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REGISTERED NUMBER: 07861122 (England and Wales)











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: R A Nagaj
G A MacKay





Registered office: 83 Speed House
Barbican
London
EC2Y 8AU





Registered number: 07861122 (England and Wales)





Accountants: Warr & Co Limited
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 95 126
Investment property 5 460,000 400,000
460,095 400,126

Current assets
Debtors 6 500 500
Cash at bank 2,360 416
2,860 916
Creditors
Amounts falling due within one year 7 (34,331 ) (29,731 )
Net current liabilities (31,471 ) (28,815 )
Total assets less current liabilities 428,624 371,311

Creditors
Amounts falling due after more than one
year

8

(253,000

)

(253,000

)

Provisions for liabilities 10 (40,672 ) (23,104 )
Net assets 134,952 95,207

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 2 2
Fair value reserve 12 173,391 154,835
Retained earnings (38,441 ) (59,630 )
Shareholders' funds 134,952 95,207

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 August 2024 and were signed on its behalf by:




R A Nagaj - Director



G A MacKay - Director


Lexem Ltd (Registered number: 07861122)

Notes to the Financial Statements
for the Year Ended 5 April 2024

1. Statutory information

Lexem Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
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 as modified by the revaluation of certain assets.

Turnover
Turnover represents rents demanded for the period.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Furnishings & equipment - 25% on reducing balance

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 2,558
Depreciation
At 6 April 2023 2,432
Charge for year 31
At 5 April 2024 2,463
Net book value
At 5 April 2024 95
At 5 April 2023 126

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 400,000
Valuation changes 60,000
At 5 April 2024 460,000
Net book value
At 5 April 2024 460,000
At 5 April 2023 400,000

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 500 500

7. Creditors: amounts falling due within one year
5.4.24 5.4.23
£    £   
Directors' current accounts 33,491 28,891
Accrued expenses 840 840
34,331 29,731

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 253,000 253,000

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 23,104
Provided during year 17,568
Balance at 5 April 2024 40,672

11. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 5.4.24 5.4.23
value: £    £   
2 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 154,835
Transfer from retained earnings 18,556

At 5 April 2024 173,391