LMRA Trading Limited - Period Ending 2022-12-31

LMRA Trading Limited

Contents

Company Information	1
Directors' Report	2
Statement of Directors' Responsibilities	3
Accountants' Report	4
Profit and Loss Account	5
Balance Sheet	6
Statement of Changes in Equity	7
Notes to the Unaudited Financial Statements	8 to 11

LMRA Trading Limited

Company Information

Directors

Mr N Brasier Mr T Bedwell Mr G Corfield Mrs G Jarvis Mr D Stewart Mr R Warren

Company secretary

Mrs G Jarvis

Registered office

London & Middlesex Rifle Association Bisley Camp Brookwood Surrey GU24 0PA

Bankers

Lloyds TSB Bank Plc 2 Winchester Street Basingstoke Hampshire RG21 7EB

Accountants

Blue Spire Limited Chartered Accountants Cawley Priory South Pallant Chichester West Sussex P019 1SY

LMRA Trading Limited

Directors' Report for the Year Ended 31 December 2022

The directors present their report and the financial statements for the year ended 31 December 2022.

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:

Mr N Brasier

Mr T Bedwell (appointed 29 October 2022)

Mr G Corfield

Mrs G Jarvis - Company secretary and director

Mr D Lloyd (resigned 29 October 2022)

Mr D Stewart

Mr R Warren (appointed 29 October 2022)

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 and authorised by the Board on 2 August 2023 and signed on its behalf by:
 

......................................... 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:

•	select suitable accounting policies and apply them consistently;

•	make judgements and accounting estimates that are reasonable and prudent;

•	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 2022

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 2022 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/regulation.

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 profit 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.

......................................

Blue Spire Limited
Chartered Accountants
Cawley Priory
South Pallant
Chichester
West Sussex
P019 1SY

4 August 2023

LMRA Trading Limited

Profit and Loss Account for the Year Ended 31 December 2022

	Note	2022 £	2021 £
Turnover		166,718	85,549
Cost of sales		(79,327)	(45,382)
Gross profit		87,391	40,167
Administrative expenses		(43,260)	(35,163)
Other operating income		2,667	17,459
Operating profit		46,798	22,463
Interest payable and similar expenses		-	27
Profit before tax		46,798	22,490
Tax on profit		(3,436)	(2,603)
Profit for the financial year		43,362	19,887

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 2022

	Note	2022 £	2021 £
Fixed assets
Tangible assets	4	25,123	5,606
Current assets
Debtors	5	44,645	36,332
Cash at bank and in hand		77,034	75,437
		121,679	111,769
Creditors: Amounts falling due within one year	6	(225,587)	(239,522)
Net current liabilities		(103,908)	(127,753)
Net liabilities		(78,785)	(122,147)
Capital and reserves
Called up share capital	7	100	100
Retained earnings		(78,885)	(122,247)
Shareholders' deficit		(78,785)	(122,147)

For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	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 Board on 2 August 2023 and signed on its behalf by:
 

......................................... Mr R Warren Director

LMRA Trading Limited

Statement of Changes in Equity for the Year Ended 31 December 2022

	Share capital £	Profit and loss account £	Total £
At 1 January 2022	100	(122,247)	(122,147)
Profit for the year	-	43,362	43,362
Total comprehensive income	-	43,362	43,362
At 31 December 2022	100	(78,885)	(78,785)

	Share capital £	Profit and loss account £	Total £
At 1 January 2021	100	(142,134)	(142,034)
Profit for the year	-	19,887	19,887
Total comprehensive income	-	19,887	19,887
At 31 December 2021	100	(122,247)	(122,147)

LMRA Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

1	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:
London & Middlesex Rifle Association
Bisley Camp
Brookwood
Surrey
GU24 0PA

These financial statements were authorised for issue by the Board on 2 August 2023.

2	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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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

The directors have considered the indebtedness of the company together with the impact on the revenue of the business of Covid and the lockdowns imposed by the Government to limit the spread of the virus. The planned repayment of balances outstanding has been agreed with investors within a timeframe that the directors believe is supported by current trading performance and does not impair the company. It is the belief of the directors that the continued support of the parent charity, the new management structure of the company and the early improvements in activity seen as the economy has reopened means that the company remains a viable going concern.

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 current 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.

Tangible assets

Tangible assets are stated in the balance sheet 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.

LMRA Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

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:

Asset class	Depreciation method and rate
Leasehold property	Over remaining lease term
Furniture and fittings	25% Straight line
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.

LMRA Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2021 - 1).

4	Tangible assets

	Leasehold land and buildings £	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2022	231,175	86,732	317,907
Additions	-	28,352	28,352
At 31 December 2022	231,175	115,084	346,259
Depreciation
At 1 January 2022	231,174	81,127	312,301
Charge for the year	-	8,835	8,835
At 31 December 2022	231,174	89,962	321,136
Carrying amount
At 31 December 2022	1	25,122	25,123
At 31 December 2021	1	5,605	5,606

LMRA Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

5

debtors

Current	Note	2022 £	2021 £
Trade debtors		320	1,618
Amounts owed by related parties		40,575	31,642
Prepayments		3,750	3,072
		44,645	36,332

6

Creditors

Creditors: amounts falling due within one year

	Note	2022 £	2021 £
Due within one year
Bank loans and overdrafts	8	182,750	182,750
trade creditors		9,546	8,297
Amounts owed to group undertakings and undertakings in which the company has a participating interest		11,918	25,347
Accrued expenses		12,197	19,554
Taxation and social security		5,740	971
Other creditors		3,436	2,603
		225,587	239,522

7	Share capital

Allotted, called up and fully paid shares

	2022		2021
	No.	£	No.	£
Ordinary of £1 each	100	100	100	100

8	Loans and borrowings

	2022 £	2021 £
Current loans and borrowings
Secured debentures	182,750	182,750

9	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.