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REGISTERED NUMBER: 11328597 (England and Wales)















W LEGACY LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






W LEGACY LTD (REGISTERED NUMBER: 11328597)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 5


W LEGACY LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: K P Wheat
Mrs C A Wheat





REGISTERED OFFICE: 4 Henley Way
Doddington Road
Lincoln
Lincolnshire
LN6 3QR





REGISTERED NUMBER: 11328597 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
4 Henley Way
Doddington Road
Lincoln
Lincolnshire
LN6 3QR

W LEGACY LTD (REGISTERED NUMBER: 11328597)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investments 4 2,275,776 2,064,489
Investment property 5 717,700 717,700
2,993,476 2,782,189

CURRENT ASSETS
Debtors 6 194,227 191,567
Investments 7 - 125,000
Cash at bank 39,331 172,000
233,558 488,567
CREDITORS
Amounts falling due within one year 8 145,863 154,014
NET CURRENT ASSETS 87,695 334,553
TOTAL ASSETS LESS CURRENT LIABILITIES 3,081,171 3,116,742

CREDITORS
Amounts falling due after more than one year 9 2,360,000 2,640,000
NET ASSETS 721,171 476,742

CAPITAL AND RESERVES
Called up share capital 10 12,100 12,100
Revaluation reserve 11 146,945 -
Retained earnings 562,126 464,642
721,171 476,742

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 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.

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 3 October 2024 and were signed on its behalf by:




K P Wheat - Director


W LEGACY LTD (REGISTERED NUMBER: 11328597)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

W Legacy Ltd 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
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 as modified by the revaluation of certain assets.

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

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Turnover and other income
Turnover represents amounts receivable for rental income and other investments.

Interest income is recognised using the effective interest method and dividend income is recognised as the company's right to receive payment is established.

3. EMPLOYEES AND DIRECTORS

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

W LEGACY LTD (REGISTERED NUMBER: 11328597)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 April 2023 2,064,489
Additions 1,059,153
Disposals (994,811 )
Revaluations 146,945
At 31 March 2024 2,275,776
NET BOOK VALUE
At 31 March 2024 2,275,776
At 31 March 2023 2,064,489

Cost or valuation at 31 March 2024 is represented by:

Other
investments
£   
Valuation in 2022 2,053,742
Valuation in 2023 10,747
Valuation in 2024 211,287
2,275,776

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 717,700
NET BOOK VALUE
At 31 March 2024 717,700
At 31 March 2023 717,700

6. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Other debtors 4,227 1,567

Amounts falling due after more than one year:
Other debtors 190,000 190,000

Aggregate amounts 194,227 191,567

7. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Other - 125,000

W LEGACY LTD (REGISTERED NUMBER: 11328597)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors - 307
Taxation and social security 23,673 31,647
Other creditors 122,190 122,060
145,863 154,014

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Other creditors 2,360,000 2,640,000

10. CALLED UP SHARE CAPITAL

Allotted:
Number: Class: Nominal 2024 2023
value £    £   
100 Ordinary £1 100 100
2,000 Ordinary A £1 2,000 2,000
3,000 Ordinary B £1 3,000 3,000
3,000 Ordinary C £1 3,000 3,000
3,000 Ordinary D £1 3,000 3,000
1,000 Ordinary E £1 1,000 1,000

12,100 12,100

11. RESERVES
Revaluation
reserve
£   
Revaluation 146,945

At 31 March 2024 146,945

Non Distributable Reserve

Where financial instruments and investment properties are measured at fair value, a transfer is made to the non-distributable reserve, instead of a transfer to retained earnings to assist with the identification of profits available for distribution.

12. POST BALANCE SHEET EVENTS

On 30th July 2024 it came to light that one of the investment properties held in the accounts will be impaired. At the date of signing the accounts, the exact figure is unknown but could be as much as 63% impairment.