REGISTERED NUMBER: |
Lexitron Limited |
Audited Financial Statements |
for the Year Ended 31 December 2023 |
REGISTERED NUMBER: |
Lexitron Limited |
Audited Financial Statements |
for the Year Ended 31 December 2023 |
Lexitron Limited (Registered number: 01202649) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company information | 1 |
Statement of financial position | 2 |
Notes to the financial statements | 3 |
Lexitron Limited |
Company Information |
for the Year Ended 31 December 2023 |
Directors: |
Registered office: |
Registered number: |
Auditors: |
Bank House |
Broad Street |
Spalding |
Lincolnshire |
PE11 1TB |
Lexitron Limited (Registered number: 01202649) |
Statement of Financial Position |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 5 |
Current assets |
Debtors | 6 |
Cash at bank |
Creditors |
Amounts falling due within one year | 7 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
Provisions for liabilities | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital |
Non-distributable reserves | ( |
) | ( |
) |
Retained earnings |
Shareholders' funds |
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 |
Lexitron Limited (Registered number: 01202649) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | Statutory information |
Lexitron 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 a going concern basis under the historical cost |
convention, modified to include certain items at fair value. |
Turnover |
Revenue is measured at the fair value of the consideration received for net invoiced rent and other services, excluding value added tax. Revenue is recognised as it accrues. |
Tangible fixed assets |
Investment property | - | Not depreciated |
Motor vehicles | - | 5 years straight line |
Financial instruments |
Financial liabilities and equity instruments are classified according to the substance of the |
contractual arrangements entered into. An equity instrument is any contract that evidences a |
residual interest in the assets of the entity after deducting all of its financial liabilities. |
Where the contractual obligations of financial instruments (including share capital) are equivalent |
to a similar debt instrument, those financial instruments are classed as financial liabilities. |
Financial liabilities are presented as such in the balance sheet. Finance costs and gains or |
losses relating to financial liabilities are included in the profit and loss account. Finance costs are |
calculated so as to produce a constant rate of return on the outstanding liability. |
Where the contractual terms of share capital do not have any terms meeting the definition of a |
financial liability then this is classed as an equity instrument. Dividends and distributions relating |
to equity instruments are debited direct to equity. |
Taxation |
Taxation for the year 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 or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Lexitron Limited (Registered number: 01202649) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
3. | Accounting policies - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Disclosure exemptions |
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Flocklynn Group Limited which can be obtained from Registrar of Companies, Companies House, Cardiff, CF14 4UZ. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: |
(a) Disclosures in respect of each class of share capital have not been presented. |
(b) No cash flow statement has been presented for the company. |
(c) Disclosures in respect of financial instruments have not been presented. |
(d) Disclosures in respect of share-based payments have not been presented. |
(e) No disclosure has been given for the aggregate remuneration of key management personnel. |
Investment property |
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. |
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. |
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis. |
Turnover |
Revenue is measured at the fair value of the consideration received for net invoiced rent and other services, excluding value added tax. Revenue is recognised as it accrues. |
4. | Employees and directors |
The average number of employees during the year was |
Lexitron Limited (Registered number: 01202649) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
5. | Tangible fixed assets |
Assets |
Investment | under | Motor |
properties | construction | vehicles | Totals |
£ | £ | £ | £ |
Cost |
At 1 January 2023 |
Additions |
Revaluations | ( |
) | ( |
) |
At 31 December 2023 |
Depreciation |
At 1 January 2023 |
and 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
Revaluations were carried out in 2021 by Eddisons, 150 High Street, Huntingdon, Cambridgeshire, PE29 3YH on various properties owned by the company. Eddisons are RICS registered valuers and the open market valuations were carried out at various points in 2021. |
On an ongoing annual basis, the directors have updated the valuations by making reference to CBRE, commercial property and real estate UK property index. |
Tangible assets held at valuation |
If investment property had not been revalued it would have been included at a historical cost of |
£17,009,413 (2022: 16,371,405). |
6. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors | 3,780 | - |
Deferred tax asset |
Prepayments and accrued income |
7. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Corporation tax |
Social security and other taxes |
VAT | 78,233 | 74,562 |
Directors' current accounts | - | 200,000 |
Accruals and deferred income |
Lexitron Limited (Registered number: 01202649) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
8. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Preference shares | 31,298 | 31,298 |
9. | Secured debts |
Svenska Handelsbanken Ab (Publ) hold various fixed and floating charges over company property. |
10. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Report of the auditors was unqualified. |
for and on behalf of |
11. | Capital commitments |
2023 | 2022 |
£ | £ |
Contracted but not provided for in the |
financial statements |
As at 31 December 2023 the company had entered into a construction contract amounting to £1,027,773. |
12. | Controlling party |
The parent company is Flocklynn Limited which is registered in the UK. The registered address is James Hall, Parsons Green, St Ives, Cambridgeshire, United Kingdom, PE27 4AA |