REGISTERED NUMBER: |
LEGACY PERFORMANCE SPORTSWEAR LTD |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29TH JUNE 2024 |
REGISTERED NUMBER: |
LEGACY PERFORMANCE SPORTSWEAR LTD |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29TH JUNE 2024 |
LEGACY PERFORMANCE SPORTSWEAR LTD (REGISTERED NUMBER: 12085203) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29TH JUNE 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 | to | 3 |
Notes to the Financial Statements | 4 | to | 7 |
LEGACY PERFORMANCE SPORTSWEAR LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 29TH JUNE 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants & Registered Auditors |
16 Lambourne Crescent |
Cardiff Business Park |
Llanishen |
Cardiff |
CF14 5GF |
LEGACY PERFORMANCE SPORTSWEAR LTD (REGISTERED NUMBER: 12085203) |
BALANCE SHEET |
29TH JUNE 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
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 PERFORMANCE SPORTSWEAR LTD (REGISTERED NUMBER: 12085203) |
BALANCE SHEET - continued |
29TH JUNE 2024 |
The financial statements were approved by the director and authorised for issue on |
LEGACY PERFORMANCE SPORTSWEAR LTD (REGISTERED NUMBER: 12085203) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29TH JUNE 2024 |
1. | STATUTORY INFORMATION |
Legacy Performance Sportswear Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Fixtures and Fittings 20% straight line |
Plant and Machinery 20% straight line |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
LEGACY PERFORMANCE SPORTSWEAR LTD (REGISTERED NUMBER: 12085203) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29TH JUNE 2024 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 30th June 2023 |
and 29th June 2024 |
DEPRECIATION |
At 30th June 2023 |
Charge for year |
At 29th June 2024 |
NET BOOK VALUE |
At 29th June 2024 |
At 29th June 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
etc |
£ |
COST |
At 30th June 2023 |
and 29th June 2024 |
DEPRECIATION |
At 30th June 2023 |
Charge for year |
At 29th June 2024 |
NET BOOK VALUE |
At 29th June 2024 |
At 29th June 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
LEGACY PERFORMANCE SPORTSWEAR LTD (REGISTERED NUMBER: 12085203) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29TH JUNE 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts (see note 8) |
Trade creditors |
Taxation and social security |
Other creditors |
Included in other creditors is a balance of £376,979 (2023 - £268,617) due to one of the shareholders. |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts (see note 8) |
8. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year |
9. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 1,207 | 1,787 |
Deferred |
tax |
£ |
Balance at 30th June 2023 |
Provided during year | ( |
) |
Balance at 29th June 2024 |
LEGACY PERFORMANCE SPORTSWEAR LTD (REGISTERED NUMBER: 12085203) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29TH JUNE 2024 |
10. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the year ended 29th June 2024 and the period ended 29th June 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
The loan has been provided interest free. There is no fixed date for repayment. |
11. | ULTIMATE CONTROLLING PARTY |
The controlling party is A Franks. |
12. | GOING CONCERN |
The accounts have been prepared on the going concern basis. The shareholders have confirmed that they will continue to support the company until such time the balance sheet is positive. |