Company registration number 10580471 (England and Wales)
LANX GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
LANX GROUP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
LANX GROUP LIMITED
BALANCE SHEET
AS AT
27 FEBRUARY 2023
27 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
5,528
3,011
Tangible assets
4
51,726
66,744
57,254
69,755
Current assets
Stocks
180,000
122,500
Debtors
5
114,610
166,882
Cash at bank and in hand
512,419
380,663
807,029
670,045
Creditors: amounts falling due within one year
6
(656,024)
(602,920)
Net current assets
151,005
67,125
Total assets less current liabilities
208,259
136,880
Creditors: amounts falling due after more than one year
7
(26,423)
(39,210)
Provisions for liabilities
(7,710)
(6,156)
Net assets
174,126
91,514
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
174,125
91,513
Total equity
174,126
91,514
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 27 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
LANX GROUP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
27 FEBRUARY 2023
27 February 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 9 November 2023
Marco Vaghetti
Director
Company Registration No. 10580471
LANX GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information
Lanx Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Mentor House, Ainsworth Street, Blackburn, Lancashire, BB1 6AY.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors are not aware of any material uncertainties affecting the company and consider that the company will have sufficient resources to continue trading for the foreseeable future. As a result the directors have continued to adopt the going concern basis in preparing the financial statements.true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.
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.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives. Website costs are amortised over four years and other intangibles over ten years.
Website
25% straight line
Trademarks
10% straight line
LANX GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -
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:
Leasehold improvements
33% straight line
Fixtures and fittings
20% straight line
Computers
33% straight line
Motor vehicles
25% reducing balance
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
LANX GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 FEBRUARY 2023
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
13
4
LANX GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 FEBRUARY 2023
- 6 -
3
Intangible fixed assets
Website
Trademarks
Total
£
£
£
Cost
At 28 February 2022
3,825
3,554
7,379
Additions
2,972
210
3,182
At 27 February 2023
6,797
3,764
10,561
Amortisation and impairment
At 28 February 2022
3,105
1,263
4,368
Amortisation charged for the year
299
366
665
At 27 February 2023
3,404
1,629
5,033
Carrying amount
At 27 February 2023
3,393
2,135
5,528
At 27 February 2022
720
2,291
3,011
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 28 February 2022
46,915
43,698
90,613
Additions
178
11,203
11,381
Disposals
(8,500)
(8,500)
At 27 February 2023
47,093
46,401
93,494
Depreciation and impairment
At 28 February 2022
12,571
11,298
23,869
Depreciation charged in the year
13,639
9,128
22,767
Eliminated in respect of disposals
(4,868)
(4,868)
At 27 February 2023
26,210
15,558
41,768
Carrying amount
At 27 February 2023
20,883
30,843
51,726
At 27 February 2022
34,344
32,400
66,744
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2023
2022
£
£
Motor vehicles
5,823
11,395
LANX GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 FEBRUARY 2023
- 7 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
23,258
2,815
Other debtors
91,352
164,067
114,610
166,882
Other debtors include £55,816 (2022 - £137,685) in respect of advance payments for stock.
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,191
199,326
Obligations under finance leases
2,249
4,374
Trade creditors
151,565
174,962
Taxation and social security
200,452
94,014
Other creditors
266,402
120,173
Accruals and deferred income
25,165
10,071
656,024
602,920
Net obligations under finance lease and hire purchase contracts are secured by fixed charges on the assets concerned.
Other creditors include £116,402 owed to the director (2022 - £120,173) and £150,000 owed to a connected company (2022 - nil).
7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
22,863
33,224
Obligations under finance leases
3,560
5,986
26,423
39,210
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
LANX GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 FEBRUARY 2023
- 8 -
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
107,292
157,042