2022-03-232023-03-212023-03-21false08893724LEXO RED 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LEXO RED LTD

Registered Number
08893724
(England and Wales)

Unaudited Financial Statements for the Period ended
21 March 2023

LEXO RED LTD
Company Information
for the period from 23 March 2022 to 21 March 2023

Directors

PATEL, Dipak Jayanand
PATEL, Hitesh Jayanand
PATEL, Jitendra Jayanand

Registered Address

2nd Floor Grove House
55 Lowlands Road
Harrow
HA1 3AW

Registered Number

08893724 (England and Wales)
LEXO RED LTD
Balance Sheet as at
21 March 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets676,620204,409
76,620204,409
Current assets
Stocks78,59513,219
Debtors8480,387559,717
Current asset investments-100
Cash at bank and on hand514,358142,042
1,003,340715,078
Creditors amounts falling due within one year9(376,630)(640,238)
Net current assets (liabilities)626,71074,840
Total assets less current liabilities703,330279,249
Net assets703,330279,249
Capital and reserves
Called up share capital100100
Profit and loss account703,230279,149
Shareholders' funds703,330279,249
The financial statements were approved and authorised for issue by the Board of Directors on 10 March 2024, and are signed on its behalf by:
PATEL, Dipak Jayanand
Director
PATEL, Hitesh Jayanand
Director
PATEL, Jitendra Jayanand
Director

Registered Company No. 08893724
LEXO RED LTD
Notes to the Financial Statements
for the period ended 21 March 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. The presentation currency of the financial statements is the Pound Sterling (£).
2.Compliance with applicable reporting framework
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
3.Basis of measurement used in financial statements
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
4.Accounting policies
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-5
Plant and machinery-5
Fixtures and fittings25-
Stocks policy
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items
Taxation policy
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current or deferred taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Leases policy
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
Investments policy
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Employee benefits policy
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
5.Employee information

20232022
Average number of employees during the year33
6.Property, plant and equipment

Land & buildings

Plant & machinery

Fixtures & fittings

Total

££££
Cost or valuation
At 23 March 22179,9262,804344,358527,088
Disposals--(138,336)(138,336)
At 21 March 23179,9262,804206,022388,752
Depreciation and impairment
At 23 March 22179,9252,804139,950322,679
Charge for year--30,94730,947
On disposals--(41,494)(41,494)
At 21 March 23179,9252,804129,403312,132
Net book value
At 21 March 231-76,61976,620
At 22 March 221-204,408204,409
7.Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

2023

2022

££
Other stocks8,59513,219
Total8,59513,219
8.Debtors

2023

2022

££
Trade debtors / trade receivables11,00863,034
Amounts owed by group undertakings241,928426,087
Other debtors215,90751,392
Prepayments and accrued income11,54419,204
Total480,387559,717
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
9.Creditors within one year

2023

2022

££
Trade creditors / trade payables37,412229,419
Bank borrowings and overdrafts58,000-
Amounts owed to related parties274,686347,966
Taxation and social security1,982479
Accrued liabilities and deferred income4,55062,374
Total376,630640,238
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.