Legumology Limited - Accounts to registrar (filleted) - small 23.1.2
Legumology Limited - Accounts to registrar (filleted) - small 23.1.2
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS FOR THE PERIOD 26TH JULY 2021 TO 31ST JULY 2022 |
| FOR |
| LEGUMOLOGY LIMITED |
| LEGUMOLOGY LIMITED (REGISTERED NUMBER: 03748123) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE PERIOD 26TH JULY 2021 TO 31ST JULY 2022 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| LEGUMOLOGY LIMITED |
| COMPANY INFORMATION |
| FOR THE PERIOD 26TH JULY 2021 TO 31ST JULY 2022 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants & Statutory Auditors |
| 1 Doughty Street |
| London |
| WC1N 2PH |
| BANKERS: |
| South Midlands Corporate Banking Centre |
| Quadra, 500 Pavilion Drive |
| Northampton Business Park |
| Northampton |
| NN4 7YJ |
| SOLICITORS: |
| The Lakes |
| Bedford Road |
| Northampton |
| NN4 7SH |
| LEGUMOLOGY LIMITED (REGISTERED NUMBER: 03748123) |
| BALANCE SHEET |
| 31ST JULY 2022 |
| 2022 | 2021 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 8 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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 |
| LEGUMOLOGY LIMITED (REGISTERED NUMBER: 03748123) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE PERIOD 26TH JULY 2021 TO 31ST JULY 2022 |
| 1. | STATUTORY INFORMATION |
| Legumology Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 03748123 and registered office address is 10-14 Stewarts Road, Finedon Road Industrial Estate, Wellingborough, NN8 4RJ. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going Concern |
| The financial statements have been prepared on a going concern basis which the directors consider to be appropriate. The directors have assessed the going concern risks to the Company and have concluded that financial projections indicate that the Company will continue to meet its liabilities as they fall due over the next twelve months from the date of approval of these financial statements.Therefore, the Board considers it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from this basis of preparation being inappropriate. |
| Critical accounting judgements and key sources of estimation uncertainty |
| The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. |
| The estimates and assumptions used in the accompanying financial statements are based upon management's evaluation of the relevant facts and circumstances as on the date of the financial statements. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. |
| Information about estimation uncertainties that may have a significant risk of resulting in a material adjustment within the next financial year are: |
| Tangible and intangible fixed assets - the residual values of the fixed assets (excluding land) are reviewed annually after considering the remaining life of the asset and projected disposal values. The estimation of the useful lives is based on historic performance as well as expectation about future use and, therefore, requires a degree of judgement to be applied. The depreciation rates represent management's current best estimate of the useful lives of the assets. A material change in these estimates may significantly impact the carrying values of these assets. |
| Revenue |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Recharges for use of property & fixed assets are recognised when the related services are provided and on an accruals basis. |
| Goodwill |
| Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of 10 years. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter. |
| Land and buildings - Over term of the lease (land is not depreciated) |
| Leasehold improvements - 10% on straight line |
| Plant and machinery - 25% on straight line |
| IT equipment - 25% on straight line |
| Fixtures & fittings - 25% on straight line |
| LEGUMOLOGY LIMITED (REGISTERED NUMBER: 03748123) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 26TH JULY 2021 TO 31ST JULY 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the period 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 period 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. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the period was NIL (2021 - |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 26th July 2021 |
| and 31st July 2022 |
| AMORTISATION |
| At 26th July 2021 |
| Charge for period |
| At 31st July 2022 |
| NET BOOK VALUE |
| At 31st July 2022 |
| At 25th July 2021 |
| LEGUMOLOGY LIMITED (REGISTERED NUMBER: 03748123) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 26TH JULY 2021 TO 31ST JULY 2022 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST |
| At 26th July 2021 |
| Additions |
| At 31st July 2022 |
| DEPRECIATION |
| At 26th July 2021 |
| Charge for period |
| At 31st July 2022 |
| NET BOOK VALUE |
| At 31st July 2022 |
| At 25th July 2021 |
| Fixed assets, included in the above, which are held under finance leases are as follows: |
| Land and |
| buildings |
| £ |
| COST |
| At 26th July 2021 |
| and 31st July 2022 |
| DEPRECIATION |
| At 26th July 2021 |
| Charge for period |
| At 31st July 2022 | 236,330 |
| NET BOOK VALUE |
| At 31st July 2022 |
| At 25th July 2021 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Trade debtors |
| Other debtors |
| LEGUMOLOGY LIMITED (REGISTERED NUMBER: 03748123) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 26TH JULY 2021 TO 31ST JULY 2022 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Finance leases |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Finance leases |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Finance leases | 1,480,622 | 1,308,326 |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2022 | 2021 |
| £ | £ |
| Finance leases | 1,513,554 | 1,442,591 |
| The finance leases are secured on the assets that have been leased. |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2022 | 2021 |
| value: | £ | £ |
| ordinary shares | £1 | 749,169 | 749,169 |
| 11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 12. | CONTINGENT LIABILITIES |
| A company, with common shareholders and directors, received various facilities from HSBC Bank plc, which are secured by a fixed and floating charge over this company's assets. At the period-end, the amount guaranteed by this company was £1,615,563 (2021: £1,733,017). There is also a right to set-off with two related companies with common directors and shareholders. |
| LEGUMOLOGY LIMITED (REGISTERED NUMBER: 03748123) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 26TH JULY 2021 TO 31ST JULY 2022 |
| 13. | RELATED PARTY DISCLOSURES |
| (i) Details of cross-guarantees provided by this company to a company with common directors and shareholders are shown in the 'Contingent Liabilities' Note to the financial statements. |
| (ii) During the period, the company undertook the following transactions with a company with common shareholders and directors: |
| 2022 | 2021 |
| £ | £ |
| Recharges for use of property and plant and machinery | 438,161 | 392,193 |
| Management charges paid | 3,000 | 3,250 |
| Amounts due from related parties | 185,793 | 73,666 |
| (iii) Property leased from Self-Invested Personal Pension Scheme of Directors/Shareholders |
| The company leases the property used for its trade from a Self-Invested Personal Pension Scheme for the directors and certain shareholders. During the period, the company paid rent amounting to £164,306 to the pension scheme (2021: £130,815). The property has been capitalised in the financial statements as a finance lease. |
| (iv) Dividends totalling £7,492 (2021:£7,492) were paid during the year. |
| 14. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
| In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. |
| 15. | ULTIMATE CONTROLLING PARTY |
| Mr N. D. Shah is the ultimate controlling party of the company by virtue of his shareholding. |