Company registration number 01123165 (England and Wales)
LEXCOM INFORMATION SYSTEMS LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
LEXCOM INFORMATION SYSTEMS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
LEXCOM INFORMATION SYSTEMS LTD
BALANCE SHEET
AS AT 31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
5
8,215
14,794
Investments
6
2
2
8,217
14,796
Current assets
Debtors
7
102,340
236,418
Cash at bank and in hand
478,279
425,400
580,619
661,818
Creditors: amounts falling due within one year
8
(181,529)
(101,834)
Net current assets
399,090
559,984
Net assets
407,307
574,780
Capital and reserves
Called up share capital
9
115,000
115,000
Share premium account
16,000
16,000
Profit and loss reserves
276,307
443,780
Total equity
407,307
574,780
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 28 August 2024 and are signed on its behalf by:
D Clayton
Director
Company registration number 01123165 (England and Wales)
LEXCOM INFORMATION SYSTEMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information
LexCom Information Systems Ltd ("the Company") is a private company limited by shares incorporated in England and Wales. The registered office is Unit C3 Arena Business Centre, Ferndown Industrial Estate, 9 Nimrod Way, Wimborne, Dorset, BH21 7UH.
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
These financial statements have been prepared on a going concern basis. The directors have considered the financial position of the Company for a period of at least twelve months from the date of signing these financial statements, and has no reason to believe that a material uncertainty exists that may cast doubt about the ability of the Company to continue as a going concern.true
The directors have considered the effect of Brexit and Covid-19 on the financial position of the Company and has no reason to believe there to be a significant impact which would cast doubt on the Company to continue as a going concern.
Accordingly the directors have a reasonable expectation that the Company will continue in operational existence and adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised.
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.
LEXCOM INFORMATION SYSTEMS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
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 on the following bases:
Patents and trademarks
5 years straight line
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:
Plant and equipment
20-25% straight line
Fixtures and fittings
20% straight line
Motor vehicles
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
LEXCOM INFORMATION SYSTEMS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.12
Retirement benefits
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in other creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
1.13
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction, or by using the official foreign currency exchange rates for VAT as published monthly by HM Revenue & Customs.
Exchange gains and losses are recognised in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
LEXCOM INFORMATION SYSTEMS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
5
5
4
Intangible fixed assets
Patents and trademarks
£
Cost
At 1 January 2022 and 31 December 2022
125,455
Amortisation and impairment
At 1 January 2022 and 31 December 2022
125,455
Net book value
At 31 December 2022
At 31 December 2021
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2022
80,597
Additions
2,155
Disposals
(14,963)
At 31 December 2022
67,789
Depreciation and impairment
At 1 January 2022
65,803
Depreciation charged in the year
8,734
Eliminated in respect of disposals
(14,963)
At 31 December 2022
59,574
Net book value
At 31 December 2022
8,215
At 31 December 2021
14,794
LEXCOM INFORMATION SYSTEMS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
6
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
2
2
7
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
8,600
80,541
Amounts owed by group undertakings
71,017
Other debtors
93,740
84,860
102,340
236,418
Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
8
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
3,376
3,164
Amounts owed to group undertakings
66,634
Corporation tax
87,577
70,850
Other taxation and social security
8,757
10,092
Other creditors
15,185
17,728
181,529
101,834
9
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary shares of £1 each
115,000
115,000
115,000
115,000
10
Guarantees and other financial commitments
The Company has total guarantees and commitments at the balance sheet date of £19,620 (2021; £17,462)
11
Related party transactions
Transactions with related parties
The Company has taken advantage of the exemption in Section 33 of FRS102 not to disclose group transactions on the grounds the company is a wholly owned subsidiary.
LEXCOM INFORMATION SYSTEMS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
12
Parent company
The immediate parent company is Lex-Com Informationssysteme GmbH, a company registered in Germany.
The ultimate parent undertaking of the largest and smallest group which includes the Company is CSL GmbH & Co. KG, a company registered in Germany. Copies of the group accounts can be obtained from the registered office, Clemensstrasse, 1, 80803 München, Germany.
13
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Lucia Ball
Statutory Auditor:
Hill Osborne Ltd
Date of audit report:
29 August 2024