Registered number
10021762
LexiQA Limited
Unaudited Filleted Accounts
29 February 2024
LexiQA Limited
Company Information
Directors
Mr I Evangelou
Mr D Foteinakis
Mr V Korkas
Accountants
Keith Graham
Chartered Accountants
Suite 2, Wesley Chambers
Queens Road
Aldershot
Hampshire
GU11 3JD
Registered office
Suite 2, Wesley Chambers
Queens Road
Aldershot
Hampshire
GU11 3JD
Registered number
10021762
LexiQA Limited
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of LexiQA Limited for the year ended 29 February 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of LexiQA Limited for the year ended 29 February 2024 which comprise of the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com /en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of LexiQA Limited, as a body, in accordance with the terms of our engagement letter dated 4 April 2023. Our work has been undertaken solely to prepare for your approval the accounts of LexiQA Limited and state those matters that we have agreed to state to the Board of Directors of LexiQA Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than LexiQA Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that LexiQA Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of LexiQA Limited. You consider that LexiQA Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of LexiQA Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Keith Graham
Chartered Accountants
Suite 2, Wesley Chambers
Queens Road
Aldershot
Hampshire
GU11 3JD
6 November 2024
LexiQA Limited
Registered number: 10021762
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,736 2,771
Current assets
Debtors 4 46,180 27,525
Cash at bank and in hand 27,587 84,864
73,767 112,389
Creditors: amounts falling due within one year 5 (13,516) (14,344)
Net current assets 60,251 98,045
Net assets 61,987 100,816
Capital and reserves
Called up share capital 101 101
Share premium 23,073 23,073
Profit and loss account 38,813 77,642
Shareholders' funds 61,987 100,816
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr V Korkas
Director
Approved by the board on 6 November 2024
LexiQA Limited
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover includes revenue earned from the sale of IT software and from the rendering of services. Turnover from the sale of product is recognised when the software is transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computer equipment 25% straight line
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Computer equipment
£
Cost
At 1 March 2023 9,492
Additions 251
At 29 February 2024 9,743
Depreciation
At 1 March 2023 6,721
Charge for the year 1,286
At 29 February 2024 8,007
Net book value
At 29 February 2024 1,736
At 28 February 2023 2,771
4 Debtors 2024 2023
£ £
Other debtors 46,180 27,525
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 586 569
Taxation and social security costs 1,729 1,847
Other creditors 11,201 11,928
13,516 14,344
6 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr V Korkas
Director's current account 3,869 - - 3,869
3,869 - - 3,869
This amount is shown as part of other debtors for the current year.
7 Other information
LexiQA Limited is a private company limited by shares and incorporated in England. Its registered office is:
Suite 2, Wesley Chambers
Queens Road
Aldershot
Hampshire
GU11 3JD
The functional currency for these accounts is sterling.
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