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REGISTERED NUMBER: 04950454 (England and Wales)















Financial Statements for the Year Ended 31 March 2024

for

Legislator 1657 Limited

Legislator 1657 Limited (Registered number: 04950454)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Legislator 1657 Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: M Brown
S P Hughes





SECRETARY: Norfolk County Council - NPLAW





REGISTERED OFFICE: City Hall
St Peter's Street
Norwich
Norfolk
NR2 1NH





REGISTERED NUMBER: 04950454 (England and Wales)





AUDITORS: Shaw & Co (Norfolk) Ltd
Chartered Certified Accountants
Statutory Auditor
3 Colegate
Norwich
Norfolk
NR3 1BN

Legislator 1657 Limited (Registered number: 04950454)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 8,383,500 8,565,500

CURRENT ASSETS
Debtors 5 5,662 11,425
Cash at bank 11,978 15,786
17,640 27,211
CREDITORS
Amounts falling due within one year 6 1,087,603 1,089,324
NET CURRENT LIABILITIES (1,069,963 ) (1,062,113 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,313,537

7,503,387

CREDITORS
Amounts falling due after more than
one year

7

(3,000,000

)

(3,000,000

)

PROVISIONS FOR LIABILITIES (1,515,808 ) (1,186,594 )
NET ASSETS 2,797,729 3,316,793

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 2,797,629 3,316,693
2,797,729 3,316,793

Legislator 1657 Limited (Registered number: 04950454)

Balance Sheet - continued
31 March 2024


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 21 November 2024 and were signed on its behalf by:





M Brown - Director


Legislator 1657 Limited (Registered number: 04950454)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Legislator 1657 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.

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

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 reporting end date.
Changes in fair value are 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 balance sheet date.

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.

Legislator 1657 Limited (Registered number: 04950454)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Going concern
The company does not have any external borrowings as any finance required is provided by the parent company, Legislator 1656 Limited, via an inter company loan account.

Legislator 1656 Limited has confirmed that it will continue to provide any financial support required for a period of at least twelve months from the date of signing these financial statements.

As a consequence, notwithstanding the net current asset position at the year end, the directors believe that the company is well placed to manage its business risk successfully despite the current uncertain economic outlook.
Accordingly, it remains appropriate to prepare the financial statements on a going concern basis.

Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources.

The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3. EMPLOYEES AND DIRECTORS

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 8,565,500
Revaluations (182,000 )
At 31 March 2024 8,383,500
NET BOOK VALUE
At 31 March 2024 8,383,500
At 31 March 2023 8,565,500

Legislator 1657 Limited (Registered number: 04950454)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. INVESTMENT PROPERTY - continued

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2024 (182,000 )
Valuation in 2023 689,400
Valuation in 2022 2,339,700
Valuation in 2020 3,216,132
Cost 2,320,268
8,383,500

If the investment properties had not been revalued they would have been included at the following historical cost:

31.3.24 31.3.23
£    £   
Cost 2,320,268 2,320,268

Investment property comprises two separate sites adjacent to Norwich International Airport and was valued at market value.
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 March 2024 by Liz MacDonald MRICS and Grant Brewer MRICS, NPS Property Consultants Limited.

In arriving at the valuation of the investment property the directors have been required to make a number of assumptions and estimates, including the area of land that is available for development, and the price per acre that can be achieved. Actual results may differ from these estimates.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 5,562 4,090
Other debtors 100 7,335
5,662 11,425

Legislator 1657 Limited (Registered number: 04950454)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 3,393 31,748
Taxation and social security 1,071,733 1,047,511
Other creditors 12,477 10,065
1,087,603 1,089,324

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.3.24 31.3.23
£    £   
Other creditors 3,000,000 3,000,000

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

The Report of the Auditors was unqualified.

Dominic Shaw (Senior Statutory Auditor)
for and on behalf of Shaw & Co (Norfolk) Ltd

9. ULTIMATE CONTROLLING PARTY

Legislator 1657 Limited is a wholly owned subsidiary of Legislator 1656 Limited.
The directors of Legislator 1656 Limited consider there to be no ultimate controlling party by virtue of both Norfolk County Council and Norwich City Council each holding 50% of the voting share capital of Legislator 1656 Limited.