REGISTERED NUMBER: 04540172 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Legacy Land Investments Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R I Basch

A J Margolis

REGISTERED OFFICE:

Spitalfields House

Stirling Way

Borehamwood

Hertfordshire

WD6 2FX

REGISTERED NUMBER:

04540172 (England and Wales)

ACCOUNTANTS:

TC Group

First Floor

Spitalfields House

Stirling Way

Borehamwood

Hertfordshire

WD6 2FX

FIXED ASSETS

Tangible assets

4

21,331

31,996

Investment property

5

12,850,000

12,850,000

12,871,331

12,881,996

CURRENT ASSETS

Debtors

6

435,839

319,091

Cash at bank

445,120

490,825

880,959

809,916

CREDITORS

Amounts falling due within one year

7

(145,551

)

(102,682

)

NET CURRENT ASSETS

735,408

707,234

TOTAL ASSETS LESS CURRENT LIABILITIES

13,606,739

13,589,230

CREDITORS

Amounts falling due after more than one year

8

(3,300,000

)

(3,300,000

)

PROVISIONS FOR LIABILITIES

11

(886,676

)

(886,676

)

ACCRUALS AND DEFERRED INCOME

(152,406

)

(149,964

)

NET ASSETS

9,267,657

9,252,590

CAPITAL AND RESERVES

Called up share capital

12

3,000,002

3,000,002

Share premium

13

37,002

37,002

Retained earnings

13

6,230,653

6,215,586

SHAREHOLDERS' FUNDS

9,267,657

9,252,590

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 December 2025 and were signed on its behalf by:

A J Margolis - Director

1.	STATUTORY INFORMATION

Legacy Land Investments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified to include the revaluation of the freehold property at its fair value.

These financial statements are the first produced in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 October 2016. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

Significant judgements and estimates

In the opinion of the directors, the value of the investment property is at least equal to the professional valuation of £12,850,000 dated 4 September 2020.

Tangible fixed assets

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment

losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances

indicate the carrying value may not be recoverable.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Fixtures and fittings

20% on cost

Improvements to property

20% on cost

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the end of the financial period.

Investment properties for which fair value can be measured reliably without undue cost or effort on an ongoing basis are measured at fair value annually with any change recognised to the profit and loss account.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

and 31 December 2024

53,328

DEPRECIATION

At 1 January 2024

21,332

Charge for year

10,665

At 31 December 2024

31,997

NET BOOK VALUE

At 31 December 2024

21,331

At 31 December 2023

31,996

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

and 31 December 2024

12,850,000

NET BOOK VALUE

At 31 December 2024

12,850,000

At 31 December 2023

12,850,000

Fair value at 31 December 2024 is represented by:

£

Valuation in 2008

1,962,572

Valuation in 2013

1,285,000

Valuation in 2015

5,860,000

Valuation in 2017

(360,000

)

Valuation in 2020

(1,150,000

)

Cost

5,252,428

12,850,000

If the investment property had not been revalued it would have been included at the following historical cost:

31.12.24

31.12.23

£

£

Cost

5,252,428

5,252,428

The investment property was valued on an open market value basis on 4 September 2020 by Gerald Eve LLP .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

140,929

72,483

Other debtors

294,910

246,608

435,839

319,091

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

-

1,018

Taxation and social security

93,177

54,040

Other creditors

52,374

47,624

145,551

102,682

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans (see note 9)

3,300,000

3,300,000

9.

LOANS

An analysis of the maturity of loans is given below:

31.12.24

31.12.23

£

£

Amounts falling due between two and five years:

Bank loans - 2-5 years

3,300,000

3,300,000

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

£

Bank loans

3,300,000

3,300,000

The loans are secured by a fixed and floating charge over the assets of the company and a legal charge on the freehold property.

11.	PROVISIONS FOR LIABILITIES

31.12.24

31.12.23

£

£

Deferred tax

886,676

886,676

Deferred

tax

£

Balance at 1 January 2024

886,676

Balance at 31 December 2024

886,676

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

3,000,002

Ordinary

£1

3,000,002

3,000,002

13.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 January 2024

6,215,586

37,002

6,252,588

Profit for the year

269,067

269,067

Dividends

(254,000

)

(254,000

)

At 31 December 2024

6,230,653

37,002

6,267,655

Included within profit and loss reserves is an amount of £6,210,896 (2023 - £6,710,896) which is non-distributable as this relates to investment property revaluation, net of deferred taxation.

14.	ULTIMATE CONTROLLING PARTY

The controlling party is Trustees of the S C Margolis Settlement.