Legume Technology Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04140709 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 June 2021

for

Legume Technology Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Dr B P Knight

Mrs J S Knight

Mr M Tonks

Mr F Fernandez de Cordova

SECRETARY:

Mrs J S Knight

REGISTERED OFFICE:

Units 3c & 3d

East Bridgford Business Park

Kneeton Road

East Bridgford

Nottinghamshire

NG13 8PJ

REGISTERED NUMBER:

04140709 (England and Wales)

ACCOUNTANTS:

Clayton & Brewill

Chartered Accountants

Cawley House

149-155 Canal Street

Nottingham

Nottinghamshire

NG1 7HR

FIXED ASSETS

Tangible assets

4

324,818

362,532

CURRENT ASSETS

Stocks

164,660

213,026

Debtors

5

220,963

171,067

Cash at bank

474,025

299,823

859,648

683,916

CREDITORS

Amounts falling due within one year

6

168,222

91,718

NET CURRENT ASSETS

691,426

592,198

TOTAL ASSETS LESS CURRENT LIABILITIES

1,016,244

954,730

CREDITORS

Amounts falling due after more than one year

7

(238,167

)

(242,667

)

PROVISIONS FOR LIABILITIES

(57,262

)

(53,729

)

NET ASSETS

720,815

658,334

CAPITAL AND RESERVES

Called up share capital

11

1,635

2,000

Share premium

398,309

227,170

Capital redemption reserve

790

-

Retained earnings

320,081

429,164

SHAREHOLDERS' FUNDS

720,815

658,334

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2021 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 1 March 2022 and were signed on its behalf by:

Dr B P Knight - Director

1.	STATUTORY INFORMATION

Legume Technology 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue on contracts is valued on a contract by contract basis. When the outcome of a contract can be estimated reliably contract revenue and costs are recognised by reference to the degree of completion of each contract as measured by the proportion of total costs at the balance sheet date to the estimated total cost of the contract. When the outcome of a contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred, where it is probable these costs will be recovered.

When it is probable that the total contract costs will exceed total contract revenue, the expected loss is recognised immediately. Contract costs are recognised as an expense in the period in which they are incurred.

Where costs incurred plus recognised profits less recognised losses exceed progress billings, the balance is shown as amounts recoverable on contracts within debtors. Where progress billings exceed costs incurred plus recognised profits less recognised losses, the balance is shown as payments on account within creditors.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Long leasehold

-

equally over remaining term of lease

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

Straight line over 4 years

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2020 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

Computer

leasehold

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 July 2020

36,460

609,084

22,204

7,626

675,374

Additions

-

4,352

4,981

1,350

10,683

At 30 June 2021

36,460

613,436

27,185

8,976

686,057

DEPRECIATION

At 1 July 2020

31,155

260,919

14,100

6,668

312,842

Charge for year

2,343

43,851

1,402

801

48,397

At 30 June 2021

33,498

304,770

15,502

7,469

361,239

NET BOOK VALUE

At 30 June 2021

2,962

308,666

11,683

1,507

324,818

At 30 June 2020

5,305

348,165

8,104

958

362,532

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

91,271

80,926

Amounts recoverable on contract

76,037

50,293

Other debtors

53,655

39,848

220,963

171,067

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

30,667

2,333

Trade creditors

47,462

7,681

Taxation and social security

32,378

4,333

Other creditors

57,715

77,371

168,222

91,718

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

238,166

67,667

Other creditors

1

175,000

238,167

242,667

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

23,333

11,667

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2021

2020

£

£

Within one year

28,615

21,150

Between one and five years

20,529

-

49,144

21,150

9.	SECURED DEBTS

A floating charge is held with Santander UK plc over all other assets. The charges were created on 16th January 2019.

10.	PREFERENCE SHARES

Legume Technology Limited issued one £1 redeemable preference share at par. The terms of issue provide that they are redeemable in the event of a sale of shares which occur within 2 years of the date of adoption.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

1,635

Ordinary

£1

1,635

2,000