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Registered number: 01273218










LOMBARD SHIPPING & FORWARDING LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

 
LOMBARD SHIPPING & FORWARDING LIMITED
REGISTERED NUMBER: 01273218

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
6,818
12,811

  
6,818
12,811

Current assets
  

Debtors: amounts falling due after more than one year
 6 
2,747,088
2,547,088

Debtors: amounts falling due within one year
 6 
443,854
736,778

Cash at bank and in hand
 7 
394,681
483,959

  
3,585,623
3,767,825

Creditors: amounts falling due within one year
 8 
(530,334)
(811,066)

Net current assets
  
 
 
3,055,289
 
 
2,956,759

Total assets less current liabilities
  
3,062,107
2,969,570

  

Accruals and deferred income
 9 
(6,653)
(11,600)

Net assets
  
3,055,454
2,957,970


Capital and reserves
  

Called up share capital 
  
10,100
10,100

Profit and loss account
  
3,045,354
2,947,870

  
3,055,454
2,957,970


Page 1

 
LOMBARD SHIPPING & FORWARDING LIMITED
REGISTERED NUMBER: 01273218
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 July 2025.






F. Fox
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
LOMBARD SHIPPING & FORWARDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

Lombard Shipping & Forwarding Limited is a private limited company incorporated in England and Wales. Its registered office is Lombard Business Centre, Link Road, Huyton, Merseyside, L36 6AP. The company number is 01273218.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The company has cash resources and has no requirement for external funding. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. They continue to believe the going concern basis of accounting appropriate in preparing the annual financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

  
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of income and retained earnings on a straight line basis over the lease term.

Page 3

 
LOMBARD SHIPPING & FORWARDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Statement of income and retained earnings at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.7

Interest income

Interest income is recognised in the Statement of income and retained earnings using the effective interest method.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.


 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 4

 
LOMBARD SHIPPING & FORWARDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method and reducing balance basis..

Depreciation is provided on the following basis:

Fixtures and fittings
-
15%
Reducing balance
Office equipment
-
20%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Statement of financial position date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Statement of financial position date.

Page 5

 
LOMBARD SHIPPING & FORWARDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2023 - 8).


4.


Intangible assets




Goodwill

£



Cost


At 1 August 2023
60,000



At 31 July 2024

60,000



Amortisation


At 1 August 2023
60,000



At 31 July 2024

60,000



Net book value



At 31 July 2024
-



At 31 July 2023
-



Page 6

 
LOMBARD SHIPPING & FORWARDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

5.


Tangible fixed assets





Fixtures, fittings and equipment

£



Cost or valuation


At 1 August 2023
38,653



At 31 July 2024

38,653



Depreciation


At 1 August 2023
25,842


Charge for the year on owned assets
5,993



At 31 July 2024

31,835



Net book value



At 31 July 2024
6,818



At 31 July 2023
12,811

Page 7

 
LOMBARD SHIPPING & FORWARDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

6.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
2,747,088
2,547,088

2,747,088
2,547,088


2024
2023
£
£

Due within one year

Trade debtors
197,039
487,409

Other debtors
245,861
248,400

Prepayments and accrued income
954
969

443,854
736,778



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
394,681
483,959

394,681
483,959



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
126,241
234,153

Corporation tax
68,717
69,271

Other taxation and social security
6,473
6,612

Other creditors
125,972
201,010

Accruals and deferred income
202,931
300,020

530,334
811,066


Page 8

 
LOMBARD SHIPPING & FORWARDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

9.


Accruals and deferred income

2024
2023
£
£

Grants
6,653
11,600

6,653
11,600



10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £113,448 (2023 - £117,956).


11.


Related party transactions


2024
2023
£
£

 
Amount due from companies under common control
2,991,202
2,788,935
 
Amount due to F. Fox, the director of the company
34,573
49,321


12.


Controlling party

The controlling party of the company is F. Fox.

 
Page 9