ACCOUNTS - Final Accounts preparation

Registered number: 09215120

LEGACY HOMES LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2024

LEGACY HOMES LIMITED

REGISTERED NUMBER: 09215120

STATEMENT OF FINANCIAL POSITION

AS AT 30 SEPTEMBER 2024


		2024		As restated 2023
Note	£	£	£	£

Fixed assets
Investment property	4		69,652		69,652
			69,652		69,652
Current assets
Debtors: amounts falling due within one year	5	5,059		151,747
Cash at bank and in hand	6	6,665		41
		11,724		151,788
Creditors: amounts falling due within one year	7	(116,831)		(226,119)
Net current liabilities			(105,107)		(74,331)
Total assets less current liabilities			(35,455)		(4,679)

Net liabilities			(35,455)		(4,679)

Capital and reserves
Called up share capital	8	1	1
Profit and loss account		(35,456)	(4,680)
		(35,455)	(4,679)

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LEGACY HOMES LIMITED

REGISTERED NUMBER: 09215120

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 30 SEPTEMBER 2024

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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 22 September 2025.

D R Wicks

Director

The notes on pages 3 to 6 form part of these financial statements.

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LEGACY HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.	General information

Legacy Homes Limited is a company limited by shares, incorporated in England and Wales. The address of the registered office is 3 Brook Business Centre, Cowley Mill Road, Cowley, Uxbridge, England, UB8 2FX.
The company specialises in residents property management.

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 are prepared on a going concern basis, notwithstanding the Statement of financial position showing net current liabilities in the sum of £105,107 (2023 - £74,331 as restated). The shareholder has confirmed that he will continue to support the company to meet all liabilities as they fall due, and specifically for a period of not less than 12 months from the date of approval of these financial statements.
As such, the directors believe that there are no significant uncertainties in their assessment of whether the business is a going concern and therefore have prepared the accounts on a 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.

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LEGACY HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

2.4

Investment property

Investment properties are properties held to earn rent and for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of the investment properties are included in the Statement of comprehensive income in the year in which they arise.

2.5

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.

2.6

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.

2.7

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.

Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 1).

4.	Investment property

		Freehold investment property
		£
	Valuation
	At 1 October 2023 (As restated)	69,652
	At 30 September 2024	69,652

The 2024 valuations were made by directors, on an open market value for existing use basis.

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LEGACY HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

Debtors

					2024	2023
					£	£


Amounts owed by group undertakings	5,059	151,747
	5,059	151,747

6.	Cash and cash equivalents
		2024	2023
		£	£

Cash at bank and in hand	6,665	41
	6,665	41

7.	Creditors: Amounts falling due within one year
		2024	As restated 2023
		£	£

Other creditors	114,431	224,781
Accruals and deferred income	2,400	1,338
	116,831	226,119

8.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

1 Ordinary share of £1	1	1

9.	Prior year restatement

The comparatives have been restated to recognise an investment property previously omitted from the financial statements, and the corresponding director's loan that funded the purchase. There has been no impact to previous reported profits or net assets as a result of this restatement.

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LEGACY HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

10.	Related party transactions
	The Company has taken advantage of the exemptions available under FRS 102 not to disclose transaction between entities that are part of a wholly owned group. Included within other creditors is an amount of £114,431 (2023 - £223,443 as restated) due to a director.

11.	Controlling party

The company is controlled by D R Wicks, a director, by virtue of his 100% shareholding in the company.

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