Lexxic Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 06353268 (England and Wales)

ABRIDGED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

LEXXIC LIMITED

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr O M Puttick

Mrs N M James

REGISTERED OFFICE:

Unit Ch3.20

Kennington Park

1-3 Brixton Road

Oval

London

SW9 6DE

REGISTERED NUMBER:

06353268 (England and Wales)

ACCOUNTANTS:

Haines Watts

Chartered Accountants

Old Station House

Station Approach

Swindon

Wiltshire

SN1 3DU

FIXED ASSETS

Tangible assets

4

63,103

40,637

CURRENT ASSETS

Debtors

1,545,306

773,322

Cash at bank

276,103

350,633

1,821,409

1,123,955

CREDITORS

Amounts falling due within one year

1,083,723

554,590

NET CURRENT ASSETS

737,686

569,365

TOTAL ASSETS LESS CURRENT LIABILITIES

800,789

610,002

CREDITORS

Amounts falling due after more than one year

(69,441

)

(152,776

)

PROVISIONS FOR LIABILITIES

(13,102

)

(7,340

)

NET ASSETS

718,246

449,886

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

718,245

449,885

718,246

449,886

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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.

All the members have consented to the preparation of an abridged Statement of Income and Retained Earnings and an abridged Statement of Financial Position for the year ended 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 19 December 2023 and were signed on its behalf by:

Mrs N M James - Director

1.	STATUTORY INFORMATION

Lexxic 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 for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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.

Tangible fixed assets

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

Plant and machinery etc

-

straight line over 3 years

Taxation

Taxation for the year 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 78 (2022 - 39 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2022

168,971

Additions

55,193

At 31 March 2023

224,164

DEPRECIATION

At 1 April 2022

128,334

Charge for year

32,727

At 31 March 2023

161,061

NET BOOK VALUE

At 31 March 2023

63,103

At 31 March 2022

40,637

5.	PARTICIPATORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

31/3/23

31/3/22

£

£

Mrs N M James

Balance outstanding at start of year

66,479

29,340

Amounts advanced

80,791

115,139

Amounts repaid

(70,000

)

(78,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

77,270

66,479

Mr A J Healy

Balance outstanding at start of year

32,487

(10,737

)

Amounts advanced

4,590

43,224

Amounts repaid

(5,021

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

32,056

32,487

6.	RELATED PARTY DISCLOSURES

During the year Lexxic Limited charged management fees totalling £155,602 (2022: £93,762) to Elexical Limited, a company of which both Mrs N James and Mr A Healy are directors. Elexical Limited also made sales of £356,694 (2022: £161,527) to Lexxic Limited during the year.

At the year end Lexxic Limited owed Elexical Limited £260,144 (2022: £83,921).

At the year end Lexxic Limited was owed £90,000 (2022: £90,000) by All Minds Holding Limited, a company of which both Mrs N James and Mr A Healy are directors.

At the year end Lexxic Limited was owed £150,084 (2022: £48,224) by Dyslexia Assessment and Consultancy Limited, a subsidiary of All Minds Holding Limited and of which both Mrs N James and Mr A Healy are directors.

7.	ULTIMATE CONTROLLING PARTY

The company's immediate parent company, and the ultimate controlling party, is All Minds Holding Limited, incorporated in England,