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LEGACY ENTERTAINMENT GROUP LTD

(formerly LEGACY ENT GROUP LTD)

Registered Number
09800156
(England and Wales)

Unaudited Financial Statements for the Year ended
1 September 2024

LEGACY ENTERTAINMENT GROUP LTD
Company Information
for the year from 2 September 2023 to 1 September 2024

Directors

HANNON, Christopher Richard
HANNON, Kathleen

Registered Address

54 Wedmore Road
Newcastle Upon Tyne
NE5 5NR

Registered Number

09800156 (England and Wales)
LEGACY ENTERTAINMENT GROUP LTD
Balance Sheet as at
1 September 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets31,7132,505
1,7132,505
Current assets
Debtors78,7021,045
Cash at bank and on hand7711,167
79,4732,212
Creditors amounts falling due within one year4(63,177)(43,655)
Net current assets (liabilities)16,296(41,443)
Total assets less current liabilities18,009(38,938)
Creditors amounts falling due after one year5(43,489)(29,590)
Provisions for liabilities6(77,657)-
Net assets(103,137)(68,528)
Capital and reserves
Called up share capital11
Profit and loss account(103,138)(68,529)
Shareholders' funds(103,137)(68,528)
The financial statements were approved and authorised for issue by the Board of Directors on 31 May 2025, and are signed on its behalf by:
HANNON, Christopher Richard
Director
Registered Company No. 09800156
LEGACY ENTERTAINMENT GROUP LTD
Notes to the Financial Statements
for the year ended 1 September 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
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 policy
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.
Revenue from rendering of services
Revenue 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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Plant and machinery5
Fixtures and fittings5
Vehicles5
Office Equipment5
Trade and other 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.
Trade and other 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.
2.Average number of employees

20242023
Average number of employees during the year22
3.Tangible fixed assets

Plant & machinery

Office Equipment

Total

£££
Cost or valuation
At 02 September 231,0992,8583,957
At 01 September 241,0992,8583,957
Depreciation and impairment
At 02 September 232201,2321,452
Charge for year220572792
At 01 September 244401,8042,244
Net book value
At 01 September 246591,0541,713
At 01 September 238791,6262,505
4.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables-540
Bank borrowings and overdrafts26,3018,610
Amounts owed to related parties30,25727,922
Taxation and social security4343
Other creditors6,0006,000
Accrued liabilities and deferred income576540
Total63,17743,655
5.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts43,48929,590
Total43,48929,590
6.Provisions for liabilities
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

2024

2023

££
Other provisions77,657-
Total77,657-