Company registration number 02906824 (England and Wales)
LORDS INTERNATIONAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
LORDS INTERNATIONAL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
LORDS INTERNATIONAL LIMITED
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
FIXED ASSETS
Intangible assets
3
2,314
1,280
Tangible assets
4
41,177
42,902
43,491
44,182
CURRENT ASSETS
Stocks
48,307
299,000
Debtors
5
29,468
274,000
Cash at bank and in hand
37,401
50,649
115,176
623,649
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
6
(617,037)
(277,122)
NET CURRENT (LIABILITIES)/ASSETS
(501,861)
346,527
TOTAL ASSETS LESS CURRENT LIABILITIES
(458,370)
390,709
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
7
(8,000)
(491,995)
NET LIABILITIES
(466,370)
(101,286)
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss reserves
(466,470)
(101,386)
TOTAL EQUITY
(466,370)
(101,286)
LORDS INTERNATIONAL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2023
30 June 2023
- 2 -

For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 10 June 2025
Mr A M Najmi
Director
Company registration number 02906824 (England and Wales)
LORDS INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
ACCOUNTING POLICIES
Company information

Lords International Limited is a private company limited by shares incorporated in England and Wales. The registered office is Dragon House, Bradford Street, Caerphilly, CF83 1GA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

1.2
Going concern

The accounts show that the company has net liabilities of £466,370.The director has therefore had to consider the appropriateness of the going concern basis. The company has been able to finance its operations largely because of the support from its director and a related party. Were this support not available, the company may not be able to continue trading.

The director is confident that the company will trade profitably in the future and it will be able to meet its obligations given the continuing support of its director and a related party.

The director therefore considers it appropriate to prepare the accounts on a going concern basis.

1.3
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

 

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

LORDS INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
ACCOUNTING POLICIES
(Continued)
- 4 -

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website costs
20% straight line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
4% reducing balance
Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Motor vehicles
20% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

LORDS INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
ACCOUNTING POLICIES
(Continued)
- 5 -
1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.10
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
EMPLOYEES

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
6
7
LORDS INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
3
INTANGIBLE FIXED ASSETS
Website costs
£
Cost
At 1 July 2022
3,200
Additions
2,092
At 30 June 2023
5,292
Amortisation and impairment
At 1 July 2022
1,920
Amortisation charged for the year
1,058
At 30 June 2023
2,978
Carrying amount
At 30 June 2023
2,314
At 30 June 2022
1,280
4
TANGIBLE FIXED ASSETS
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2022
105,475
55,240
160,715
Disposals
-
0
(19,088)
(19,088)
At 30 June 2023
105,475
36,152
141,627
Depreciation and impairment
At 1 July 2022
62,617
55,196
117,813
Depreciation charged in the year
1,714
11
1,725
Eliminated in respect of disposals
-
0
(19,088)
(19,088)
At 30 June 2023
64,331
36,119
100,450
Carrying amount
At 30 June 2023
41,144
33
41,177
At 30 June 2022
42,858
44
42,902
LORDS INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
5
DEBTORS
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
29,468
104,418
Other debtors
-
0
169,582
29,468
274,000
6
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023
2022
£
£
Bank loans
4,000
4,005
Trade creditors
7,863
15,760
Taxation and social security
11,624
6,575
Other creditors
593,550
250,782
617,037
277,122
7
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023
2022
£
£
Bank loans and overdrafts
8,000
11,995
Other creditors
-
0
480,000
8,000
491,995
LORDS INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
8
RELATED PARTY TRANSACTIONS
Balances with related parties
Amounts owed by
Amounts owed to
related parties
related parties
2023
2022
2023
2022
£
£
£
£
Belief Sports Limited
-
0
-
0
330,842
158,176
Gelpak GB Limited
-
0
162,463
-
0
-
0

These companies are related by common control and registered in England & Wales.

9
DIRECTORS' TRANSACTIONS

Included within creditors due within one year is £260,207 (2022 - £75,647) due to director.

Included within creditors due after one year is £0 (2022 - £480,000). The loans are interest free and repayable on demand.

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