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COMPANY REGISTRATION NUMBER: 08086626
Lexstone Building Limited
Filleted Unaudited Financial Statements
31 March 2023
Lexstone Building Limited
Financial Statements
Year ended 31 March 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Lexstone Building Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
4
198,676
153,306
Current assets
Debtors
5
140,702
137,591
Cash at bank and in hand
26,376
13,968
----------
----------
167,078
151,559
Creditors: amounts falling due within one year
6
77,142
44,043
----------
----------
Net current assets
89,936
107,516
----------
----------
Total assets less current liabilities
288,612
260,822
Creditors: amounts falling due after more than one year
7
88,625
32,387
Provisions
Taxation including deferred tax
24,992
4,286
----------
----------
Net assets
174,995
224,149
----------
----------
Capital and reserves
Called up share capital
8
4
4
Profit and loss account
174,991
224,145
----------
----------
Shareholders funds
174,995
224,149
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Lexstone Building Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 19 October 2023 , and are signed on behalf of the board by:
Mr J W Reynolds
Director
Company registration number: 08086626
Lexstone Building Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Printing House, 66 Lower Road, Harrow, HA2 0DH, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and Machinery
-
25% straight line and 25% reducing balance
Motor Vehicles
-
25% straight line
Office Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 April 2022
688,584
15,400
245
704,229
Additions
106,350
106,350
Disposals
( 79,500)
( 79,500)
----------
--------
----
----------
At 31 March 2023
715,434
15,400
245
731,079
----------
--------
----
----------
Depreciation
At 1 April 2022
535,278
15,400
245
550,923
Charge for the year
39,407
39,407
Disposals
( 57,927)
( 57,927)
----------
--------
----
----------
At 31 March 2023
516,758
15,400
245
532,403
----------
--------
----
----------
Carrying amount
At 31 March 2023
198,676
198,676
----------
--------
----
----------
At 31 March 2022
153,306
153,306
----------
--------
----
----------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
£
At 31 March 2023
104,134
----------
At 31 March 2022
----------
5. Debtors
2023
2022
£
£
Trade debtors
75,263
Prepayments and accrued income
10,193
8,753
Other debtors
55,246
128,838
----------
----------
140,702
137,591
----------
----------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,952
9,707
Trade creditors
342
16
Accruals and deferred income
2,000
2,000
Corporation tax
19,863
Social security and other taxes
2,634
10,673
Obligations under finance leases and hire purchase contracts
50,795
Director loan accounts
784
1,784
Other creditors
10,635
--------
--------
77,142
44,043
--------
--------
Obligations under finance leases and hire purchase contracts are secured by the assets purchased under these contracts. The bank loans and overdrafts amount relates to a Bounce Back loan which is secured by a government guarantee.
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
22,435
32,387
Obligations under finance leases and hire purchase contracts
66,190
--------
--------
88,625
32,387
--------
--------
Obligations under finance leases and hire purchase contracts are secured by the assets purchased under these contracts. The bank loans and overdrafts amount relates to a Bounce Back loan which is secured by a government guarantee.
8. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary A shares of £ 1 each
2
2
2
2
Ordinary B shares of £ 1 each
1
1
1
1
Ordinary C shares of £ 1 each
1
1
1
1
----
----
----
----
4
4
4
4
----
----
----
----
The 'B' and 'C' ordinary shares have no voting rights or any right to a capital distribution on the winding up of the company.
9. Related party transactions
Transactions with related parties, such as are required to be disclosed under FRS 102 were as follows:
20232022
££
Other related parties:
Balances owed by/(owed to):55,246128,838
------------------
The amounts owed by related parties are in respect of short-term interest free loans.