Company Registration No. 03634112 (England and Wales)
LEXINGTON COMMUNICATIONS LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
Level 1, Devonshire House
One Mayfair Place
London
United Kingdom
W1J 8AJ
LEXINGTON COMMUNICATIONS LIMITED
CONTENTS
Page
Company information
1
Statement of financial position
2
Notes to the financial statements
3 - 7
LEXINGTON COMMUNICATIONS LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr M Craven
E S Cook
(Appointed 4 February 2022)
F Golant
(Appointed 15 August 2022)
Mr M Derr
(Appointed 15 August 2022)
Mr B Terrett
(Appointed 15 August 2022)
Lord D Stevenson
(Appointed 15 August 2022)
Mr A Hughes
Company number
03634112
Registered office
Level 1, Devonshire House
One Mayfair Place
London
United Kingdom
W1J 8AJ
Auditor
TC Group
Level 1, Devonshire House
One Mayfair Place
London
United Kingdom
W1J 8AJ
Business address
198 High Holborn
London
WC1V 7BD
LEXINGTON COMMUNICATIONS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2021
31 December 2021
- 2 -
2021
2020
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
177,123
129,741
Current assets
Trade and other receivables
4
2,381,619
2,323,414
Cash and cash equivalents
2,645,685
6,099,870
5,027,304
8,423,284
Current liabilities
5
(1,948,319)
(1,414,748)
Net current assets
3,078,985
7,008,536
Total assets less current liabilities
3,256,108
7,138,277
Provisions for liabilities
(4,990)
(4,990)
Net assets
3,251,118
7,133,287
Equity
Called up share capital
180
276
Capital redemption reserve
120
24
Retained earnings
3,250,818
7,132,987
Total equity
3,251,118
7,133,287
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 29 September 2022 and are signed on its behalf by:
Mr M Craven
Director
Company Registration No. 03634112
The notes on pages 3 to 7 form part of these financial statements
LEXINGTON COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information
Lexington Communications Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Level 1, Devonshire House, One Mayfair Place, London, United Kingdom, W1J 8AJ.
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 are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Reporting period
The
entity’s
reporting period
was extended to 31 December 2021
for commercial reasons. Therefore the
comparative amounts presented in the financial statements (including
the related notes) are not entirely comparable.
1.3
Revenue
Revenue 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
consultancy
is recognised
in the period to which that consultancy was provided.
1.4
Property, plant and equipment
Property, plant and equipment
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:
Leasehold improvements
Over term of lease
Fixtures, fittings & equipment
20% on cost
LEXINGTON COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of non-current assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks
.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
trade and other receivables
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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
trade and other payables
, 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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Trade payables
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade payables
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
LEXINGTON COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
income statement
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.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
non-current assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed
.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
LEXINGTON COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2021
2020
Number
Number
Total
57
50
3
Property, plant and equipment
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 November 2020
186,865
461,275
648,140
Additions
300
94,641
94,941
Disposals
(5,815)
(5,815)
At 31 December 2021
187,165
550,101
737,266
Depreciation and impairment
At 1 November 2020
147,004
371,395
518,399
Depreciation charged in the Period
6,306
41,253
47,559
Eliminated in respect of disposals
(5,815)
(5,815)
At 31 December 2021
153,310
406,833
560,143
Carrying amount
At 31 December 2021
33,855
143,268
177,123
At 31 October 2020
39,861
89,880
129,741
4
Trade and other receivables
2021
2020
Amounts falling due within one year:
£
£
Trade receivables
2,078,217
2,024,404
Other receivables
303,402
299,010
2,381,619
2,323,414
LEXINGTON COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
4
Trade and other receivables
(Continued)
- 7 -
5
Current liabilities
2021
2020
£
£
Trade payables
104,747
207,331
Taxation and social security
1,218,166
519,216
Other payables
625,406
688,201
1,948,319
1,414,748
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Philip Clark FCCA.
The auditor was TC Group.
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
780,000
1,140,000
8
Events after the reporting date
On the 15 August 2022, the company sold its entire share capital to Kyu Investment Limited, a company registered in the UK.
9
Parent company
The company's immediate parent company is Kyu Investment Limited, a company registered in the UK. The company's ultimate controlling parent is
Hakuhodo DY Holdings
, a company registered in Japan.
2021-12-31
2020-11-01
false
30 September 2022
CCH Software
CCH Accounts Production 2022.200
No description of principal activity
This audit opinion is unqualified
Mr M Craven
Mr Ian Kennedy
E S Cook
F Golant
Mr M Derr
Mr B Terrett
Lord D Stevenson
Mr A Hughes
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