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Registration number: 07408403

Legology Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Legology Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Legology Limited

Company Information

Directors

Mr Matthew Idiens

Ms Kate Annabel Shapland

Registered office

Lindenmuth House
37 Greenham Business Park
Greenham
Thatcham
Berkshire
RG19 6HW

Accountants

Opus Accounting Limited
Chartered Certified Accountants
Lindenmuth House
37 Greenham Business Park
Greenham
Thatcham
Berkshire
RG19 6HW

 

Legology Limited

(Registration number: 07408403)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

37,863

42,361

Tangible assets

5

2,904

3,871

 

40,767

46,232

Current assets

 

Stocks

6

303,345

277,517

Debtors

7

38,719

66,784

Cash at bank and in hand

 

108,336

297,895

 

450,400

642,196

Creditors: Amounts falling due within one year

8

(128,079)

(61,878)

Net current assets

 

322,321

580,318

Total assets less current liabilities

 

363,088

626,550

Creditors: Amounts falling due after more than one year

8

(116,937)

(25,285)

Net assets

 

246,151

601,265

Capital and reserves

 

Called up share capital

9

221

221

Share premium reserve

1,655,239

1,655,239

Retained earnings

(1,409,309)

(1,054,195)

Shareholders' funds

 

246,151

601,265

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 August 2024 and signed on its behalf by:
 

 

Legology Limited

(Registration number: 07408403)
Balance Sheet as at 31 December 2023 (continued)

.........................................
Mr Matthew Idiens
Director

.........................................
Ms Kate Annabel Shapland
Director

 

Legology Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Lindenmuth House
37 Greenham Business Park
Greenham
Thatcham
Berkshire
RG19 6HW
England

These financial statements were authorised for issue by the Board on 13 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Legology Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

25% Reducing Balance

Computer Equipment

25% Reducing Balance

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Trademarks, patents and licenses

10% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Legology Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Legology Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 6).

4

Intangible assets

Trademarks, patents and licenses
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2023

26,698

50,000

76,698

Additions acquired separately

3,524

-

3,524

At 31 December 2023

30,222

50,000

80,222

Amortisation

At 1 January 2023

2,670

31,667

34,337

Amortisation charge

3,022

5,000

8,022

At 31 December 2023

5,692

36,667

42,359

Carrying amount

At 31 December 2023

24,530

13,333

37,863

At 31 December 2022

24,028

18,333

42,361

 

Legology Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

9,410

9,410

At 31 December 2023

9,410

9,410

Depreciation

At 1 January 2023

5,539

5,539

Charge for the year

967

967

At 31 December 2023

6,506

6,506

Carrying amount

At 31 December 2023

2,904

2,904

At 31 December 2022

3,871

3,871

6

Stocks

2023
£

2022
£

Work in progress

111,490

67,345

Other inventories

191,855

210,172

303,345

277,517

7

Debtors

Current

2023
£

2022
£

Trade debtors

7,427

7,651

Prepayments

1,914

3,706

Other debtors

29,378

55,427

 

38,719

66,784

 

Legology Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

58,348

18,492

Trade creditors

 

52,235

20,578

Taxation and social security

 

11,756

11,397

Accruals and deferred income

 

4,179

10,401

Other creditors

 

1,561

1,010

 

128,079

61,878

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

116,937

25,285

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £0.00 each

2,209,316

221

2,209,316

221

       

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

15,687

25,285

Other borrowings

101,250

-

116,937

25,285

Current loans and borrowings

 

Legology Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2023
£

2022
£

Bank borrowings

9,598

9,356

Other borrowings

48,750

9,136

58,348

18,492

11

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

142,000

123,834

Contributions paid to money purchase schemes

2,642

2,641

144,642

126,475