Lexington North Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06573928 (England and Wales)

LEXINGTON NORTH LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

1ST NOVEMBER 2020 TO 31ST DECEMBER 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

6

DIRECTORS:

P Boyfield

M A Craven

A J Hughes

Ms F Golant

M Derr

B Terrett

REGISTERED OFFICE:

T C Group Level 1 Devonshire House

One Mayfair Place

London

W1J 8AJ

REGISTERED NUMBER:

06573928 (England and Wales)

AUDITORS:

Sheppards

Chartered Accountants and Statutory Auditors

Suite A, 2nd Floor

Kennedy House

31 Stamford Street

Altrincham

Cheshire

WA14 1ES

FIXED ASSETS

Intangible assets

4

6,561

-

Tangible assets

5

34,475

67,865

41,036

67,865

CURRENT ASSETS

Debtors

6

782,715

598,003

Cash at bank

747,852

585,207

1,530,567

1,183,210

CREDITORS

Amounts falling due within one year

7

450,247

338,617

NET CURRENT ASSETS

1,080,320

844,593

TOTAL ASSETS LESS CURRENT LIABILITIES

1,121,356

912,458

PROVISIONS FOR LIABILITIES

1,759

4,510

NET ASSETS

1,119,597

907,948

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,119,497

907,848

SHAREHOLDERS' FUNDS

1,119,597

907,948

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27th September 2022 and were signed on its behalf by:

P Boyfield - Director

1.	STATUTORY INFORMATION

Lexington North Limited 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

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

Furniture, fixtures & office equipment

-

25% on cost

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 period 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Provision for dilapidations

A provision is recognised within the financial statements when:

- the company has a present legal or constructive obligation as a result of a past event;

- it is probable that an outflow of economic benefits will be required to settle the obligation; and

- a reliable estimate of the cost to settle the obligation can be made.

Provisions are measured at the present value of the expenditure expected to be required in order to settle the obligation using a pre-tax rate which reflects current market assessments of the time value of money and the risks which are specific to the obligation. Increases in the provision at each balance sheet date attributable to the passage of time are recognised in profit or loss as an interest expense.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 13 (2020 - 13 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

Additions

7,489

At 31st December 2021

7,489

AMORTISATION

Charge for period

928

At 31st December 2021

928

NET BOOK VALUE

At 31st December 2021

6,561

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st November 2020

158,331

Additions

5,008

At 31st December 2021

163,339

DEPRECIATION

At 1st November 2020

90,466

Charge for period

38,398

At 31st December 2021

128,864

NET BOOK VALUE

At 31st December 2021

34,475

At 31st October 2020

67,865

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

636,654

555,063

Other debtors

146,061

42,940

782,715

598,003

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

58,822

49,696

Taxation and social security

345,441

196,072

Other creditors

45,984

92,849

450,247

338,617

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2021

2020

£

£

Within one year

48,390

-

Between one and five years

-

129,040

48,390

129,040

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Charles Levine BA FCA (Senior Statutory Auditor)

for and on behalf of Sheppards

10.	RELATED PARTY DISCLOSURES

Included within trade debtors is an amount owing to the company by Lexington Communications Limited totalling £33,593 (2020: £9,660).

Included within trade creditors is a balance of £42,398 (2020: £17,442) owed to Lexington Communications Limited.

11.	FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.