| Leading Edge Automation Ltd |
| Notes to the Accounts |
| for the year ended 30 June 2022 |
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| 1 |
General information |
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Leading Edge Automation Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
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9 Dukes Meadow |
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Chiddingstone Causeway |
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Tonbridge |
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Kent |
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TN11 8LW |
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The presentation currency of the accounts is the British Pound Sterling (£). |
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| 2 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Plant and machinery |
18% - 66.67% reducing balance |
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Fixtures & fittings |
18% reducing balance |
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Government grants |
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Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Pension costs and other post-retirement benefits |
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The company contributes to a defined contribution scheme on behalf of employees. Contributions payable to the scheme are recognised in the profit and loss account in the period to which they relate. |
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Going Concern |
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The financial statements have been prepared using the going concern basis. The going concern basis is thought to be appropriate as the company has the continued support of its parent company Oberix Group Pty Ltd. The director is confident that the support will be forthcoming and ongoing and therefore the financial statements do not contain any adjustments to reduce the value of the assets of the company to their realisable value or to provide for liabilities that might arise should the support be withdrawn. |
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| 3 |
Audit information |
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Disclosure under section 444(5B) of the Companies Act 2006 |
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The Auditors' report is unqualified. |
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Conclusions relating to going concern |
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In forming our opinion on the financial statements, which is not qualified, we draw your attention to note 2 in the financial statements concerning going concern. The company produced a net loss of £148,040 during the year ended 30 June 2022 and, as of that date, the company’s current liabilities exceeded its total assets by £453,367. This, along with other matters explained in the notes to the financial statements, indicates the existence of a material uncertainty which may cast doubt about the company’s ability to continue as a going concern. The financial statements do not include the adjustments that would result if the company was unable to continue as a going concern. Our opinion is not modified in respect of this matter. |
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Senior statutory auditor: |
Ian Jenkins FCA |
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For and on behalf of : |
Swindells LLP |
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21 March 2023 |
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| 4 |
Employees |
2022 |
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2021 |
| Number |
Number |
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The average number of employees during the year |
4 |
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2 |
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| 5 |
Tangible fixed assets |
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Plant and machinery etc |
| £ |
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Cost |
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At 1 July 2021 |
7,708 |
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Additions |
6,898 |
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At 30 June 2022 |
14,606 |
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Depreciation |
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At 1 July 2021 |
6,805 |
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Charge for the year |
1,706 |
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At 30 June 2022 |
8,511 |
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Net book value |
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At 30 June 2022 |
6,095 |
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At 30 June 2021 |
903 |
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| 6 |
Debtors |
2022 |
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2021 |
| £ |
£ |
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Trade debtors |
41,800 |
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69,768 |
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Other debtors |
14,078 |
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5,637 |
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55,878 |
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75,405 |
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| 7 |
Creditors: amounts falling due within one year |
2022 |
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2021 |
| £ |
£ |
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Trade creditors |
116,954 |
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44,341 |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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407,155 |
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335,547 |
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Taxation and social security costs |
6,339 |
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3,034 |
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Other creditors |
9,491 |
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8,713 |
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539,939 |
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391,635 |
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| 8 |
Other financial commitments |
2022 |
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2021 |
| £ |
£ |
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The company has other financial commitments in respect of a property lease which requires a minimum six month notice period and is not included in the balance sheet. |
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24,564 |
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4,221 |
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| 9 |
Related party transactions |
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In accordance with paragraph 33.1A of FRS 102, the company is exempt, as a wholly owned subsidiary of Oberix Group Pty Ltd, from the requirement to disclose transactions with entities that are part of Oberix Group Pty Ltd or investees of Oberix Group Pty Ltd qualifying as related parties. |
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| 10 |
Controlling party |
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The accounts of this company are included in the consolidated accounts of Oberix Group Pty Ltd, a private company registered at 22 McIntyre Street, Burwood, Victoria, 3125, Australia, which is regarded as the company's ultimate holding company. |
