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REGISTERED NUMBER: 04140709 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Legume Technology Limited

Legume Technology Limited (Registered number: 04140709)






Contents of the Financial Statements
for the year ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Legume Technology Limited

Company Information
for the year ended 31 December 2024







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

Legume Technology Limited (Registered number: 04140709)

Balance Sheet
31 December 2024

31/12/24 31/12/23
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 48,235 36,646
Tangible assets 5 658,797 701,288
707,032 737,934

CURRENT ASSETS
Stocks 180,069 182,155
Debtors 6 1,479,417 853,287
Cash at bank 1,311,066 70,362
2,970,552 1,105,804
CREDITORS
Amounts falling due within one year 7 2,404,258 646,400
NET CURRENT ASSETS 566,294 459,404
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,273,326

1,197,338

CREDITORS
Amounts falling due after more than one
year

8

(479,311

)

(421,054

)

PROVISIONS FOR LIABILITIES (23,042 ) (20,409 )
NET ASSETS 770,973 755,875

CAPITAL AND RESERVES
Called up share capital 11 1,635 1,635
Share premium 398,309 398,309
Capital redemption reserve 790 790
Retained earnings 370,239 355,141
SHAREHOLDERS' FUNDS 770,973 755,875

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.

Legume Technology Limited (Registered number: 04140709)

Balance Sheet - continued
31 December 2024


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 15 January 2025 and were signed on its behalf by:





Mrs J S Knight - Director


Legume Technology Limited (Registered number: 04140709)

Notes to the Financial Statements
for the year ended 31 December 2024

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.

Preparation of consolidated financial statements
The financial statements contain information about Legume Technology Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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.

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.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

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 and 10% on reducing balance
Fixtures and fittings - 15% per annum straight line
Computer equipment - Straight line over 4 years

Legume Technology Limited (Registered number: 04140709)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

2. ACCOUNTING POLICIES - continued

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 12 (2023 - 11 ) .

Legume Technology Limited (Registered number: 04140709)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2024 40,307
Additions 16,581
At 31 December 2024 56,888
AMORTISATION
At 1 January 2024 3,661
Charge for year 4,992
At 31 December 2024 8,653
NET BOOK VALUE
At 31 December 2024 48,235
At 31 December 2023 36,646

5. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and Computer
leasehold machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 January 2024 36,460 1,136,019 27,907 18,520 1,218,906
Additions - 33,144 358 2,059 35,561
At 31 December 2024 36,460 1,169,163 28,265 20,579 1,254,467
DEPRECIATION
At 1 January 2024 36,460 450,288 19,404 11,466 517,618
Charge for year - 73,744 1,268 3,040 78,052
At 31 December 2024 36,460 524,032 20,672 14,506 595,670
NET BOOK VALUE
At 31 December 2024 - 645,131 7,593 6,073 658,797
At 31 December 2023 - 685,731 8,503 7,054 701,288

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/24 31/12/23
as restated
£    £   
Trade debtors 100,952 11,891
Amounts recoverable on contract 974,352 720,521
Other debtors 404,113 120,875
1,479,417 853,287

Legume Technology Limited (Registered number: 04140709)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/24 31/12/23
as restated
£    £   
Bank loans and overdrafts 54,000 54,000
Hire purchase contracts (see note 9) 23,400 20,000
Trade creditors 858,185 382,422
Amounts owed to group undertakings 231,465 127,367
Taxation and social security 19,593 13,300
Other creditors 1,217,615 49,311
2,404,258 646,400

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/12/24 31/12/23
as restated
£    £   
Bank loans 49,167 103,167
Hire purchase contracts (see note 9) 61,233 75,000
Amounts owed to group undertakings 368,911 242,887
479,311 421,054

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31/12/24 31/12/23
as restated
£    £   
Net obligations repayable:
Within one year 23,400 20,000
Between one and five years 61,233 75,000
84,633 95,000

Non-cancellable operating leases
31/12/24 31/12/23
as restated
£    £   
Within one year 73,814 80,533
Between one and five years 134,773 208,587
208,587 289,120

Legume Technology Limited (Registered number: 04140709)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

10. SECURED DEBTS

The following secured debts are included within creditors:

31/12/24 31/12/23
as restated
£    £   
Bank loans 103,167 157,167
Hire purchase contracts 84,633 95,000
187,800 252,167

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

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/12/24 31/12/23
value: as
restated
£    £   
1,635 Ordinary £1 1,635 1,635