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Registered Number: 04417407


 

 

 

LX AVIONICS LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 July 2023

End date: 31 March 2024
Directors G Mountford
R M De Roeck
Registered Number 04417407
Registered Office 61A High Street South
Rushden
Northants
NN10 0RA
Accountants Denton Tavara Limited
61a High Street South
Rushden
NN10 0RA
1
Director's report and financial statements
The directors present his/her/their annual report and the financial statements for the year ended 31 March 2024.
Principal activities
Principal activity of the company during the financial period was of the resale of avionics equipment.
Directors
The directors who served the company throughout the period were as follows:
G Mountford
R M De Roeck
N A Kelly (from 01/11/2016 to 01/05/2024)
Statement of directors' responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

This report was approved by the board and signed on its behalf by:


----------------------------------
G Mountford
Director

Date approved: 17 January 2025
2
Accountants report
You consider that the company is exempt from an audit for the year ended 31 March 2024 . You have acknowledged, on the Statement of Financial Position , your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.



....................................................

Denton Tavara Limited

61a High Street South
Rushden
NN10 0RA
17 January 2025
3
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Intangible fixed assets 3 625    1,000 
Tangible fixed assets 4 23,782    41,937 
24,407    42,937 
Current assets      
Stocks 5 203,573    149,254 
Debtors 6 5,011    27,322 
Cash at bank and in hand 763    1,822 
209,347    178,398 
Creditors: amount falling due within one year 7 (224,858)   (157,184)
Net current assets (15,511)   21,214 
 
Total assets less current liabilities 8,896    64,151 
Creditors: amount falling due after more than one year 8 (18,690)   (41,346)
Provisions for liabilities 9 (5,169)   (5,169)
Net assets (14,963)   17,636 
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account (15,063)   17,536 
Shareholders' funds (14,963)   17,636 
 


For the period ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476.
  2. 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.
These 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 to the Registrar of Companies.
The financial statements were approved by the board of directors on 17 January 2025 and were signed on its behalf by:


-------------------------------
G Mountford
Director
4
General Information
LX Avionics Limited is a private company, limited by shares, registered in England & Wales, registration number 04417407, registration address 61A High Street South, Rushden, Northants, NN10 0RA.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of 10 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 10% Straight Line
Motor Vehicles 20% Reducing Balance
Fixtures and Fittings 10% Straight Line
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the period was 3 (2023 : 3).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 July 2023 5,000    5,000 
Additions  
Disposals  
At 31 March 2024 5,000    5,000 
Amortisation
At 01 July 2023 4,000    4,000 
Charge for period 375    375 
On disposals  
At 31 March 2024 4,375    4,375 
Net book values
At 31 March 2024 625    625 
At 30 June 2023 1,000    1,000 


4.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Total
  £   £   £   £
At 01 July 2023 26,367    20,990    29,821    77,178 
Additions      
Disposals   (20,990)     (20,990)
At 31 March 2024 26,367      29,821    56,188 
Depreciation
At 01 July 2023 4,165    6,330    24,746    35,241 
Charge for period 1,977    (6,330)   1,518    (2,835)
On disposals      
At 31 March 2024 6,142      26,264    32,406 
Net book values
Closing balance as at 31 March 2024 20,225      3,557    23,782 
Opening balance as at 01 July 2023 22,202    14,660    5,075    41,937 


5.

Stocks

2024
£
  2023
£
Closing Stocks and WIP 203,573    149,254 
203,573    149,254 

6.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 5,011    21,500 
VAT   5,822 
5,011    27,322 

7.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 117,126    101,936 
Bank Loans & Overdrafts 38,820    35,352 
PAYE & Social Security   283 
Accruals 1,803    1,800 
Other Creditors 58,217    9,795 
Hire Purchase/Financial Leases   8,018 
VAT 8,892   
224,858    157,184 

8.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans and Overdrafts 18,690    30,692 
Hire Purchase / Financial Leases   10,654 
18,690    41,346 

9.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 5,169    5,169 
5,169    5,169 

5