Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-3102023-01-20falseConsultancy and Petrol retailer0falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 14606241 2023-01-19 14606241 2023-01-20 2023-12-31 14606241 2022-01-20 2023-01-19 14606241 2023-12-31 14606241 c:Director1 2023-01-20 2023-12-31 14606241 d:Buildings d:LongLeaseholdAssets 2023-01-20 2023-12-31 14606241 d:Buildings d:LongLeaseholdAssets 2023-12-31 14606241 d:PlantMachinery 2023-01-20 2023-12-31 14606241 d:PlantMachinery 2023-12-31 14606241 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-20 2023-12-31 14606241 d:FurnitureFittings 2023-01-20 2023-12-31 14606241 d:FurnitureFittings 2023-12-31 14606241 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-20 2023-12-31 14606241 d:OtherPropertyPlantEquipment 2023-01-20 2023-12-31 14606241 d:OtherPropertyPlantEquipment 2023-12-31 14606241 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-01-20 2023-12-31 14606241 d:OwnedOrFreeholdAssets 2023-01-20 2023-12-31 14606241 d:CurrentFinancialInstruments 2023-12-31 14606241 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 14606241 d:ShareCapital 2023-12-31 14606241 d:RetainedEarningsAccumulatedLosses 2023-12-31 14606241 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 14606241 c:FRS102 2023-01-20 2023-12-31 14606241 c:AuditExempt-NoAccountantsReport 2023-01-20 2023-12-31 14606241 c:FullAccounts 2023-01-20 2023-12-31 14606241 c:PrivateLimitedCompanyLtd 2023-01-20 2023-12-31 14606241 e:PoundSterling 2023-01-20 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 14606241









LEXFOX RETAIL LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2023

 
LEXFOX RETAIL LIMITED
REGISTERED NUMBER: 14606241

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
Note
£

Fixed assets
  

Tangible assets
 4 
56,010

  
56,010

Current assets
  

Stocks
  
55,904

Debtors: amounts falling due within one year
 5 
35,148

Cash at bank and in hand
 6 
71,452

  
162,504

Creditors: amounts falling due within one year
 7 
(289,732)

Net current (liabilities)/assets
  
 
 
(127,228)

Total assets less current liabilities
  
(71,218)

  

Net (liabilities)/assets
  
(71,218)


Capital and reserves
  

Called up share capital 
  
100

Profit and loss account
  
(71,318)

  
(71,218)


Page 1

 
LEXFOX RETAIL LIMITED
REGISTERED NUMBER: 14606241
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 September 2024.




................................................
Ashraf Michail
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
LEXFOX RETAIL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

Lexfox Retail Limited is a private company incorporated in England and Wales, limited by its share capital.  The Company was incorporated on 20 January 2023 and began trading on that date.  The principal activity of the Company was the provision of consultancy services and retail of fuel.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The accounts have been prepared on a going concern basis, with the support from the directors pledged for the foreseeable future.

 
2.3

Revenue

Revenue 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. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue 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.

Rendering of services

Revenue 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.

Page 3

 
LEXFOX RETAIL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model 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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Long-term leasehold property
-
10%
reducing balance
Plant and machinery
-
20%
reducing balance
Fixtures and fittings
-
20%
reducing balance
Other fixed assets
-
20%
reducing balance

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 profit or loss.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

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 in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

 
LEXFOX RETAIL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Creditors

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

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees




The Company has no employees other than the directors, who did not receive any remuneration.

Page 5

 
LEXFOX RETAIL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Fixtures and fittings
Other fixed assets
Total

£
£
£
£
£



Cost or valuation


Additions
5,339
51,463
640
11,903
69,345



At 31 December 2023

5,339
51,463
640
11,903
69,345



Depreciation


Charge for the period on owned assets
534
10,292
128
2,381
13,335



At 31 December 2023

534
10,292
128
2,381
13,335



Net book value



At 31 December 2023
4,805
41,171
512
9,522
56,010


5.


Debtors

2023
£


Trade debtors
23,197

Other debtors
9,774

Prepayments and accrued income
2,177

35,148



6.


Cash and cash equivalents

2023
£

Cash at bank and in hand
71,452

71,452


Page 6

 
LEXFOX RETAIL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
£

Trade creditors
135,910

Other creditors
148,818

Accruals and deferred income
5,004

289,732






Included in other creditors are loan amounts in relation the director, Alex Lis, of £74,409 and the director, Ashraf Michail, of £74,409.


8.


Financial instruments

2023
£

Financial assets


Financial assets measured at fair value through profit or loss
71,452




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


9.


Related party transactions

During the period the Company made net transactions of £6,376 with Foxman Solutions Limited, a company in which the director Alexander Lis is also a director.  At the year end no amounts were outstanding.
During the period the Company made net transactions of £80,393 with Lex Management Solutions Limited, a company in which the director Ashraf Michail is also a director.  At the year end £9,219 was due from the Company.


10.


Controlling party

The Company is controlled by the directors Ashraf Michail and Alexander Lis, by virtue of their shareholding, as described in the Directors' report.

 
Page 7