IRIS Accounts Production v24.2.0.383 10981255 Board of Directors 1.6.23 31.5.24 31.5.24 false true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh109812552023-05-31109812552024-05-31109812552023-06-012024-05-31109812552022-05-31109812552022-06-012023-05-31109812552023-05-3110981255ns15:EnglandWales2023-06-012024-05-3110981255ns14:PoundSterling2023-06-012024-05-3110981255ns10:Director12023-06-012024-05-3110981255ns10:PrivateLimitedCompanyLtd2023-06-012024-05-3110981255ns10:SmallEntities2023-06-012024-05-3110981255ns10:AuditExempt-NoAccountantsReport2023-06-012024-05-3110981255ns10:SmallCompaniesRegimeForDirectorsReport2023-06-012024-05-3110981255ns10:SmallCompaniesRegimeForAccounts2023-06-012024-05-3110981255ns10:AbridgedAccounts2023-06-012024-05-3110981255ns10:OrdinaryShareClass12023-06-012024-05-3110981255ns10:Director22023-06-012024-05-3110981255ns10:Director32023-06-012024-05-3110981255ns10:CompanySecretary12023-06-012024-05-3110981255ns10:RegisteredOffice2023-06-012024-05-3110981255ns5:CurrentFinancialInstruments2024-05-3110981255ns5:CurrentFinancialInstruments2023-05-3110981255ns5:ShareCapital2024-05-3110981255ns5:ShareCapital2023-05-3110981255ns5:RetainedEarningsAccumulatedLosses2024-05-3110981255ns5:RetainedEarningsAccumulatedLosses2023-05-3110981255ns5:PlantMachinery2023-06-012024-05-3110981255ns5:MotorVehicles2023-06-012024-05-3110981255ns5:WithinOneYear2024-05-3110981255ns5:WithinOneYear2023-05-3110981255ns5:BetweenOneFiveYears2024-05-3110981255ns5:BetweenOneFiveYears2023-05-3110981255ns5:MoreThanFiveYears2024-05-3110981255ns5:MoreThanFiveYears2023-05-3110981255ns5:AllPeriods2024-05-3110981255ns5:AllPeriods2023-05-3110981255ns10:OrdinaryShareClass12024-05-31
REGISTERED NUMBER: 10981255 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024

FOR

LORDS FURNITURE LTD

LORDS FURNITURE LTD (REGISTERED NUMBER: 10981255)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 3


LORDS FURNITURE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: R A Lord
B V Lord
Mrs C A Lord





SECRETARY: R A Lord





REGISTERED OFFICE: Blackthorn House
St Pauls Square
Birmingham
B3 1RL





REGISTERED NUMBER: 10981255 (England and Wales)





ACCOUNTANTS: Holder Blackthorn LLP
Blackthorn House
St Pauls Square
Birmingham
B3 1RL

LORDS FURNITURE LTD (REGISTERED NUMBER: 10981255)

ABRIDGED BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 22,856 1,679

CURRENT ASSETS
Stocks 90,261 99,174
Debtors 11,597 23,961
Cash at bank and in hand 274,685 140,997
376,543 264,132
CREDITORS
Amounts falling due within one year 214,805 160,741
NET CURRENT ASSETS 161,738 103,391
TOTAL ASSETS LESS CURRENT
LIABILITIES

184,594

105,070

CAPITAL AND RESERVES
Called up share capital 6 200 200
Retained earnings 184,394 104,870
SHAREHOLDERS' FUNDS 184,594 105,070

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 May 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 January 2025 and were signed on its behalf by:





R A Lord - Director


LORDS FURNITURE LTD (REGISTERED NUMBER: 10981255)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

Lords Furniture Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:
Sale of goods
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on delivery of the goods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost
Motor vehicles - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 6 ) .

LORDS FURNITURE LTD (REGISTERED NUMBER: 10981255)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 June 2023 6,054
Additions 23,599
At 31 May 2024 29,653
DEPRECIATION
At 1 June 2023 4,375
Charge for year 2,422
At 31 May 2024 6,797
NET BOOK VALUE
At 31 May 2024 22,856
At 31 May 2023 1,679

5. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 65,000 65,000
Between one and five years 265,000 260,000
In more than five years 280,000 350,000
610,000 675,000

6. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
200 Ordinary £1 200 200

7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the company made a loan to a director of £5,600 which was repaid in January 2025.