IRIS Accounts Production v24.2.0.383 06209056 Board of Directors 1.7.23 30.6.24 30.6.24 23/8/2024 false true false false false true false Auditors Opinion Ordinary A 1.00000 Ordinary B 1.00000 1.00000 Ordinary A 1.00000 Ordinary B 1.00000 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh062090562023-06-30062090562024-06-30062090562023-07-012024-06-30062090562022-06-30062090562022-07-012023-06-30062090562023-06-3006209056ns15:EnglandWales2023-07-012024-06-3006209056ns14:PoundSterling2023-07-012024-06-3006209056ns10:Director12023-07-012024-06-3006209056ns10:PrivateLimitedCompanyLtd2023-07-012024-06-3006209056ns10:SmallEntities2023-07-012024-06-3006209056ns10:Audited2023-07-012024-06-3006209056ns10:SmallCompaniesRegimeForDirectorsReport2023-07-012024-06-3006209056ns10:SmallCompaniesRegimeForAccounts2023-07-012024-06-3006209056ns10:FullAccounts2023-07-012024-06-300620905612023-07-012024-06-3006209056ns10:OrdinaryShareClass12023-07-012024-06-3006209056ns10:OrdinaryShareClass22023-07-012024-06-30062090562ns10:OrdinaryShareClass22023-07-012024-06-3006209056ns10:Director22023-07-012024-06-3006209056ns10:CompanySecretary12023-07-012024-06-3006209056ns10:RegisteredOffice2023-07-012024-06-3006209056ns5:CurrentFinancialInstruments2024-06-3006209056ns5:CurrentFinancialInstruments2023-06-3006209056ns5:Non-currentFinancialInstruments2024-06-3006209056ns5:Non-currentFinancialInstruments2023-06-3006209056ns5:ShareCapital2024-06-3006209056ns5:ShareCapital2023-06-3006209056ns5:SharePremium2024-06-3006209056ns5:SharePremium2023-06-3006209056ns5:RetainedEarningsAccumulatedLosses2024-06-3006209056ns5:RetainedEarningsAccumulatedLosses2023-06-3006209056ns5:IntangibleAssetsOtherThanGoodwill2023-07-012024-06-3006209056ns5:NetGoodwill2023-06-3006209056ns5:NetGoodwill2024-06-3006209056ns5:NetGoodwill2023-06-3006209056ns5:ShortLeaseholdAssetsns5:LandBuildings2023-06-3006209056ns5:FurnitureFittings2023-06-3006209056ns5:ComputerEquipment2023-06-3006209056ns5:ShortLeaseholdAssetsns5:LandBuildings2023-07-012024-06-3006209056ns5:FurnitureFittings2023-07-012024-06-3006209056ns5:ComputerEquipment2023-07-012024-06-3006209056ns5:ShortLeaseholdAssetsns5:LandBuildings2024-06-3006209056ns5:FurnitureFittings2024-06-3006209056ns5:ComputerEquipment2024-06-3006209056ns5:ShortLeaseholdAssetsns5:LandBuildings2023-06-3006209056ns5:FurnitureFittings2023-06-3006209056ns5:ComputerEquipment2023-06-3006209056ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-06-3006209056ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-06-3006209056ns5:Non-currentFinancialInstrumentsns5:AfterOneYear2024-06-3006209056ns5:Non-currentFinancialInstrumentsns5:AfterOneYear2023-06-3006209056ns10:OrdinaryShareClass12024-06-3006209056ns10:OrdinaryShareClass12022-07-012023-06-3006209056ns10:OrdinaryShareClass22024-06-300620905612023-07-012024-06-30
REGISTERED NUMBER: 06209056 (England and Wales)









AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

LEADING EDGE GROUP (UK) LIMITED

LEADING EDGE GROUP (UK) LIMITED (REGISTERED NUMBER: 06209056)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 9


LEADING EDGE GROUP (UK) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: Mr S R Lane
Mr D Hill



SECRETARY: Mrs S A Knapp



REGISTERED OFFICE: Ground Floor
Raglan House Malthouse Avenue
Cardiff Gate Business Park
Cardiff
CF23 8RA



REGISTERED NUMBER: 06209056 (England and Wales)



SENIOR STATUTORY AUDITOR: Elizabeth Horton ACA FCCA



AUDITORS: Seymour Taylor Limited, Statutory Auditor
First Floor North
40 Oxford Road
High Wycombe
Buckinghamshire
HP11 2EE

LEADING EDGE GROUP (UK) LIMITED (REGISTERED NUMBER: 06209056)

STATEMENT OF FINANCIAL POSITION
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1 1
Tangible assets 5 131,543 116,230
131,544 116,231

CURRENT ASSETS
Debtors 6 2,924,623 2,344,442
Cash at bank and in hand 1,792,463 372,652
4,717,086 2,717,094
CREDITORS
Amounts falling due within one year 7 2,533,385 1,096,258
NET CURRENT ASSETS 2,183,701 1,620,836
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,315,245

1,737,067

CREDITORS
Amounts falling due after more than one
year

8

(30,000

)

(356,000

)

PROVISIONS FOR LIABILITIES (21,911 ) -
NET ASSETS 2,263,334 1,381,067

CAPITAL AND RESERVES
Called up share capital 9 44,445 40,001
Share premium 903,450 903,450
Retained earnings 1,315,439 437,616
SHAREHOLDERS' FUNDS 2,263,334 1,381,067

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 23 August 2024 and were signed on its behalf by:





Mr D Hill - Director


LEADING EDGE GROUP (UK) LIMITED (REGISTERED NUMBER: 06209056)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


1. GENERAL INFORMATION

Leading Edge Group (UK) Limited is a private company limited by shares and incorporated in England and Wales. The address of the company's registered office and principal place of business is Part Ground Floor, Raglan House, Malthouse Avenue, Cardiff Gate Business Park, Cardiff, Wales, CF23 8RA. The registered number is 06209056.

The presentation currency of these financial statements is Sterling (£), being the currency of the primary economic market in which the entity operates (its functional currency). All amounts in these financial statements have been rounded to the nearest pound unless stated otherwise.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The principle revenue streams of the company relate to providing services for British Telecom ("BT") which are received in accordance with the agreements with BT which have a current terms ending in 2028.

The contractual obligations with BT include direct obligations from Leading Edge Group Limited (Australian parent) to BT that parallels the key obligations of Leading Edge Group (UK) Limited to BT, but with limitations of liabilities for the parent.

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.

Critical accounting estimates and judgements
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

LEADING EDGE GROUP (UK) LIMITED (REGISTERED NUMBER: 06209056)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued

Turnover
The turnover shown in the profit and loss account, represents amounts of commission receivable from British Telecom (BT) product sales, and is exclusive of Valued Added Tax.

Commission generally becomes payable by BT after orders are closed and billing commences, for some income streams commission become partially payable upon customer order, prior to billing commencement. Commission income is generally recognised by the company on signed BT customer orders when they are "job numbered" / appointed by BT. This is prior to these goods and services being delivered by BT to the customers, and as such provision is made to take account of the potential cancellation of orders. Some orders where progress to closure is not likely are only recognised as revenue upon closure by BT.

The above treatment is based upon the business continuing as a going concern. In the event of licence termination, right to payment (both primary right and via reduction due to set off) may be significantly impacted.

Commission receivable includes amounts due from the direct sale of BT products and also incentive payments for meeting additional criteria set-out in the contracts with BT.

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
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

The company assesses at each reporting date whether tangible fixed assets are impaired.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold improvements-straight line - 20%
Fixtures and fittings-straight line - 33% and straight line - 20%
Office equipment-straight line - 33%

Depreciation methods, useful lives and residual values are reviewed if there is an indication of a significant change since the last annual reporting date in the pattern by which the company expects to consume an asset's future economic benefits.


LEADING EDGE GROUP (UK) LIMITED (REGISTERED NUMBER: 06209056)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued
Taxation
Tax on the profit or loss 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 directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the statement of financial position date, and any adjustment to tax payable in respect of previous years.

Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Differences between accumulated depreciation and tax allowances for the cost of a fixed asset, if and when all conditions for retaining the tax allowances have been met, are not provided for. Deferred tax is not recognised on permanent differences arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or smaller than the corresponding income or expense.

Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the statement of financial position date. Deferred tax balances are not discounted.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that is it probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Transactions denominated in foreign currencies are translated into Sterling at the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities at the period end denominated in a foreign currency are translated into Sterling at the rate of exchange ruling at the statement of financial position date. Exchange differences are taken into account when arriving at the operating profit/loss.

Hire purchase and leasing commitments
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

The company from time to time receives incentives to enter into new lease agreements. These incentives may take the form of an up-front cash payment ("reverse premium") or the initial period of the lease may be rent free or at a reduced rent.

In accordance with the standard accounting treatment for operating lease incentives, the benefits receivable by the company are deducted from the rental costs and are allocated on a straight line basis over the full lease term.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme for the benefit of its employees. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

Loans and borrowings
Interest-bearing loans and borrowings are recognised initially at the present value of future payments discounted at a market rate of interest. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost using the effective interest method, less any impairment losses.

Loans and borrowing that are due within one year are not discounted to present value.

LEADING EDGE GROUP (UK) LIMITED (REGISTERED NUMBER: 06209056)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has applied the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instrument Issues" of FRS 102 to its financial statements.

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the statement of financial position. Finance costs and gains or losses relating to financial liabilities are included in the income statement. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 118 (2023 - 91 ) .

4. INTANGIBLE FIXED ASSETS
Intellectual
property
£   
COST
At 1 July 2023
and 30 June 2024 1
NET BOOK VALUE
At 30 June 2024 1
At 30 June 2023 1

LEADING EDGE GROUP (UK) LIMITED (REGISTERED NUMBER: 06209056)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


5. TANGIBLE FIXED ASSETS
Short Fixtures
leasehold and Office
improvements fittings equipment Totals
£    £    £    £   
COST
At 1 July 2023 57,466 22,697 170,206 250,369
Additions 6,452 11,481 43,328 61,261
Disposals - - (5,936 ) (5,936 )
At 30 June 2024 63,918 34,178 207,598 305,694
DEPRECIATION
At 1 July 2023 2,873 16,763 114,503 134,139
Charge for year 12,088 5,730 31,957 49,775
Eliminated on disposal - - (9,763 ) (9,763 )
At 30 June 2024 14,961 22,493 136,697 174,151
NET BOOK VALUE
At 30 June 2024 48,957 11,685 70,901 131,543
At 30 June 2023 54,593 5,934 55,703 116,230

6. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 782,925 826,595
Amounts owed by group undertakings 88,860 -
Other debtors 2,052,838 1,475,587
2,924,623 2,302,182

Amounts falling due after more than one year:
Other debtors - 42,260

Aggregate amounts 2,924,623 2,344,442

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 58,830 33,806
Amounts owed to group undertakings - 15,000
Taxation and social security 1,149,216 515,144
Other creditors 1,325,339 532,308
2,533,385 1,096,258

LEADING EDGE GROUP (UK) LIMITED (REGISTERED NUMBER: 06209056)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other creditors 30,000 356,000

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
40,001 Ordinary A £1 40,001 40,001

Allotted and issued:
Number: Class: Nominal 2024 2023
value: £    £   
4,444 Ordinary B £1 4,444 -

4,444 Ordinary B shares of £1 each were allotted at par during the year.

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Elizabeth Horton ACA FCCA (Senior Statutory Auditor)
for and on behalf of Seymour Taylor Limited, Statutory Auditor

11. OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies not included in the statement of financial position amount to £354,238 (2023 - £720,592), of which £207,592 (2023 - £215,553) relates to operating lease commitments due within one year and £146,646 (2023 - £505,039) relating to operating lease commitments due between one and five years.

In respect of the licences fees payable with BT, there is also a commitment to pay £127,500 (2023- £nil) within one year.

12. RELATED PARTY DISCLOSURES

Transactions with parent company
Disclosure of transactions with entities that are part of the the group is not required as 100% of the voting rights of the company are controlled within the group. No other material related party transactions were undertaken during the year.

13. POST BALANCE SHEET EVENTS

On 5 August 2024, a subsidiary company was incorporated of which Leading Edge Group (UK) Limited have a 60% holding of the issued share capital.

LEADING EDGE GROUP (UK) LIMITED (REGISTERED NUMBER: 06209056)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


14. ULTIMATE CONTROLLING PARTY

The directors consider Leading Edge Group Limited, a company incorporated in Australia, to be the
immediate parent company and Riverwise Pty Limited, a company also incorporated in Australia, to be
the ultimate parent company.

The largest group, in which this company's information is consolidated is that of Riverwise Pty Limited.
The company is incorporated in Australia and is preparing its consolidated financial statements to 30
June 2023. The registered office for this company and copies of the consolidated financial statements
can be obtained from:

Level 2
72 Archer Street
Chatswood
NSW 2057
Australia

The smallest group, in which this company's information is consolidated is that of Leading Edge Group Limited . The company is incorporated in Australia and is preparing its consolidated financial
statements to 30 June 2024. The registered office for this company and copies of the consolidated
financial statements can be obtained from:

Level 2
72 Archer Street
Chatswood
NSW 2057
Australia