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Company registration number: 03160099
| UNAUDITED FINANCIAL STATEMENTS
| FOR THE PERIOD ENDED 31 OCTOBER 2024
| LEXELLE LIMITED
LEXELLE LIMITED |  |
COMPANY INFORMATION
Directors | D J Mackay
| D J Langley
Registered number | 03160099
Registered office | Pm House
| Shepcote Lane
| Sheffield
| S9 1TP
Accountants | Menzies LLP
| Chartered Accountants
| 2nd Floor, Midas House
| 62 Goldsworth Road
| Woking
| Surrey
| GU21 6LQ
LEXELLE LIMITED |  |
CONTENTS
| Page
Statement of Financial Position | 1 - 2
Notes to the Financial Statements | 3 - 8
LEXELLE LIMITED REGISTERED NUMBER:03160099 |  |
STATEMENT OF FINANCIAL POSITION AS AT 31 OCTOBER 2024
|  | 31 October |  | 29 February
|  | 2024 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 4 |  | 2,711 |  | 14,242
|  |  | 2,711 |  | 14,242
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 6 | 1,300,087 |  | 1,204,830 |
Cash at bank and in hand |  | 1,886 |  | 423 |
|  | 1,301,973 |  | 1,205,253 |
Creditors: amounts falling due within one year | 7 | (1,158,357) |  | (1,132,267) |
Net current assets |  |  | 143,616 |  | 72,986
Total assets less current liabilities |  |  | 146,327 |  | 87,228
Net assets |  |  | 146,327 |  | 87,228
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 1,110,000 |  | 1,110,000
Profit and loss account |  |  | (963,673) |  | (1,022,772)
|  |  | 146,327 |  | 87,228
Page 1
LEXELLE LIMITED REGISTERED NUMBER:03160099 |  |
STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 OCTOBER 2024 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ D J Mackay
Director
Date: 1 April 2026
The notes on pages 3 to 8 form part of these financial statements. Page 2
LEXELLE LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 OCTOBER 2024
1. | General information
Lexelle Limited is a private company limited by shares incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office and principal place of business is disclosed on the company information page. The financial statements report the period from 1 March 2024 to 31 October 2024. The comparative figures are for the year ended 29 February 2024. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. Page 3
LEXELLE LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 OCTOBER 2024 2.Accounting policies (continued)
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.4 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.5 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.6 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.7 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. Amortisation is provided on the following bases:
|  |  |  | Computer software | - | 33% | straight-line
Page 4
LEXELLE LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 OCTOBER 2024 2.Accounting policies (continued)
| 2.8 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Office equipment | - | 3 years
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.9 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
3. | Employees
| The average monthly number of employees, including directors, during the period was 11 (2024 - 10).
Page 5
LEXELLE LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 OCTOBER 2024
4. | Intangible assets
|  | Computer software
|  | £
| Cost |
| At 1 March 2024 | 195,829
| At 31 October 2024 | 195,829
| Amortisation |
| At 1 March 2024 | 181,587
| Charge for the period on owned assets | 11,531
| At 31 October 2024 | 193,118
| Net book value |
| At 31 October 2024 | 2,711
| At 29 February 2024 | 14,242
Page 6
LEXELLE LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 OCTOBER 2024
5. | Tangible fixed assets
|  | Office equipment
|  | £
| Cost or valuation |
| At 1 March 2024 | 2,669
| At 31 October 2024 | 2,669
| Depreciation |
| At 1 March 2024 | 2,669
| At 31 October 2024 | 2,669
| Net book value |
| At 31 October 2024 | -
| At 29 February 2024 | -
| There is a charge over all the assets of the company in favour of Clydesdale Bank PLC.
6. | Debtors
|  |  |  |  | 31 October | 29 February
|  |  |  |  | 2024 | 2024
|  |  |  |  | £ | £
| Trade debtors | 52,236 | 70,505
| Other debtors | 1,243,797 | 1,127,718
| Called up share capital not paid | 1,998 | 1,998
| Prepayments and accrued income | 2,056 | 4,609
|  | 1,300,087 | 1,204,830
Page 7
LEXELLE LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 OCTOBER 2024
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 31 October | 29 February
|  |  |  |  | 2024 | 2024
|  |  |  |  | £ | £
| Trade creditors | 3,763 | 3,763
| Other taxation and social security | 3,767 | -
| Other creditors | 1,145,652 | 1,120,914
| Accruals and deferred income | 5,175 | 7,590
|  | 1,158,357 | 1,132,267
8. | Description of nature of transactions and balances with related parties
During the year under review, the company made the following related party transactions: Proddow Mackay Solicitors LLP (The members of which own all the Ordinary 'A' shares of Lexelle Limited) At the reporting date, the total amount due to Proddow Mackay Solicitors LLP was £1,145,652 (year ended 29 February 2024: £1,120,914). This balance is included with other creditors. The loan is interest free and repayable on demand. Captain Cover Limited (a company related by common control) At the reporting date, the total amount due from Captain Cover Limited was £963,520 (year ended 29 February 2024: £961,929). This balance is included within other debtors. The Legal Alliance Limited (a company related by common control) At the reporting date, the total amount due from the The Legal Alliance Limited was £Nil (year ended 29 February 2024: £24,612). This balance is included within other debtors. PM Law Limited (a company related by common control) At the reporting date, the total amount due from the PM Law Limited was £22,500 (year ended 29 February 2024: £Nil). This balance is included within other debtors.
Page 8