Registered number
SC699132
Run Legacy Ltd
Filleted Accounts
31 May 2024
Run Legacy Ltd
Registered number: SC699132
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Current assets
Debtors 3 1,753 3,649
Cash at bank and in hand 18,389 2,466
20,142 6,115
Creditors: amounts falling due within one year 4 (9,157) (3,724)
Net current assets 10,985 2,391
Total assets less current liabilities 10,985 2,391
Creditors: amounts falling due after more than one year 5 (15,000) -
Net (liabilities)/assets (4,015) 2,391
Capital and reserves
Called up share capital 1,036 1,036
Share premium 17,964 17,964
Profit and loss account (23,015) (16,609)
Shareholder's funds (4,015) 2,391
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
B Lee
Director
Approved by the board on 16 January 2025
Run Legacy Ltd
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Debtors 2024 2023
£ £
Trade debtors 1,753 1,072
Directors loan account - 2,577
1,753 3,649
4 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 2,815 2,058
Directors loan account 5,727 -
Taxation and social security costs 615 1,666
9,157 3,724
5 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 15,000 -
6 Other information
Run Legacy Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
30/5 Hardengreen Industrial Estate
Dalkeith
United Kingdom
EH22 3NX
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