IRIS Accounts Production v24.3.2.46 12446262 director 1.4.23 31.3.24 31.3.24 0 0 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh124462622023-03-31124462622024-03-31124462622023-04-012024-03-31124462622022-03-31124462622022-04-012023-03-31124462622023-03-3112446262ns15:EnglandWales2023-04-012024-03-3112446262ns14:PoundSterling2023-04-012024-03-3112446262ns10:Director12023-04-012024-03-3112446262ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3112446262ns10:SmallEntities2023-04-012024-03-3112446262ns10:AuditExempt-NoAccountantsReport2023-04-012024-03-3112446262ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3112446262ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3112446262ns10:FullAccounts2023-04-012024-03-3112446262ns10:RegisteredOffice2023-04-012024-03-3112446262ns5:CurrentFinancialInstruments2024-03-3112446262ns5:CurrentFinancialInstruments2023-03-3112446262ns5:ShareCapital2024-03-3112446262ns5:ShareCapital2023-03-3112446262ns5:FurtherSpecificReserve3ComponentTotalEquity2024-03-3112446262ns5:FurtherSpecificReserve3ComponentTotalEquity2023-03-3112446262ns5:RetainedEarningsAccumulatedLosses2024-03-3112446262ns5:RetainedEarningsAccumulatedLosses2023-03-3112446262ns5:FurnitureFittings2023-04-012024-03-3112446262ns5:FurnitureFittings2023-03-3112446262ns5:FurnitureFittings2024-03-3112446262ns5:FurnitureFittings2023-03-3112446262ns5:WithinOneYearns5:CurrentFinancialInstruments2024-03-3112446262ns5:WithinOneYearns5:CurrentFinancialInstruments2023-03-31
REGISTERED NUMBER: 12446262 (England and Wales)










Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Legacy Investment Property Ltd

Legacy Investment Property Ltd (Registered number: 12446262)






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


Legacy Investment Property Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTOR: S Smith





REGISTERED OFFICE: 22 Church Street
Bishop Middleham
Ferryhill
DL17 9AF





REGISTERED NUMBER: 12446262 (England and Wales)





ACCOUNTANTS: SKS Bailey Group Limited
Wynyard Business Park
Wynyard Avenue
Billingham
Cleveland
TS22 5TB

Legacy Investment Property Ltd (Registered number: 12446262)

Balance Sheet
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 3 1,221 1,437
Investment property 4 140,000 140,000
141,221 141,437

CURRENT ASSETS
Debtors 5 - 181
Cash at bank 36,584 32,197
36,584 32,378
CREDITORS
Amounts falling due within one year 6 (152,998 ) (153,351 )
NET CURRENT LIABILITIES (116,414 ) (120,973 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

24,807

20,464

PROVISIONS FOR LIABILITIES (4,843 ) (4,843 )
NET ASSETS 19,964 15,621

CAPITAL AND RESERVES
Called up share capital 1 1
Fair value reserve 9 20,647 20,647
Retained earnings 9 (684 ) (5,027 )
19,964 15,621

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Legacy Investment Property Ltd (Registered number: 12446262)

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 director and authorised for issue on 6 February 2025 and were signed by:





S Smith - Director


Legacy Investment Property Ltd (Registered number: 12446262)

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

1. 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.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance

INVESTMENT PROPERTY
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

2. EMPLOYEES AND DIRECTORS

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

Legacy Investment Property Ltd (Registered number: 12446262)

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

3. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 April 2023
and 31 March 2024 2,140
DEPRECIATION
At 1 April 2023 703
Charge for year 216
At 31 March 2024 919
NET BOOK VALUE
At 31 March 2024 1,221
At 31 March 2023 1,437

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 140,000
NET BOOK VALUE
At 31 March 2024 140,000
At 31 March 2023 140,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2022 25,490
Cost 114,510
140,000

The valuation was made by directors on an open market value basis by reference to market evidence of transaction prices for similar properties. Deferred tax has been calculated on the revalued amounts and provided for within the financial statements.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors - 181

Legacy Investment Property Ltd (Registered number: 12446262)

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other loans (see note 7) 112,000 112,000
Other creditors 38,000 38,000
Directors' current accounts 2,349 2,349
Accruals and deferred income 649 1,002
152,998 153,351

7. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Mortgage 112,000 112,000

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Mortgage 112,000 112,000

9. RESERVES

PROFIT AND LOSS RESERVES
The Profit and loss account comprises all current and prior period retained profit and losses after deducting any
distributions made to the company's shareholders. This is a distributable reserve.

FAIR VALUE RESERVES
The Company uses the revaluation model for the measurement of its investment properties. The reserve records the revaluation surplus recognised less the related provision for deferred tax. This is a non distributable reserve.