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Registration number: 01014516

Lexington Estates Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

Pages for Filing with Registrar

 

Lexington Estates Limited

(Registration number: 01014516)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

152,018

157,585

Investments

6

201

201

 

152,219

157,786

Current assets

 

Stock

7

21,644,981

20,494,060

Debtors

8

958,263

889,865

Cash at bank and in hand

 

2,949,039

6,266,063

 

25,552,283

27,649,988

Creditors: Amounts falling due within one year

9

(1,036,283)

(356,680)

Net current assets

 

24,516,000

27,293,308

Total assets less current liabilities

 

24,668,219

27,451,094

Creditors: Amounts falling due after more than one year

9

(2,680,195)

(3,200,219)

Net assets

 

21,988,024

24,250,875

Capital and reserves

 

Called up share capital

11

400

400

Profit and loss account

21,987,624

24,250,475

Shareholders' funds

 

21,988,024

24,250,875

 

Lexington Estates Limited

(Registration number: 01014516)
Balance Sheet as at 30 June 2024

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 18 March 2025 and signed on its behalf by:
 

.........................................
C Charlton
Director

 

Lexington Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The Company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
44 Fulham High Street
London
SW6 3LQ
England

Principal activity

The principal activity of the Company is the purchase and development of land and buildings for trading and resale.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Turnover recognition

Turnover represents income from the sale of properties and rents receivable on development properties. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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

 

Lexington Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Long term leasehold property

Cost over shorter of period of lease or 50 years

Plant and machinery

20% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

 

Lexington Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Properties held for resale

Properties held for resale are valued at the lower of cost and net realisable value. Net realisable value is deemed to be estimated sales proceeds less attributable costs.

The cost of properties held for resale comprises direct purchase costs and, where applicable, direct labour costs and those overheads that have been incurred in bringing the properties held for resale to their present condition. At each reporting date, properties held for resale are assessed for impairment. If properties held for resale are 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.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from banks.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Lexington Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Lexington Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

3

Significant judgements and estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion there are no significant judgements or key sources of estimation uncertainty.

4

Staff numbers

The average number of persons employed by the Company (including directors) during the year, was 10 (2023 - 10).

5

Tangible assets

Long term leasehold property
£

Office equipment
£

Total
£

Cost or valuation

At 1 July 2023

185,754

11,276

197,030

Additions

-

1,480

1,480

At 30 June 2024

185,754

12,756

198,510

Depreciation

At 1 July 2023

33,438

6,007

39,445

Charge for the year

3,715

3,332

7,047

At 30 June 2024

37,153

9,339

46,492

Carrying amount

At 30 June 2024

148,601

3,417

152,018

At 30 June 2023

152,316

5,269

157,585

 

Lexington Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Investments

2024
£

2023
£

Investments in subsidiaries

201

201

Subsidiaries

£

Cost or valuation

At 1 July 2023

201

At 30 June 2024

201

Carrying amount

At 30 June 2024

201

At 30 June 2023

201

7

Properties held for resale

2024
£

2023
£

Properties held for resale

21,644,981

20,494,060

8

Debtors

2024
£

2023
£

Trade debtors

21,315

11,450

Amounts owed by subsidiaries

172,372

271,506

Other debtors

764,576

606,909

958,263

889,865

Other debtors includes £58,333 of loans repayable after more than 1 year (2023: £108,333).

 

Lexington Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

9

Creditors

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

10

385

12,030

Trade creditors

 

93,959

28,261

Amounts owed to related parties

13

692,459

39,851

Taxation and social security

 

73,803

111,911

Other creditors

 

175,677

164,627

 

1,036,283

356,680

Due after one year

 

Bank borrowings

10

2,680,195

3,200,219

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

2,680,195

3,200,219

2024
£

2023
£

Current loans and borrowings

Bank borrowings

-

11,905

Bank overdrafts

385

125

385

12,030

Bank loans are secured on various properties owned by the company.

 

Lexington Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

11

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

400

400

400

400

         

12

Dividends

Interim dividends paid

   

2024
£

 

2023
£

Interim dividend of £500 per each Ordinary shares

 

200,000

 

200,000

         

13

Related party transactions

J S Jackson
(Director)
 

Lexington Estates Limited has a loan from J S Jackson. Interest is not charged on the loan. During the year, net reimbursements and expenses amounted to £4,686 (2023 - £nil). At the balance sheet date the amount owed to J S Jackson was £nil (2023 - £4,686).