Lexington North Limited
Lexington North Limited
Registered number: 06573928
Financial Statements
For The Year Ended
31 December 2022
Lexington North Limited
Financial Statements
For The Year Ended
31 December 2022
Financial Statements
Contents | |
Page | |
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Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3—6 |
Lexington North Limited
Company Information
For The Year Ended
31 December 2022
Company Information
Directors |
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Company Number |
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Registered Office | T C Group 6th Flooor Kings House |
9-10 Haymarket | |
London | |
SW1Y 4BP | |
Auditors |
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2nd Floor, Fairbank House | |
27 Ashley Road | |
Altrincham | |
Cheshire | |
WA14 2DP | |
Lexington North Limited
Balance Sheet
As At
31 December 2022
Balance Sheet
Registered number:
06573928
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Intangible Assets | 3 |
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Tangible Assets | 4 |
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CURRENT ASSETS | |||||
Debtors | 5 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 6 |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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PROVISIONS FOR LIABILITIES | |||||
Deferred Taxation |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital | 7 |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS | 1,120,166 | 1,119,597 | |||
The financial statements were approved by the board of directors and authorised for issue on 21 April 2023 and were signed on its behalf by:
Director
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The notes on pages 3 to 6 form part of these financial statements.
Lexington North Limited
Notes to the Financial Statements
For The Year Ended
31 December 2022
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services.
1.3.
Intangible Fixed Assets and Amortisation - Other Intangible
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 cost are being amortised evenly over their estimated useful life of five years.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery |
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1.5.
Financial Instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Lexington North Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2022
1.6.
Taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.7.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
1.8.
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.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 13 (2021: 13)
3.
Intangible Assets
Development Costs | |||
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Cost | |||
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Amortisation | |||
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Provided during the period |
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Net Book Value | |||
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Lexington North Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2022
4.
Tangible Assets
Land & Buildings | Plant & Machinery etc. | Total | |
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Cost | |||
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Additions |
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Depreciation | |||
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Provided during the period |
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As at
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Net Book Value | |||
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5.
Debtors
2022 | 2021 | ||
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£ | £ | ||
Due within one year | |||
Trade debtors |
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Other debtors | 112,412 | 146,061 | |
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6.
Creditors: Amounts Falling Due Within One Year
2022 | 2021 | ||
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£ | £ | ||
Trade creditors |
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Other creditors | 60,163 | 45,984 | |
Taxation and social security |
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Lexington North Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2022
8.
Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
Other | ||
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2022 | 2021 | |
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Within 1 year | 75,650 | 48,390 |
Between 1 and 5 years | 151,300 | - |
226,950 | 48,390 | |
9.
Related Party Transactions
Included within trade debtors is an amount owing to the company by Lexington Communications Limited totalling £94,349 (2021: £33,593).
Included within trade creditors is a balance of £28,750 (2021: £42,398) owed to Lexington Communications Limited.
10.
Parent company
The ultimate parent company undertaking is KYU Investment UK Limited.
11.
Audit Information
The auditors report on the account of Lexington North Limited for the year ended 31 December 2022 was unqualified
The auditor's report was signed by
Michael Bulcock
(Senior Statutory Auditor)
for and on behalf of
MBL (Business and Tax Advisers) Ltd
, Statutory Auditor
2nd Floor, Fairbank House
27 Ashley Road
Altrincham
Cheshire
WA14 2DP
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12.
General Information
Lexington North Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
06573928
. The registered office is T C Group 6th Flooor Kings House, 9-10 Haymarket, London, SW1Y 4BP.