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REGISTERED NUMBER: 05599852 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2021

for

Legends Automotive Limited

Legends Automotive Limited (Registered number: 05599852)






Contents of the Financial Statements
for the Year Ended 31 December 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Legends Automotive Limited

Company Information
for the Year Ended 31 December 2021







DIRECTORS: M Glanz
D Glanz





REGISTERED OFFICE: Bicester Heritage
Building 129
Buckingham Road
Bicester
Oxfordshire
OX27 8AL





REGISTERED NUMBER: 05599852 (England and Wales)





ACCOUNTANTS: Cotswold Number Solutions Ltd
4 Viscount Close
Moreton in Marsh
United kingdom
GL56 0FL

Legends Automotive Limited (Registered number: 05599852)

Balance Sheet
31 December 2021

31.12.21 31.12.20
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,294 8,346

CURRENT ASSETS
Stocks 168,798 168,798
Debtors 5 1,526 830
Cash at bank 57,208 120,873
227,532 290,501
CREDITORS
Amounts falling due within one year 6 212,279 264,877
NET CURRENT ASSETS 15,253 25,624
TOTAL ASSETS LESS CURRENT
LIABILITIES

20,547

33,970

CREDITORS
Amounts falling due after more than
one year

7

(37,496

)

-

PROVISIONS FOR LIABILITIES (46 ) (46 )
NET (LIABILITIES)/ASSETS (16,995 ) 33,924

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings (17,195 ) 33,724
SHAREHOLDERS' FUNDS (16,995 ) 33,924

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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.

Legends Automotive Limited (Registered number: 05599852)

Balance Sheet - continued
31 December 2021


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 September 2022 and were signed on its behalf by:




M Glanz - Director



D Glanz - Director


Legends Automotive Limited (Registered number: 05599852)

Notes to the Financial Statements
for the Year Ended 31 December 2021

1. STATUTORY INFORMATION

Legends Automotive Limited 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.

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

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 - 20% on cost
Fixtures and fittings - 25% on cost
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 year 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.

Legends Automotive Limited (Registered number: 05599852)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2020 - 1 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 January 2021
and 31 December 2021 13,712 1,555 1,957 17,224
DEPRECIATION
At 1 January 2021 5,987 936 1,955 8,878
Charge for year 2,743 309 - 3,052
At 31 December 2021 8,730 1,245 1,955 11,930
NET BOOK VALUE
At 31 December 2021 4,982 310 2 5,294
At 31 December 2020 7,725 619 2 8,346

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.12.20
£    £   
Trade debtors 92 432
Other debtors 1,434 398
1,526 830

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.12.20
£    £   
Bank loans and overdrafts 9,999 50,000
Trade creditors 595 71,645
Taxation and social security 679 4,839
Other creditors 201,006 138,393
212,279 264,877

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.12.21 31.12.20
£    £   
Bank loans 37,496 -

Legends Automotive Limited (Registered number: 05599852)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

8. ULTIMATE CONTROLLING PARTY

The controlling party is M Glanz.