REGISTERED NUMBER: |
Lexem Ltd |
Unaudited Financial Statements |
for the Year Ended 5 April 2024 |
REGISTERED NUMBER: |
Lexem Ltd |
Unaudited Financial Statements |
for the Year Ended 5 April 2024 |
Lexem Ltd (Registered number: 07861122) |
Contents of the Financial Statements |
for the Year Ended 5 April 2024 |
Page |
Company information | 1 |
Balance sheet | 2 |
Notes to the financial statements | 4 |
Lexem Ltd |
Company Information |
for the Year Ended 5 April 2024 |
Directors: |
Registered office: |
Registered number: |
Accountants: |
Chartered Accountants |
Mynshull House |
78 Churchgate |
Stockport |
Cheshire |
SK1 1YJ |
Lexem Ltd (Registered number: 07861122) |
Balance Sheet |
5 April 2024 |
5.4.24 | 5.4.23 |
Notes | £ | £ |
Fixed assets |
Tangible assets | 4 |
Investment property | 5 |
Current assets |
Debtors | 6 |
Cash at bank |
Creditors |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
Provisions for liabilities | 10 | ( |
) | ( |
) |
Net assets |
Lexem Ltd (Registered number: 07861122) |
Balance Sheet - continued |
5 April 2024 |
5.4.24 | 5.4.23 |
Notes | £ | £ |
Capital and reserves |
Called up share capital | 11 |
Fair value reserve | 12 |
Retained earnings | ( |
) | ( |
) |
Shareholders' funds |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Lexem Ltd (Registered number: 07861122) |
Notes to the Financial Statements |
for the Year Ended 5 April 2024 |
1. | Statutory information |
Lexem Ltd is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover represents rents demanded for the period. |
Tangible fixed assets |
Furnishings & equipment | - |
Investment property |
Investment properties are initially measured at cost and subsequently measured at fair value. Changes in fair value are recognised in profit or loss. |
The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principle set out in FRS 102. The directors consider that, because investment properties are not held for consumption, but for their investment potential, to depreciate them would not give a true and fair view. |
If this departure from the Companies Act 2006 had not been made in order to give a true and fair view, the profit for the financial year would have been reduced by depreciation. However the amount of depreciation cannot reasonably be quantified, because depreciation is only one of many factors reflected in the annual valuation and the amount relating to the depreciation of the property cannot be separately identified. |
Taxation |
Taxation for the year 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. |
Lexem Ltd (Registered number: 07861122) |
Notes to the Financial Statements - continued |
for the Year Ended 5 April 2024 |
2. | Accounting policies - continued |
Deferred tax |
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 year 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. |
3. | Employees and directors |
The average number of employees during the year was NIL (2023 - NIL). |
4. | Tangible fixed assets |
Furnishings |
& equipment |
£ |
Cost |
At 6 April 2023 |
and 5 April 2024 |
Depreciation |
At 6 April 2023 |
Charge for year |
At 5 April 2024 |
Net book value |
At 5 April 2024 |
At 5 April 2023 |
Lexem Ltd (Registered number: 07861122) |
Notes to the Financial Statements - continued |
for the Year Ended 5 April 2024 |
5. | Investment property |
Total |
£ |
Fair value |
At 6 April 2023 |
Valuation changes | 60,000 |
At 5 April 2024 |
Net book value |
At 5 April 2024 |
At 5 April 2023 |
Fair value at 5 April 2024 is represented by: |
£ |
Valuation in 2024 | 460,000 |
If investment property had not been revalued it would have been included at the following historical cost: |
5.4.24 | 5.4.23 |
£ | £ |
Cost | 246,961 | 246,961 |
Investment property was valued on an open market basis basis on 5 April 2024 by the directors . |
6. | Debtors: amounts falling due within one year |
5.4.24 | 5.4.23 |
£ | £ |
Other debtors |
7. | Creditors: amounts falling due within one year |
5.4.24 | 5.4.23 |
£ | £ |
Directors' current accounts | 33,491 | 28,891 |
Accrued expenses |
Lexem Ltd (Registered number: 07861122) |
Notes to the Financial Statements - continued |
for the Year Ended 5 April 2024 |
8. | Creditors: amounts falling due after more than one year |
5.4.24 | 5.4.23 |
£ | £ |
Mortgage loan | 253,000 | 253,000 |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Mortgage loan |
9. | Secured debts |
The following secured debts are included within creditors: |
5.4.24 | 5.4.23 |
£ | £ |
Mortgage loan | 253,000 | 253,000 |
The mortgage loan is secured on the company's property. |
10. | Provisions for liabilities |
5.4.24 | 5.4.23 |
£ | £ |
Deferred tax | 40,672 | 23,104 |
Deferred |
tax |
£ |
Balance at 6 April 2023 |
Provided during year |
Balance at 5 April 2024 |
11. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 5.4.24 | 5.4.23 |
value: | £ | £ |
Ordinary | £1 | 2 | 2 |
Lexem Ltd (Registered number: 07861122) |
Notes to the Financial Statements - continued |
for the Year Ended 5 April 2024 |
12. | Reserves |
Fair |
value |
reserve |
£ |
At 6 April 2023 |
Transfer from retained earnings | 18,556 |
At 5 April 2024 |