REGISTERED NUMBER:
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LRB LIMITED |
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2022 |
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REGISTERED NUMBER:
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LRB LIMITED |
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2022 |
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LRB LIMITED (REGISTERED NUMBER: 01485413) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 March 2022 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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LRB LIMITED |
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COMPANY INFORMATION |
for the year ended 31 March 2022 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants |
and Statutory Auditors |
Station House |
Connaught Road |
Brookwood |
Woking |
Surrey |
GU24 0ER |
LRB LIMITED (REGISTERED NUMBER: 01485413) |
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BALANCE SHEET |
31 March 2022 |
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2022 | 2021 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 | ( |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
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NET (LIABILITIES)/ASSETS | ( |
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CAPITAL AND RESERVES |
Called up share capital | 11 |
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Share premium | 12 |
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Other reserves | 12 |
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Retained earnings | 12 |
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SHAREHOLDERS' FUNDS | ( |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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LRB LIMITED (REGISTERED NUMBER: 01485413) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 March 2022 |
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1. | STATUTORY INFORMATION |
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LRB Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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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 requirements 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. |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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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. |
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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. |
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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. |
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Development costs are amortised evenly over their estimated useful life of four years. |
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Tangible fixed assets |
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Improvements to property | - |
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Fixtures and fittings | - |
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Computer equipment | - |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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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. |
LRB LIMITED (REGISTERED NUMBER: 01485413) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2022 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Development |
costs |
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COST |
At 1 April 2021 |
and 31 March 2022 |
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AMORTISATION |
At 1 April 2021 |
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Amortisation for year |
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At 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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At 31 March 2021 |
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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. |
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As at 31 March 2020 total impairment of £624,892 had been recognised in relation to the capitalised costs. |
LRB LIMITED (REGISTERED NUMBER: 01485413) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2022 |
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5. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | and | Computer |
property | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2021 |
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Additions |
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At 31 March 2022 |
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DEPRECIATION |
At 1 April 2021 |
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Charge for year |
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At 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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At 31 March 2021 |
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6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2021 |
and 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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At 31 March 2021 |
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7. | DEBTORS |
2022 | 2021 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Other debtors |
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VAT |
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Prepayments and accrued income |
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Accrued subscription income | 48,863 | 92,267 |
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Amounts falling due after more than one year: |
Rent deposits |
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Aggregate amounts |
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LRB LIMITED (REGISTERED NUMBER: 01485413) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2022 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
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Social security and other taxes |
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Other creditors |
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Subscriptions in advance | 1,814,728 | 1,973,228 |
Other deferred income | 84,409 | 1,645 |
Accrued expenses |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2022 | 2021 |
£ | £ |
Subscriptions in advance | 284,291 | 176,257 |
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10. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2022 | 2021 |
£ | £ |
Within one year |
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Between one and five years |
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In more than five years |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
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Ordinary Shares | £1.00 | 22,244 | 22,237 |
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During the year ended 31 March 2022 8 ordinary shares have been issued at a total premium of £4,637,999. |
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During the year ended 31 March 2021 4 ordinary shares were issued at a total premium of £3,735,300. This was recorded in the prior year accounts incorrectly as 5 shares issued at a total premium of £3,735,299. This error has been corrected in the current year figures. |
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The parent entity has confirmed that it will continue to provide additional finance to the company by way of subscribing for additional shares at a premium as required until at least 31 December 2023. |
LRB LIMITED (REGISTERED NUMBER: 01485413) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2022 |
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12. | RESERVES |
Retained | Share | Other |
earnings | premium | reserves | Totals |
£ | £ | £ | £ |
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At 1 April 2021 |
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1,232,645 |
Deficit for the year | ( |
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Cash share issue | - | 4,638,000 | (569,249 | ) | 4,068,751 |
At 31 March 2022 |
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(83,490 | ) |
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13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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The Report of the Auditors included the following paragraph: |
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"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 11 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 2023, The matter has been appropriately disclosed and our opinion is not modified in respect of this matter." |
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14. | PARENT COMPANY |
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On 4th March 2019 the entire issued share capital of the company was transferred to Rimbaud Holdings LLC, 1209 Orange Street, Wilmington, Delaware 19801, United States. |