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Registered number: 11688947
Lordchem Ltd
Unaudited Financial Statements
For The Year Ended 30 April 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 11688947
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 828,020 881,383
Tangible Assets 5 21,657 20,010
Investments 6 22,000 22,000
871,677 923,393
CURRENT ASSETS
Stocks 7 101,738 83,510
Debtors 8 146,217 204,859
Cash at bank and in hand 405,067 260,872
653,022 549,241
Creditors: Amounts Falling Due Within One Year 9 (292,396 ) (311,170 )
NET CURRENT ASSETS (LIABILITIES) 360,626 238,071
TOTAL ASSETS LESS CURRENT LIABILITIES 1,232,303 1,161,464
Creditors: Amounts Falling Due After More Than One Year 10 (650,459 ) (700,809 )
NET ASSETS 581,844 460,655
CAPITAL AND RESERVES
Called up share capital 11 30 30
Profit and Loss Account 581,814 460,625
SHAREHOLDERS' FUNDS 581,844 460,655
Page 1
Page 2
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Ashik Shah
Director
10/10/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Lordchem Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11688947 . The registered office is 9 The Gateways, Goffs Oak, Waltham Cross, EN7 6SU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 25 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 10% Straight Line
Computer Equipment 20% Straight Line
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
Page 3
Page 4
2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 12 (2023: 9)
12 9
4. Intangible Assets
Goodwill
£
Cost
As at 1 May 2023 1,334,065
As at 30 April 2024 1,334,065
Amortisation
As at 1 May 2023 452,682
Provided during the period 53,363
As at 30 April 2024 506,045
Net Book Value
As at 30 April 2024 828,020
As at 1 May 2023 881,383
5. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 May 2023 23,293 4,936 28,229
Additions - 6,830 6,830
As at 30 April 2024 23,293 11,766 35,059
Depreciation
As at 1 May 2023 5,383 2,836 8,219
Provided during the period 4,658 525 5,183
As at 30 April 2024 10,041 3,361 13,402
Net Book Value
As at 30 April 2024 13,252 8,405 21,657
As at 1 May 2023 17,910 2,100 20,010
Page 4
Page 5
6. Investments
Listed
£
Cost
As at 1 May 2023 22,000
As at 30 April 2024 22,000
Provision
As at 1 May 2023 -
As at 30 April 2024 -
Net Book Value
As at 30 April 2024 22,000
As at 1 May 2023 22,000
7. Stocks
2024 2023
£ £
Stock 101,738 83,510
8. Debtors
2024 2023
£ £
Due within one year
Trade debtors 114,527 110,812
Other debtors 30 30
Other debtors (1) - 41,731
VAT 31,660 52,286
146,217 204,859
9. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 172,492 240,640
Corporation tax 101,829 50,273
Other taxes and social security - 3,364
Net wages - 10,893
Amex Credit Card 10,600 -
Director's loan account 7,475 6,000
292,396 311,170
10. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 650,459 700,809
Page 5
Page 6
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 30 30
Page 6