ACCOUNTS - Final Accounts preparation

Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:

LEAFIELD LOGISTICS & TECHNICAL SERVICES LIMITED - Company Information

Caseware UK (AP4) 2021.0.152 2021.0.152 2022-09-302023-05-022023-05-022022-09-302023-05-02false2021-10-01false1619true 06477347 2021-10-01 2022-09-30 06477347 2020-10-01 2021-09-30 06477347 2022-09-30 06477347 2021-09-30 06477347 2020-10-01 06477347 c:PriorPeriodIncreaseDecrease 2020-10-01 2021-09-30 06477347 c:RestatedAmount 2020-10-01 06477347 c:IncreaseDecreaseDueToTransitionFromPreviousStandard 2020-10-01 06477347 c:IncreaseDecreaseDueToTransitionFromPreviousStandard 2021-09-30 06477347 c:CurrentFinancialInstruments c:WithinOneYear c:IncreaseDecreaseDueToTransitionFromPreviousStandard 2020-10-01 06477347 c:CurrentFinancialInstruments c:WithinOneYear c:IncreaseDecreaseDueToTransitionFromPreviousStandard 2021-09-30 06477347 c:Non-currentFinancialInstruments c:AfterOneYear c:IncreaseDecreaseDueToTransitionFromPreviousStandard 2020-10-01 06477347 c:Non-currentFinancialInstruments c:AfterOneYear c:IncreaseDecreaseDueToTransitionFromPreviousStandard 2021-09-30 06477347 c:IncreaseDecreaseDueToTransitionFromPreviousStandard 2020-10-01 2021-09-30 06477347 1 2021-10-01 2022-09-30 06477347 1 2020-10-01 2021-09-30 06477347 5 2021-10-01 2022-09-30 06477347 5 2020-10-01 2021-09-30 06477347 c:Exceptional 2021-10-01 2022-09-30 06477347 c:Exceptional 2020-10-01 2021-09-30 06477347 e:Director1 2021-10-01 2022-09-30 06477347 e:Director1 2022-09-30 06477347 e:Director2 2021-10-01 2022-09-30 06477347 e:Director2 2022-09-30 06477347 e:Director3 2021-10-01 2022-09-30 06477347 e:Director4 2021-10-01 2022-09-30 06477347 e:RegisteredOffice 2021-10-01 2022-09-30 06477347 c:Buildings 2021-10-01 2022-09-30 06477347 c:Buildings 2022-09-30 06477347 c:Buildings 2021-09-30 06477347 c:Buildings c:OwnedOrFreeholdAssets 2021-10-01 2022-09-30 06477347 c:LandBuildings 2022-09-30 06477347 c:LandBuildings 2021-09-30 06477347 c:PlantMachinery 2021-10-01 2022-09-30 06477347 c:PlantMachinery 2022-09-30 06477347 c:PlantMachinery 2021-09-30 06477347 c:PlantMachinery c:OwnedOrFreeholdAssets 2021-10-01 2022-09-30 06477347 c:MotorVehicles 2021-10-01 2022-09-30 06477347 c:MotorVehicles 2022-09-30 06477347 c:MotorVehicles 2021-09-30 06477347 c:MotorVehicles c:OwnedOrFreeholdAssets 2021-10-01 2022-09-30 06477347 c:FurnitureFittings 2021-10-01 2022-09-30 06477347 c:OtherPropertyPlantEquipment 2021-10-01 2022-09-30 06477347 c:OtherPropertyPlantEquipment 2022-09-30 06477347 c:OtherPropertyPlantEquipment 2021-09-30 06477347 c:OtherPropertyPlantEquipment c:OwnedOrFreeholdAssets 2021-10-01 2022-09-30 06477347 c:OwnedOrFreeholdAssets 2021-10-01 2022-09-30 06477347 c:ComputerSoftware 2022-09-30 06477347 c:ComputerSoftware 2021-09-30 06477347 c:CurrentFinancialInstruments 2022-09-30 06477347 c:CurrentFinancialInstruments 2021-09-30 06477347 c:CurrentFinancialInstruments 1 2022-09-30 06477347 c:CurrentFinancialInstruments 1 2021-09-30 06477347 c:CurrentFinancialInstruments c:WithinOneYear 2022-09-30 06477347 c:CurrentFinancialInstruments c:WithinOneYear 2021-09-30 06477347 f:UnitedKingdom 2021-10-01 2022-09-30 06477347 f:UnitedKingdom 2020-10-01 2021-09-30 06477347 f:RestWorldOutsideUK 2021-10-01 2022-09-30 06477347 f:RestWorldOutsideUK 2020-10-01 2021-09-30 06477347 c:UKTax 2021-10-01 2022-09-30 06477347 c:UKTax 2020-10-01 2021-09-30 06477347 c:ShareCapital 2022-09-30 06477347 c:ShareCapital 2021-09-30 06477347 c:ShareCapital 2020-10-01 06477347 c:CapitalRedemptionReserve 2021-10-01 2022-09-30 06477347 c:CapitalRedemptionReserve 2022-09-30 06477347 c:CapitalRedemptionReserve 2021-09-30 06477347 c:CapitalRedemptionReserve c:PriorPeriodIncreaseDecrease 2020-10-01 2021-09-30 06477347 c:CapitalRedemptionReserve 2020-10-01 06477347 c:CapitalRedemptionReserve c:RestatedAmount 2020-10-01 06477347 c:ForeignCurrencyTranslationReserve 2021-10-01 2022-09-30 06477347 c:RetainedEarningsAccumulatedLosses 2021-10-01 2022-09-30 06477347 c:RetainedEarningsAccumulatedLosses 2022-09-30 06477347 c:RetainedEarningsAccumulatedLosses 2020-10-01 2021-09-30 06477347 c:RetainedEarningsAccumulatedLosses 2021-09-30 06477347 c:RetainedEarningsAccumulatedLosses c:PriorPeriodIncreaseDecrease 2020-10-01 2021-09-30 06477347 c:RetainedEarningsAccumulatedLosses 2020-10-01 06477347 c:RetainedEarningsAccumulatedLosses c:RestatedAmount 2020-10-01 06477347 c:AcceleratedTaxDepreciationDeferredTax 2022-09-30 06477347 c:AcceleratedTaxDepreciationDeferredTax 2021-09-30 06477347 c:OtherDeferredTax 2022-09-30 06477347 c:OtherDeferredTax 2021-09-30 06477347 c:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2021-10-01 2022-09-30 06477347 c:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-09-30 06477347 c:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2021-09-30 06477347 e:OrdinaryShareClass1 2021-10-01 2022-09-30 06477347 e:OrdinaryShareClass1 2022-09-30 06477347 e:OrdinaryShareClass1 2021-09-30 06477347 e:FRS102 2021-10-01 2022-09-30 06477347 e:Audited 2021-10-01 2022-09-30 06477347 e:FullAccounts 2021-10-01 2022-09-30 06477347 e:PrivateLimitedCompanyLtd 2021-10-01 2022-09-30 06477347 c:WithinOneYear 2022-09-30 06477347 c:WithinOneYear 2021-09-30 06477347 c:BetweenOneFiveYears 2022-09-30 06477347 c:BetweenOneFiveYears 2021-09-30 06477347 c:MoreThanFiveYears 2022-09-30 06477347 c:MoreThanFiveYears 2021-09-30 06477347 2 2021-10-01 2022-09-30 06477347 4 2021-10-01 2022-09-30 06477347 c:ComputerSoftware c:OwnedIntangibleAssets 2021-10-01 2022-09-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 06477347

LEAFIELD LOGISTICS & TECHNICAL SERVICES LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

LEAFIELD LOGISTICS & TECHNICAL SERVICES LIMITED

COMPANY INFORMATION

Directors	M E Thistlethwayte (resigned 28 January 2022)
	D C Harbord (resigned 28 January 2022)
	J P M Webster
	K C Honeybone


Registered number	06477347


Registered office	Hangar 19
	Colerne Industrial Park
	Colerne
	Wiltshire
	SN14 8HT


Independent auditors	Bishop Fleming LLP
	Chartered Accountants & Statutory Auditors
	10 Temple Back
	Bristol
	BS1 6FL

LEAFIELD LOGISTICS & TECHNICAL SERVICES LIMITED

CONTENTS

	Page
Strategic report	1
Directors' report	2 - 3
Independent auditors' report	4 - 7
Statement of comprehensive income	8
Statement of financial position	9
Statement of changes in equity	10
Statement of cash flows	11
Analysis of net debt	12
Notes to the financial statements	13 - 29

LEAFIELD LOGISTICS & TECHNICAL SERVICES LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2022

Introduction

The directors present their strategic report for the year ended 30 September 2022.

Business review

The principal activities of the Company are supporting overseas navies in maintaining and enhancing the operational capability of their ships, particularly through resolving issues arising from obsolescence, including the provision of parts, the design of new solutions and acting as an integrator on complex projects. The company also manages the storage, refurbishment and disposal of the UK Ministry of Defence (MoD) inventories of naval equipment that have been declared surplus to requirements.
While a number of the customers of our historic business continue their struggle to recover from Covid, which has restricted their activity levels, this has been more than offset by our project based work which has gone from strength to strength. Many of our successes have a multi-year benefit and we continue to enjoy a very strong pipeline of enquiries for similar work.
The directors are pleased to announce a profit before tax of £5,686k (2021: £2,528k). At the year end the company had strong cash reserves of £5,696k (2021: £6,859k).
The company has converted from reporting under IFRS to UK GAAP as it is more commensurate with the nature of the business.

Principal risks and uncertainties

The principal risks and uncertainties facing the company are foreign currency risk, liquidity risk and credit and fraud risk.

The directors seek to limit the effect of these risks on financial performance through management control and review, regular monitoring of the liquidity of the company and fixing interest rates where possible to increase certainty over future cash flows.

This report was approved by the board on 2 May 2023 and signed on its behalf.

J P M Webster

Director

Page 1

LEAFIELD LOGISTICS & TECHNICAL SERVICES LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2022

The directors present their report and the financial statements for the year ended 30 September 2022.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgements and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activities

The principal activities of the Company are supporting overseas navies in maintaining and enhancing the operational capability of their ships. The company also manages the UK Ministry of Defence (MoD) inventories and naval equipment that have been declared surplus to requirements.

Results and dividends

The profit for the year, after taxation, amounted to £4,700k (2021: £2,067k).

Dividends totalling £Nil (2021: £Nil) were paid during the year.

Directors

The directors who served during the year were:

M E Thistlethwayte (resigned 28 January 2022)

D C Harbord (resigned 28 January 2022)

J P M Webster

K C Honeybone

Future developments

There are no plans to change the nature of the Company's activities for the foreseeable future, and projects are planned to ensure future revenues are maximised.

Page 2

LEAFIELD LOGISTICS & TECHNICAL SERVICES LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2022

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditors, Bishop Fleming LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

J P M Webster

Director

Date: 2 May 2023

Hangar 19

Colerne Industrial Park

Colerne

Wiltshire

SN14 8HT

Page 3

LEAFIELD LOGISTICS & TECHNICAL SERVICES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEAFIELD LOGISTICS & TECHNICAL SERVICES LIMITED

Opinion

We have audited the financial statements of Leafield Logistics & Technical Services Limited (the 'Company') for the year ended 30 September 2022, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 30 September 2022 and of its profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 4

LEAFIELD LOGISTICS & TECHNICAL SERVICES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEAFIELD LOGISTICS & TECHNICAL SERVICES LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 5

LEAFIELD LOGISTICS & TECHNICAL SERVICES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEAFIELD LOGISTICS & TECHNICAL SERVICES LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered the following:

∙The nature of the industry and sector, control environment and business performance;

∙Results of our enquires of management and directors in relation to their own identification and assessment of the risks of irregularities within the Company; and,

∙Any matters we identified having obtained and reviewed the Company’s documentation of their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks of fraud or noncompliance with laws and regulations.

As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the areas of high risk to be in relation to revenue recognition. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.
We have also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focussing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures within the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, Financial Reporting Standard 102, UK tax legislation and export regulations. In addition we considered the provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental for the Company’s ability to operate or avoid a material penalty. These included health and safety regulations, employment legislation and data protection laws.
Our audit procedures performed to respond to the risks identified included, but were not limited to:

∙Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

∙Reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue;

∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;

∙Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

∙Identifying and testing journal entries, evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud; and,

∙Challenging assumptions and judgements made by management in their significant accounting estimates.

Page 6

LEAFIELD LOGISTICS & TECHNICAL SERVICES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEAFIELD LOGISTICS & TECHNICAL SERVICES LIMITED (CONTINUED)

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

John Talbot FCA (Senior statutory auditor)

for and on behalf of

Bishop Fleming LLP

Chartered Accountants

Statutory Auditors

10 Temple Back

Bristol

BS1 6FL

2 May 2023

Page 7

LEAFIELD LOGISTICS & TECHNICAL SERVICES LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 SEPTEMBER 2022

	2022	2021
Note	£000	£000


Turnover	4	13,620	11,782
Cost of sales		(6,236)	(7,283)
Gross profit		7,384	4,499
Administrative expenses		(2,199)	(2,322)
Exceptional income		866	-
Fair value movements		(367)	367
Operating profit		5,684	2,544
Interest receivable and similar income	8	2	-
Interest payable and similar expenses	9	-	(16)
Profit before tax		5,686	2,528
Tax on profit	10	(986)	(461)
Profit for the financial year		4,700	2,067

There were no recognised gains and losses for 2022 or 2021 other than those included in the statement of comprehensive income.

The notes on pages 13 to 29 form part of these financial statements.

Page 8

LEAFIELD LOGISTICS & TECHNICAL SERVICES LIMITED

REGISTERED NUMBER:06477347

STATEMENT OF FINANCIAL POSITION

AS AT 30 SEPTEMBER 2022

		2022		2021 (Restated)
Note		£000		£000

Fixed assets
Intangible assets	12		-		49
Tangible assets	13		238		1,004
			238		1,053
Current assets
Stocks	14	20		35
Debtors: amounts falling due within one year	15	7,693		1,521
Cash at bank and in hand	16	5,696		6,859
		13,409		8,415
Creditors: amounts falling due within one year	17	(5,311)		(5,678)
Net current assets			8,098		2,737
Total assets less current liabilities			8,336		3,790
Provisions for liabilities
Provisions		-		(154)
			-		(154)
Net assets			8,336		3,636

Capital and reserves
Called up share capital	20	100	100
Capital redemption reserve	21	18	18
Profit and loss account	21	8,218	3,518
		8,336	3,636

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

J P M Webster

Director

Date: 2 May 2023

The notes on pages 13 to 29 form part of these financial statements.

Page 9

LEAFIELD LOGISTICS & TECHNICAL SERVICES LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 SEPTEMBER 2022

	Called up share capital	Capital redemption reserve	Profit and loss account	Total equity
	£000	£000	£000	£000
At 1 October 2021	100	18	3,518	3,636
Comprehensive income for the year
Profit for the year	-	-	4,700	4,700
At 30 September 2022	100	18	8,218	8,336

The notes on pages 13 to 29 form part of these financial statements.

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 SEPTEMBER 2021

	Called up share capital	Capital redemption reserve	Profit and loss account	Total equity
	£000	£000	£000	£000
At 1 October 2020 (as previously stated)	100	18	2,982	3,100
Adjustment on adoption of FRS 102	-	-	(1,531)	(1,531)
At 1 October 2020 (as restated)	100	18	1,451	1,569
Comprehensive income for the year
Profit for the year	-	-	2,067	2,067
At 30 September 2021	100	18	3,518	3,636

The notes on pages 13 to 29 form part of these financial statements.

Page 10

LEAFIELD LOGISTICS & TECHNICAL SERVICES LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

			2022	2021
			£000	£000

Cash flows from operating activities
Profit for the financial year	4,700	2,067
Adjustments for:
Amortisation of intangible assets	49	113
Depreciation of tangible assets	85	87
Profit on disposal of tangible assets	(866)	-
Interest paid	-	16
Interest received	(2)	-
Taxation charge	986	(43)
Decrease in stocks	15	21
(Increase) in debtors	(6,540)	(178)
(Decrease)/increase in creditors	(691)	4,796
(Decrease)/increase in provisions	(154)	-
Net fair value losses/(gains) recognised	367	(367)
Corporation tax (paid)/received	(663)	292
Net cash generated from operating activities	(2,714)	6,804

Cash flows from investing activities
Purchase of intangible fixed assets	-	(11)
Purchase of tangible fixed assets	(23)	(137)
Sale of tangible fixed assets	1,572	-
Interest received	2	-
Net cash from investing activities	1,551	(148)
Cash flows from financing activities
Repayment of loans	-	(593)
Interest paid	-	(16)
Net cash used in financing activities	-	(609)
Net (decrease)/increase in cash and cash equivalents	(1,163)	6,047
Cash and cash equivalents at beginning of year (Restated)	6,859	812
Cash and cash equivalents at the end of year (Restated)	5,696	6,859

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand (Restated)	5,696	6,859
	5,696	6,859

Page 11

LEAFIELD LOGISTICS & TECHNICAL SERVICES LIMITED

ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 30 SEPTEMBER 2022


At 1 October 2021 (Restated)	Cash flows	At 30 September 2022
£000	£000	£000

Cash at bank and in hand	6,859	(1,163)	5,696
	6,859	(1,163)	5,696

The notes on pages 13 to 29 form part of these financial statements.

Page 12

LEAFIELD LOGISTICS & TECHNICAL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

1.	Statutory Information

The Company is a private limited company and is incorporated and domiciled in the United Kingdom. The registered office is Hangar 19, Colerne Industrial Park, Colerne, Wiltshire, SN14 8HT.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

First time adoption of FRS 102
In the current year the Company has adopted FRS 102. In previous years the financial statements were prepared in accordance with International Financial Reporting Standards (FRS 101) and the Companies Act 2006.
This change in the basis of preparation has materially altered the recognition and measurement requirements previously applied in accordance with FRS 101.
Information on the impact of first-time adoption of FRS 102 is given in note 28.

The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £1,000, except where otherwise indicated.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Going concern

Having completed their assessment, the Directors have concluded that there are no material uncertainties to cast doubt on the ability of the Company to continue as a going concern.
The Company's detailed cash flow forecasts show it will operate with an appropriate level of headroom for the period of 12 months from approval of these financial statements. The Directors are satisfied that they could manage a reasonable level of unforseen change of the business' performance.

Page 13

LEAFIELD LOGISTICS & TECHNICAL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

2.Accounting policies (continued)

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of products and services through long term contracts
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.6

Pensions

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 14

LEAFIELD LOGISTICS & TECHNICAL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

2.Accounting policies (continued)

2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.8

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives are as follows:
Software - 4 years

2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 15

LEAFIELD LOGISTICS & TECHNICAL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

2.Accounting policies (continued)

2.10

Tangible fixed assets (CONTINUED)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold land	-	Not depreciated
Plant and machinery	-	20% - 25% per annum
Motor vehicles	-	25% per annum
Leasehold improvements	-	20% per annum

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 16

LEAFIELD LOGISTICS & TECHNICAL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

2.Accounting policies (continued)

2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

2.16

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, be definition, seldom equal the related actual results.
In preparing these financial statements, the directors have made the following judgements:
Useful economic life of tangible fixed assets
The company depreciates tangible fixed assets over their estimated useful economic life. Estimation is required to determine the associated useful economic life of such assets.
Trade debtor recoverability
The company reviews trade debtor balances held at year end to assess for any indicators of impairment and makes suitable provisions where deemed appropriate.
Estimated costs that will be incurred on long term contracts
The company makes certain estimates to provide for future expected costs on long term contracts where the actual spend will be incurred in future periods.
The Company's directors are of the opinion that there are no other judgements or key sources of estimation uncertainty that have a significant risk of causing material adjustment to the carrying value of assets and liabilities for the company within the next financial year.

Page 17

LEAFIELD LOGISTICS & TECHNICAL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

Turnover

The turnover is wholly derived from the Company's principal activity.

Analysis of turnover by country of destination:

					2022	2021
					£000	£000

Europe	9,500	9,418
Rest of the world	4,120	2,364
	13,620	11,782

Fees payable to the Company's auditors for the audit of the Company's financial statements

Wages and salaries	1,062	1,087
Social security costs	138	129
Cost of defined contribution scheme	49	33
	1,249	1,249

The average monthly number of employees, including the directors, during the year was as follows:

	2022	2021
	No.	No.

Management and office	4	5
Selling	6	7
Operations	6	7

	16	19

Page 18

LEAFIELD LOGISTICS & TECHNICAL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

7.	Directors' remuneration
		2022	2021
		£000	£000

Directors' emoluments	670	491
Company contributions to defined contribution pension schemes	24	16
	694	507

	The highest paid director received remuneration of £455,000 (2021: £300,000).
	The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £17,000 (2021: £10,000).

8.	Interest receivable
		2022	2021
		£000	£000

	Other interest receivable	2	-
		2	-

9.	Interest payable and similar expenses
		2022	2021
		£000	£000

	Bank borrowings	-	16
		-	16

Page 19

LEAFIELD LOGISTICS & TECHNICAL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

CORPORATION TAX
Current tax on profits for the year	1,002	461
Adjustments in respect of previous periods	(15)	-
	987	461

TOTAL CURRENT TAX	987	461

DEFERRED TAX
Origination and reversal of timing differences	(1)	-
TOTAL DEFERRED TAX	(1)	-


	TAX ON PROFIT	986	461

Profit on ordinary activities before tax

5,686

2,528

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2021: 19%)	1,080	480
EFFECTS OF:
Fixed asset differences	(154)	3
Remeasurement for changes in tax rates	-	(10)
Financial reporting transition adjustment	-	(12)
Expenses not deductible for tax purposes	(13)	-
Adjustments to tax charge in respect of prior periods	15	-
Chargeable gains	58	-
TOTAL TAX CHARGE FOR THE YEAR	986	461

Page 20

LEAFIELD LOGISTICS & TECHNICAL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

10.Taxation (continued)

Factors that may affect future tax charges

The main rate of corporation tax was increased to 25% with effect from 1 April 2023.
Deferred taxes at the reporting date have therefore been measured and reflected in these financial statements using 25%.
There were no other factors that may affect future tax charges.

11.	Exceptional items
		2022	2021
		£000	£000

	Profit on disposal of tangible fixed assets	(866)	-
		(866)	-

12.	Intangible assets

		Software
		£000
	COST
	At 1 October 2021	124
	At 30 September 2022	124
	AMORTISATION
	At 1 October 2021	75
	Charge for the year on owned assets	49
	At 30 September 2022	124
	NET BOOK VALUE
	At 30 September 2022	-
	At 30 September 2021	49

Page 21

LEAFIELD LOGISTICS & TECHNICAL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

	13.	Tangible fixed assets

	Freehold land and buildings	Plant and equipment	Motor vehicles	Leasehold improvements	Total
	£000	£000	£000	£000	£000
COST OR VALUATION
At 1 October 2021	1,321	257	24	372	1,974
Additions	-	23	-	-	23
Disposals	(1,269)	(149)	-	-	(1,418)
At 30 September 2022	52	131	24	372	579
DEPRECIATION
At 1 October 2021	619	250	13	86	968
Charge for the year on owned assets	-	6	5	74	85
Disposals	(567)	(145)	-	-	(712)
At 30 September 2022	52	111	18	160	341
NET BOOK VALUE
At 30 September 2022	-	20	6	212	238
At 30 September 2021	702	6	10	286	1,004

Page 22

LEAFIELD LOGISTICS & TECHNICAL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

13.Tangible fixed assets (continued)

The net book value of land and buildings may be further analysed as follows:
	2022	2021
	£000	£000

Freehold	-	702
	-	702

Finance leases

Assets held under finance leases amounted to £Nil (2021: £Nil).

14.	Stocks
		2022	2021
		£000	£000

Finished goods and goods for resale	20	35
	20	35

15.

Debtors

					2022	2021 (Restated)
					£000	£000


Trade debtors	918	977
Amounts owed by group undertakings	6,200	-
Other debtors	517	84
Prepayments and accrued income	15	51
Deferred taxation asset	43	42
Foreign currency option contracts	-	367
	7,693	1,521

Page 23

LEAFIELD LOGISTICS & TECHNICAL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

16.	Cash and cash equivalents
		2022	2021 (Restated)
		£000	£000

Cash at bank and in hand	5,696	6,859
	5,696	6,859

Included within the cash balance is £402k (2021: £1,592k) which is restricted as it is held by the company's bank in relation to its export gurantees which remain in place in line with the banking facilities.

17.	Creditors: AMOUNTS FALLING DUE WITHIN ONE YEAR
		2022	2021
		£000	£000

Trade creditors	110	147
Amounts owed to previous group undertakings	-	4
Amounts owed to previous group undertakings in respect of group relief	-	11
Corporation tax	551	227
Other taxation and social security	26	21
Other creditors	6	232
Accruals and deferred income	4,618	5,036
	5,311	5,678

18.	Deferred taxation

		2022
		£000

	At beginning of year	42
	Charged to profit or loss	1
	AT END OF YEAR	43

Page 24

LEAFIELD LOGISTICS & TECHNICAL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

18.Deferred taxation (continued)

The deferred tax asset is made up as follows:
	2022	2021
	£000	£000

Accelerated capital allowances	42	41
Short term temporary differences	1	1
	43	42

19.	Provisions

		Warranty provision
		£000

	At 1 October 2021	154
	Charged to profit or loss	(154)
	AT 30 SEPTEMBER 2022	-

20.	Share capital
		2022	2021
		£	£

ALLOTTED, CALLED UP AND FULLY PAID

100,000 (2021: 100,000) Ordinary shares of £1.00 each	100,000	100,000

21.

Reserves

Capital redemption reserve

The capital redemption reserve represents a statutory reserve created following the purchase of the company's own shares out of distributable profits.

Called up share capital

Called up share capital represents the issued and fully paid up equity share capital of the company.

Profit and loss account

The profit and loss account represents cumulative profits, losses and total other recognised gains or losses made by the company including distributions to, and contributions from, the parent company.

Page 25

LEAFIELD LOGISTICS & TECHNICAL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

22.	Prior year adjustment

During the prior year an amount of £1,519,619 relating to cash deposited with the company's bank in relation to gurantees had been classified within Other debtors. This has been reclassified in the current and prior year to Cash at bank and in hand accordingly. There is no impact on the brought forward profit and loss account as a result of this restatement.

23.	Pension commitments

The company operates a defined benefit contribution pension scheme. The assets of the scheme are held separately from those of the company in an indpendently administered fund. The pension charge amounted to £49,326 (2021: £32,878). Contributions outstanding at the year end amounted to £6,283 (2021: £5,347) and are included within other creditors.

Not later than 1 year	200	163
Later than 1 year and not later than 5 years	856	831
Later than 5 years	619	844
	1,675	1,838

25.Guarantees and other financial commitments

At 30 September 2022 the Company has outstanding indemnities to Barclays Bank plc amounting to €2,983,817 and £82,350 in respect of various performance bonds given in the normal course of trading.
£80,000 is a performance bond originally given to the Secretary of State for Defence on 28 August 2020. £2,350 is a performance bond given to HMRC Revenue and Customs on 11 May 2022.
€813,995 is a performance bond given to to the Romanian Navy which expired on 31 December 2022. €270,916 and €270,916 are performance bonds given to the Romanian Navy which were discharged on 4 January 2023.
A bond of €1,627,990 given to the Romanian Office for Offsetting Special Techniques Procurements on 28 April 2021 was extended until 4 April 2024 on 6 October 2022.

Page 26

LEAFIELD LOGISTICS & TECHNICAL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

26.

Related party transactions

Until 28 January 2022, Portchester Equity Limited was the immediate and ultimate parent company controlled by Mr E Thistlethwayte. During the period Portchester Equity Limited provided professional services to the company amounting to £32,000 (2021: £95,000) and non-executive director services to the company amounting to £7,000 (2021: £20,000). At 30 September 2022, £Nil was due to Portchester Equity Limited (2021: £15,482).
At 30 September 2022, other debtors falling due within one year include a Directors' loan account for Mr J P M Webster totalling £450,000 (2021: £Nil). The loan is interest free and repayable on demand.
A director, Mr J P M Webster, has provided a limited guarantee of £100,000 in connection with the company's banking facilities.
All Directors who have authority and responsibility for planning, directing and controlling the activities of the Company are considered to be key management personnel. Refer to Note 7 for details of Directors' compensation.

27.	Controlling party

Until 28 January 2022, the immediate and ultimate parent company was Portchester Equity Limited, a private company company incorporated in the United Kingdom.
The directors previously recognised M Thistlethwayte as the ultimate controlling party by virtue of his majority holding in the ordinary shares of Portchester Equity Limited.
Since 28 January 2022, the immediate and ultimate parent company is Leafield Ltd, a private company incorporated in the United Kingdom. The largest and smallest company in which the results of the company are consolidated is that headed by Leafield Ltd. Copies of these financial statements can be obtained from Hangar 19, Colerne Industrial Park, Colerne, Chippenham, Wiltshire, England, SN14 8HT.
The directors recognise Mr J P M Webster as the ultimate controlling party by virtue of his majority holding in the ordinary shares of Leafield Ltd.

Page 27

LEAFIELD LOGISTICS & TECHNICAL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

28.	First time adoption of FRS 102
	The Company transitioned to FRS 102 from the previously extant FRS 101 as at 1 October 2020. The impact of the transition to FRS 102 is as follows:
		As previously stated 1 October 2020	Effect of transition 1 October 2020	FRS 102 (as restated) 1 October 2020	As previously stated 30 September 2021	Effect of transition 30 September 2021	FRS 102 (as restated) 30 September 2021
	Note	£000	£000	£000	£000	£000	£000

Fixed assets	4,133	(3,028)	1,105	4,027	(2,974)	1,053
Current assets	1,802	26	1,828	8,373	42	8,415
Creditors: amounts falling due within one year	(1,011)	304	(707)	(5,995)	317	(5,678)
NET CURRENT ASSETS	791	330	1,121	2,378	359	2,737
TOTAL ASSETS LESS CURRENT LIABILITIES	4,924	(2,698)	2,226	6,405	(2,615)	3,790
Creditors: amounts falling due after more than one year	(1,824)	1,293	(531)	(1,300)	1,300	-
Provisions for liabilities	-	(154)	(154)	-	(154)	(154)
NET ASSETS	3,100	(1,559)	1,541	5,105	(1,469)	3,636

Capital and reserves

3,100

(1,559)

1,541

5,105

(1,469)

3,636

Page 28

LEAFIELD LOGISTICS & TECHNICAL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

28.First time adoption of FRS 102 (continued)

		As previously stated 30 September 2021	Effect of transition 30 September 2021	FRS 102 (as restated) 30 September 2021
	Note	£000	£000	£000

Turnover	11,782	-	11,782
Cost of sales	(7,283)	-	(7,283)
	4,499	-	4,499
Administrative expenses	(2,305)	(17)	(2,322)
Other operating income	367	-	367
OPERATING PROFIT	2,561	(17)	2,544
Interest payable and similar charges	(95)	79	(16)
Taxation	(461)	-	(461)
PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION AND FOR THE FINANCIAL YEAR	2,005	62	2,067

Following adoption of FRS 102 the following changes in accounting policies have resulted in an adjustment.
a) Leases
Under FRS 101 the Company previously applied IFRS 16 under which all leases are treated as finance leases except for leases of a low value or with a term of less than a year. At the transition date on 1 October 2020 a right-of-use asset of £1,471,000, lease liability of £1,443,000 and depreciation brought forward of £25,000 were previously recognised. During the year ended 30 September 2021, additions of £88,000, a depreciation charge of £158,000 and lease interest of £79,000 were previously recognised. On adoption of FRS 102 (20.4) the above balances and transactions ahve since been reversed and rental charges relating to the lease recognised straight line over the lease period.
b) Goodwill
Under FRS 101 the Company previously applied IFRS 3 under which goodwill is not amortised and is instead subject to an annual impairment review. At the transition date on 1 October 2020 goodwill of £1,531,000 was previously recognised. On adoption of FRS 102 (19.23), the previously recognised goodwill has been reversed and a debit of £1,531,000 aloocated to the profit and loss account.

Page 29