Registration number:
Legacie Contracts Limited
for the Year Ended 30 September 2024
Legacie Contracts Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account and Statement of Retained Earnings |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Legacie Contracts Limited
Company Information
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Directors |
Mr John Morley Mr Joseph Morley Mr Gavin Currie Mr Colin Robert Campbell Mr William Wilson Mr Michael Rider Ms Rachel Downey |
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Registered office |
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Auditors |
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Legacie Contracts Limited
Strategic Report for the Year Ended 30 September 2024
The directors present their strategic report for the year ended 30 September 2024.
Principal activity
The principal activity of the company is that of building and construction services.
Fair review of the business
The construction sector, reflecting the wider UK economy in 2024, has been a challenging environment to operate in. The many geopolitical factors, from a new UK government to international tariffs, to foreign conflicts, all have a direct effect on both financial markets and appetites, as well as commodity prices.
Through the trading year we have experienced some easing of inflationary pressures, but this remains against a backdrop of economic uncertainty from previous trading years. Whilst inflation affecting construction costs has been more stable in the last twelve months, construction costs overall remain at the highest levels known in modern times.
Regulatory change has been a major consideration in the construction sector in 2024, with the implementation of the gateway process for high-risk residential buildings. Whilst the regulations brought in by the Building Safety Regulator in October 2023 will bring increased certainty over construction risk, the delays resulting from the gateway process do bring challenges to construction commencement timelines. These challenges should smooth with time as the industry adapts, but they will persist in the short to medium term.
Legacie Contracts Limited specialises in all residential sectors and the continued requirement for high quality homes in the North West, and the wider UK, places us well despite the above challenges and has been demonstrated by the impressive growth in revenue and order book during the year.
Our partnering and strategic integration model has assisted the business’s year-on-year growth in turnover and profit before tax (PBT). The directors and board continue to be confident in our placement within the market and have established good governance and process to ensure continued growth and resilience.
Key Performance Indicators
The key performance indicators that the board view as important are:
• Turnover
• Gross Profit Margin
• Net Profit Margin
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Financial KPIs |
Unit |
2024 |
2023 |
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Turnover |
£m |
116.15 |
97.12 |
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Gross Profit Margin |
% |
3.40 |
2.95 |
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Net Profit Margin |
% |
.70 |
.52 |
Principal risks and uncertainties
The Company has clearly established governance to regularly take assessment of all principal risks. These risks stem from the micro project risks to the macro political, regulatory and geographical risks which remain under systematic review and mitigation.
Legacie Contracts Limited
Strategic Report for the Year Ended 30 September 2024
Directors' statement of compliance with duty to promote success of the company
In executing our strategy, Directors must act in accordance with a set of general duties detailed in section 172 of the Companies Act 2006. These general duties include a duty to promote the success of the company, and specifically, to act in a way that the Director considers, in good faith, would be most likely to promote the success of the company for the benefit of its shareholders as a whole and, in doing so, having regard (amongst other matters) to the:
- likely impact of any decisions in the long-term
- interests of the employees of the company
- the company's business relationships with stakeholders
- impact of the company's operations on the community and environment
- desirability of the company maintaining a reputation for high standards of business conduct
The above reiterates the Board's understating of the inextricable link between the success of our operations and the long term impact on the environment, our communities and our people.
In order for us to be useful, the Board understand that they must be responsive to change and act in a forward thinking manner.
This statement has been prepared in accordance with the requirements of The Companies (Miscellaneous Reporting) Regulations 2018, which require the company to describe how the Directors have had regard to the matters set out in section 172 of the Companies Act 2006 during the financial year under review.
It is noted that the Directors have always acted in accordance with such duties in their decision making and they will continue to do so. Considering the additional disclosure requirements, we have set out in the strategic report how the Directors have fulfilled their duties during the year ended 30 September 2024.
Non-financial and sustainability information
Energy and carbon report
We are mandated under the Companies (Directors' Report) and Limited Liabilities Partnerships (Energy & Carbon Report) Regulations 2019 to disclosure our energy use and associated greenhouse gas emissions. These disclosures are set out below.
Emissions and energy consumption
Summary of scope 1 (direct) greenhouse gas emissions for the year ended 30 September 2024:
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Name and |
Unit of |
2024 |
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Fuel consumed for own transport |
Metric Tonnes |
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Summary of scope 2 (indirect) greenhouse gas emissions for the year ended 30 September 2024:
Legacie Contracts Limited
Strategic Report for the Year Ended 30 September 2024
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Name and |
Unit of |
2024 |
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Electricity from grid |
Metric Tonnes |
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Summary of scope 3 (other indirect) greenhouse gas emissions for the year ended 30 September 2024:
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Name and |
Unit of |
2024 |
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Fuel consumed for transport not owned |
Metric Tonnes |
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Summary of energy consumption for the year ended 30 September 2024:
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Name and |
Unit of |
2024 |
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Aggregate of energy consumption in the year |
kWh |
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Intensity measurement
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Measures taken to improve efficiency
We encourage our sites continue to manage waste in the most environmentally friendly manner.
In the period covered by and following this report, Legacie Contracts Limited has continued to review and develop its Environmental policy in line with industry innovations.
Approved and authorised by the
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Legacie Contracts Limited
Directors' Report for the Year Ended 30 September 2024
The directors present their report and the financial statements for the year ended 30 September 2024.
Directors of the company
The directors who held office during the year were as follows:
Information included in the Strategic Report
The company has chosen, in accordance with Companies Act 2006, s.141C (11), to set out in the company's Strategic Report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2006, Sch.7 to be contained in the Directors' Report.
Financial instruments
Objectives and policies
The company makes limited use of financial instruments, other than an operational bank account. Consequently, its exposure to price risk, credit risk, liquidity risk, and cash flow risk is not considered material for assessing the company's financial position or performance.
Going concern
The financial statements have been prepared on a going concern basis.
This is based on management's assessment of existing projects in progress and the anticipated profitability and consequent cashflows from those projects as forecast for 12 months from the date of signing of these financial statements, as well as potential support from shareholders and the scope for external financing if required.
Based on this review, management are of the opinion that the company will be able to meet its financial obligations as they fall due for the next 12 months from the approval of these accounts.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information, and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Reappointment of auditors
In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Williamson & Croft Audit Ltd as auditors of the company is to be proposed at the forthcoming Annual General Meeting.
Legacie Contracts Limited
Directors' Report for the Year Ended 30 September 2024
Approved and authorised by the
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Legacie Contracts Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Legacie Contracts Limited
Independent Auditor's Report to the Members of Legacie Contracts Limited
Opinion
We have audited the financial statements of Legacie Contracts Limited (the 'company') for the year ended 30 September 2024, which comprise the Profit and Loss Account and Statement of Retained Earnings, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The 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 company's affairs as at 30 September 2024 and of its 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 director's 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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 auditor’s 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 statements, our 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. 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.
Legacie Contracts Limited
Independent Auditor's Report to the Members of Legacie Contracts Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and 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 our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the 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 Statement of Directors' Responsibilities set out on page 7, 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 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 company or to cease operations, or have no realistic alternative but to do so.
Auditor 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 auditor’s 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 financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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We obtained an understanding of the legal and regulatory frameworks that are applicable to the company through discussions with management and determined that the most significant are the Companies Act 2006, Construction Indutry Scheme (CIS), GDPR, Employment Law and Health and Safety Regulations including Building Safety Act 2022 and Construction (Design and Management) Regulations 2015. |
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Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved review of the documented policies and procedures, legal costs incurred during the period, reports from regulators and discussions with the Board of Directors and key management personnel. |
Legacie Contracts Limited
Independent Auditor's Report to the Members of Legacie Contracts Limited
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We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur by considering the key risks impacting the financial statements. We assessed this risk as low due to oversight by management and by the Board of Directors as well segregation of duties and other key controls in the business. |
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We have reviewed the group and parent company’s control environment and assessed that it is adequate for an entity of its size and nature. |
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We designed our audit testing to review the presumed risk under ISA (UK) 240 that that revenue may be misstated due to the improper recognition of revenue and that management over-ride of controls is present in all entities. |
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s 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 2006. Our 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 auditor’s 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.
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For and on behalf of
20 York Street
Manchester
M2 3BB
Legacie Contracts Limited
Profit and Loss Account and Statement of Retained Earnings for the Year Ended 30 September 2024
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Note |
2024 |
2023 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
|
|
|
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Administrative expenses |
( |
( |
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Operating profit |
|
|
|
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Other interest receivable and similar income |
|
- |
|
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Interest payable and similar charges |
( |
( |
|
|
(4) |
(14) |
||
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Profit before tax |
|
|
|
|
Taxation |
|
|
|
|
Profit for the financial year |
|
|
|
|
Retained earnings brought forward |
1,105 |
601 |
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Retained earnings carried forward |
1,920 |
1,105 |
Legacie Contracts Limited
(Registration number: 09494137)
Balance Sheet as at 30 September 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
|||
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Debtors |
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|
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Cash at bank and in hand |
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|
|
|
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
|
|
|
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Total assets less current liabilities |
|
|
|
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Creditors: Amounts falling due after more than one year |
( |
( |
|
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Net assets |
|
|
|
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Capital and reserves |
|||
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Retained earnings |
1,920 |
1,105 |
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Shareholder's funds |
1,920 |
1,105 |
Approved and authorised by the
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Legacie Contracts Limited
Statement of Changes in Equity for the Year Ended 30 September 2024
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Share capital |
Retained earnings |
Total |
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At 1 October 2023 |
- |
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|
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Profit for the year |
- |
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|
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At 30 September 2024 |
- |
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Share capital |
Retained earnings |
Total |
|
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At 1 October 2022 |
- |
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Profit for the year |
- |
|
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At 30 September 2023 |
- |
1,105 |
1,105 |
Legacie Contracts Limited
Statement of Cash Flows for the Year Ended 30 September 2024
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Note |
2024 |
2023 |
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Cash flows from operating activities |
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Profit for the year |
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Adjustments to cash flows from non-cash items |
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Depreciation and amortisation |
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Finance income |
( |
- |
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Finance costs |
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Income tax expense |
( |
( |
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||
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Working capital adjustments |
|||
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Increase in trade debtors |
( |
( |
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Increase in trade creditors |
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Cash generated from operations |
( |
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Income taxes received |
- |
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Net cash flow from operating activities |
( |
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Cash flows from investing activities |
|||
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Interest received |
|
- |
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Acquisitions of tangible assets |
( |
( |
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Net cash flows from investing activities |
( |
( |
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Cash flows from financing activities |
|||
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Interest paid |
( |
( |
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Proceeds/(repayments) of bank loans |
( |
( |
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Net cash flows from financing activities |
( |
( |
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Net (decrease)/increase in cash and cash equivalents |
( |
|
|
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Cash and cash equivalents at 1 October |
|
|
|
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Cash and cash equivalents at 30 September |
2,226 |
3,629 |
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Legacie Contracts Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in sterling which is the functional currency of the company.
Going concern
The financial statements have been prepared on a going concern basis.
This is based on management's assessment of existing projects in progress and the anticipated profitability and consequent cashflows from those projects as forecast for 12 months from the date of signing of these financial statements, as well as potential support from shareholders and the scope for external financing if required.
Based on this review, management are of the opinion that the company will be able to meet its financial obligations as they fall due for the next 12 months from the approval of these accounts.
Legacie Contracts Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Key sources of estimation uncertainty
Accounting for contracts:
Contract accounting requires estimates to be made for contract costs and income. In many cases, these contractual obligations span more than one financial period. Also, the costs and income may be affected by a number of uncertainties that depend on the outcome of future events and may need to be revised as events unfold and uncertainties are resolved.
Management bases its estimation of costs and income and its assessment of the expected outcome of each contractual obligation on the latest available information, which includes detailed contract valuations and forecasts of the costs to complete. The estimates of the contract position, reflecting both the forecasted costs and the reliable estimate of the forecasted revenue on each contract, and the profit or loss earned to date, are updated regularly and significant changes are highlighted through established internal reporting and review procedures. The impact of any change in the accounting estimates is then reflected in the financial statements..
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Contract revenue recognition
Turnover is recognised at the fair value of the consideration received or receivable for the provision of services to external customers in the ordinary nature of the business. The fair value of consideration takes into accounts trade discounts, settlement discounts and volume rebates.
For long term contracts, profit is recognised by reference to the stage of completion of each contract where there is reasonable certainty that the contract will be profitable. Where the outcome of the contract cannot be established with reasonable certainty, revenue is only recognised to the extent that it is probable it will be recoverable. Foreseeable losses are provided for in full at the point at which the loss is anticipated.
The stage of completion for each contract is measured by Legacie's quantity surveyor based on the level of work performed, as estimated by the percentage of costs incurred against total forecast cost, taking into account expected contract profitability.
Where amounts invoiced exceed the value of the work done, the excess is accounted for as payments received on account and is included within accruals and deferred income. Where the value of the work exceeds the amounts invoiced, the excess is accounted for as amounts recoverable on contracts and is included within prepayments and accrued income.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Legacie Contracts Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
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 operates and generates taxable income.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Plant and machinery |
15% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Legacie Contracts Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions, even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
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Turnover |
The analysis of the company's revenue for the year from continuing operations is as follows:
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2024 |
2023 |
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Rendering of services |
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The turnover of the company is entirely generated from the company's principal activity of building and construction services and is wholly within the United Kingdom.
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Operating profit |
Arrived at after charging/(crediting)
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2024 |
2023 |
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Depreciation expense |
|
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Legacie Contracts Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
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Other interest receivable and similar income |
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2024 |
2023 |
|
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Interest income on bank deposits |
|
- |
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Interest payable and similar expenses |
|
2024 |
2023 |
|
|
Interest on bank overdrafts and borrowings |
|
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Legacie Contracts Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
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Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
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2024 |
2023 |
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Wages and salaries |
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Social security costs |
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Pension costs, defined contribution scheme |
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The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
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2024 |
2023 |
|
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Other departments |
|
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Directors' remuneration |
The directors' remuneration for the year was as follows:
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2024 |
2023 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
308 |
292 |
|
Auditors' remuneration |
|
2024 |
2023 |
|
|
Audit of the financial statements |
|
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Other fees to auditors |
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Taxation compliance services |
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All other non-audit services |
|
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Legacie Contracts Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
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Taxation |
Tax charged/(credited) in the income statement
|
2024 |
2023 |
|
|
Current taxation |
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UK corporation tax |
( |
( |
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
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2024 |
2023 |
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Profit before tax |
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Corporation tax at standard rate |
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|
|
Tax increase (decrease) from effect of expenses not deductible in determining taxable profit or loss |
40 |
- |
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Tax increase (decrease) from effect of capital allowances and depreciation |
( |
( |
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Tax increase (decrease) from effect of adjustment in research and development tax credit |
( |
( |
|
Increase (decrease) in current tax from adjustment for prior periods |
- |
16 |
|
Total tax credit |
( |
( |
For financial years beginning on or after 1 April 2023, the corporation tax rate was increased to 25% for profits over £250,000. A small profits rate (SPR) was also introduced for companies with profits of £50,000 or less so that they will continue to pay corporation tax at 19%. Companies with profits between £50,000 and £250,000 will pay tax at the main rate reduced by marginal relief.
In the comparative period, an effective tax rate of 22% was therefore applicable due to the change in tax rates being implemented during that period.
The company has trading tax losses carried forward of £1,756,821 (2023: £1,756,821).
No deferred tax asset is recognised in respect of these tax losses (except to the extent that such an asset offsets any deferred tax liabilities) on the basis that the timing and quantum of the future utilisation of these losses is uncertain.
Legacie Contracts Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
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Tangible assets |
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Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 October 2023 |
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Additions |
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At 30 September 2024 |
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Depreciation |
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At 1 October 2023 |
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Charge for the year |
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At 30 September 2024 |
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Carrying amount |
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At 30 September 2024 |
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At 30 September 2023 |
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Debtors |
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Current |
Note |
2024 |
2023 |
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Trade debtors |
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Amounts owed by related parties |
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Other debtors |
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Prepayments |
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Accrued income |
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Income tax asset |
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Included within Trade debtors is £9,480,384 (2023: £10,134,275) owing from related parties, being companies under common control.
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Cash and cash equivalents |
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2024 |
2023 |
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Cash at bank |
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Legacie Contracts Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
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Creditors |
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Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts due to related parties |
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Social security and other taxes |
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Outstanding defined contribution pension costs |
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Other payables |
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- |
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Accrued expenses |
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Due after one year |
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Loans and borrowings |
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Trade creditors |
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3,267 |
2,409 |
Included within Trade creditors is £5,572,476 (2023: £5,477,656) due to related parties, being companies under common control.
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Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
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Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
100 |
|
100 |
|
100 |
Legacie Contracts Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
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Reserves |
Reserves held by the company and how they have arisen are as follows, as outlined in the Statement of changes in equity on page 13:
Share capital
Ordinary share capital issued to shareholders
Retained earnings
Cumulative retained profits and losses
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Loans and borrowings |
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2024 |
2023 |
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Non-current loans and borrowings |
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Bank borrowings |
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2024 |
2023 |
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Current loans and borrowings |
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Bank borrowings |
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Related party transactions |
The company has taken the exemption available under FRS 102 from disclosing transactions with wholly owned members of the group headed by Legacie Investments Limited and which are eliminated on consolidation within the financial statements of that company.
The company trades (on an arm's length basis) with other entities which are related by way of being controlled by common parties. Amounts due to and from these entities are disclosed within Notes 12 and 14. During the year the company made sales totalling £75,371k (2023: £68,057k) to companies under common control and purchase from such entities of £6,050k (2023: £4,128k).
The company also recharges certain shared expenses at cost to companies under common control and those amounts are included in the relevant expenditure heading.
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Parent and ultimate parent undertaking |
The company's immediate parent is
The most senior parent entity producing publicly available financial statements is
The ultimate controlling party is