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REGISTERED NUMBER: 03057386 (England and Wales)












FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

LEXA UK LIMITED

LEXA UK LIMITED (REGISTERED NUMBER: 03057386)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 3


LEXA UK LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: Mr J G M Fant
Mrs V C Olsen





SECRETARY: F.S. Secretarial Ltd





REGISTERED OFFICE: 14 Queen Anne's Gate
London
SW1H 9AA





REGISTERED NUMBER: 03057386 (England and Wales)





AUDITORS: Raffingers LLP, Statutory Auditor
Chartered Certified Accountants
19-20 Bourne Court
Southend Road
Woodford Green
Essex
IG8 8HD

LEXA UK LIMITED (REGISTERED NUMBER: 03057386)

ABRIDGED BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 672,972 720,498
Investment property 5 7,034,948 7,061,383
7,707,920 7,781,881

CURRENT ASSETS
Debtors 475,107 330,095
Cash at bank and in hand 510,227 316,407
985,334 646,502
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR

231,733

248,732
NET CURRENT ASSETS 753,601 397,770
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,461,521

8,179,651

CREDITORS: AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR

6

905,486

905,972
NET ASSETS 7,556,035 7,273,679

CAPITAL AND RESERVES
Called up share capital 1,300,000 1,300,000
Other reserves 9 8,000,000 7,000,000
Retained earnings 9 (1,743,965 ) (1,026,321 )
7,556,035 7,273,679

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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 16 April 2024 and were signed on its behalf by:




Mr J G M Fant - Director


LEXA UK LIMITED (REGISTERED NUMBER: 03057386)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Lexa UK Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

The preparation of financial statements in compliance with FRS 102 Section 1A "Small Entities" requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).

Related party
For the purposes of these financial statements, a party is considered to be related to the company if:
- the party has the ability, directly or indirectly, through one or more intermediaries, to control the Company or exercise significant influence over the company in making financial and operating policy decisions, or has joint control over the company; or
- the company and the party are subject to common control; or
- the party is an associate of the company or a joint venture in which the company is a venturer; or
- the party is a member of key management personnel of the company or the company's parent, or a close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals; or
- the party is a close family member of a party referred to in (i) or is an entity under the control, joint control or significant influence of such individuals; or
- the party is a post-employment benefit plan which is for the benefit of employees of the company or of any entity that is a related party of the company; or
- the party, or any member of a group of which it is part, provides key management personnel services to the company or its parent.

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.

Going concern
The directors have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The directors have made this assessment in respect to a period of one year from the date of approval of these accounts.

The directors have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The directors are of the opinion that the company will have sufficient resources to meet its liabilities as they fall due.

LEXA UK LIMITED (REGISTERED NUMBER: 03057386)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Revenue
Revenue comprises rental and service charge income, excluding Value Added Tax, which is recognised in the period which it is earned. Amounts invoiced in excess of the amount earned during the period are recognised as deferred income in creditors.

Benefits provided as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.

Tangible fixed assets
Tangible fixed assets under the cost model, other than investment properties, are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line method.
Depreciation is provided on the following bases:

Furniture, fixtures & fittings - 10 - 20% per annum
Antique furniture and fixtures - 2% per annum

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of comprehensive income.

Investment property
lnvestment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the statement of comprehensive income.

LEXA UK LIMITED (REGISTERED NUMBER: 03057386)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.

Debt instruments, like loans and other accounts receivable and payable, are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. lf objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. lf a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Current and deferred taxation
Tax is recognised in the statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

LEXA UK LIMITED (REGISTERED NUMBER: 03057386)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Obligations under finance leases
Leases of property used as investment property are classified as finance leases. Such finance leases are capitalised at the lower of the fair value of the property and the present value of the minimum lease payments. Each lease payment is allocated between the liability and finance charges so as to achieve a constant rate on the finance balance outstanding. The corresponding rental obligations, net of finance charges, are included in liabilities. The finance charges are charged to the statement of comprehensive income over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.

Pension costs and other post-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 the statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature no more then three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Any cash deposits that do not fall within cash and cash equivalents are treated as current asset investments.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

LEXA UK LIMITED (REGISTERED NUMBER: 03057386)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2023 1,589,007
Additions 43,219
At 31 December 2023 1,632,226
DEPRECIATION
At 1 January 2023 868,509
Charge for year 90,745
At 31 December 2023 959,254
NET BOOK VALUE
At 31 December 2023 672,972
At 31 December 2022 720,498

5. INVESTMENT PROPERTY





Freehold
Investment
property
Long term
leasehold
Investment
property



Total
£   £ £
Valuation
At 1 January 20231,750,0005,311,3837,061,383
Revaluation surplus / deficit(50,000)(715,314)(765,314)
Improvements to property-738,879739,879

At 31 December 20231,700,0005,334,9487,034,948

The freehold property is used as an investment property for rental and is stated at the directors' estimate of open market value, based on advice from Hayman-Joyce, Chartered Surveyors, who have carried out a valuation on this property on 31 December 2023 at £1,700,000 (2022 - £1,750,000). The historic cost of this property is £2,559,842 (2022 - £2,559,842).

The long term leasehold investment property is stated at the directors' estimate of open market value, based on advice from Tuckerman, Chartered Surveyors, who have carried out a valuation on this property on 31 December 2023 at £4,430,000 (2022 - £4,405,000). The historic cost of this property is £4,432,057 (2022 - £3,693,178). The present value of the finance liability of £905,948 (2022 - £906,383) is added to the valuation.

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
2023 2022
£    £   
Repayable by instalments
Finance leases 905,486 905,972

LEXA UK LIMITED (REGISTERED NUMBER: 03057386)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

7. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £
Due within one year 54,818 54,818
Due between two to five years 219,272 219,272
Due over five years 4,220,986 4,275,804

4,495,076 4,549,894

The company also pays the excess of 25% of rents received over the minimum lease payments to the freeholder of the company's long leasehold investment property (as required in the lease).

8. FINANCIAL INSTRUMENTS

2023 2022
£    £   
Financial assets
Financial assets that are debt instruments measured at amortised cost 536,937 339,023

Financial liabilities
Financial liabilities measured at amortised cost 971,149 1,014,955

Financial assets measured at amortised cost comprise trade debtors, cash at bank, other debtors and accrued income.

Financial liabilities measured at amortised cost comprise trade creditors, other creditors, obligations under finance leases.

9. RESERVES

Other reserves

Other reserve relates to capital contributions made to the company by its shareholders. This reserve is distributable.

Profit and loss account

Profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr Adam Moody FCCA (Senior Statutory Auditor)
for and on behalf of Raffingers LLP, Statutory Auditor

11. CONTINGENT LIABILITIES

There were no contingent liabilities at the balance sheet date

LEXA UK LIMITED (REGISTERED NUMBER: 03057386)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

12. RELATED PARTY DISCLOSURES

Mrs A Axson Johnson is the ultimate controlling party of the company and of Axel Johnson Holding AB.

During the year, the company received office rental income and service charge of £418,040 (2022 - £388,883) from Axel Johnson Holding AB.

During the year, the company received rental income and telephone recharges from Mrs A Axson Johnson of £86,669 (2022 - £80,000) from a lease which commenced in 2004.

13. AUDITOR LIABILITY LIMITATION AGREEMENT

The company has entered into a liability limitation agreement with Raffingers, the statutory auditor, in respect of the statutory audit for the year ended 31 December 2023. The proportionate liability agreement follows the standard terms in Appendix B to the Financial Reporting Council's June 2008 Guidance on Auditor Liability Agreements, and was approved by the members on 06 December 2023.

14. ULTIMATE CONTROLLING PARTY

The company regarded by the directors as the ultimate parent company is AltoCumulus Holding AB which is incorporated in Sweden. AltoCumulus Holding AB is the largest and smallest group for which group accounts are prepared. These can be obtained from:

AltoCumulus Holding AB
Kungstengatan 18
113 57 Stockholm
Sweden

15. PENSIONS COMMITMENT

The company operates a defined contribution pension scheme for staff members and the pension charge represents the amounts paid to these funds during the year. Payments during the year amounted to £2,142 (2022 - £1,380). There were no outstanding balance in the current and previous year.