REGISTERED NUMBER: 07861122 (England and Wales)

Lexem Ltd

Unaudited Financial Statements

for the Year Ended 5 April 2025

Page

Company information

1

Balance sheet

2

Notes to the financial statements

4

Directors:

R A Nagaj

G A MacKay

Registered office:

83 Speed House

Barbican

London

EC2Y 8AU

Registered number:

07861122 (England and Wales)

Accountants:

Warr & Co Limited

Chartered Accountants

Mynshull House

78 Churchgate

Stockport

Cheshire

SK1 1YJ

Fixed assets

Tangible assets

4

72

95

Investment property

5

450,000

460,000

450,072

460,095

Current assets

Debtors

6

500

500

Cash at bank

3,180

2,360

3,680

2,860

Creditors

Amounts falling due within one year

7

(36,331

)

(34,331

)

Net current liabilities

(32,651

)

(31,471

)

Total assets less current liabilities

417,421

428,624

Creditors

Amounts falling due after more than one year

8

(253,000

)

(253,000

)

Provisions for liabilities

10

(38,772

)

(40,672

)

Net assets

125,649

134,952

Capital and reserves

Called up share capital

11

2

2

Fair value reserve

12

165,291

173,391

Retained earnings

(39,644

)

(38,441

)

Shareholders' funds

125,649

134,952

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 5 September 2025 and were signed on its behalf by:

R A Nagaj - Director

G A MacKay - Director

1.	Statutory information

Lexem 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.

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 as modified by the revaluation of certain assets.

Turnover

Turnover represents rents demanded for the period.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Furnishings & equipment

-

25% on reducing balance

Investment property

Investment properties are initially measured at cost and subsequently measured at fair value. Changes in fair value are recognised in profit or loss.

The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principle set out in FRS 102. The directors consider that, because investment properties are not held for consumption, but for their investment potential, to depreciate them would not give a true and fair view.

If this departure from the Companies Act 2006 had not been made in order to give a true and fair view, the profit for the financial year would have been reduced by depreciation. However the amount of depreciation cannot reasonably be quantified, because depreciation is only one of many factors reflected in the annual valuation and the amount relating to the depreciation of the property cannot be separately identified.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

3.	Employees and directors

The average number of employees during the year was NIL (2024 - NIL).

4.	Tangible fixed assets

Furnishings

& equipment

£

Cost

At 6 April 2024

and 5 April 2025

2,558

Depreciation

At 6 April 2024

2,463

Charge for year

23

At 5 April 2025

2,486

Net book value

At 5 April 2025

72

At 5 April 2024

95

5.	Investment property

Total

£

Fair value

At 6 April 2024

460,000

Valuation changes

(10,000

)

At 5 April 2025

450,000

Net book value

At 5 April 2025

450,000

At 5 April 2024

460,000

Fair value at 5 April 2025 is represented by:

£

Valuation in 2025

450,000

If investment property had not been revalued it would have been included at the following historical cost:

5.4.25

5.4.24

£

£

Cost

246,961

246,961

Investment property was valued on an open market basis basis on 5 April 2025 by the directors .

6.

Debtors: amounts falling due within one year

5.4.25

5.4.24

£

£

Other debtors

500

500

7.

Creditors: amounts falling due within one year

5.4.25

5.4.24

£

£

Directors' current accounts

35,491

33,491

Accrued expenses

840

840

36,331

34,331

8.

Creditors: amounts falling due after more than one year

5.4.25

5.4.24

£

£

Mortgage loan

253,000

253,000

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Mortgage loan

253,000

253,000

9.	Secured debts

The following secured debts are included within creditors:

5.4.25

5.4.24

£

£

Mortgage loan

253,000

253,000

The mortgage loan is secured on the company's property.

10.	Provisions for liabilities

5.4.25

5.4.24

£

£

Deferred tax

38,772

40,672

Deferred

tax

£

Balance at 6 April 2024

40,672

Credit to Income statement during year

(1,900

)

Balance at 5 April 2025

38,772

11.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

5.4.25

5.4.24

value:

£

£

2

Ordinary

£1

2

2

12.

Reserves

Fair

value

reserve

£

At 6 April 2024

173,391

Transfer from retained earnings

(8,100

)

At 5 April 2025

165,291