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Registered number: 12872720









LEGEND AND LEGACY VENTURES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
LEGEND AND LEGACY VENTURES LIMITED
REGISTERED NUMBER: 12872720

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
  
13,145
149,687

Cash at bank and in hand
  
21,754
117,354

  
34,899
267,041

Creditors: amounts falling due within one year
  
(609,018)
(833,385)

Net current liabilities
  
 
 
(574,119)
 
 
(566,344)

Total assets less current liabilities
  
(574,119)
(566,344)

  

Net liabilities
  
(574,119)
(566,344)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(574,219)
(566,444)

  
(574,119)
(566,344)


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 June 2025.




D F Banks
Director

The notes on pages 3 to 5 form part of these financial statements.
Page 1

 
LEGEND AND LEGACY VENTURES LIMITED
REGISTERED NUMBER: 12872720
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024


Page 2

 
LEGEND AND LEGACY VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Legend and Legacy Ventures Limited is a private company, limited by shares and incorporated in England and Wales. The registered office and the company number can be found on the Company Information page.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis. The company is dependent on the directors and shareholders for financial support, which the directors are confident will continue for a period of at least another 12 months following the approval of these financial statements.
As at 30 September 2024, the company had net liabilities of £574,119. The directors and shareholders provide adequate finance to enable the company to continue in operational existence, and on this basis the directors consider it appropriate to prepare the financial statements on the going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
LEGEND AND LEGACY VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 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

Taxation

Tax is recognised in profit or loss 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 balance sheet date in the countries where the Company operates and generates income.


 
2.7

Debtors

Short-term debtors are measured at 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.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


4.


Debtors

2024
2023
£
£


Other debtors
13,145
137,187

Prepayments and accrued income
-
12,500

13,145
149,687


Page 4

 
LEGEND AND LEGACY VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
21,754
117,354

21,754
117,354



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other loans
465,276
465,276

Trade creditors
-
24,275

Other taxation and social security
733
-

Other creditors
135,289
214,960

Accruals and deferred income
7,720
128,874

609,018
833,385


The £465,276 (2023: £465,276) of profit participating notes refer to several private placement non-interest bearing, profit participating loan agreements. There is no final maturity or repayment schedule for these loans. Each loan is part of a syndicated facility within which each lender ranks equally with an equal entitlement of the loan amount and in the profit, being a fraction, the numerator of which is the Loan Amount and the denominator of which it is the quantrum of the Syndicate Facility and Taxation.


7.


Related party transactions

Included in other creditors is an amount of £134,959 (2023: £214,959) owed to the director. This amount is interest free and repayable on demand.

 
Page 5