Company No:
Contents
2023 | 2022 | |||
£ | £ | |||
Current assets | ||||
Debtors | 3 |
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Cash at bank and in hand |
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151,988 | 336,874 | |||
Creditors: amounts falling due within one year | 4 | (
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Net current liabilities | (1,508,860) | (1,421,604) | ||
Total assets less current liabilities | (1,508,860) | (1,421,604) | ||
Net liabilities | (
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Reserves | ||||
Profit and loss account | (
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Total reserves | (
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Directors' responsibilities:
The financial statements of LeapFrog Labs Limited (registered number:
Mr R Snyders
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
LeapFrog Labs Limited (A Company Limited by Guarantee) is a private company, limited by guarantee, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 2nd Floor North Saltire Court, 20 Castle Terrace, Edinburgh, EH1 2EN, Scotland, United Kingdom.
The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
The company has net liabilities at 31 December 2023. Having considered planned future project activity, donor commitments, and the ongoing support of the sole member, Leapfrog Investments Platform Ltd, and the wider group, the directors are satisfied that it remains appropriate to prepare the accounts on a going concern basis.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies are recognised at transaction price.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities and are due within one year.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
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Monthly average number of persons employed by the Company during the year, excluding directors |
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Trade debtors |
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Other debtors |
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Bank overdrafts |
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Trade creditors |
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Other creditors |
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The members of the LeapFrog Labs Limited have undertaken to contribute a sum not exceeding £1 each to meet the liabilities of the Company if it should be wound up.
Other related party transactions
As at 31 December 2023 £1,319,778 (2022, £1,361,458) included within other creditors was due to companies under common control. These amounts are repayable on demand and are interest free.
No guarantees have been given or received in relation to these amounts.