limited - £Nil (2020: £660)
Premier Decorations Limited - £660 (2020: £660)
Southsea Deckchairs Limited - £900 (2020: £660)
Tom Chambers Limited - £900 (2020: £660)
Supremo Limited- £1,140 (2020: £Nil)
There were no amounts outstanding as at 31 August 2021 (2020: £Nil).
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The auditors' report on the financial statements for the year ended 31 August 2021 was unqualified.
The audit report was signed on 10 December 2021 by Andrew Wood FCCA (Senior Statutory Auditor) on behalf of Bishop Fleming LLP.
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