REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JANUARY 2022 TO 31 MARCH 2023 |
FOR |
LEGACY PROPERTIES LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JANUARY 2022 TO 31 MARCH 2023 |
FOR |
LEGACY PROPERTIES LIMITED |
LEGACY PROPERTIES LIMITED (REGISTERED NUMBER: 02826898) |
CONTENTS OF THE FINANCIAL STATEMENTS |
For The Period 1 JANUARY 2022 TO 31 MARCH 2023 |
Page |
Statement of Financial Position | 1 |
Notes to the Financial Statements | 3 |
LEGACY PROPERTIES LIMITED (REGISTERED NUMBER: 02826898) |
STATEMENT OF FINANCIAL POSITION |
31 MARCH 2023 |
2023 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Property, plant and equipment | 5 |
Investments | 6 |
CURRENT ASSETS |
Inventories |
Debtors | 7 |
Investments | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
10 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
LEGACY PROPERTIES LIMITED (REGISTERED NUMBER: 02826898) |
STATEMENT OF FINANCIAL POSITION - continued |
31 MARCH 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
LEGACY PROPERTIES LIMITED (REGISTERED NUMBER: 02826898) |
NOTES TO THE FINANCIAL STATEMENTS |
For The Period 1 JANUARY 2022 TO 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
Legacy Properties Limited is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods. |
There are no significant judgements or estimates involved in the preparation of the financial statements. |
Revenue |
Revenue represents the value, net of value added tax and discounts, of rental income receivable by the company and the proceeds from disposal of properties. |
Intangible assets |
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. |
Tangible fixed assets |
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended. |
The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. |
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. |
Freehold land and buildings 1% on cost of the buildings |
Plant and machinery 15% on reducing balance |
Motor vehicles 25% on reducing balance |
The company has adopted the policy of not to depreciate in the year of purchase, however full depreciation will be provided in the year of disposal. |
LEGACY PROPERTIES LIMITED (REGISTERED NUMBER: 02826898) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Period 1 JANUARY 2022 TO 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Properties held for trading and work in progress |
Stocks are valued at the lower of cost and net realisable value. Cost is computed on a first in first out basis. The cost of work in progress and finished goods includes all production overheads and the attributable proportion of indirect overheads based on normal level of activity. Net realisable value is based on estimated selling price less the estimated cost of disposal. |
Interest on borrowings which are specific to projects are capitalised as part of the development costs. |
Financial instruments |
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss. |
Deferred taxation |
Full provision is made for deferred taxation resulting from material timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse. |
Cash and cash equivalents |
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand and short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. |
Pensions |
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. |
Investments |
Fixed asset investments are shown at cost less any impairment. |
Current asset investments are shown at market value. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | INTANGIBLE FIXED ASSETS |
Computer |
software |
£ |
COST |
Additions |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
LEGACY PROPERTIES LIMITED (REGISTERED NUMBER: 02826898) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Period 1 JANUARY 2022 TO 31 MARCH 2023 |
5. | PROPERTY, PLANT AND EQUIPMENT |
Freehold | Plant and |
property | machinery | Totals |
£ | £ | £ |
COST |
At 1 January 2022 |
Additions |
At 31 March 2023 |
DEPRECIATION |
At 1 January 2022 |
Charge for period |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 December 2021 |
6. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 January 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 December 2021 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2021 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
8. | CURRENT ASSET INVESTMENTS |
2023 | 2021 |
£ | £ |
Listed investments | - | 13,550 |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2021 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
LEGACY PROPERTIES LIMITED (REGISTERED NUMBER: 02826898) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Period 1 JANUARY 2022 TO 31 MARCH 2023 |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2021 |
£ | £ |
Bank loans |
Other loans |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Other loans |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2021 |
£ | £ |
Bank loans |
The bank and other loans are secured by way of fixed and floating charges on the property and other assets of the company and contains a negative pledge.There are also personal guarantees provided by the director. |
12. | RELATED PARTY DISCLOSURES |
At the balance sheet date, there were loans of £13,128,012 (2021: £12,025,731) payable to connected companies. Interest payable on the loans amounted to £1,274,108 (2021: £1,021,827) at the year-end. |
Included in other debtors is an amount of £2,521,736 (2021: £104,421) receivable from connected companies. These loans were interest-free. |
13. | ULTIMATE CONTROLLING PARTY |
The parent company is Legacy Properties Group Ltd, registered in Unit 2b Quintdown Business Park, West Road, Quintrell Downs, Cornwall, England, TR8 4DS, with company number 07772486. |