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Company registration number: 10483728
Legacy Technologies Limited
Unaudited filleted financial statements
30 November 2024
THE BARKER PARTNERSHIP
Chartered Accountants
Thirsk
Legacy Technologies Limited
Contents
Directors and other information
Accountants report
Balance sheet
Notes to the financial statements
Legacy Technologies Limited
Directors and other information
Directors Mark Parle
Sean James Parle
Company number 10483728
Registered office Unit 1 Barugh Avenue
Melmerby
Ripon
North Yorkshire
HG4 5FG
Accountants The Barker Partnership
17 Central Buildings
Market Place
Thirsk
North Yorkshire
YO7 1HD
Legacy Technologies Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Legacy Technologies Limited
Year ended 30 November 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Legacy Technologies Limited for the year ended 30 November 2024 which comprise the Balance sheet and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Legacy Technologies Limited, as a body, in accordance with the terms of our engagement letter dated 7 August 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Legacy Technologies Limited and state those matters that we have agreed to state to the board of directors of Legacy Technologies Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Legacy Technologies Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Legacy Technologies Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Legacy Technologies Limited. You consider that Legacy Technologies Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Legacy Technologies Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
The Barker Partnership
Chartered Accountants
17 Central Buildings
Market Place
Thirsk
North Yorkshire
YO7 1HD
21 February 2025
Legacy Technologies Limited
Balance sheet
30 November 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 16,180 32,359
Tangible assets 6 11,236 13,767
_______ _______
27,416 46,126
Current assets
Stocks 5,000 5,000
Cash at bank and in hand 375,362 211,493
_______ _______
380,362 216,493
Creditors: amounts falling due
within one year 7 ( 158,619) ( 183,212)
_______ _______
Net current assets 221,743 33,281
_______ _______
Total assets less current liabilities 249,159 79,407
Provisions for liabilities ( 2,800) ( 3,400)
_______ _______
Net assets 246,359 76,007
_______ _______
Capital and reserves
Called up share capital 97 110
Capital redemption reserve 13 -
Profit and loss account 246,249 75,897
_______ _______
Shareholders funds 246,359 76,007
_______ _______
For the year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 21 February 2025 , and are signed on behalf of the board by:
Sean James Parle
Director
Company registration number: 10483728
Legacy Technologies Limited
Notes to the financial statements
Year ended 30 November 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Legacy Technologies Limited, Unit 1 Barugh Avenue, Melmerby, Ripon, North Yorkshire, HG4 5FG.
The principal of the business is that of data processing, hosting and related activities.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Combined other intangible assets - 3 - 5 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if, and only if, certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 5 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 33.33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2023: 8 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 December 2023 and 30 November 2024 111,771 111,771
_______ _______
Amortisation
At 1 December 2023 79,412 79,412
Charge for the year 16,179 16,179
_______ _______
At 30 November 2024 95,591 95,591
_______ _______
Carrying amount
At 30 November 2024 16,180 16,180
_______ _______
At 30 November 2023 32,359 32,359
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 December 2023 624 186,091 186,715
Additions - 3,956 3,956
_______ _______ _______
At 30 November 2024 624 190,047 190,671
_______ _______ _______
Depreciation
At 1 December 2023 324 172,624 172,948
Charge for the year 75 6,412 6,487
_______ _______ _______
At 30 November 2024 399 179,036 179,435
_______ _______ _______
Carrying amount
At 30 November 2024 225 11,011 11,236
_______ _______ _______
At 30 November 2023 300 13,467 13,767
_______ _______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts - 72,392
Corporation tax 96,873 56,060
Social security and other taxes 50,767 34,141
Other creditors 10,979 20,619
_______ _______
158,619 183,212
_______ _______
8. Operating leases
At the reporting date the company had future minimum lease payments under non-cancellable operating leases of £79,438 (2023 - £102,688).
9. Related party transactions
During the year the directors provided the company with interest free unsecured loans, which have no fixed repayment terms. The amount owed to the directors and included within creditors was
£274. (2023 - £274)