Company registration number 04470357 (England and Wales)
LEGEND CERAMICS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
LEGEND CERAMICS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
Notes to the financial statements
3 - 6
LEGEND CERAMICS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
414,032
440,999
Investment properties
5
2,500,000
2,500,000
2,914,032
2,940,999
Current assets
Debtors
6
1,209,800
1,227,012
Cash at bank and in hand
60,771
54,044
1,270,571
1,281,056
Creditors: amounts falling due within one year
7
(3,621,483)
(3,441,669)
Net current liabilities
(2,350,912)
(2,160,613)
Total assets less current liabilities
563,120
780,386
Provisions for liabilities
(320,936)
(375,706)
Net assets
242,184
404,680
Capital and reserves
Called up share capital
10,000
10,000
Revaluation reserve
345,263
325,963
Fair value reserves
1,183,464
1,185,045
Profit and loss reserves
(1,296,543)
(1,116,328)
Total equity
242,184
404,680
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year 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 director acknowledges his 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 year 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.
LEGEND CERAMICS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 19 September 2024 and are signed on its behalf by:
Mr C J Tan
Director
Company Registration No. 04470357
LEGEND CERAMICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Legend Ceramics Limited is a private company limited by shares incorporated in England and Wales. The registered office is 293 Silverdale Road, Newcastle, Staffordshire, ST5 6EH.
1.1
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 have been prepared under the historical cost convention modified by the revaluation of certain assets. The principal accounting policies adopted are set out below.
The accounts have been prepared on the basis that the company has the continued support of its creditors and the recoverability of its debtors.
1.2
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is five years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Patents & licences
five years
1.4
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.
LEGEND CERAMICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
10% on reducing balance
Fixtures and fittings
15% on reducing balance
Computers
33% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
LEGEND CERAMICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
25,000
5,000
30,000
Amortisation and impairment
At 1 January 2023 and 31 December 2023
25,000
5,000
30,000
Carrying amount
At 31 December 2023
At 31 December 2022
4
Tangible fixed assets
Plant and machinery etc
£
Cost or valuation
At 1 January 2023
1,231,942
Additions
17,725
At 31 December 2023
1,249,667
Depreciation and impairment
At 1 January 2023
790,943
Depreciation charged in the year
44,692
At 31 December 2023
835,635
Carrying amount
At 31 December 2023
414,032
At 31 December 2022
440,999
The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
Plant & machinery
2023
2022
£
£
Cost
217,004
199,279
Accumulated depreciation
(148,235)
(140,594)
Carrying value
68,769
58,685
LEGEND CERAMICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
2,500,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out on 5th July 2022 by butters john bee, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
715
Other debtors
8,877
7,649
Amounts owed by associate undertakings
1,200,923
1,218,648
1,209,800
1,227,012
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
221
201
Taxation and social security
6,944
6,747
Other creditors
3,614,318
3,434,721
3,621,483
3,441,669
8
Prior period adjustment
A prior period adjustment has been made to transfer past depreciation charges on the revalued
proportion of the property, plant and equipment from the revalaution reserve to profit and loss reserves.
The prior period adjustment does not give rise to any effect upon total equity.