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REGISTERED NUMBER: 05599852 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Legends Automotive Limited

Legends Automotive Limited (Registered number: 05599852)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Legends Automotive Limited

Company Information
for the Year Ended 31 December 2023







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 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 77 2,246

CURRENT ASSETS
Stocks 153,795 121,380
Debtors 5 1,032 4,536
Cash at bank 51,550 134,271
206,377 260,187
CREDITORS
Amounts falling due within one year 6 187,028 238,690
NET CURRENT ASSETS 19,349 21,497
TOTAL ASSETS LESS CURRENT
LIABILITIES

19,426

23,743

CREDITORS
Amounts falling due after more than
one year

7

(17,959

)

(9,999

)

PROVISIONS FOR LIABILITIES - (46 )
NET ASSETS 1,467 13,698

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings 1,267 13,498
SHAREHOLDERS' FUNDS 1,467 13,698

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

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

Legends Automotive Limited (Registered number: 05599852)

Balance Sheet - continued
31 December 2023


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 3 April 2024 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 2023

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 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 January 2023
and 31 December 2023 13,712 1,555 1,957 17,224
DEPRECIATION
At 1 January 2023 11,471 1,552 1,955 14,978
Charge for year 2,169 - - 2,169
At 31 December 2023 13,640 1,552 1,955 17,147
NET BOOK VALUE
At 31 December 2023 72 3 2 77
At 31 December 2022 2,241 3 2 2,246

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 815 551
Other debtors 217 3,985
1,032 4,536

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 9,999 27,599
Trade creditors 477 30,094
Taxation and social security 1,072 71
Other creditors 175,480 180,926
187,028 238,690

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans 17,959 9,999

Legends Automotive Limited (Registered number: 05599852)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. ULTIMATE CONTROLLING PARTY

The controlling party is M Glanz.