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REGISTERED NUMBER: 14171302 (England and Wales)



Financial Statements for the Year Ended 31 December 2023

for

Legend Next (UK) Limited

Legend Next (UK) Limited (Registered number: 14171302)

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










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Legend Next (UK) Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: Mr Y Sha



SECRETARY: Ms J Li



REGISTERED OFFICE: 25 Wilton Road
Victoria
London
SW1V 1LW



REGISTERED NUMBER: 14171302 (England and Wales)



SENIOR STATUTORY AUDITOR: Suraj Shah BFP ACA FCCA



AUDITORS: BBK Partnership
Chartered Accountants
& Statutory Auditors
1 Beauchamp Court
10 Victors Way
Barnet
Hertfordshire
EN5 5TZ

Legend Next (UK) Limited (Registered number: 14171302)

Statement of Financial Position
31 December 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Intangible assets 4 437,920 489,440
Tangible assets 5 3,593 -
441,513 489,440

CURRENT ASSETS
Debtors 6 3,534,224 2,761,812
Cash at bank 424,191 126,034
3,958,415 2,887,846
CREDITORS
Amounts falling due within one year 7 (3,721,244 ) (2,799,091 )
NET CURRENT ASSETS 237,171 88,755
TOTAL ASSETS LESS CURRENT
LIABILITIES

678,684

578,195

CAPITAL AND RESERVES
Called up share capital 8 500,000 500,000
Retained earnings 9 178,684 78,195
SHAREHOLDERS' FUNDS 678,684 578,195

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 director and authorised for issue on 19 November 2024 and were signed by:





Mr Y Sha - Director


Legend Next (UK) Limited (Registered number: 14171302)

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


1. STATUTORY INFORMATION

Legend Next (UK) 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.

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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rendering of services
When the outcome of a transaction can be estimated reliably, turnover from the provision of services is recognised by reference to the stage of completion at the balance sheet date.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Other Intangible Assets are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment - 33% (Reducing Balance)

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.


Legend Next (UK) Limited (Registered number: 14171302)

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 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Legend Next (UK) Limited (Registered number: 14171302)

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


2. ACCOUNTING POLICIES - continued

Going concern
As part of their assessment of going concern, the directors of the company have considered the liquidity position and funding requirements for at least 12 months from the date of approval of these financial statements. The directors consider it appropriate to prepare the financial statement on a going concern basis.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Leases
Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 6 ) .

Legend Next (UK) Limited (Registered number: 14171302)

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


4. INTANGIBLE FIXED ASSETS
Other
Intangible
Assets
£   
COST
At 1 January 2023
and 31 December 2023 515,200
AMORTISATION
At 1 January 2023 25,760
Amortisation for year 51,520
At 31 December 2023 77,280
NET BOOK VALUE
At 31 December 2023 437,920
At 31 December 2022 489,440

5. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
Additions 4,876
At 31 December 2023 4,876
DEPRECIATION
Charge for year 1,283
At 31 December 2023 1,283
NET BOOK VALUE
At 31 December 2023 3,593

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 3,526,466 705,293
Other debtors 6,978 -
Prepayments and accrued income 780 2,056,519
3,534,224 2,761,812

Legend Next (UK) Limited (Registered number: 14171302)

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


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 2,357,634 2,241,907
Tax 29,683 18,342
Social security and other taxes 17,501 23,804
VAT 289,622 106,601
Other creditors 5,465 370,651
Accruals and deferred income 981,932 -
Accrued expenses 39,407 37,786
3,721,244 2,799,091

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
500,000 Ordinary £1 500,000 500,000

9. RESERVES
Retained
earnings
£   

At 1 January 2023 78,195
Profit for the year 100,489
At 31 December 2023 178,684

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Suraj Shah BFP ACA FCCA (Senior Statutory Auditor)
for and on behalf of BBK Partnership

11. RELATED PARTY DISCLOSURES

The trade creditors includes £1,543,439 (2022 : £2,226,962) owed to the ultimate parent company, Guizhou Baishan Cloud Technology Co., Ltd, incorporated in the Peoples Republic of China. Also included in trade creditors is £814,195 being owed to a fellow subsidiary company, Edgenext Legend Dynasty Pte Limited, a company incorporated in the Republic of Singapore.

Included in other creditors is £nil (2022: £370,651) being loans received from immediate parent company, Edgenext International Holdings Limited. This Loan is not interest bearing and considered to be payable on demand.

No compensation was paid to key management personnel during the year.

Legend Next (UK) Limited (Registered number: 14171302)

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


12. ULTIMATE CONTROLLING PARTY

The directors regard Edgenext International Holdings Limited, incorporated and existing under the laws of Cayman Islands as the immediate parent company.

The smallest and the largest group in which the results of the company is consolidated is Baishan Cloud Holdings Limited. The consolidated financial statements of the group are available from the ultimate parent located in offices of Maples Corporate Services Limited at PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands.