Registration number:
LMRA Facilities Club Limited
for the Year Ended 31 December 2020
LMRA Facilities Club Limited
Contents
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 Facilities Club Limited
Company Information
Directors |
Mr N Brasier Mr G Corfield Mr D Lloyd Ms G Jarvis Mr D Stewart |
Company secretary |
Ms G Jarvis |
Registered office |
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Accountants |
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LMRA Facilities Club 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 operation of facilities for the parent charity
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 Facilities Club 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; |
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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 Facilities Club 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 Facilities Club 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 Facilities Club 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 Facilities Club Limited and state those matters that we have agreed to state to the Board of Directors of LMRA Facilities Club 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 Facilities Club Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that LMRA Facilities Club 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 Facilities Club Limited. You consider that LMRA Facilities Club 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 Facilities Club 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.
......................................
Chartered Accountants
South Pallant
Chichester
West Sussex
P019 1SY
LMRA Facilities Club Limited
Profit and Loss Account for the Year Ended 31 December 2020
Note |
2020 |
2019 |
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Turnover |
|
|
|
Cost of sales |
( |
( |
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Gross (loss)/profit |
( |
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
- |
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Operating loss |
( |
( |
|
Loss before tax |
( |
( |
|
Loss for the financial year |
( |
( |
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 Facilities Club Limited
(Registration number: 06314910)
Balance Sheet as at 31 December 2020
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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Stocks |
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Debtors |
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|
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Cash at bank and in hand |
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|
|
|
|
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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 |
|||
Called up share capital |
|
|
|
Profit and loss account |
( |
( |
|
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:
• |
|
• |
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 Facilities Club Limited
Statement of Changes in Equity for the Year Ended 31 December 2020
Share capital |
Profit and loss account |
Total |
|
At 1 January 2020 |
|
( |
( |
Loss for the year |
- |
( |
( |
Total comprehensive income |
- |
( |
( |
At 31 December 2020 |
|
( |
( |
Share capital |
Profit and loss account |
Total |
|
At 1 January 2019 |
|
( |
( |
Loss for the year |
- |
( |
( |
Total comprehensive income |
- |
( |
( |
At 31 December 2019 |
|
( |
( |
LMRA Facilities Club Limited
Notes to the Financial Statements for the Year Ended 31 December 2020
General information |
The company (reg. no. 06314910) 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
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, the new management structure of the company and with new managers in place 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.
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.
LMRA Facilities Club Limited
Notes to the Financial Statements for the Year Ended 31 December 2020
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 |
Fixtures and fittings |
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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
LMRA Facilities Club Limited
Notes to the Financial Statements for the Year Ended 31 December 2020
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Furniture, fittings and equipment |
Total |
|
Cost or valuation |
||
At 1 January 2020 |
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At 31 December 2020 |
|
|
Depreciation |
||
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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Stocks |
2020 |
2019 |
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Other inventories |
|
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LMRA Facilities Club Limited
Notes to the Financial Statements for the Year Ended 31 December 2020
Debtors |
Note |
2020 |
2019 |
|
Trade debtors |
|
|
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
- |
|
|
Other prepayments |
4,384 |
5,062 |
|
Other debtors |
- |
|
|
Total current trade and other debtors |
|
|
Creditors |
Creditors: amounts falling due within one year
Note |
2020 |
2019 |
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Due within one year |
|||
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 |
9,982 |
3,005 |
|
Taxation and social security |
|
|
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Other creditors |
|
|
|
|
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Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
|||
No. |
£ |
No. |
£ |
|
|
|
2 |
|
2 |
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 Facilities Club Limited
Detailed Profit and Loss Account for the Year Ended 31 December 2020
2020 |
2019 |
|
Turnover (analysed below) |
38,009 |
214,863 |
Cost of sales (analysed below) |
(112,396) |
(191,905) |
Gross (loss)/profit |
(74,387) |
22,958 |
Gross profit (%) |
(195.71)% |
10.68% |
Administrative expenses |
||
Establishment costs (analysed below) |
(22,351) |
(22,904) |
General administrative expenses (analysed below) |
(8,223) |
(9,823) |
Finance charges (analysed below) |
(451) |
(1,346) |
Depreciation costs (analysed below) |
(4,549) |
(3,979) |
(35,574) |
(38,052) |
|
Other operating income (analysed below) |
49,308 |
- |
Operating loss |
(60,653) |
(15,094) |
Loss before tax |
(60,653) |
(15,094) |
LMRA Facilities Club Limited
Detailed Profit and Loss Account for the Year Ended 31 December 2020
2020 |
2019 |
Turnover |
||
Accommodation |
2,059 |
22,392 |
Bar Sales |
16,893 |
81,375 |
Catering Sales |
19,057 |
111,096 |
38,009 |
214,863 |
Cost of sales |
||
Catering Purchases |
19,046 |
67,553 |
Bar Purchases |
10,253 |
33,723 |
Wages and salaries (excluding directors) |
40,038 |
47,430 |
Staff pensions (Defined contribution) |
1,482 |
1,403 |
Casual Labour |
41,047 |
39,657 |
Cleaning |
217 |
304 |
Laundry |
313 |
1,835 |
112,396 |
191,905 |
Establishment costs |
||
Rent and rates |
9,147 |
4,660 |
Light, heat and power |
9,912 |
9,812 |
Insurance |
432 |
432 |
Repairs and renewals |
500 |
735 |
Equipment repairs and renewals |
2,360 |
7,265 |
22,351 |
22,904 |
General administrative expenses |
||
Telephone and fax |
222 |
262 |
Computer software and maintenance costs |
- |
75 |
Printing, postage and stationery |
156 |
185 |
Hire of plant and machinery (Spot hire) |
234 |
479 |
Sundry expenses |
2,821 |
2,178 |
Travel and subsistence |
271 |
651 |
Advertising |
78 |
323 |
Accountancy fees |
3,301 |
2,745 |
Legal and professional fees |
1,140 |
2,925 |
8,223 |
9,823 |
Finance charges |
||
Bank charges |
451 |
1,346 |
Depreciation costs |
||
Depreciation of fixtures and fittings (owned) |
4,549 |
3,979 |
Other operating income |
||
Other operating income |
49,308 |
- |