REGISTERED NUMBER: 03748123 (England and Wales)

FINANCIAL STATEMENTS FOR THE PERIOD 29TH JULY 2024 TO 27TH JULY 2025

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 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

FIXED ASSETS

Intangible assets

4

1

1

Tangible assets

5

1,184,051

1,227,278

Investments

6

204,315

-

1,388,367

1,227,279

CURRENT ASSETS

Debtors

7

389,210

127,069

Cash at bank

628,117

1,015,696

1,017,327

1,142,765

CREDITORS

Amounts falling due within one year

8

79,411

52,077

NET CURRENT ASSETS

937,916

1,090,688

TOTAL ASSETS LESS CURRENT LIABILITIES

2,326,283

2,317,967

CREDITORS

Amounts falling due after more than one year

9

1,502,018

1,512,996

NET ASSETS

824,265

804,971

CAPITAL AND RESERVES

Called up share capital

11

749,169

749,169

Retained earnings

75,096

55,802

SHAREHOLDERS' FUNDS

824,265

804,971

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 30th July 2026 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.

Preparation of consolidated financial statements

The financial statements contain information about Legumology 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.

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.

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

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any impairments.

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.

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 period was 2 (2024 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 29th July 2024

and 27th July 2025

35,000

AMORTISATION

At 29th July 2024

and 27th July 2025

34,999

NET BOOK VALUE

At 27th July 2025

1

At 28th July 2024

1

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 29th July 2024

1,596,162

648,713

2,244,875

Additions

1,697

28,341

30,038

Reclassification/transfer

5,727

(5,727

)

-

At 27th July 2025

1,603,586

671,327

2,274,913

DEPRECIATION

At 29th July 2024

396,701

620,896

1,017,597

Charge for period

71,732

1,533

73,265

At 27th July 2025

468,433

622,429

1,090,862

NET BOOK VALUE

At 27th July 2025

1,135,153

48,898

1,184,051

At 28th July 2024

1,199,461

27,817

1,227,278

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

Land and

buildings

£

COST

At 29th July 2024

and 27th July 2025

1,477,064

DEPRECIATION

At 29th July 2024

354,496

Charge for period

59,083

At 27th July 2025

413,579

NET BOOK VALUE

At 27th July 2025

1,063,485

At 28th July 2024

1,122,568

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

Additions

204,315

At 27th July 2025

204,315

NET BOOK VALUE

At 27th July 2025

204,315

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

49,161

64,760

Other debtors

340,049

62,309

389,210

127,069

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Finance leases

10,977

552

Trade creditors

22,716

5,739

Taxation and social security

10,958

11,154

Other creditors

34,760

34,632

79,411

52,077

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Finance leases

1,502,018

1,512,996

Amounts falling due in more than five years:

Repayable by instalments

Finance leases

1,353,853

1,406,533

10.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Finance leases

1,512,995

1,513,548

The finance leases are secured on the assets that have been leased.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

749,169

ordinary shares

£1

749,169

749,169

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 £3,758,825 (2024: £2,660,875). There is also a right to set-off with two related companies with common directors and shareholders.

14.	CAPITAL COMMITMENTS

2025

2024

£

£

Contracted but not provided for in the

financial statements

7,465

-

15.	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:

2025

2024

Recharges for use of property and plant and machinery and utilities to related party

644,043

603,554

Management charges paid to related party

3,250

3,000

Purchases from related party

73,153

10,290

Loan provided to related party

300,000

-

Interest receivable from related party

2,226

-

Other expenses paid by related party on behalf of Company

28,480

-

Amounts due from related party at balance sheet date

333,818

73,141

(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 (2024: £183,000). The property has been capitalised in the financial statements as a finance lease.

(iv) Dividends amounting to £7,492 were paid during the year (2024: £7,916).

(v) Dividends received from Besan Brands Limited, the Company's wholly owned subsidiary, amounted to £8,040 during the year.

16.	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.

17.	POST BALANCE SHEET EVENTS

Subsequent to the balance sheet date, the Company undertook the following transactions:

-

acquired all the pulse, speciality crop stock and related packaging amounting to £1.12m from a related company with common directors and/or shareholders in accordance with the business sale agreement.

-

provided interest-bearing loans totalling £750,000 to the related company; these loans had been fully repaid at the time of approval of these financial statements.

-

issued 178,444 ordinary shares of £1 each at £1.4122 per share.

18.	ULTIMATE CONTROLLING PARTY

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