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REGISTERED NUMBER: 09946509 (England and Wales)










Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Legend Sailing Limited

Legend Sailing Limited (Registered number: 09946509)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Legend Sailing Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: Mr R H Banim





REGISTERED OFFICE: c/o Haines Watts Chester
Military House
24 Castle Street
Chester
Cheshire
CH1 2DS





REGISTERED NUMBER: 09946509 (England and Wales)





ACCOUNTANTS: Haines Watts
Military House
24 Castle Street
Chester
Cheshire
CH1 2DS

Legend Sailing Limited (Registered number: 09946509)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 91,958 70,000
Investment property 5 550,000 584,607
641,958 654,607

CURRENT ASSETS
Debtors 6 6,317 3,230
Cash at bank 6,508 795
12,825 4,025
CREDITORS
Amounts falling due within one year 7 809,878 766,186
NET CURRENT LIABILITIES (797,053 ) (762,161 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(155,095

)

(107,554

)

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (155,195 ) (107,654 )
(155,095 ) (107,554 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 August 2024 and were signed by:




Mr R H Banim - Director


Legend Sailing Limited (Registered number: 09946509)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Legend Sailing 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.

The financial statements are presented in sterling, which is functional currency of the company, rounded to the nearest £1.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding rebates, discounts, value added tax and other sales taxes. Turnover from the rendering of services is recognised by the stage of completion of the contract.

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 reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Going concern
At the year end the company's liabilities exceeded its assets by £155,095 and as such the company's ability to continue to operate depends on the support of its Directors. The Financial Statements have been prepared on a going concern basis as the Director' intend to give their support for the foreseeable future.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

Legend Sailing Limited (Registered number: 09946509)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 April 2023 135,064 - 135,064
Additions 33,781 2,611 36,392
At 31 March 2024 168,845 2,611 171,456
DEPRECIATION
At 1 April 2023 65,064 - 65,064
Charge for year 13,781 653 14,434
At 31 March 2024 78,845 653 79,498
NET BOOK VALUE
At 31 March 2024 90,000 1,958 91,958
At 31 March 2023 70,000 - 70,000

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 584,607
Impairments (34,607 )
At 31 March 2024 550,000
NET BOOK VALUE
At 31 March 2024 550,000
At 31 March 2023 584,607

The historic cost of this investment is £584,607.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Other debtors 6,317 3,230

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 88 6,835
Amounts owed to group undertakings 530,000 350,000
Other creditors 279,790 409,351
809,878 766,186

Legend Sailing Limited (Registered number: 09946509)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. RELATED PARTY DISCLOSURES

The balance owing to the director as at 31.03.2024 is £313,592 (2023 £313,592). The loan is unsecured, interest free and repayable on demand.

The balance owing to the D shareholders as at 31.03.2024 is £90,000 (2023 £90,000). The loan is unsecured, interest free and repayable on demand.