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Registration number: 06803925

Legacy Project Solutions Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Legacy Project Solutions Ltd

Contents

Company Information

1

Director's Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

Legacy Project Solutions Ltd

Company Information

Director

Mr BJP Bryant

Registered office

9 Limes Road
Beckenham
Kent
BR3 6NS

Accountants

Jordan Ludlow & Associates Limited
Accountants
9 Limes Road
Beckenham
Kent
BR3 6NS

 

Legacy Project Solutions Ltd

Director's Report for the Year Ended 31 January 2024

The director presents his report and the financial statements for the year ended 31 January 2024.

Director of the company

The director who held office during the year was as follows:

Mr BJP Bryant

Principal activity

The principal activity of the company is drainage, surfacing and groundworks.

Small companies provision statement

This report has 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.

Approved and authorised by the director on 15 August 2024
 

.........................................
Mr BJP Bryant
Director

 

Legacy Project Solutions Ltd

(Registration number: 06803925)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

235,983

222,100

Current assets

 

Debtors

5

170,772

257,036

Cash at bank and in hand

 

322,274

316,230

 

493,046

573,266

Creditors: Amounts falling due within one year

6

(130,834)

(249,784)

Net current assets

 

362,212

323,482

Total assets less current liabilities

 

598,195

545,582

Creditors: Amounts falling due after more than one year

6

(93,839)

(80,421)

Provisions for liabilities

(48,125)

(27,775)

Net assets

 

456,231

437,386

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

456,230

437,385

Shareholders' funds

 

456,231

437,386

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 15 August 2024
 

.........................................
Mr BJP Bryant
Director

 

Legacy Project Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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:
9 Limes Road
Beckenham
Kent
BR3 6NS
England

The principal place of business is:
Unit 3 Meridian Centre
Vulcan Way
New Addington
Croydon
CR0 9UG
England

These financial statements were authorised for issue by the director on 15 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

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' 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.

 

Legacy Project Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Motor vehicles

20% per annum, straight line basis

Plant and machinery

20% per annum, straight line basis

Office equipment

25% per annum, reducing balance basis

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.

 

Legacy Project Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

2

Accounting policies (continued)

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2023 - 0).

 

Legacy Project Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 February 2023

2,082

256,418

88,122

346,622

Additions

-

120,007

3,417

123,424

Disposals

-

(81,917)

-

(81,917)

At 31 January 2024

2,082

294,508

91,539

388,129

Depreciation

At 1 February 2023

2,044

53,640

68,838

124,522

Charge for the year

38

43,116

10,952

54,106

Eliminated on disposal

-

(26,482)

-

(26,482)

At 31 January 2024

2,082

70,274

79,790

152,146

Carrying amount

At 31 January 2024

-

224,234

11,749

235,983

At 31 January 2023

38

202,778

19,284

222,100

5

Debtors

Current

2024
£

2023
£

Trade debtors

51,487

205,145

Prepayments

869

814

Other debtors

118,416

51,077

 

170,772

257,036

 

Legacy Project Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

63,651

69,579

Trade creditors

 

51,741

168,244

Taxation and social security

 

5,051

7,461

Accruals and deferred income

 

6,750

4,500

Other creditors

 

3,641

-

 

130,834

249,784

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

93,839

80,421

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

       

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

14,167

24,167

Hire purchase contracts

79,672

56,254

93,839

80,421

 

Legacy Project Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

8

Loans and borrowings (continued)

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

Hire purchase contracts

53,563

38,127

Other borrowings

88

21,452

63,651

69,579

9

Dividends

2024

2023

£

£

Interim dividend of £21,000.00 (2023 - £11,500.00) per ordinary share

21,000

11,500

 

 

10

Related party transactions

Dividends paid to the director

2024
£

2023
£

Mr BJP Bryant

Dividends paid

21,000

11,500