Company No: 12255796 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2022		2021
		£		£
Fixed assets
Intangible assets	3	38,249		14,256
Tangible assets	4	1,126		0
		39,375		14,256
Current assets
Debtors	5	4,492		300
Cash at bank and in hand		169,832		6,853
		174,324		7,153
Creditors: amounts falling due within one year	6	( 40,049)		( 30,220)
Net current assets/(liabilities)		134,275		(23,067)
Total assets less current liabilities		173,650		(8,811)
Net assets/(liabilities)		173,650		( 8,811)
Capital and reserves
Called-up share capital	7	1,190		1,000
Share premium account		278,310		0
Profit and loss account		( 105,850 )		( 9,811 )
Total shareholders' funds/(deficit)		173,650		( 8,811)

For the financial year ending 31 December 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Legacy of Lives Limited (registered number: 12255796) were approved and authorised for issue by the Director on 24 August 2023. They were signed on its behalf by:

Rebecca Peach Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Legacy of Lives Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Fuel Tank (A4) 8-12 Creekside, Creative Road, London, SE8 3LE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and 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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Development costs

10 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Computer equipment

25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

	2022		2021
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	3		1

3. Intangible assets

	Development costs		Total
	£		£
Cost
At 01 January 2022	15,840		15,840
Additions	28,350		28,350
At 31 December 2022	44,190		44,190
Accumulated amortisation
At 01 January 2022	1,584		1,584
Charge for the financial year	4,357		4,357
At 31 December 2022	5,941		5,941
Net book value
At 31 December 2022	38,249		38,249
At 31 December 2021	14,256		14,256

4. Tangible assets

	Computer equipment		Total
	£		£
Cost
At 01 January 2022	0		0
Additions	1,253		1,253
At 31 December 2022	1,253		1,253
Accumulated depreciation
At 01 January 2022	0		0
Charge for the financial year	127		127
At 31 December 2022	127		127
Net book value
At 31 December 2022	1,126		1,126
At 31 December 2021	0		0

5. Debtors

	2022		2021
	£		£
VAT recoverable	4,433		300
Other debtors	59		0
	4,492		300

6. Creditors: amounts falling due within one year

	2022		2021
	£		£
Trade creditors	10,580		0
Amounts owed to directors	21,802		29,860
Other loans	407		0
Accruals	2,500		360
Other taxation and social security	4,760		0
	40,049		30,220

7. Called-up share capital

	2022		2021
	£		£
Allotted, called-up and fully-paid
19,039 A ordinary shares of £ 0.01 each (2021: nil shares)	190		0
6,954 B ordinary shares of £ 0.01 each	70		70
93,046 Founder ordinary shares of £ 0.01 each (2021: nil shares)	930		0
nil ordinary shares (2021: 93,046 shares of £ 0.01 each)	0		930
	1,190		1,000

On 4 April 2022 7,000 A ordinary shares of £0.01 each were allotted at £7.64 per share. A further 8,025 A ordinary shares of £0.01 each were issued on 23 June 2022 at a price of £18.69 and then another issue of 4,014 A ordinary shares of £0.01 each were issued at a price of £18.69 on 24 June 2022.

8. Related party transactions

Transactions with the entity's directors

	2022		2021
	£		£
Amounts owed to a director	21,802		29,860