Company Registration No. 08781340 (England and Wales)
LEGION HOUSE DEVELOPMENTS LTD
Unaudited accounts
for the year ended 30 November 2023
LEGION HOUSE DEVELOPMENTS LTD
Unaudited accounts
Contents
LEGION HOUSE DEVELOPMENTS LTD
Company Information
for the year ended 30 November 2023
Company Number
08781340 (England and Wales)
Registered Office
151 WHITELADIES ROAD
CLIFTON
BRISTOL
BS8 2RA
Accountants
FARQUHAR PARTNERSHIP LIMITED
151 WHITELADIES ROAD
CLIFTON
BRISTOL
BS8 2RA
LEGION HOUSE DEVELOPMENTS LTD
Statement of financial position
as at 30 November 2023
Tangible assets
23,835
27,538
Investment property
20,166,750
25,330,000
Cash at bank and in hand
89,974
61,435
Creditors: amounts falling due within one year
(357,891)
(565,859)
Net current liabilities
(70,712)
(372,004)
Total assets less current liabilities
20,119,873
24,985,534
Creditors: amounts falling due after more than one year
(9,081,993)
(10,366,672)
Provisions for liabilities
Deferred tax
(485,344)
(1,379,059)
Net assets
10,552,536
13,239,803
Called up share capital
4,680,000
4,680,000
Share premium
3,778,051
3,778,051
Fair value reserve
1,013,801
4,403,646
Profit and loss account
1,080,684
378,106
Shareholders' funds
10,552,536
13,239,803
For the year ending 30 November 2023 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 director acknowledges his 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 and authorised for issue on 13 November 2024 and were signed on its behalf by
M P Lewis
Director
Company Registration No. 08781340
LEGION HOUSE DEVELOPMENTS LTD
Notes to the Accounts
for the year ended 30 November 2023
LEGION HOUSE DEVELOPMENTS LTD is a private company, limited by shares, registered in England and Wales, registration number 08781340. The registered office is 151 WHITELADIES ROAD, CLIFTON, BRISTOL, BS8 2RA .
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.
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.
The accounts have been prepared under the historical cost convention.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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:
Plant & machinery
10% Reducing balance
Motor vehicles
25% Reducing balance
Fixtures & fittings
15% Reducing balance
Computer equipment
25% Reducing balance
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
LEGION HOUSE DEVELOPMENTS LTD
Notes to the Accounts
for the year ended 30 November 2023
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
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.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Government grants in relation to covid assistance are credited to profit and loss using the accruals model and are recognised in Other operating income.
LEGION HOUSE DEVELOPMENTS LTD
Notes to the Accounts
for the year ended 30 November 2023
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 December 2022
12,181
11,223
23,936
47,340
At 30 November 2023
12,538
11,223
24,496
48,257
At 1 December 2022
5,656
3,439
10,707
19,802
Charge for the year
1,092
1,460
2,068
4,620
At 30 November 2023
6,748
4,899
12,775
24,422
At 30 November 2023
5,790
6,324
11,721
23,835
At 30 November 2022
6,525
7,784
13,229
27,538
Fair value at 1 December 2022
25,330,000
Net loss from fair value adjustments
(3,074,650)
At 30 November 2023
20,166,750
Investment properties are recognised in the accounts at fair value based on Director's valuation. The historic cost of these investments were £17,721,427.
Amounts falling due within one year
Trade debtors
38,845
22,036
Accrued income and prepayments
3,397
4,101
Other debtors
153,963
105,283
LEGION HOUSE DEVELOPMENTS LTD
Notes to the Accounts
for the year ended 30 November 2023
8
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
274,353
366,448
Trade creditors
9,994
17,854
Taxes and social security
6,908
19,313
Other creditors
46,966
48,526
9
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
9,081,993
10,366,672
Creditors include secured bank loans of £9,356,345 (2022 - £10,733,120). The loans are secured by way of a fixed and floating charge over the company's property.
Allotted, called up and fully paid:
4,680,000 Ordinary shares of £1 each
4,680,000
4,680,000
11
Operating lease commitments
2023
2022
At 30 November 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
30,000
30,000
Later than one year and not later than five years
88,750
103,750
Later than five years
25,000
40,000
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Interest free loan, repayable on demand
39,768
2,389
42,157
-
13
Average number of employees
During the year the average number of employees was 5 (2022: 5).