2 false false false false false false false false false false true false false false false false false No description of principal activity 2022-09-01 Sage Accounts Production Advanced 2023 - FRS102_2023 4,692 623 5,315 3,677 700 4,377 938 1,015 xbrli:pure xbrli:shares iso4217:GBP 09715837 2022-09-01 2023-08-31 09715837 2023-08-31 09715837 2022-08-31 09715837 2021-09-01 2022-08-31 09715837 2022-08-31 09715837 2021-08-31 09715837 bus:Director1 2022-09-01 2023-08-31 09715837 core:WithinOneYear 2023-08-31 09715837 core:WithinOneYear 2022-08-31 09715837 core:ShareCapital 2023-08-31 09715837 core:ShareCapital 2022-08-31 09715837 core:RetainedEarningsAccumulatedLosses 2023-08-31 09715837 core:RetainedEarningsAccumulatedLosses 2022-08-31 09715837 bus:SmallEntities 2022-09-01 2023-08-31 09715837 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 09715837 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 09715837 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 09715837 bus:FullAccounts 2022-09-01 2023-08-31 09715837 core:ComputerEquipment 2022-09-01 2023-08-31 09715837 core:ComputerEquipment 2022-08-31 09715837 core:ComputerEquipment 2023-08-31
COMPANY REGISTRATION NUMBER: 09715837
Lean Optimisation Europe Limited
Filleted Unaudited Financial Statements
31 August 2023
Lean Optimisation Europe Limited
Statement of Financial Position
31 August 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
938
1,015
Current assets
Debtors
6
15,520
7,784
Cash at bank and in hand
104,947
71,824
---------
--------
120,467
79,608
Creditors: amounts falling due within one year
7
56,192
46,531
---------
--------
Net current assets
64,275
33,077
--------
--------
Total assets less current liabilities
65,213
34,092
--------
--------
Net assets
65,213
34,092
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
65,113
33,992
--------
--------
Shareholders funds
65,213
34,092
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Lean Optimisation Europe Limited
Statement of Financial Position (continued)
31 August 2023
These financial statements were approved by the board of directors and authorised for issue on 22 February 2024 , and are signed on behalf of the board by:
Mr W C Jones
Director
Company registration number: 09715837
Lean Optimisation Europe Limited
Notes to the Financial Statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3 Shellbrook Drive, Wrexham, LL14 6BX.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for consultancy services rendered, stated net of discounts and of Value Added Tax. The company operates a policy of accounting for Value Added Tax on a flat rate scheme and any gain or loss is therefore shown within the statement of comprehensive income.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
33% straight line
Government grants
Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
The following assets and liabilities within the accounts are classified as financial instruments - trade debtors, trade creditors and directors loans. Directors loans (being repayable upon demand), trade debtors and trade creditors, are measured at the undiscounted amount of cash or other consideration expected to be paid or received. Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the statement of Income and Retained Earnings.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 September 2022
4,692
4,692
Additions
623
623
-------
-------
At 31 August 2023
5,315
5,315
-------
-------
Depreciation
At 1 September 2022
3,677
3,677
Charge for the year
700
700
-------
-------
At 31 August 2023
4,377
4,377
-------
-------
Carrying amount
At 31 August 2023
938
938
-------
-------
At 31 August 2022
1,015
1,015
-------
-------
6. Debtors
2023
2022
£
£
Trade debtors
15,520
7,784
--------
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,078
692
Social security and other taxes
49,581
39,509
Other creditors
5,533
6,330
--------
--------
56,192
46,531
--------
--------
8. Director's advances, credits and guarantees
The director operated a loan account with the company. The opening credit balance on this account was £5,163 (2022 £4,157), and after net movement of £912, the closing credit balance on the account was £4,251 (2022 £5,163). The loan is interest free and repayable upon demand.