MJM International has reported a retained loss of more than £231,000 for a three-month period and warned it would not be back in profit for at least the following year.

The loss at the East Kilbride ­lingerie business, co-founded by Michelle Mone, was revealed in a filing of an abbreviated financial statement at Companies House.

The document covers the trading period from October 31 last year to February 7 this year.

A spokeswoman said the losses in the period were related to the "difficult situation" in the business when its two founders, Ms Mone and Michael Mone, split up.

She added: "The business will feel the impact of this until the end of the year, but 2014 is all about success and growth, and we're confident that we'll be in a position to report a return to profit very soon."

MJM, which makes brands under the Ultimo name, had posted a pre-tax loss of £547,018 on turnover of £7.3 million in the 18 months to October 31, 2012 according to a previous set of accounts. Those losses had also been attributed to difficulties associated with the break-up of the marriage of the Mones.

Sri Lankan-based MAS Holdings - a sports clothing and lingerie manufacturer for brands including Nike, H&M and Ralph Lauren - took a 51% share of MJM in February.

At the same time Ms Mone increased her stake in MJM from 47% to 49% while Mr Mone and Thomas Walker, who had a small shareholding, both exited the company.

The recently filed MJM financial statement for the period to February 7 2013 shows the value of stock held at MJM decreased from £509,000 to £323,729 with net assets also falling from £725,320 to £493,382.

Notes in the document said: "The company has made significant losses for the three-month period and the directors anticipate that the company will continue to be loss-making for the next 12 months.

"However due to changes in strategy going forward as well as the support of MAS Holdings Limited the directors anticipate that the company will return to profit following the strategy changes."

In its report within the MJM statement accountancy firm Scott Moncrieff confirmed the financial figures had not been audited.

It is understood MJM International is now in the process of being hived up into Ultimo Brands International.

According to Companies House UBI was formed in January this year and is registered in London.

It has Ms Mone, Anthony Caplan, Eliaz Poleg and Ajaykumar Amalean as its directors.

Mr Caplan is Ms Mone's lawyer with Mr Poleg and Mr Amalean both board directors at MAS Holdings.

MAS Holdings is thought to have 51% ownership of UBI with Ms Mone in control of 49%.

Mr Poleg, chairman of UBI, said: "We are delighted that we will soon be operating under a new company name, Ultimo Brands International. The name-change reflects the resurgence of the brand and our ambitions for growth beyond the UK."

The spokeswoman for UBI said the Ultimo range was being overhauled and relaunched in early 2014.

Ultimo products are mainly sold in the UK and are stocked by companies including Debenhams, House of Fraser, Asos, Very and Littlewoods.

Lingerie retailer Figleaves has recently agreed to begin stocking Ultimo designs from January next year.

There has also been a new senior management team installed below board level at UBI which is working to secure further new customer accounts.

Former MJM director Scott Kilday claimed unfair dismissal from the business during an employment tribunal in September. During his evidence Mr Kilday said he found a listening device hidden in artificial flowers in his office.

The tribunal later heard from Mr Poleg who said the bug had been placed as there were concerns Mr Kilday was leaking information to rival companies.

Mr Kilday now works for Pendulum Apparel, a company set up by Mr Mone after he left MJM.