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Company Registration No. 09590941 (England and Wales)
Legatics Limited Unaudited accounts for the year ended 31 May 2024
Legatics Limited Unaudited accounts Contents
Page
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Legatics Limited Company Information for the year ended 31 May 2024
Directors
Anthony Seale Daniel Porus
Company Number
09590941 (England and Wales)
Registered Office
71-75 Shelton Street London WC2H 9JQ
Accountants
The Accountancy Cloud 1 Fore Street Avenue London EC2Y 9DT
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Legatics Limited Statement of financial position as at 31 May 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
13,308 
16,413 
Current assets
Debtors
958,614 
487,909 
Cash at bank and in hand
2,526,752 
466,369 
3,485,366 
954,278 
Creditors: amounts falling due within one year
(2,346,347)
(1,800,740)
Net current assets/(liabilities)
1,139,019 
(846,462)
Net assets/(liabilities)
1,152,327 
(830,049)
Capital and reserves
Called up share capital
12 
12 
Share premium
99,998 
99,998 
Profit and loss account
1,052,317 
(930,059)
Shareholders' funds
1,152,327 
(830,049)
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 29 November 2024 and were signed on its behalf by
Anthony Seale Director Company Registration No. 09590941
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Legatics Limited Notes to the Accounts for the year ended 31 May 2024
1
Statutory information
Legatics Limited is a private company, limited by shares, registered in England and Wales, registration number 09590941. The registered office is 71-75 Shelton Street, London , WC2H 9JQ .
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Going concern
The accounts have been prepared on the assumption that the company is able to carry on business as a going concern for the foreseeable future.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
33% Straight Line
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Research and development tax credit
During the financial year, Legatics Ltd received a tax credit for qualifying research and development expenditure under the Research and Development tax relief scheme. This is presented as a tax repayment in the Income Statement in line with disclosure requirements under FRS 102.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
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Legatics Limited Notes to the Accounts for the year ended 31 May 2024
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Staff Turnover
During the year, the average number of employees was 35 (2022: 34). Other staff were engaged under contractor arrangements and the total headcount (employees and contractors) at the end of the accounting period was 56 (2023: 60).
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Computer equipment 
£ 
Cost or valuation
At cost 
At 1 June 2023
58,288 
Additions
7,028 
At 31 May 2024
65,316 
Depreciation
At 1 June 2023
41,875 
Charge for the year
10,133 
At 31 May 2024
52,008 
Net book value
At 31 May 2024
13,308 
At 31 May 2023
16,413 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
860,715 
426,622 
Accrued income and prepayments
73,558 
32,946 
Other debtors
24,341 
28,341 
958,614 
487,909 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
VAT
233,425 
133,228 
Trade creditors
45,701 
141,373 
Amounts owed to group undertakings and other participating interests
- 
3,181 
Taxes and social security
108,347 
7,407 
Other creditors
2,470 
253,329 
Accruals
116,678 
78,701 
Deferred income
1,839,726 
1,183,521 
2,346,347 
1,800,740 
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Legatics Limited Notes to the Accounts for the year ended 31 May 2024
7
Transactions with related parties
During the year, an intra-group creditor balance of £3,955,021 that was owed to their parent company, Legatics Holding Limited, was written off and thus moved the company from a trading loss to a profit making entity. The balance was posted to Bad Debts in the Income Statement. At the year end, £nil (2023: £3,181) was owed to their parent company, Legatics Holding Limited. The amount is interest-free and repayable on demand.
8
Average number of employees
During the year the average number of employees was 35 (2023: 34).
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