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Registered number: 09346768














LEGENDRE COMPANY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

 
LEGENDRE COMPANY LIMITED
 
 
COMPANY INFORMATION


Directors
O Roualec 
Groupe Legendre 
G Charmetant 




Registered number
09346768



Registered office
5 Elstree Gate
Elstree Way

Borehamwood

Hertfordshire

WD6 1JD




Independent auditors
Sopher + Co LLP
Chartered Accountants & Statutory Auditors

5 Elstree Gate

Elstree Way

Borehamwood

Hertfordshire

WD6 1JD





 
LEGENDRE COMPANY LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Consolidated Statement of Comprehensive Income
 
9
Consolidated Statement of Financial Position
 
10 - 11
Company Statement of Financial Position
 
12
Consolidated Statement of Changes in Equity
 
13
Company Statement of Changes in Equity
 
13
Consolidated Statement of Cash Flows
 
14 - 15
Notes to the Financial Statements
 
16 - 29


 
LEGENDRE COMPANY LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The directors present their Group Strategic Report for the year ended 31 December 2024.

Business review
 
Despite challenging economic conditions, the directors are pleased to report a Group turnover of £32m (2023 - £50m) and a profit after taxation of £1.8m (2023 - £3.1m).
Our London based subsidiary, Legendre UK Limited, has now been performing strongly and consistently for the last few years, with a stable profit and a steady turnover. The year 2024 has seen the successful handover of our Shorts Garden project, good progress on The Heights and Sheepcote Road projects and the start of our Peterborough Road project.
The Group's investment activities in the UK are secured as well with the redemption of our loan on the Sheepcote Road project on track to be delivered by mid 2025. At the same time, other investments have been concluded with a facility being put in place for the Peterborough Road project which Legendre UK is currently delivering. 
Our Real Estate activities in Jersey on the Horizon project have performed extremely well and have been profitable overall. The Horizon project, which involves the designing and building of three buildings including residential, offices and shopping facilities, is being undertaken by Waterfront Development (6C) Limited, which is a joint venture between Legendre Real Estate Limited and the State of Jersey. After the successful completion of the Horizon project in 2024, Legendre Contractors Limited focus has been on identifying new opportunities. It entered into a PCSA mid 2024 to deliver a further 139 homes.
The Group Legendre commitment to the UK market remains extremely strong and the strategic focus remains to build a strong reputation for meeting customer needs and delivering complex and high value projects on time. This has resulted in more solicitation from potential clients and an ever growing pipeline.
The directors continue to have a positive outlook for the future and the Group’s order book remains healthy.
In addition to its construction activities in the UK and Jersey, the strategic focus of the Group is to develop its investment and development activities:
Investment activities
Our investment into the Sheepcote Road project will continue to generate income in 2025.
A new facility has been put in place for the Peterborough Road project, with a maturity mid 2027.
Development activities
Following the arrival of Nicolas Swiderski in 2023, to head our development and real estate activities, we have continued our development in this area. With more than 20 years experience in real estate in France, UK and Australia, Nicolas is a key asset to push our property development business. It has translated into two separate acquisition and shareholding by Legendre UK parent company. This will result in turnover at the end of 2025 and 2026, when these project secure planning permissions, of which one has already been secured.
We have submitted planning application for our Hammersmith project and envisage a positive outcome with planning permission mid 2025. We aim for works to start construction in 2026.
A further minority stake was also taken in the Lakeside project at the beginning of 2024, with a view to deliver 430 beds. Planning is on track to obtain consent in 2025.
We remain active on the market and are screening further opportunities.

Page 1

 
LEGENDRE COMPANY LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Principal risks and uncertainties
 
The Group faces a number of principal risks and uncertainties comprising:
 
Market risk relating to the state of the UK construction industry
Impact and implementation of the new Building Safety Act. This has lead to considerable delays in project starts on site which makes resources and turnover forecasting challenging;
Remaining high interest rates which render project viability extremely challenging; and
Business and sub-contractor failure.

Our people
The future success of the business depends on the successful recruitment and retention of key management, employees and subcontractors in a highly competitive market. We are pleased to report a stable workforce with a very low turnover rate.

Health and safety
Construction is a high risk activity and maintaining health and safety is a priority. Our health and safety performance remain very good and well above our competitors. We continue to benchmark ourselves against the Tier 1 and top performers of the industry.

Financial key performance indicators
 
The directors consider the financial key performance indicators of the business to be turnover and gross profit as set out in the Consolidated Statement of Comprehensive Income on page 9.

Other key performance indicators
 
The directors consider other key performance indicators of the Group to be client satisfaction, defects on construction projects and health and safety of its staff and contractors on construction site.

Directors' statement of compliance with duty to promote the success of the Group
 
The directors consider the successful running of the Group and the Company centres around their long-term strategy of maintaining a sustainable, profitable business with brand reputation at its centre. The directors consider that they have acted in the way they consider, in good faith, would be most likely to promote the success of the Group for the benefit of its members as a whole (having regard to the stakeholders and matters set out in S172(1)(a-f) of the Act) in the decisions taken during the financial year ended 31 December 2024. 


This report was approved by the board on 3 June 2025 and signed on its behalf.



G Charmetant
Director

Page 2

 
LEGENDRE COMPANY LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors

The directors who served during the year were:

O Roualec 
Groupe Legendre 
G Charmetant 

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £1,755,599 (2023 - £3,081,409).

The directors do not recommend the payment of a final dividend (2023 - £Nil).

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Future developments

The Group remains confident that it is well positioned to take advantage of opportunities in the market.
In the current economic context, we are focusing on niche markets with the most potential for value creation. The co-living sector and the repositioning of existing assets fits this description and are currently are our main targets.
The directors continue to have a positive outlook for the future and the Group’s order book remains healthy.

Page 3

 
LEGENDRE COMPANY LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Event since reporting period

There have been no significant events affecting the Group since the reporting date.

Auditors

Under section 487(2) of the Companies Act 2006Sopher + Co LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 3 June 2025 and signed on its behalf.
 





G Charmetant
Director

Page 4

 
LEGENDRE COMPANY LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEGENDRE COMPANY LIMITED
 

Opinion


We have audited the financial statements of Legendre Company Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Group Statement of Comprehensive Income, the Group and Company Statements of Financial Position, the Group Statement of Cash Flows, the Group and Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statementsour responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. 
 
Page 5

 
LEGENDRE COMPANY LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEGENDRE COMPANY LIMITED (CONTINUED)

If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
LEGENDRE COMPANY LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEGENDRE COMPANY LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including
fraud and non-compliance with laws and regulations, was as follows:
 
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 
we identified the laws and regulations applicable to the Group through discussions with directors and other management, and from our commercial knowledge and experience of the property construction sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Group, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and 
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 

We assessed the susceptibility of the Group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 
 
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; 
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and 
understanding the design of the Group’s remuneration policies. 

To address the risk of fraud through management bias and override of controls, we: 
 
performed analytical procedures to identify any unusual or unexpected relationships; 
tested journal entries to identify unusual transactions; 
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and 
investigated the rationale behind significant or unusual transactions. 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 
 
agreeing financial statement disclosures to underlying supporting documentation; 
enquiring of management as to actual and potential litigation and claims; and 
reviewing correspondence with HMRC and relevant regulators.

 
Page 7

 
LEGENDRE COMPANY LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEGENDRE COMPANY LIMITED (CONTINUED)

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. 
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Stephen Iseman FCA (Senior Statutory Auditor)
  
for and on behalf of
Sopher + Co LLP
 
Chartered Accountants
Statutory Auditors
  
5 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD

3 June 2025
Page 8

 
LEGENDRE COMPANY LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024


2024
2023
Note
£
£

Group and share of joint ventures' turnover
  
32,279,617
62,019,191

Less: share of joint ventures' turnover
  
(190,897)
(11,881,558)

Group turnover
 4 
32,088,720
50,137,633

Cost of sales
  
(26,404,221)
(48,478,342)

Gross profit
  
5,684,499
1,659,291

Administrative expenses
  
(5,823,346)
(5,691,727)

Other operating income
 5 
1,146,760
125,192

Operating profit/(loss)
  
1,007,913
(3,907,244)

Share of profit of joint venture
  
149,788
9,388,338

Total operating profit
  
1,157,701
5,481,094

Interest receivable and similar income
 9 
598,246
230,192

Interest payable and similar expenses
 10 
-
(562,645)

Profit before tax
  
1,755,947
5,148,641

Taxation
 11 
-
(2,062,500)

Profit for the financial year
  
1,755,947
3,086,141

Profit for the year attributable to:
  

Non-controlling interest
  
348
4,732

Owners of the parent company
  
1,755,599
3,081,409

  
1,755,947
3,086,141

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 16 to 29 form part of these financial statements.

Page 9

 
LEGENDRE COMPANY LIMITED
REGISTERED NUMBER:09346768

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
6,461
18,766

Investments
 13 
2,518,968
4,868,744

  
2,525,429
4,887,510

Current assets
  

Stocks
 14 
-
596,751

Debtors: amounts falling due after more than one year
 15 
12,870,546
6,493,115

Debtors: amounts falling due within one year
 15 
6,302,107
9,150,749

Cash at bank and in hand
 16 
498,886
5,857,675

  
19,671,539
22,098,290

Current liabilities
  

Creditors: amounts falling due within one year
 17 
(6,556,098)
(13,384,726)

Net current assets
  
 
 
13,115,441
 
 
8,713,564

Total assets less current liabilities
  
15,640,870
13,601,074

Creditors: amounts falling due after more than one year
 18 
(1,322,600)
(1,464,277)

Provisions for liabilities
  

Other provisions
 19 
(433,481)
(7,955)

Net assets
  
13,884,789
12,128,842


Capital and reserves
  

Called up share capital 
 20 
26,001,000
26,001,000

Profit and loss account
 21 
(11,890,488)
(13,646,087)

Equity attributable to owners of the parent Company
  
14,110,512
12,354,913

Non-controlling interests
  
(225,723)
(226,071)

  
13,884,789
12,128,842


Page 10

 
LEGENDRE COMPANY LIMITED
REGISTERED NUMBER:09346768
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 June 2025.




G Charmetant
Director

The notes on pages 16 to 29 form part of these financial statements.

Page 11

 
LEGENDRE COMPANY LIMITED
REGISTERED NUMBER:09346768

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 13 
4,874,408
3,236,162

Current assets
  

Debtors: amounts falling due after more than one year
 15 
10,617,235
4,752,362

Debtors: amounts falling due within one year
 15 
1,655,132
3,298,236

Cash at bank and in hand
  
484,911
327,017

  
12,757,278
8,377,615

Current liabilities
  

Creditors: amounts falling due within one year
 17 
(6,267,085)
(4,757,067)

Net current assets
  
 
 
6,490,193
 
 
3,620,548

Net assets
  
11,364,601
6,856,710


Capital and reserves
  

Called up share capital 
 20 
26,001,000
26,001,000

Profit and loss account carried forward
  
(14,636,399)
(19,144,290)

  
11,364,601
6,856,710


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 June 2025.




G Charmetant
Director

The notes on pages 16 to 29 form part of these financial statements.

Page 12

 
LEGENDRE COMPANY LIMITED
 

 
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity

£
£
£
£
£


At 1 January 2023
26,001,000
(16,727,496)
9,273,504
(230,803)
9,042,701



Profit for the year
-
3,081,409
3,081,409
4,732
3,086,141



At 1 January 2024
26,001,000
(13,646,087)
12,354,913
(226,071)
12,128,842



Profit for the year
-
1,755,599
1,755,599
348
1,755,947


At 31 December 2024
26,001,000
(11,890,488)
14,110,512
(225,723)
13,884,789



 
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2023
26,001,000
(15,654,042)
10,346,958



Loss for the year
-
(3,490,248)
(3,490,248)



At 1 January 2024
26,001,000
(19,144,290)
6,856,710



Profit for the year
-
4,507,891
4,507,891


At 31 December 2024
26,001,000
(14,636,399)
11,364,601


Page 13

 
LEGENDRE COMPANY LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,755,947
3,086,141

Adjustments for:

Depreciation of tangible assets
9,308
17,694

Loss on disposal of tangible assets
5,995
-

Interest payable
-
562,645

Interest receivable
(598,246)
(230,192)

Decrease/(increase) in stocks
596,751
(596,751)

Increase in debtors
(2,196,987)
(3,652,105)

Decrease in amounts owed by joint ventures
-
7,675,000

(Decrease)/increase in creditors
(4,684,216)
1,988,259

Decrease in amounts owed to parent company
(3,187,752)
(2,988,692)

Increase/(decrease) in provisions
425,526
(1,260,363)

Share of profit in joint ventures
(149,788)
(9,388,338)

Corporation tax receivable
(476,269)
-

Net cash used in operating activities

(8,499,731)
(4,786,702)

Cash flows from investing activities

Purchase of tangible fixed assets
(2,998)
(886)

Purchase of share in associates
(436)
-

Interest received
598,246
230,192

Dividends received from joint ventures
2,500,000
10,312,500

Net cash from investing activities

3,094,812
10,541,806
Page 14

 
LEGENDRE COMPANY LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


2024
2023

£
£



Cash flows used in financing activities

Interest paid
-
(562,645)

Net cash used in financing activities
-
(562,645)


Net (decrease)/increase in cash and cash equivalents
(5,404,919)
5,192,459

Cash and cash equivalents at beginning of year
5,857,675
665,216

Cash and cash equivalents at the end of year
452,756
5,857,675


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
498,886
5,857,675

Bank overdrafts
(46,130)
-

452,756
5,857,675


The notes on pages 16 to 29 form part of these financial statements.

Page 15

 
LEGENDRE COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Legendre Company Limited is a private limited liability company incorporated in England and Wales, with its business address at 3 Waterhouse Square, 138 Holborn, London, EC1N 2SW and its registered office address at 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, WD6 1JD.
The principal activity of the Group continued to be that of property development and construction services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue for services is recognised in the period in which the services are provided.
The Group recognises revenue from contracts with customers predominantly from the construction and sale of residential and commercial properties. Revenue from customer contracts is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The Group recognises revenue on stage on completion.

 
2.4

Valuation of investments

Investments in subsidiaries and joint ventures are measured at cost less accumulated impairment.

Page 16

 
LEGENDRE COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Pensions

Defined contribution pension plan
The Group contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in the Consolidated Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Consolidated Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.7

Taxation

Tax is recognised in the Consolidated Statement of Comprehensive Income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Computer equipment
-
25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated Statement of Comprehensive Income.

Page 17

 
LEGENDRE COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

Associates and joint ventures

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Statement of Comprehensive Income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Statement of Financial Position, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.

 
2.10

Stocks

Stocks are stated at costs.

 
2.11

Debtors

Short-term debtors are measured at the transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions.

 
2.13

Financial instruments

The Group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like other debtors and creditors, loans from and to related parties, investments in ordinary shares. 
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 18

 
LEGENDRE COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.15

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

 
2.16

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Consolidated Statement of Comprehensive Income in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Consolidated Statement of Financial Position.

 
2.17

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is £ Sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.18

Finance costs

Finance costs are charged to the Consolidated Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

 
2.19

Interest income

Interest income is recognised in the Consolidated Statement of Comprehensive Income using the effective interest method.

Page 19

 
LEGENDRE COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, the directors have made the following judgements:
 
a)Determine whether projects undertaken by the Group will result in a loss on completion. When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately as allowance for foreseeable loss.

b)Determine the expected costs provision during the defects liability period for projects completed at the reporting date.

c)Determine whether there are indicators of impairment of the Group’s tangible assets and investment. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.

In preparing these financial statements, the directors have considered the key sources of estimation uncertainty and have concluded that there are none affecting the Group.


4.


Turnover

The whole of the turnover is attributable to property development and construction services.
 

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
31,663,519
35,850,349

Jersey
425,201
14,287,284

32,088,720
50,137,633



5.


Other operating income

2024
2023
£
£

Above the line tax credit
602,041
-

Foreign exchange difference
544,719
125,192

1,146,760
125,192


Page 20

 
LEGENDRE COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£


Audit of the consolidated and parent Company's financial statements
13,750
16,500

Other services

5,528
10,791

19,278
27,291


7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Wages and salaries
3,265,192
3,785,803
200,320
-

Social security costs
403,141
374,328
-
-

Cost of defined contribution scheme
257,203
248,081
-
-

3,925,536
4,408,212
200,320
-


The average monthly number of employees of the Group, including directors, during the year was 49 (2023 - 67).


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
185,624
183,795



9.


Interest receivable

2024
2023
£
£


Interest receivable from group companies
92,449
-

Other interest receivable
505,797
230,192

598,246
230,192

Page 21

 
LEGENDRE COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Interest payable and similar expenses

2024
2023
£
£


Group interest payable
-
562,645


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
-
-

Foreign tax


Foreign tax on income for the year
-
2,062,500

Total current tax
-
2,062,500

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the small profits rate of corporation tax in the UK of19% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,755,948
5,148,641


Profit on ordinary activities multiplied by the small profits rate of corporation tax in the UK of 19% (2023 - 19%)
333,630
978,242

Effects of:


Expenses not deductible for tax purposes
1,095
241,049

Differences between depreciation and capital allowances for the year
2,338
3,194

Utilisation of tax losses
(465,648)
(251,913)

Short-term timing difference leading to an increase in taxation
50
758

Unrelieved tax losses carried forward
156,994
812,454

Special factors affecting joint-ventures and associates leading to a (decrease)/increase in the tax charge
(28,459)
278,716

Total tax charge for the year
-
2,062,500

Page 22

 
LEGENDRE COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
11.Taxation (continued)


Factors that may affect future tax charges

The Group has tax losses of approximately £16m (2023 - £18m) available to carry forward against future taxable profits. No provision has been made for a deferred tax asset in respect of these losses in view of uncertainty as to if and when they may prove recoverable in the future.


12.


Tangible fixed assets

Group






Computer equipment

£



Cost


At 1 January 2024
89,258


Additions
2,998


Disposals
(32,404)



At 31 December 2024

59,852



Depreciation


At 1 January 2024
70,492


Charge for the year on owned assets
9,308


Disposals
(26,409)



At 31 December 2024

53,391



Net book value



At 31 December 2024
6,461



At 31 December 2023
18,766

Page 23

 
LEGENDRE COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Fixed asset investments

Group





Investments in associates
Investment in joint venture
Total

£
£
£



Cost


At 1 January 2024
-
4,868,744
4,868,744


Additions
436
-
436


Share of profit
-
149,788
149,788


Dividends received
-
(2,500,000)
(2,500,000)



At 31 December 2024

436
2,518,532
2,518,968



Net book value



At 31 December 2024
436
2,518,532
2,518,968



At 31 December 2023
-
4,868,744
4,868,744

Page 24

 
LEGENDRE COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Company





Investments in subsidiary companies
Investments in associates
Total

£
£
£



Cost


At 1 January 2024
9,497,504
-
9,497,504


Additions
4,700,000
436
4,700,436



At 31 December 2024

14,197,504
436
14,197,940



Impairment


At 1 January 2024
6,261,342
-
6,261,342


Charge for the period
3,062,190
-
3,062,190



At 31 December 2024

9,323,532
-
9,323,532



Net book value



At 31 December 2024
4,873,972
436
4,874,408



At 31 December 2023
3,236,162
-
3,236,162


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Legendre UK Limited
Ordinary
99.98%
Legendre Real Estate Limited
Ordinary
100%
Legendre Contractors Limited
Ordinary
100%

The registered office address of Legendre UK Limited is at 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, WD6 1JD. The registered office address of Legendre Contractors Limited and Legendre Real Estate Limited is at Beachside Business Centre, Rue du Hocq, St. Clement, JE2 6LF, Jersey.
The principal activity of the above subsidiaries is that of property development and construction services.

Page 25

 
LEGENDRE COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

Associates


The following were associates of the Company:


Name

Class of shares

Holding

C&P (FC100) Limited
Ordinary
50%
LCP Investments Holdco Limited
Ordinary
50%

The registered office address of the above associates is at 35 Westgate, Huddersfield, West Yorkshire, HD1 1PA.
The principal activity of the above associates is that of property development.


Joint venture


The following was a joint venture of the Company:


Name

Registered office

Holding

Waterfront Development (6C) Limited
Dialogue House, First Floor, 2-6 Anley Street, St Helier JE2 3QE
50%

The principal activity of the above joint venture is that of property development.


14.


Stocks

Group
Group
2024
2023
£
£

Materials
-
596,751


Page 26

 
LEGENDRE COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due after more than one year

Trade debtors
2,253,311
1,740,750
-
-

Other loans
10,617,235
4,752,365
10,617,235
4,752,362

12,870,546
6,493,115
10,617,235
4,752,362


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due within one year

Trade debtors
1,159,093
4,032,321
-
-

Amounts owed by group undertakings
855,533
-
906,729
3,068,106

Other debtors
1,017,346
2,808,907
12,196
1,363

Prepayments and accrued income
3,270,135
2,309,521
736,207
228,767

6,302,107
9,150,749
1,655,132
3,298,236



16.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
498,886
5,857,675
484,911
327,017

Less: bank overdrafts
(46,130)
-
-
-

452,756
5,857,675
484,911
327,017


Page 27

 
LEGENDRE COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

17.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank overdrafts
46,130
-
-
-

Trade creditors
480,752
1,912,565
41,854
-

Amounts owed to group undertakings
-
2,332,219
6,157,484
4,750,467

Other taxation and social security
224,020
82,718
-
-

Other creditors
261,375
328,172
3,778
-

Accruals and deferred income
5,543,821
8,729,052
63,969
6,600

6,556,098
13,384,726
6,267,085
4,757,067



18.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Other creditors
1,322,600
1,464,277




19.


Provisions


Group







£





At 1 January 2024
7,955


Charged to profit or loss
425,526



At 31 December 2024
433,481

Provisions relate to the estimated future total losses of a development project and estimated costs during the defects liability period.

Page 28

 
LEGENDRE COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



26,001,000 (2023 - 26,001,000) Ordinary shares of £1 each
26,001,000
26,001,000



21.


Reserves

Profit and loss account

This reserve represents the cumulative balance of retained profits and losses to the reporting date.


22.


Pension commitments

The Group contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group  to the fund and amounted to £257,203 (2023 - £248,081). Contributions totalling £21,022 (2023 - £20,758) were payable to the fund at the reporting date and are included in creditors.


23.


Related party transactions

At the reporting date, the Company owed £6,157,484 (2023 - £2,418,248) to and paid interest of £345,628 to (2023 - received interest of £260,384 from) a subsidiary undertaking, Legendre UK Limited. The loan bears interest at 5.75% per annum. There are no fixed repayment terms.
The Company has taken advantage of the exemption under FRS102 33.1A Related Party Disclosures not to disclose transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is a party to the transaction is wholly owned by a member of that group.


24.


Controlling party

The ultimate parent company and controlling party is SAS Groupe Legendre, a company registered in France. SAS Groupe Legendre is the parent company of the largest and smallest group of which Legendre Company Limited is a member and for which group financial statements are drawn up. Copies of the group financial statements are available from its registered office address at 5 rue Louis-Jacques Daguerre, CS 60825, 35208 Rennes Cedex 02.
The directors regard SC Famille Legendre, a trust registered in France as the ultimate controlling party. The trust is controlled by Vincent Legendre.

 
Page 29