REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
LEADING EDGE GROUP (UK) LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
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 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
4. | INTANGIBLE FIXED ASSETS |
Intellectual |
property |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
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 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
6. | DEBTORS |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
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 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary A | £1 |
Allotted and issued: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary B | £1 | - |
4,444 Ordinary B shares of £1 each were allotted |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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 immediate parent company and the ultimate parent company. |
The largest group, in which this company's information is consolidated is that of The company is incorporated in 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 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 |