Legacy Holdings (Leic) Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 11144373 (England and Wales)

Unaudited Financial Statements

for the Period 1 February 2022 to 31 March 2023

for

Legacy Holdings (Leic) Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

B C Ghelani

Mrs J B Ghelani

S B Ghelani

REGISTERED OFFICE:

Grace House

2 Grace Road

Leicester

Leicestershire

LE2 8AD

REGISTERED NUMBER:

11144373 (England and Wales)

ACCOUNTANTS:

torr waterfield

Park House

37 Clarence Street

Leicester

Leicestershire

LE1 3RW

FIXED ASSETS

Intangible assets

4

-

530,250

Tangible assets

5

5,347

6,290

Investment property

6

-

1,612,500

5,347

2,149,040

CURRENT ASSETS

Debtors

7

1,612,500

759

Cash at bank

1

-

1,612,501

759

CREDITORS

Amounts falling due within one year

8

(148,550

)

(1,124,200

)

NET CURRENT ASSETS/(LIABILITIES)

1,463,951

(1,123,441

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,469,298

1,025,599

CREDITORS

Amounts falling due after more than one year

9

-

(1,001,220

)

PROVISIONS FOR LIABILITIES

(1,337

)

-

NET ASSETS

1,467,961

24,379

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,467,861

24,279

1,467,961

24,379

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 December 2023 and were signed on its behalf by:

B C Ghelani - Director

1.	STATUTORY INFORMATION

Legacy Holdings (Leic) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company had net liabilities at the year end. It is dependent on the continued support of the director for the continuance of trade. The director intends to continue with such support. On that basis the director considers it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of that support.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business. Subsequent to initial recognition, Goodwill is measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

15% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 2 (2022 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 February 2022

and 31 March 2023

530,250

AMORTISATION

Charge for period

530,250

At 31 March 2023

530,250

NET BOOK VALUE

At 31 March 2023

-

At 31 January 2022

530,250

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 February 2022

and 31 March 2023

12,050

DEPRECIATION

At 1 February 2022

5,760

Charge for period

943

At 31 March 2023

6,703

NET BOOK VALUE

At 31 March 2023

5,347

At 31 January 2022

6,290

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 February 2022

1,612,500

Disposals

(1,612,500

)

At 31 March 2023

-

NET BOOK VALUE

At 31 March 2023

-

At 31 January 2022

1,612,500

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.1.22

£

£

Amounts owed by group undertakings

1,612,500

-

Other debtors

-

759

1,612,500

759

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.1.22

£

£

Bank loans and overdrafts

-

968,062

Taxation and social security

31

-

Other creditors

148,519

156,138

148,550

1,124,200

Other creditors includes accruals of £1,440 (2022 - £Nil).

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.23

31.1.22

£

£

Bank loans

-

1,001,220

Amounts falling due in more than five years:

Repayable by instalments

Bank loans due more than 5 years

-

1,001,220

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.23

31.1.22

£

£

Bank loans

-

1,969,282

Bank loans are secured by a fixed and floating charge.