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Registered number: 11668206
Legal Nodes Ltd
Financial Statements
For The Year Ended 30 November 2023
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—3
Page 1
Balance Sheet
Registered number: 11668206
2023 2022
Notes £ £ £ £
CURRENT ASSETS
Debtors 4 16,331 29,620
Cash at bank and in hand 77,894 89,446
94,225 119,066
Creditors: Amounts Falling Due Within One Year 5 (471,871 ) (418,552 )
NET CURRENT ASSETS (LIABILITIES) (377,646 ) (299,486 )
TOTAL ASSETS LESS CURRENT LIABILITIES (377,646 ) (299,486 )
NET LIABILITIES (377,646 ) (299,486 )
CAPITAL AND RESERVES
Called up share capital 6 100 100
Profit and Loss Account (377,746 ) (299,586 )
SHAREHOLDERS' FUNDS (377,646) (299,486)
For the year ending 30 November 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Ms Margaryta Sivakova
Director
17 July 2024
The notes on pages 2 to 3 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
Legal Nodes Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11668206 . The registered office is 90a, High Street Berkhamsted , Hertfordshire, England, HP4 2BL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have identified material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern, however, the going concern basis remains appropriate due to continued support of investors in the form of convertible loans.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Foreign Currencies
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 rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2022: 3)
3 3
4. Debtors
2023 2022
£ £
Due within one year
Trade debtors 16,231 29,520
Called up share capital not paid 100 100
16,331 29,620
Page 2
Page 3
5. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 4,088 2,994
Other taxes and social security 52 -
VAT 4,105 2,878
Other creditors 463,626 412,680
471,871 418,552
Included within creditors is £412,680 of convertible investment recieved which has yet to convert into equity (2021: £307,678)
6. Share Capital
2023 2022
£ £
Called Up Share Capital not Paid 100 100
Amount of Allotted, Called Up Share Capital 100 100
7. Ultimate Controlling Party
The company's ultimate controlling party is the directors by virtue of their ownership of 66% of the issued share capital in the company.
Page 3