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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2025
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COMPANY INFORMATION
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CONTENTS
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GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their Group Strategic Report for the year ended 31 December 2025.
In highly competitive and challenging economic conditions, the directors report turnover of £16.3m (2024 £32.1m). This temporary decrease is due to the postponement of substantial projects to be built by its subsidiary Legendre UK Limited until the end of the year and the beginning of 2026.
However, and in spite of this decrease, the construction activities (Legendre UK) have been able to maintain a profit before tax in excess of 4%, comparable with the year 2024 and maintained a very healthy cash position. The Group's investment activities, with approximately £3 million invested in the UK, are secured as well with the redemption of our loan on the Sheepcote Road project mid-2025. At the same time, other investments have been concluded with a facility being put in place for the Peterborough Road project which is currently on track with marketing started at end of 2025. After the successful completion of the Horizon project in 2024, Legendre Contractors Limited's focus has been on identifying new opportunities. It entered into a PCSA in mid-2024 to deliver a further 139 homes and hopes to enter into contract by mid 2026. 2025 has also been marked by the expansion of our activities in Guernsey, with the creation of a local subsidiary. A first project has been identified and is currently at PCSA stage, with a target to enter the construction contract by mid-2026. Finally, the property development activities of the group continue with circa £13.0m invested to date. In 2025 we worked successfully to secure planning permission for our FC100 project. Planning permission for our Atik project and Grove House project are on track for mid 2026. Finally, new opportunities have been identified, which should materialise with further investment at the beginning of 2026. As a result, we have a positive outlook on the three key revenue streams of the Group:
∙Construction activity in the UK, Jersey and Guernsey should see a significant expansion in 2026 and 2027, and continue to generate positive cashflow.
∙Investment activities will continue to generate financial interest in 2026 with a maturity in 2027.
∙Property development activities will generate further turnover for Legendre UK Limited from 2027 onward with an initial return on investment expected at end of 2026.
Based on this success, 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 enquiries 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. Construction Activities We continue to strengthen our position with a growing reputation in the marketplace. At the same time, we continue to develop into new territories, the latest being Guernsey. Investment activities Our investment into the Sheepcote Road project has reached maturity mid 2025 and was repaid in full.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
A new facility has been put in place for the Peterborough Road project, with a maturity mid 2027. It continues to generate income.
Development activities We have submitted a planning application for our Hammersmith project and envisage a positive outcome with planning permission mid-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 has been obtained in 2025. A majority stake was taken in the Atik project in Romford. We are targeting planning permission by mid 2026. We remain active on the market and are screening further opportunities.
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 led 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
∙General geopolitical uncertainty which disrupts investment forecasting and asset valuation.
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. 2026 should see a marked step up in recruitment to address our growing workload for the year 2026 onward.
Health and safety
∙Construction is a high risk activity and maintaining health and safety is a priority. Our health and safety performance remains very good and well above our competitors. We are pleased to report 18 months without any lost-time accident.
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.
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.
This report was approved by the board on 5 June 2026 and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
The directors who served during the year were:
T Vandecasteele was appointed a director of the Company on 1 March 2026.
The loss for the year, after taxation and minority interests, amounted to £333,176 (2024 - profit £1,755,599).
The directors do not recommend the payment of a final dividend (2024 - £Nil).
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.
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;
∙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 2006. They 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.
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 fit this description and are currently our main targets. The directors continue to have a positive outlook for the future and the Group’s order book remains healthy.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
There have been no significant events affecting the Group since the reporting date.
Under section 487(2) of the Companies Act 2006, Sopher + 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
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEGENDRE COMPANY LIMITED
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 2025 and of the Group's loss 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.
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.
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.
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 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.
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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.
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.
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.
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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEGENDRE COMPANY LIMITED (CONTINUED)
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.
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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.
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 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
5 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 June 2026.
The notes on pages 16 to 31 form part of these financial statements.
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COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 16 to 31 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
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CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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
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:
The directors have prepared the financial statements on the going concern basis. In reaching this conclusion, the directors have prepared cash flow projections covering a period of not less than twelve months from the date of approval of these financial statements.
The projections reflect the anticipated commencement of construction contracts in the UK, Jersey and Guernsey in 2026 and 2027, the continued generation of interest income from loan investments, and the expected progression of property development activities within the Group's portfolio. The Group holds net assets of £13,551,707 and the directors are satisfied, based on their review of the cash flow projections and support from the ultimate parent, that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the going concern basis of accounting continues to be appropriate.
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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 of completion.
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:
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. Where indicators of impairment no longer exist, or where circumstances that gave rise to a previous impairment have demonstrably improved, impairment losses are reversed to the extent that the revised recoverable amount exceeds the current carrying amount. The recoverable amount is assessed by reference to the net assets of the subsidiary undertaking at the reporting date. A reversal is recognised in the Consolidated Statement of Comprehensive Income in the period in which it arises, and the carrying amount is not increased beyond what it would have been had no impairment been recognised in prior periods.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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.
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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.
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.
Functional and presentation currency
Transactions and balances
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The Company makes provision for estimated costs expected to be incurred during the defects liability period on completed contracts. The provision is based on historical experience and management's assessment of known defects at the reporting date. The actual costs incurred may differ from amounts provided. Amounts falling due after more than one year relate to contractual retention held by clients. Recoverability is assessed by reference to the underlying contract terms and the financial standing of the counterparty. Where recoverability is considered doubtful, an impairment is recognised. Turnover on construction contracts is recognised by reference to the stage of completion at the reporting date, calculated as the value of work undertaken to date. This requires management to estimate the total expected costs and revenues on each contract, including the outcome of any variations and claims not yet formally agreed with clients. Changes in these estimates may result in adjustments to revenue and profit recognised in future periods.
The whole of the turnover is attributable to property development and construction services.
Analysis of turnover by country of destination:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 23
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
11.Taxation (continued)
The Group has tax losses of approximately £16.6m (2024 - £16.3m) 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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 25
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 26
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 27
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 28
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 29
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Profit and loss account
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 £309,455 (2024 - £257,203). Contributions totalling £24,420 (2024 - £21,022) were payable to the fund at the reporting date and are included in creditors.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The ultimate parent company and controlling party is Groupe Legendre SAS, a company registered in France. Groupe Legendre SAS 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.
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