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REGISTERED NUMBER: 04950453 (England and Wales)















Financial Statements for the Year Ended 31 March 2024

for

Legislator 1656 Limited

Legislator 1656 Limited (Registered number: 04950453)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Legislator 1656 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: 04950453 (England and Wales)





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

Legislator 1656 Limited (Registered number: 04950453)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Investments 4 100 100

CURRENT ASSETS
Debtors 5 4,089,318 4,049,538
Cash at bank 133,654 60,751
4,222,972 4,110,289
CREDITORS
Amounts falling due within one year 6 36,401 8,738
NET CURRENT ASSETS 4,186,571 4,101,551
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,186,671

4,101,651

CAPITAL AND RESERVES
Called up share capital 2,000 2,000
Retained earnings 7 4,184,671 4,099,651
4,186,671 4,101,651

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 1656 Limited (Registered number: 04950453)

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

1. STATUTORY INFORMATION

Legislator 1656 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.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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.

Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

3. EMPLOYEES AND DIRECTORS

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

Legislator 1656 Limited (Registered number: 04950453)

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

4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 100
NET BOOK VALUE
At 31 March 2024 100
At 31 March 2023 100

Legislator 1657 Limited (a company incorporated in England & Wales) is a wholly owned subsidiary of Legislator 1656 Limited. The share capital owned in Legislator 1657 Limited consists of 100 Ordinary A shares.

Legislator 1657 Limited's principal activity is that of leasing investment properties, and for the period ended 31st March 2024, Legislator 1657 Limited made a loss after tax of £519,064 (2023 - £527,088) and at that date had net assets of £2,797,729 (2023 - £3,316,793).

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Other debtors - 335
NC Amounts due from subsidiary 3,000,000 3,000,000
Amounts owed by subsidiary 1,068,017 1,047,203
VAT 18,753 -
Called up share capital not paid 2,000 2,000
Prepayments 548 -
4,089,318 4,049,538

The loan to Legislator 1657 Limited of £3,000,000 is repayable on demand and has not been impaired this year (2023 - £3,000,000) to reflect the recoverable amount of the loan at the year end.
Interest is payable each quarter on the loan at a rate of 2% above bank base rate.
Additional interest at 3% above bank base rate is payable in the event payments are not made.
The Directors have confirmed that Legislator 1656 Limited will not demand repayment of the loan within 12 months from the date of signing these accounts, and that all interest charges for the year ended 31 March 2024 and 31 March 2023 have been waived.

Amounts owed by subsidiary undertakings include payments and expenses made by Legislator 1656 Limited on behalf of Legislator 1657 Limited. These amounts are interest free, unsecured and repayable on demand.

Legislator 1656 Limited (Registered number: 04950453)

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 - 384
Tax 11,901 -
VAT - 1,248
Other creditors 20,000 2,576
Accrued expenses 4,500 4,530
36,401 8,738

7. RESERVES
Retained
earnings
£   

At 1 April 2023 4,099,653
Profit for the year 85,018
At 31 March 2024 4,184,671

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

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.