Laxsh Limited Company accounts

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COMPANY REGISTRATION NUMBER: 05890002

Laxsh Limited

Unaudited financial statements

31 March 2023

Laxsh Limited

Financial statements

Period from 1 July 2022 to 31 March 2023

Contents	Page

Officers and professional advisers	1

Director's report	2

Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements	3

Income statement	4

Statement of financial position	5

Notes to the financial statements	7

Laxsh Limited

Officers and professional advisers

Director	Mr A Koshal

Registered office	Sixty Six
	North Quay
	Great Yarmouth
	Norfolk
	NR30 1HE

Accountants	Lovewell Blake LLP
	Chartered accountants
	Sixty Six
	North Quay
	Great Yarmouth
	Norfolk
	NR30 1HE

Laxsh Limited

Director's report

Period from 1 July 2022 to 31 March 2023

The director presents his report and the unaudited financial statements of the company for the period ended 31 March 2023 .

Principal activities

The principal activity of the company during the year was that of dentistry.

Director

The director who served the company during the period was as follows:

Mr A Koshal

Small company provisions

This report has been prepared taking advantage of the small companies' exemption of section 415A of the Companies Act 2006.

This report was approved by the board of directors on 29 December 2023 and signed on behalf of the board by:

Mr A Koshal
Director

Registered office:

Sixty Six

North Quay

Great Yarmouth

Norfolk

NR30 1HE

Laxsh Limited

Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements of Laxsh Limited

Period from 1 July 2022 to 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Laxsh Limited for the period ended 31 March 2023, which comprise the income statement, statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Laxsh Limited in accordance with the terms of our engagement letter dated 21 April 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Laxsh Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Laxsh Limited and its director for our work or for this report.

It is your duty to ensure that Laxsh Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Laxsh Limited. You consider that Laxsh Limited is exempt from the statutory audit requirement for the period. We have not been instructed to carry out an audit or a review of the financial statements of Laxsh Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Lovewell Blake LLP Chartered accountants

Sixty Six North Quay Great Yarmouth Norfolk NR30 1HE

29 December 2023

Laxsh Limited

Income statement

Period from 1 July 2022 to 31 March 2023

	Period from
	1 Jul 22 to	Year to
	31 Mar 23	30 Jun 22
Note	£	£
Turnover	982,364	1,233,552

Cost of sales	( 422,303)	( 450,246)
	---------	-----------
Gross profit	560,061	783,306

Administrative expenses	( 391,871)	( 458,212)
Other operating income	54,465	57,956
	---------	---------
Operating profit	222,655	383,050

Income from other fixed asset investments	46,413	( 26,282)
Other interest receivable and similar income	8,371	6,623
Interest payable and similar expenses	( 12,697)	( 15,837)
	---------	---------
Profit before taxation	264,742	347,554

Tax on profit	( 34,023)	( 58,149)
	---------	---------
Profit for the financial period	230,719	289,405
	---------	---------

All the activities of the company are from continuing operations.

Laxsh Limited

Statement of financial position

31 March 2023

	31 Mar 23		30 Jun 22
Note	£	£	£	£

Fixed assets

Tangible assets	5	1,162,934	1,039,253
Investments	6	1,182,219	1,368,272
		-----------	-----------
		2,345,153	2,407,525

Current assets

Stocks		14,000	14,000
Debtors	7	752,404	527,174
Cash at bank and in hand		324,868	498,214
		-----------	-----------
		1,091,272	1,039,388

Creditors: Amounts falling due within one year	8	( 263,819)		( 274,716)
		-----------		-----------
Net current assets			827,453		764,672
			-----------		-----------
Total assets less current liabilities			3,172,606		3,172,197

Creditors: Amounts falling due after more than one year	9		( 258,214)		( 481,013)

Provisions

Taxation including deferred tax	( 31,294)	( 36,805)
	-----------	-----------
Net assets	2,883,098	2,654,379
	-----------	-----------

Capital and reserves

Called up share capital	1	1
Profit and loss account	2,883,097	2,654,378
	-----------	-----------
Shareholders funds	2,883,098	2,654,379
	-----------	-----------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the period ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Laxsh Limited

Statement of financial position (continued)

31 March 2023

These financial statements were approved by the board of directors and authorised for issue on 29 December 2023 , and are signed on behalf of the board by:

Mr A Koshal
Director

Company registration number: 05890002

Laxsh Limited

Notes to the financial statements

Period from 1 July 2022 to 31 March 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Sixty Six, North Quay, Great Yarmouth, Norfolk, NR30 1HE. The company's places of business are 52-56 Curzon Street, Derby, DE1 1LP and 1242 London Road, Derby, DE24 8QH.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

No significant judgements, estimations and uncertainties have arisen in the preparation of the financial statements.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation. Investment property Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	2% straight line
Leasehold property	-	20% straight line
Plant & machinery	-	20% reducing balance
Fixtures & fittings	-	15% reducing balance
Motor vehicles	-	25% reducing balance

	Computer equipment	-	33% straight line

Investments

Investments are included at cost less amounts written off in respect of impairment. Profit and losses arising from disposals of fixed asset investments are treated as part of result from ordinary activities.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Employee numbers

The average number of employees during the period was 10 (2022: 10 ).

5. Tangible assets

	At 1 July 2022	Additions	Disposals	Revaluation	At 31 March 2023
	£	£	£	£	£
Cost or valuation
Freehold property	628,871	–	–	–	628,871
Long leasehold property	400,143	1,850	–	–	401,993
Investment property	209,352	–	–	21,648	231,000
Plant and machinery	276,583	7,495	–	–	284,078
Fixtures and fittings	46,666	5,926	–	–	52,592
Motor vehicles	100,880	120,800	( 100,880)	–	120,800
Equipment	67,907	37,085	–	–	104,992
	-----------	---------	---------	-------	-----------
	1,730,402	173,156	( 100,880)	21,648	1,824,326
	-----------	---------	---------	-------	-----------

	At 1 July 2022	Charge for the period	Disposals	At 31 March 2023
	£	£	£	£
Depreciation
Freehold property	–	12,577	–	12,577
Long leasehold property	326,011	13,127	–	339,138
Investment property	–	–	–	–
Plant and machinery	194,814	18,158	–	212,972
Fixtures and fittings	19,508	4,964	–	24,472
Motor vehicles	85,171	4,568	( 85,170)	4,569
Equipment	65,645	2,019	–	67,664
	-----------	---------	---------	---------
	691,149	55,413	( 85,170)	661,392
	-----------	---------	---------	---------

	At 31 March 2023	At 30 June 2022
	£	£
Carrying amount
Freehold property	616,294	628,871
Long leasehold property	62,855	74,132
Investment property	231,000	209,352
Plant and machinery	71,106	81,769
Fixtures and fittings	28,120	27,158
Motor vehicles	116,231	15,709
Equipment	37,328	2,262
	-----------	-----------
	1,162,934	1,039,253
	-----------	-----------

The investment property was valued on 31 March 2023 by the directors on an open market basis.

6. Investments

	Other investments other than loans	Other loans	Total
	£	£	£
Cost
At 1 July 2022	739,421	628,851	1,368,272
Additions	121,900	–	121,900
Disposals	( 246,125)	( 75,000)	(321,125)
Revaluations	13,296	–	13,296
Other movements	( 124)	–	( 124)
	---------	---------	-----------
At 31 March 2023	628,368	553,851	1,182,219
	---------	---------	-----------
Impairment
At 1 July 2022 and 31 March 2023	–	–	–
	---------	---------	-----------

Carrying amount
At 31 March 2023	628,368	553,851	1,182,219
	---------	---------	-----------
At 30 June 2022	739,421	628,851	1,368,272
	---------	---------	-----------

7. Debtors

	31 Mar 23	30 Jun 22
	£	£
Trade debtors	50,865	58,784
Other debtors	701,539	468,390
	---------	---------
	752,404	527,174
	---------	---------

8. Creditors: Amounts falling due within one year

	31 Mar 23	30 Jun 22
	£	£
Bank loans	44,330	50,247
Trade creditors	47,268	75,774
Social security and other taxes	94,767	95,827
Other creditors	77,454	52,868
	---------	---------
	263,819	274,716
	---------	---------

9. Creditors: Amounts falling due after more than one year

	31 Mar 23	30 Jun 22
	£	£
Bank loans	258,214	481,013
	---------	---------

Bank loans are secured on the company's property.

10. Director's advances, credits and guarantees

During the year the director operated a loan with the company at HM Revenue & Customs approved interest rate. At 31 March 2023 the director owed the company £292,345 (30 June 2022: £147,447). This was the highest balance owed during the year. The company also operates a loan account with Central Dental Practice which is owned by the director, at HM Revenue & Customs approved interest rate. At 31 March 2023 the Central Dental Practice owed the company £259,705 (30 June 2022: £190,340). This was the highest balance owed during the year.