Company registration number 01770995 (England and Wales)
MAINLEGION LIMITED
Unaudited financial statements
For the year ended 31 December 2023
Pages for filing with registrar
55 L
oudoun Road
St J
ohn's Wood
Lon
don NW8 0DL
MAINLEGION LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
MAINLEGION LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
644,866
644,866
Current assets
Debtors
4
4,572,472
6,524,992
Cash at bank and in hand
5,871,298
3,367,378
10,443,770
9,892,370
Creditors: amounts falling due within one year
5
(420,343)
(367,321)
Net current assets
10,023,427
9,525,049
Net assets
10,668,293
10,169,915
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
10,668,291
10,169,913
Total equity
10,668,293
10,169,915
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 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 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 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.
The financial statements were approved by the board of directors and authorised for issue on 18 September 2024 and are signed on its behalf by:
S B Katz
Director
Company registration number 01770995 (England and Wales)
MAINLEGION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents the amounts receivable for rental income.
1.3
Investment properties
Investment property is carried at cost and therefore the policy is not in accordance with Section 1A of Financial Reporting Standard 102. The financial statements may not show a true and fair view.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Taxation
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
5
5
3
Investment property
2023
£
Cost
At 1 January 2023 and 31 December 2023
644,866
MAINLEGION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
4,572,472
6,524,992
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
55,267
Corporation tax
214,780
227,402
Other taxation and social security
55,196
55,009
Other creditors
95,100
84,910
420,343
367,321
6
Related party transactions
The Company rents its property to the David Zetland Settlement Trust, in which the directors have beneficial interests, for £1,000,000 per annum. At 31 December 2023 £1,467,032 (2022: £3,467,032) was owed to the Company by the David Zetland Settlement Trust.
7
Company information
Mainlegion Limited is a private company limited by shares incorporated in England and Wales. The registered office is Zetland House, 5-25 Scrutton Street, London, EC2A 4HJ.
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 £.