Company registration number 13299031 (England and Wales)
LEGACY GREEN ENERGY LIMITED
Unaudited Financial Statements
For The Period Ended 31 December 2023
Pages For Filing With Registrar
Legacy Green Energy Limited
LEGACY GREEN ENERGY LIMITED
Contents
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
Legacy Green Energy Limited
LEGACY GREEN ENERGY LIMITED
Accountants' Report To The Board Of Directors On The Preparation Of The Unaudited Statutory Financial Statements Of Legacy Green Energy Limited For The Period Ended 31 December 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Legacy Green Energy Limited for the Period ended 31 December 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Legacy Green Energy Limited, as a body, in accordance with the terms of our engagement letter dated 13 May 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Legacy Green Energy Limited and state those matters that we have agreed to state to the board of directors of Legacy Green Energy Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Legacy Green Energy Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Legacy Green Energy Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Legacy Green Energy Limited. You consider that Legacy Green Energy Limited is exempt from the statutory audit requirement for the Period.

We have not been instructed to carry out an audit or a review of the financial statements of Legacy Green Energy Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Chavereys Limited
12 September 2024
Chartered Accountants
The Goods Shed
Jubilee Way
Faversham
Kent
England
ME13 8GD
Legacy Green Energy Limited
LEGACY GREEN ENERGY LIMITED
Balance Sheet
As At 31 December 2023
31 December 2023
- 2 -
31 December 2023
31 March 2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
93,168
-
0
Current assets
Debtors
5
275
122,421
Cash at bank and in hand
21
178
296
122,599
Creditors: amounts falling due within one year
6
(96,460)
(124,190)
Net current liabilities
(96,164)
(1,591)
Net liabilities
(2,996)
(1,591)
Capital and reserves
Called up share capital
200
200
Profit and loss reserves
(3,196)
(1,791)
Total equity
(2,996)
(1,591)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 9 September 2024 and are signed on its behalf by:
SN Wragg
Director
Company registration number 13299031 (England and Wales)
Legacy Green Energy Limited
LEGACY GREEN ENERGY LIMITED
Notes To The Financial Statements
For The Period Ended 31 December 2023
- 3 -
1
Accounting policies
Company information

Legacy Green Energy Limited is a private company limited by shares incorporated in England and Wales. The registered office is Chavereys Limited, The Goods Shed, Jubilee Way, Faversham, Kent, England, ME13 8GD.

1.1
Reporting period

These accounts cover the nine month period from 1 April 2023 to 31 December 2023. Therefore, comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

 

The period was shortened for commercial reasons.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Prior period error

The prior year balance sheet has been restated due to an unrecognised share capital allotment in 2021. The previously reported balance for share capital was £100. There was a corresponding decrease in other creditors of £100. There was no effect on the profit and loss for the restated period.

1.4
Going concern

The directors have considered a period of 12 months from the date of approval of these financial statements in preparing their going concern assessment. The going concern assessment is depend on the shareholders providing financial support for at least 12 months from the date of signing these financial statements. The shareholders have indicated their intention to continue to make available such funds as are needed by the company and would not intend to seek repayment of the amounts due during the going concern assessment period.true

 

Consequently, the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

 

Assets under construction
Costs related to projects under construction are capitalised where, in the opinion of the directors, the related project is highly likely to be successfully constructed and the economic benefits arising from future operations will at least equal the amount of capitalised expenditure incurred to date and the cost can be measured reliably. Subsequently they are measure at cost as property, plant and equipment.

 

The company is not currently charging any depreciation on its projects under construction as the projects are not yet operational and the economic benefit of the assets have not started to flow into the business. Depreciation is charged from the date at which the asset is ready for use.

 

Once the project is completed and becomes operational, it will be depreciated over its useful economic life.

Legacy Green Energy Limited
LEGACY GREEN ENERGY LIMITED
Notes To The Financial Statements (Continued)
For The Period Ended 31 December 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Legacy Green Energy Limited
LEGACY GREEN ENERGY LIMITED
Notes To The Financial Statements (Continued)
For The Period Ended 31 December 2023
- 5 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the Period was:

2023
2023
Number
Number
Total
1
1
4
Tangible fixed assets
Assets in the course of construction
£
Cost
At 1 April 2023
-
0
Transfers
93,168
At 31 December 2023
93,168
Depreciation and impairment
At 1 April 2023 and 31 December 2023
-
0
Carrying amount
At 31 December 2023
93,168
At 31 March 2023
-
0
5
Debtors
2023
2023
Amounts falling due within one year:
£
£
Other debtors
275
122,421
6
Creditors: amounts falling due within one year
2023
2023
£
£
Trade creditors
1,294
1,294
Other creditors
95,166
122,896
96,460
124,190
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