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Registration number: 12598369

Lexrae Support Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2022

 

Lexrae Support Ltd

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Financial Statements

4 to 7

 

Lexrae Support Ltd

Company Information

Director

Mr Joseph Paul Corbett

Registered office

Offices 3 And 4 Old Bakery Row
Wellington
Telford
TF1 1PS

Accountants

Harrison Partners Limited
Chartered Certified Accountants
Masonic Building
9 Mill Street
Sutton Coldfield
West Midlands
B72 1TJ

 

Lexrae Support Ltd

(Registration number: 12598369)
Statement of Financial Position as at 31 May 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

56,440

7,653

Current assets

 

Debtors

5

274,350

75,845

Cash at bank and in hand

 

219,661

61,640

 

494,011

137,485

Creditors: Amounts falling due within one year

6

(200,719)

(70,658)

Net current assets

 

293,292

66,827

Total assets less current liabilities

 

349,732

74,480

Provisions for liabilities

(10,724)

(1,454)

Net assets

 

339,008

73,026

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

338,908

72,926

Shareholders' funds

 

339,008

73,026

 

Lexrae Support Ltd

(Registration number: 12598369)
Statement of Financial Position as at 31 May 2022

For the financial year ending 31 May 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 12 August 2022
 

.........................................
Mr Joseph Paul Corbett
Director

 

Lexrae Support Ltd

Notes to the Financial Statements for the Year Ended 31 May 2022

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Offices 3 And 4 Old Bakery Row
Wellington
Telford
TF1 1PS
England and Wales

These financial statements were authorised for issue by the director on 12 August 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

 

Lexrae Support Ltd

Notes to the Financial Statements for the Year Ended 31 May 2022

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

20% Reducing Balance

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 92 (2021 - 32).

 

Lexrae Support Ltd

Notes to the Financial Statements for the Year Ended 31 May 2022

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2021

8,444

-

8,444

Additions

51,550

3,800

55,350

At 31 May 2022

59,994

3,800

63,794

Depreciation

At 1 June 2021

791

-

791

Charge for the year

6,120

443

6,563

At 31 May 2022

6,911

443

7,354

Carrying amount

At 31 May 2022

53,083

3,357

56,440

At 31 May 2021

7,653

-

7,653

5

Debtors

Current

2022
£

2021
£

Trade debtors

109,347

14,742

Prepayments

16,313

-

Other debtors

148,690

61,103

 

274,350

75,845

6

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

8

-

6,500

Taxation and social security

 

134,419

57,295

Accruals and deferred income

 

58,457

3,940

Other creditors

 

7,843

2,923

 

200,719

70,658

 

Lexrae Support Ltd

Notes to the Financial Statements for the Year Ended 31 May 2022

7

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         

8

Loans and borrowings

2022
£

2021
£

Current loans and borrowings

Other borrowings

-

6,500

9

Related party transactions

Within other creditors is an amount of £1,232 (2021: £573) due to the director Mr J Corbett.