REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2024 |
for |
Legislator 1656 Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 7 | 4,184,671 | 4,099,651 |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
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 |
NC Amounts due from subsidiary | 3,000,000 | 3,000,000 |
Amounts owed by subsidiary | 1,068,017 | 1,047,203 |
VAT |
Called up share capital not paid |
Prepayments |
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 |
Tax |
VAT | - | 1,248 |
Other creditors |
Accrued expenses |
7. | RESERVES |
Retained |
earnings |
£ |
At 1 April 2023 |
Profit for the year |
At 31 March 2024 |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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. |