Company Registration No. 09590941 (England and Wales)
Legatics Limited
Unaudited accounts
for the year ended 31 May 2023
Legatics Limited
Unaudited accounts
Contents
Legatics Limited
Company Information
for the year ended 31 May 2023
Directors
Anthony Seale
Daniel Porus
Company Number
09590941 (England and Wales)
Registered Office
71-75 Shelton Street
London
WC2H 9JQ
Accountants
The Accountancy Cloud
12-18 Hoxton Street
London
N1 6NG
UK
Legatics Limited
Statement of financial position
as at 31 May 2023
Tangible assets
16,413
17,852
Cash at bank and in hand
466,369
2,159,722
Creditors: amounts falling due within one year
(1,797,559)
(1,146,803)
Net current (liabilities)/assets
(843,281)
1,443,259
Total assets less current liabilities
(826,868)
1,461,111
Creditors: amounts falling due after more than one year
(3,181)
-
Net (liabilities)/assets
(830,049)
1,461,111
Called up share capital
12
12
Share premium
99,998
99,998
Profit and loss account
(930,059)
1,361,101
Shareholders' funds
(830,049)
1,461,111
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 3 November 2023 and were signed on its behalf by
Anthony Seale
Director
Company Registration No. 09590941
Legatics Limited
Notes to the Accounts
for the year ended 31 May 2023
Legatics Limited is a private company, limited by shares, registered in England and Wales, registration number 09590941. The registered office is 71-75 Shelton Street, London , WC2H 9JQ .
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
33% Straight Line
Expenditure on research and development is written off in the year in which it is incurred.
Research and development tax credit
During the financial year, Legatics Ltd received a tax credit for qualifying research and development expenditure under the Research and Development tax relief scheme. This is presented as a tax repayment in the Income Statement in line with disclosure requirements under FRS 102.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Legatics Limited
Notes to the Accounts
for the year ended 31 May 2023
During the year the average number of employees was 34 (2022: 28). Other staff were engaged under contractor arrangements and the total head count (employees and contractors) at the end of this accounting period was 60 (2022: 42).
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
The accounts have been prepared on the assumption that the company is able to carry on business as a going concern for the foreseeable future.
4
Tangible fixed assets
Computer equipment
Charge for the year
13,414
Amounts falling due within one year
Trade debtors
426,622
372,083
Accrued income and prepayments
32,946
54,257
Other debtors
28,341
4,000
6
Creditors: amounts falling due within one year
2023
2022
Trade creditors
141,373
145,193
Taxes and social security
7,407
6,931
Deferred income
1,183,521
860,777
Legatics Limited
Notes to the Accounts
for the year ended 31 May 2023
7
Creditors: amounts falling due after more than one year
2023
2022
Amounts owed to group undertakings and other participating interests
3,181
-
8
Transactions with related parties
During the year, an intra-group creditor balance of £3,181 that was owed to their parent company, Legatics Holding Limited. Whereas in Prior year, Balance of £2,983,305 was written off and thus moved the Company from a trading loss to a profit making Entity. The Write-off balance was posted to Profit & Loss under Bad Debt in prior year.
9
Average number of employees
During the year the average number of employees was 34 (2022: 28).