IRIS Accounts Production v24.1.0.578 08524710 Board of Directors 1.1.23 31.12.23 31.12.23 24/9/2024 false true false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh085247102022-12-31085247102023-12-31085247102023-01-012023-12-31085247102021-12-31085247102022-01-012022-12-31085247102022-12-3108524710ns15:EnglandWales2023-01-012023-12-3108524710ns14:PoundSterling2023-01-012023-12-3108524710ns10:Director12023-01-012023-12-3108524710ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3108524710ns10:SmallEntities2023-01-012023-12-3108524710ns10:Audited2023-01-012023-12-3108524710ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3108524710ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3108524710ns10:FullAccounts2023-01-012023-12-3108524710ns10:Director22023-01-012023-12-3108524710ns10:Director32023-01-012023-12-3108524710ns10:RegisteredOffice2023-01-012023-12-3108524710ns5:CurrentFinancialInstruments2023-12-3108524710ns5:CurrentFinancialInstruments2022-12-3108524710ns5:Non-currentFinancialInstruments2023-12-3108524710ns5:Non-currentFinancialInstruments2022-12-3108524710ns5:ShareCapital2023-12-3108524710ns5:ShareCapital2022-12-3108524710ns5:FurtherSpecificReserve1ComponentTotalEquity2023-12-3108524710ns5:FurtherSpecificReserve1ComponentTotalEquity2022-12-3108524710ns5:RetainedEarningsAccumulatedLosses2023-12-3108524710ns5:RetainedEarningsAccumulatedLosses2022-12-3108524710ns5:ComputerEquipment2023-01-012023-12-3108524710ns5:ComputerEquipment2022-12-3108524710ns5:ComputerEquipment2023-12-3108524710ns5:ComputerEquipment2022-12-3108524710ns5:CostValuation2022-12-3108524710ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3108524710ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-31
REGISTERED NUMBER: 08524710 (England and Wales)
















Lexden Marine Ltd

Financial Statements

for the Year Ended 31st December 2023






Lexden Marine Ltd (Registered number: 08524710)






Contents of the Financial Statements
for the Year Ended 31st December 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Lexden Marine Ltd

Company Information
for the Year Ended 31st December 2023







Directors: Mr G A Holmes
Mr M Z Islam
Dr A S Kabir



Registered office: 51 Moorgate
London
EC2R 6LL



Registered number: 08524710 (England and Wales)



Auditors: Nigel Wilson & Co
Accountants & Statutory Auditor
4th Floor
100 Fenchurch Street
London
EC3M 5JD



Accountants: Wilson Stevens
4th Floor
100 Fenchurch Street
London
EC3M 5JD

Lexden Marine Ltd (Registered number: 08524710)

Statement of Financial Position
31st December 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Tangible assets 5 2,531 5,722
Investments 6 7,452,714 7,452,714
7,455,245 7,458,436

Current assets
Debtors 7 795,502 432,921
Cash at bank and in hand 4,954,424 2,395,925
5,749,926 2,828,846
Creditors
Amounts falling due within one year 8 5,881,622 4,897,189
Net current liabilities (131,696 ) (2,068,343 )
Total assets less current liabilities 7,323,549 5,390,093

Creditors
Amounts falling due after more than one
year

9

(5,853,530

)

(4,454,292

)

Provisions for liabilities (633 ) (1,087 )
Net assets 1,469,386 934,714

Capital and reserves
Called up share capital 5,000 5,000
Other reserves 231,291 263,356
Retained earnings 1,233,095 666,358
1,469,386 934,714

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

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 24th September 2024 and were signed on its behalf by:





Mr G A Holmes - Director


Lexden Marine Ltd (Registered number: 08524710)

Notes to the Financial Statements
for the Year Ended 31st December 2023

1. Statutory information

Lexden Marine Ltd 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.

At the balance sheet date, the company's current liabilities exceeded its current assets. This is due to a balance owed to a related party. Whilst this balance falls due within one year, the company has received assurance from the related party that it will not seek full repayment of the balance for a period of twelve months from the reporting date. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Preparation of consolidated financial statements
The financial statements contain information about Lexden Marine Ltd 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable from chartering bulk carrier vessels, commissions on freight contracting and the management of Supramax vessels. Turnover is stated net of discounts and of Value Added Tax.

The company recognises revenue when the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Equipment - 33% straight line

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.


Lexden Marine Ltd (Registered number: 08524710)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023

2. 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.

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.

3. Employees and directors

The average number of employees during the year was 14 (2022 - 13 ) .

4. Auditors' remuneration
2023 2022
£    £   
Fees payable to the company's auditors for the audit of the
company's financial statements

7,000

7,000

5. Tangible fixed assets
Equipment
£   
Cost
At 1st January 2023 38,462
Additions 791
At 31st December 2023 39,253
Depreciation
At 1st January 2023 32,740
Charge for year 3,982
At 31st December 2023 36,722
Net book value
At 31st December 2023 2,531
At 31st December 2022 5,722

Lexden Marine Ltd (Registered number: 08524710)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023

6. Fixed asset investments
Interest
in joint Other
venture investments Totals
£    £    £   
Cost
At 1st January 2023
and 31st December 2023 7,452,713 1 7,452,714
Net book value
At 31st December 2023 7,452,713 1 7,452,714
At 31st December 2022 7,452,713 1 7,452,714

7. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 305,945 136,821
Amounts owed by group undertakings 410,900 150,900
Other debtors 78,657 145,200
795,502 432,921

8. Creditors: amounts falling due within one year
2023 2022
£    £   
Trade creditors 2,051 155,096
Taxation and social security 158,857 31,513
Other creditors 5,720,714 4,710,580
5,881,622 4,897,189

9. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Other creditors 5,853,530 4,454,292

10. Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

David Hatchard BA FCA (Senior Statutory Auditor)
for and on behalf of Nigel Wilson & Co