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REGISTERED NUMBER: 03748123 (England and Wales)















FINANCIAL STATEMENTS FOR THE PERIOD 31ST JULY 2023 TO 28TH JULY 2024

FOR

LEGUMOLOGY LIMITED

LEGUMOLOGY LIMITED (REGISTERED NUMBER: 03748123)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 31ST JULY 2023 TO 28TH JULY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


LEGUMOLOGY LIMITED

COMPANY INFORMATION
FOR THE PERIOD 31ST JULY 2023 TO 28TH JULY 2024







DIRECTORS: Mr N D Shah
Mr M Shah
Mr T Shah
Mr M Russell



SECRETARY: Mr A Chhag



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

LEGUMOLOGY LIMITED (REGISTERED NUMBER: 03748123)

BALANCE SHEET
28TH JULY 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 1 1
Tangible assets 5 1,227,278 1,243,163
1,227,279 1,243,164

CURRENT ASSETS
Debtors 6 127,069 173,336
Cash at bank 1,015,696 917,637
1,142,765 1,090,973
CREDITORS
Amounts falling due within one year 7 52,077 37,766
NET CURRENT ASSETS 1,090,688 1,053,207
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,317,967

2,296,371

CREDITORS
Amounts falling due after more than one year 8 1,512,996 1,513,551
NET ASSETS 804,971 782,820

CAPITAL AND RESERVES
Called up share capital 10 749,169 749,169
Retained earnings 55,802 33,651
SHAREHOLDERS' FUNDS 804,971 782,820

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 24th April 2025 and were signed on its behalf by:





Mr M Russell - Director


LEGUMOLOGY LIMITED (REGISTERED NUMBER: 03748123)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 31ST JULY 2023 TO 28TH JULY 2024


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
Recharges for use of property & fixed assets are recognised when the related services are provided and on an accruals basis.

Revenue for sale of goods is recognised when the significant risks and rewards of ownership have been transferred to the buyer, there is no continuing involvement with the goods, and the amount of revenue can be measured reliably, which can be on the date of shipment or the date of receipt by the customer. Transfer of risks and rewards varies depending on the individual terms of the contract of sale, including the delivery conditions, agreed with the customers.

Revenue is recorded net of trade promotion and discounts, which is recognised as incurred, generally at the time of the sale. Accruals for expected promotion and discount payouts to customer are included as accruals in the Balance Sheet. Revenue is also recorded net of Value Added Tax.

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.

LEGUMOLOGY LIMITED (REGISTERED NUMBER: 03748123)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31ST JULY 2023 TO 28TH JULY 2024


2. ACCOUNTING POLICIES - continued

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 2 (2023 - 1 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 31st July 2023
and 28th July 2024 35,000
AMORTISATION
At 31st July 2023
and 28th July 2024 34,999
NET BOOK VALUE
At 28th July 2024 1
At 30th July 2023 1

LEGUMOLOGY LIMITED (REGISTERED NUMBER: 03748123)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31ST JULY 2023 TO 28TH JULY 2024


5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 31st July 2023 1,548,864 634,140 2,183,004
Additions 47,298 14,573 61,871
At 28th July 2024 1,596,162 648,713 2,244,875
DEPRECIATION
At 31st July 2023 329,650 610,191 939,841
Charge for period 67,051 10,705 77,756
At 28th July 2024 396,701 620,896 1,017,597
NET BOOK VALUE
At 28th July 2024 1,199,461 27,817 1,227,278
At 30th July 2023 1,219,214 23,949 1,243,163

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

Land and
buildings
£   
COST
At 31st July 2023
and 28th July 2024 1,477,064
DEPRECIATION
At 31st July 2023 295,413
Charge for period 59,083
At 28th July 2024 354,496
NET BOOK VALUE
At 28th July 2024 1,122,568
At 30th July 2023 1,181,651

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 64,760 -
Other debtors 62,309 173,336
127,069 173,336

LEGUMOLOGY LIMITED (REGISTERED NUMBER: 03748123)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31ST JULY 2023 TO 28TH JULY 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Finance leases 552 -
Trade creditors 5,739 3,610
Taxation and social security 11,154 28,122
Other creditors 34,632 6,034
52,077 37,766

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Finance leases 1,512,996 1,513,551

Amounts falling due in more than five years:

Repayable by instalments
Finance leases 1,406,533 1,438,365

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Finance leases 1,513,548 1,513,551

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 2024 2023
value: £    £   
749,169 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.

Manesh Shah (Senior Statutory Auditor)
for and on behalf of PSJ Alexander & Co

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 £2,660,875 (2023: £2,205,668). 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 31ST JULY 2023 TO 28TH JULY 2024


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:
2024 2023
£    £   
Recharges for use of property and plant and machinery and utilities 603,554 475,163
Management charges paid 3,000 3,000
Purchases from related parties 10,290 -
Amounts due from related parties 73,141 53,892

(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 (2023: £183,000). The property has been capitalised in the financial statements as a finance lease.

(iv) Dividends amounting to £7,916 were paid during the year (2023: £Nil).

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. POST BALANCE SHEET EVENTS

On 29th October 2024, the Company acquired 100% of the issued share capital of Besan Brands Limited, a company with common directors/shareholders, for a total consideration of £203,253. Besan Brands Limited is engaged in trading in retail gram flour and the acquisition is expected to secure control over retail gram flour sales for the Company.

16. ULTIMATE CONTROLLING PARTY

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