Company Registration No. 07830049 (England and Wales)
LEXINGTON INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2018
PAGES FOR FILING WITH REGISTRAR
LEXINGTON INVESTMENTS LIMITED
COMPANY INFORMATION
Director
Mrs E C Rifat
Company number
07830049
Registered office
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
C. Hoare & Co.
37 Fleet Street
London
EC4P 4DQ
LEXINGTON INVESTMENTS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
LEXINGTON INVESTMENTS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LEXINGTON INVESTMENTS LIMITED FOR THE YEAR ENDED 30 NOVEMBER 2018
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lexington Investments Limited for the year ended 30 November 2018 which comprise, the Balance Sheet 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 http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of Lexington Investments Limited, as a body, in accordance with
our
terms
of
engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Lexington Investments Limited
and state those matters that we have agreed to state to the Board of Directors of Lexington Investments Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lexington Investments Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Lexington Investments 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 Lexington Investments Limited. You consider that Lexington Investments Limited is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Lexington Investments 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.
Ormerod Rutter Limited
8 March 2019
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
LEXINGTON INVESTMENTS LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2018
30 November 2018
- 2 -
2018
2017
Notes
£
£
£
£
Fixed assets
Intangible assets
3
11,000
13,750
Tangible assets
4
6,051
6,998
17,051
20,748
Current assets
Debtors
5
6,183
-
Cash at bank and in hand
-
3,041
6,183
3,041
Creditors: amounts falling due within one year
6
(19,912)
(21,533)
Net current liabilities
(13,729)
(18,492)
Total assets less current liabilities
3,322
2,256
Provisions for liabilities
(1,150)
(1,330)
Net assets
2,172
926
Capital and reserves
Called up share capital
9
103
103
Profit and loss reserves
2,069
823
Total equity
2,172
926
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 November 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
LEXINGTON INVESTMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2018
30 November 2018
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 8 March 2019 and are signed on its behalf by:
Mrs E C Rifat
Director
Company Registration No. 07830049
LEXINGTON INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2018
- 4 -
1
Accounting policies
Company information
Lexington Investments Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Oakley, Kidderminster Road, Droitwich, Worcestershire, WR9 9AY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of services is recognised by reference to the stage of completion
and
whe
re
the
amount of revenue can be measured reliably.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date if the fair value can be measured reliably.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
License fees
10% on cost
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Office equipment
15% on reducing balance
Computer equipment
33% on cost
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
LEXINGTON INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2018
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2017 - 2).
3
Intangible fixed assets
License fees
£
Cost
At 1 December 2017 and 30 November 2018
27,500
Amortisation and impairment
At 1 December 2017
13,750
Amortisation charged for the year
2,750
At 30 November 2018
16,500
Carrying amount
At 30 November 2018
11,000
At 30 November 2017
13,750
LEXINGTON INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2018
- 6 -
4
Tangible fixed assets
Office equipment
Computer equipment
Total
£
£
£
Cost
At 1 December 2017
8,235
5,046
13,281
Additions
-
153
153
At 30 November 2018
8,235
5,199
13,434
Depreciation and impairment
At 1 December 2017
1,237
5,046
6,283
Depreciation charged in the year
1,050
50
1,100
At 30 November 2018
2,287
5,096
7,383
Carrying amount
At 30 November 2018
5,948
103
6,051
At 30 November 2017
6,998
-
6,998
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Other debtors
6,183
-
6
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
804
-
Corporation tax
10,741
3,399
Other creditors
8,367
18,134
19,912
21,533
7
Secured debts
The following secured debts are included within creditors:
2018
2017
£
£
Bank overdrafts
804
-
LEXINGTON INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2018
- 7 -
8
Provisions for liabilities
2018
2017
£
£
Deferred tax liabilities
1,150
1,330
1,150
1,330
9
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary A of £1 each
100
100
1 Ordinary B of £1 each
1
1
1 Ordinary C of £1 each
1
1
1 Ordinary D of £1 each
1
1
103
103
10
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Loan account
-
-
6,183
6,183
-
6,183
6,183
The director's loan account was repaid within nine months of the year end.
11
Ultimate controlling party
The ultimate controlling party is Mr J Rifat and Mrs E C Rifat.