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Registered number: 12598369
Lexrae Support Ltd
Unaudited Financial Statements
For The Year Ended 31 May 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 12598369
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 68,814 59,364
68,814 59,364
CURRENT ASSETS
Debtors 5 334,357 258,648
Cash at bank and in hand 487,711 540,231
822,068 798,879
Creditors: Amounts Falling Due Within One Year 6 (559,336 ) (351,267 )
NET CURRENT ASSETS (LIABILITIES) 262,732 447,612
TOTAL ASSETS LESS CURRENT LIABILITIES 331,546 506,976
PROVISIONS FOR LIABILITIES
Deferred Taxation (17,204 ) (11,279 )
NET ASSETS 314,342 495,697
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account 314,242 495,597
SHAREHOLDERS' FUNDS 314,342 495,697
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Page 2
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Joseph Corbett
Director
11 September 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Lexrae Support Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12598369 . The registered office is Waterloo House, Ketley Business Park, Telford, TF1 5JD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of rebates and discounts. The company recognises revenue when:
  •  The amount of revenue can be reliably measured;
  • it is probable that future economic benefits will flow to the entity; and 
  • specific criteria have been met for each of the company's activities.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 20% Straight Line
Fixtures & Fittings 20% Straight Line
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 178 (2023: 137)
178 137
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4. Tangible Assets
Motor Vehicles Fixtures & Fittings Total
£ £ £
Cost
As at 1 June 2023 3,800 77,655 81,455
Additions 25,740 - 25,740
As at 31 May 2024 29,540 77,655 107,195
Depreciation
As at 1 June 2023 1,203 20,888 22,091
Provided during the period 760 15,530 16,290
As at 31 May 2024 1,963 36,418 38,381
Net Book Value
As at 31 May 2024 27,577 41,237 68,814
As at 1 June 2023 2,597 56,767 59,364
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 1,045
Prepayments and accrued income 286,048 224,252
Other debtors 48,309 33,351
334,357 258,648
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 720 -
Other taxes and social security 381,811 225,903
Other creditors 2,931 9,345
Accruals and deferred income 172,696 115,227
Director's loan account 1,178 792
559,336 351,267
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 4