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Company registration number: 11843978
Southeast Legacies Ltd
Trading as Southeast Legacies
Unaudited filleted financial statements
31 July 2024
Southeast Legacies Ltd
Contents
Statement of financial position
Notes to the financial statements
Southeast Legacies Ltd
Statement of financial position
31 July 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 27,129 9,098
Investments 6 49,550 -
_______ _______
76,679 9,098
Current assets
Debtors 7 58,852 48,303
Cash at bank and in hand 116,990 175,198
_______ _______
175,842 223,501
Creditors: amounts falling due
within one year 8 ( 254,506) ( 261,417)
_______ _______
Net current liabilities ( 78,664) ( 37,916)
_______ _______
Total assets less current liabilities ( 1,985) ( 28,818)
Provisions for liabilities ( 6,782) ( 1,673)
_______ _______
Net liabilities ( 8,767) ( 30,491)
_______ _______
Capital and reserves
Called up share capital 200 200
Profit and loss account ( 8,967) ( 30,691)
_______ _______
Shareholders deficit ( 8,767) ( 30,491)
_______ _______
For the year ending 31 July 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 statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 24 April 2025 , and are signed on behalf of the board by:
Mr. A Rockliffe
Director
Company registration number: 11843978
Southeast Legacies Ltd
Notes to the financial statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Southeast Legacies Ltd, 17 Chatsworth Parade, Petts Wood, Orpington, Kent, BR5 1DF.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At 31 July 2024 the company had excess liabilities over assets totalling £8,767. The company is dependent upon the continued financial support of the directors and on the basis that this support is forthcoming, the directors consider it appropriate for the financial statements to be prepared on the going concern basis.
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.
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.
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:
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 25 % reducing balance
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.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 statement of financial position 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: 4 ).
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 August 2023 18,035 - 18,035
Additions 11,706 14,400 26,106
_______ _______ _______
At 31 July 2024 29,741 14,400 44,141
_______ _______ _______
Depreciation
At 1 August 2023 8,937 - 8,937
Charge for the year 5,375 2,700 8,075
_______ _______ _______
At 31 July 2024 14,312 2,700 17,012
_______ _______ _______
Carrying amount
At 31 July 2024 15,429 11,700 27,129
_______ _______ _______
At 31 July 2023 9,098 - 9,098
_______ _______ _______
6. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 August 2023 - -
Additions 49,550 49,550
_______ _______
At 31 July 2024 49,550 49,550
_______ _______
Impairment
At 1 August 2023 and 31 July 2024 - -
_______ _______
Carrying amount
At 31 July 2024 49,550 49,550
_______ _______
At 31 July 2023 - -
_______ _______
7. Debtors
2024 2023
£ £
Other debtors 58,852 48,303
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 7,800 -
Social security and other taxes 17,795 15,486
Other creditors 228,911 245,931
_______ _______
254,506 261,417
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr. A Rockliffe 8,270 ( 8,270) -
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr. A Rockliffe 8,270 - 8,270
_______ _______ _______
Amounts due from the directors are advanced on an interest free basis and are repayable on demand.
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2024 2023 2024 2023
£ £ £ £
Allied Law Limited 5,000 - 5,000 -
Will Custodian Limited 450 - 450 -
_______ _______ _______ _______
Amounts owed/ due from subsidiaries are advanced on an interest free basis and are repayble on demand.