Legumology Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 03748123 (England and Wales)

FINANCIAL STATEMENTS FOR THE PERIOD 1ST AUGUST 2022 TO 30TH JULY 2023

FOR

LEGUMOLOGY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr N D Shah

Mr M Shah

Mr T Shah

Mr M Russell

SECRETARY:

Mr A Gittos

REGISTERED OFFICE:

10-14 Stewarts Road

Finedon Rd Industrial Estate

Wellingborough

NN8 4RJ

REGISTERED NUMBER:

03748123 (England and Wales)

AUDITORS:

PSJ Alexander & Co

Chartered Accountants & Statutory Auditors

1 Doughty Street

London

WC1N 2PH

BANKERS:

HSBC Bank plc

South Midlands Corporate Banking Centre

Quadra, 500 Pavilion Drive

Northampton Business Park

Northampton

NN4 7YJ

SOLICITORS:

Shoosmiths

The Lakes

Bedford Road

Northampton

NN4 7SH

FIXED ASSETS

Intangible assets

4

1

24,500

Tangible assets

5

1,243,163

1,328,942

1,243,164

1,353,442

CURRENT ASSETS

Debtors

6

173,336

283,459

Cash at bank

917,637

747,455

1,090,973

1,030,914

CREDITORS

Amounts falling due within one year

7

37,766

120,788

NET CURRENT ASSETS

1,053,207

910,126

TOTAL ASSETS LESS CURRENT LIABILITIES

2,296,371

2,263,568

CREDITORS

Amounts falling due after more than one year

8

1,513,551

1,513,554

NET ASSETS

782,820

750,014

CAPITAL AND RESERVES

Called up share capital

10

749,169

749,169

Retained earnings

11

33,651

845

SHAREHOLDERS' FUNDS

782,820

750,014

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 14th May 2024 and were signed on its behalf by:

Mr N D Shah - Director

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

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.

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

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 1 (2022 - NIL ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st August 2022

and 30th July 2023

35,000

AMORTISATION

At 1st August 2022

10,500

Charge for period

3,500

Impairments

20,999

At 30th July 2023

34,999

NET BOOK VALUE

At 30th July 2023

1

At 31st July 2022

24,500

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1st August 2022

1,548,864

620,599

2,169,463

Additions

-

13,541

13,541

At 30th July 2023

1,548,864

634,140

2,183,004

DEPRECIATION

At 1st August 2022

263,387

577,134

840,521

Charge for period

66,263

33,057

99,320

At 30th July 2023

329,650

610,191

939,841

NET BOOK VALUE

At 30th July 2023

1,219,214

23,949

1,243,163

At 31st July 2022

1,285,477

43,465

1,328,942

Fixed assets, included in the above, which are held under finance leases are as follows:

Land and

buildings

£

COST

At 1st August 2022

and 30th July 2023

1,477,064

DEPRECIATION

At 1st August 2022

236,330

Charge for period

59,083

At 30th July 2023

295,413

NET BOOK VALUE

At 30th July 2023

1,181,651

At 31st July 2022

1,240,734

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

-

138,086

Other debtors

173,336

145,373

173,336

283,459

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

3,610

64,288

Taxation and social security

28,122

47,861

Other creditors

6,034

8,639

37,766

120,788

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Finance leases

1,513,551

1,513,554

Amounts falling due in more than five years:

Repayable by instalments

Finance leases

1,438,365

1,480,622

9.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Finance leases

1,513,551

1,513,554

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

2023

2022

value:

£

£

749,169

ordinary shares

£1

749,169

749,169

11.

RESERVES

Retained

earnings

£

At 1st August 2022

845

Profit for the period

32,806

At 30th July 2023

33,651

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Manesh Shah (Senior Statutory Auditor)

for and on behalf of PSJ Alexander & Co

13.	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 £2,205,668 (2022: £1,615,563). There is also a right to set-off with two related companies with common directors and shareholders.

14.	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:

2023

2022

£

£

Recharges for use of property and plant and machinery

475,163

438,161

Management charges paid

3,000

3,000

Amounts due from related parties

53,892

185,793

(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 £183,000 to the pension scheme (2022: £164,306). The property has been capitalised in the financial statements as a finance lease.

(iv) No dividends were paid during the year (2022: £7,492).

15.	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.

16.	ULTIMATE CONTROLLING PARTY

Mr N. D. Shah is the ultimate controlling party of the company by virtue of his shareholding.