REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2023 |
for |
Lixea Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2023 |
for |
Lixea Limited |
Lixea Limited (Registered number: 10839236) |
Contents of the Financial Statements |
for the year ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Lixea Limited |
Company Information |
for the year ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Brooke's Mill |
Armitage Bridge |
Huddersfield |
West Yorkshire |
HD4 7NR |
Lixea Limited (Registered number: 10839236) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
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. |
Lixea Limited (Registered number: 10839236) |
Balance Sheet - continued |
31 December 2023 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Lixea Limited (Registered number: 10839236) |
Notes to the Financial Statements |
for the year ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Lixea Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on the going concern basis which assumes that the company will have sufficient financial resources available to enable it to continue to trade for the foreseeable future. |
To date, the company has been financed by the issue of equity, grants and loans from shareholders. |
The directors consider that through careful control of operating costs, the company can continue to operate for at least 12 months from the date of approval of these financial statements. |
Consequently, the directors believe that it is appropriate for the financial statements to be prepared on the going concern basis. |
Preparation of consolidated financial statements |
The financial statements contain information about Lixea Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Significant judgements and estimates |
There are no material judgements made by the directors in the application of these accounting policies that are expected to have a significant effect on the financial statements or any estimates with a significant risk of material adjustment in the next year. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery etc | - |
Lixea Limited (Registered number: 10839236) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
3. | ACCOUNTING POLICIES - continued |
Government grants |
Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met, usually on submission of a valid claim for payment. |
Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. |
Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate. |
Investments in subsidiaries and associates |
Investments in subsidiary and associate undertakings are recognised at cost. |
Taxation |
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 tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax is recognised in respect of all timing differences which are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements, except that unrelieved tax losses and other deferred tax assets are recognised only to the extent that the directors consider that it probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date. |
Research and development |
Expenditure on research activities is recognised as an expense in the period in which it is incurred. Development costs are only capitalised when the related products meet the recognition criteria of an internally generated intangible asset, the key criteria being as follows: |
- it is probable that the future economic benefits that are attributable to the asset will flow to the company; |
- the project is technically and commercially feasible; |
- the company intends to and has sufficient resources to complete the project; |
- the company has the ability to use or sell the asset; and |
- the cost of the asset can be measured reliably. |
Such intangible assets are amortised on a straight-line basis from the point at which the assets are ready for use over the period of the expected benefit and are reviewed for an indication of impairment at each reporting date. Other development costs are charged against profit or loss as incurred since the criteria for their recognition as an asset are not met. |
The costs of an internally generated intangible asset comprise all directly attributable costs necessary to create, produce and prepare the asset to be capable of operating in the manner intended by management. Directly attributable costs include employee costs incurred on technical development, testing and certification, materials consumed and any relevant third-party cost. The costs of internally generated developments are recognised as intangible assets and are subsequently measured in the same way as externally acquired intangible assets. However, until completion of the development project, the assets are subject to impairment testing only. |
No development costs to date have been capitalised as intangible assets as it is deemed that the probability of future economic benefit is currently uncertain. |
Lixea Limited (Registered number: 10839236) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
3. | ACCOUNTING POLICIES - continued |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
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. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
6. | FIXED ASSET INVESTMENTS |
Shares in | Interest |
group | in |
undertakings | associates | Totals |
£ | £ | £ |
COST |
At 1 January 2023 | 4,339 |
Additions | 23,394 |
Disposals | ( |
) | (2,245 | ) |
Reclassification/transfer | ( |
) | - |
At 31 December 2023 | 25,488 |
NET BOOK VALUE |
At 31 December 2023 | 25,488 |
At 31 December 2022 | 4,339 |
Lixea Limited (Registered number: 10839236) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to associates |
Taxation and social security |
Other creditors |
9. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Other loans |
The shareholder loan of £16,767 (2022: £314,055) is unsecured and relates to the remaining accrued interest element of the loan. The capital element of the loan, £300,000, was repaid during the year and the interest element is repayable on demand. |
10. | POST BALANCE SHEET EVENTS |
Subsequent to the year end the company issued 1,000 Ordinary shares of 0.1p each for cash consideration of £85 on the exercise of share options. |
Lixea Limited (Registered number: 10839236) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
11. | SHARE-BASED PAYMENT TRANSACTIONS |
Share options |
The company has share option plans under which it grants options over ordinary shares to certain directors and employees of the company. Options under these plans are exercisable at a range of exercise prices based on the market price of the company's shares on the date of the grant. The options are settled in equity once exercised. If the options remain unexercised for a period after 10 years from the date of grant, the options expire. Options are forfeited if the employee leaves the company before the options vest. |
The number and weighted average exercise prices of share options are as follows: |
Weighted |
average |
exercise |
EMI | Unapproved | price per |
options | options | Total | share (£ | ) |
At 1 January 2023 | 3,160 | 9,660 | 12,820 | 0.16 |
Granted during the period | - | 1,000 | 1,000 | 0.19 |
Transferred | - | - | - | - |
Lapsed during the period | - | (1,500 | ) | (1,500 | ) | 0.19 |
At 31 December 2022 | 3,160 | 9,160 | 12,320 | 0.16 |
Options vest based upon employment conditions and the achievement of performance milestones. Options have a range of exercise prices from £0.10 per share to £0.28 per share. |
Option values were calculated using a Black-Scholes pricing model with the following assumptions: |
Options |
granted |
in the year |
Dividend yield | 0% |
Expected volatility | 40% |
Option maturity period | 10 years |
Risk free interest rate | 4.00% |
Weighted average market price of a share | £0.19 |
Any share options which are not exercised within 10 years from the date of grant will expire. The company has not recognised a share-based payment charge due to the immaterial nature of the calculated charge. |