IRIS Accounts Production v24.2.0.383 04540172 Board of Directors 1.1.23 31.12.23 31.12.23 false true false false true false Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure045401722022-12-31045401722023-12-31045401722023-01-012023-12-31045401722021-12-31045401722022-01-012022-12-31045401722022-12-3104540172ns16:EnglandWales2023-01-012023-12-3104540172ns15:PoundSterling2023-01-012023-12-3104540172ns11:Director12023-01-012023-12-3104540172ns11:PrivateLimitedCompanyLtd2023-01-012023-12-3104540172ns11:SmallEntities2023-01-012023-12-3104540172ns11:AuditExempt-NoAccountantsReport2023-01-012023-12-3104540172ns11:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3104540172ns11:SmallCompaniesRegimeForAccounts2023-01-012023-12-3104540172ns11:FullAccounts2023-01-012023-12-3104540172ns11:OrdinaryShareClass12023-01-012023-12-3104540172ns11:Director22023-01-012023-12-3104540172ns11:RegisteredOffice2023-01-012023-12-3104540172ns6:CurrentFinancialInstruments2023-12-3104540172ns6:CurrentFinancialInstruments2022-12-3104540172ns6:Non-currentFinancialInstruments2023-12-3104540172ns6:Non-currentFinancialInstruments2022-12-3104540172ns6:ShareCapital2023-12-3104540172ns6:ShareCapital2022-12-3104540172ns6:SharePremium2023-12-3104540172ns6:SharePremium2022-12-3104540172ns6:RetainedEarningsAccumulatedLosses2023-12-3104540172ns6:RetainedEarningsAccumulatedLosses2022-12-3104540172ns6:LeaseholdImprovements2022-12-3104540172ns6:FurnitureFittings2022-12-3104540172ns6:LeaseholdImprovements2023-01-012023-12-3104540172ns6:FurnitureFittings2023-01-012023-12-3104540172ns6:LeaseholdImprovements2023-12-3104540172ns6:FurnitureFittings2023-12-3104540172ns6:LeaseholdImprovements2022-12-3104540172ns6:FurnitureFittings2022-12-3104540172ns6:WithinOneYearns6:CurrentFinancialInstruments2023-12-3104540172ns6:WithinOneYearns6:CurrentFinancialInstruments2022-12-3104540172ns6:AfterOneYearns6:Non-currentFinancialInstruments2023-12-3104540172ns6:AfterOneYearns6:Non-currentFinancialInstruments2022-12-3104540172ns6:BetweenTwoFiveYearsns6:Non-currentFinancialInstruments2023-12-3104540172ns6:BetweenTwoFiveYearsns6:Non-currentFinancialInstruments2022-12-3104540172ns6:Secured2023-12-3104540172ns6:Secured2022-12-3104540172ns6:DeferredTaxation2022-12-3104540172ns6:DeferredTaxation2023-12-3104540172ns11:OrdinaryShareClass12023-12-3104540172ns6:RetainedEarningsAccumulatedLosses2022-12-3104540172ns6:SharePremium2022-12-3104540172ns6:RetainedEarningsAccumulatedLosses2023-01-012023-12-31
REGISTERED NUMBER: 04540172 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

LEGACY LAND INVESTMENTS LIMITED

LEGACY LAND INVESTMENTS LIMITED (REGISTERED NUMBER: 04540172)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LEGACY LAND INVESTMENTS LIMITED

Company Information
for the Year Ended 31 December 2023







DIRECTORS: R I Basch
A J Margolis





REGISTERED OFFICE: Spitalfields House
Stirling Way
Borehamwood
Hertfordshire
WD6 2FX





REGISTERED NUMBER: 04540172 (England and Wales)





ACCOUNTANTS: Primera Accountants Limited
First Floor
Spitalfields House
Stirling Way
Borehamwood
Hertfordshire
WD6 2FX

LEGACY LAND INVESTMENTS LIMITED (REGISTERED NUMBER: 04540172)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 31,996 42,663
Investment property 5 12,850,000 12,850,000
12,881,996 12,892,663

CURRENT ASSETS
Debtors 6 319,091 830,791
Cash at bank 490,825 57,880
809,916 888,671
CREDITORS
Amounts falling due within one year 7 (102,682 ) (250,233 )
NET CURRENT ASSETS 707,234 638,438
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,589,230

13,531,101

CREDITORS
Amounts falling due after more than one
year

8

(3,300,000

)

(3,300,000

)

PROVISIONS FOR LIABILITIES 11 (886,676 ) (886,676 )

ACCRUALS AND DEFERRED INCOME (149,964 ) (92,931 )
NET ASSETS 9,252,590 9,251,494

CAPITAL AND RESERVES
Called up share capital 12 3,000,002 3,000,002
Share premium 13 37,002 37,002
Retained earnings 13 6,215,586 6,214,490
SHAREHOLDERS' FUNDS 9,252,590 9,251,494

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

LEGACY LAND INVESTMENTS LIMITED (REGISTERED NUMBER: 04540172)

Balance Sheet - continued
31 December 2023


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2024 and were signed on its behalf by:





A J Margolis - Director


LEGACY LAND INVESTMENTS LIMITED (REGISTERED NUMBER: 04540172)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Legacy Land Investments 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified to include the revaluation of the freehold property at its fair value.

These financial statements are the first produced in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 October 2016. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

Significant judgements and estimates
In the opinion of the directors, the value of the investment property is at least equal to the professional valuation of £12,850,000 dated 4 September 2020.

Tangible fixed assets
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Fixtures and fittings20% on cost
Improvements to property20% on cost

Investment property
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 end of the financial period.

Investment properties for which fair value can be measured reliably without undue cost or effort on an ongoing basis are measured at fair value annually with any change recognised to the profit and loss account.

LEGACY LAND INVESTMENTS LIMITED (REGISTERED NUMBER: 04540172)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Schedule 1A 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 and bank loans 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.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

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


LEGACY LAND INVESTMENTS LIMITED (REGISTERED NUMBER: 04540172)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and
property fittings Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 15,741 37,587 53,328
DEPRECIATION
At 1 January 2023 3,148 7,517 10,665
Charge for year 3,149 7,518 10,667
At 31 December 2023 6,297 15,035 21,332
NET BOOK VALUE
At 31 December 2023 9,444 22,552 31,996
At 31 December 2022 12,593 30,070 42,663

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 12,850,000
NET BOOK VALUE
At 31 December 2023 12,850,000
At 31 December 2022 12,850,000

LEGACY LAND INVESTMENTS LIMITED (REGISTERED NUMBER: 04540172)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. INVESTMENT PROPERTY - continued

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2008 1,962,572
Valuation in 2013 1,285,000
Valuation in 2015 5,860,000
Valuation in 2017 (360,000 )
Valuation in 2020 (1,150,000 )
Cost 5,252,428
12,850,000

If the investment property had not been revalued it would have been included at the following historical cost:

31.12.23 31.12.22
£    £   
Cost 5,252,428 5,252,428

The investment property was valued on an open market value basis on 4 September 2020 by Gerald Eve LLP .

6. DEBTORS
31.12.23 31.12.22
£    £   
Amounts falling due within one year:
Trade debtors 72,483 112,259
Other debtors 246,608 124,910
319,091 237,169

Amounts falling due after more than one year:
Other debtors - 593,622

Aggregate amounts 319,091 830,791

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 1,018 -
Taxation and social security 54,040 202,256
Other creditors 47,624 47,977
102,682 250,233

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans (see note 9) 3,300,000 3,300,000

LEGACY LAND INVESTMENTS LIMITED (REGISTERED NUMBER: 04540172)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. LOANS

An analysis of the maturity of loans is given below:

31.12.23 31.12.22
£    £   
Amounts falling due between two and five years:
Bank loans - 2-5 years 3,300,000 3,300,000

10. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans 3,300,000 3,300,000

The loans are secured by a fixed and floating charge over the assets of the company and a legal charge on the freehold property.

11. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax 886,676 886,676

Deferred
tax
£   
Balance at 1 January 2023 886,676
Balance at 31 December 2023 886,676

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
3,000,002 Ordinary £1 3,000,002 3,000,002

13. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2023 6,214,490 37,002 6,251,492
Profit for the year 161,096 161,096
Dividends (160,000 ) (160,000 )
At 31 December 2023 6,215,586 37,002 6,252,588

Included within profit and loss reserves is an amount of £6,210,896 (2022 - £6,210,896) which is non-distributable as this relates to investment property revaluation, net of deferred taxation.

LEGACY LAND INVESTMENTS LIMITED (REGISTERED NUMBER: 04540172)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

14. ULTIMATE CONTROLLING PARTY

The controlling party is Trustees of the S C Margolis Settlement.