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Registered number: 04415522










LASERFAST LTD








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
LASERFAST LTD
 
 
COMPANY INFORMATION


Directors
D J Cannon 
M Cannon 
N J Turley 




Company secretary
M Cannon



Registered number
04415522



Registered office
Cannon House
Brocks Road

Ecotech Business Park

Swaffham

Norfolk

PE37 7XG




Accountants
MA Partners LLP
Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ





 
LASERFAST LTD
 

CONTENTS



Page
Accountants' report
 
 
1
Balance sheet
 
 
2 - 3
Notes to the financial statements
 
 
4 - 8


 
LASERFAST LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LASERFAST LTD
FOR THE YEAR ENDED 31 MARCH 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Laserfast Ltd for the year ended 31 March 2023 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the Board of directors of Laserfast Ltd, as a body, in accordance with the terms of our engagement letter dated 2 June 2023Our work has been undertaken solely to prepare for your approval the financial statements of Laserfast Ltd  and state those matters that we have agreed to state to the Board of directors of Laserfast Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Laserfast Ltd and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Laserfast Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Laserfast Ltd. You consider that Laserfast Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Laserfast Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  





MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ

18 October 2023
Page 1

 
LASERFAST LTD
REGISTERED NUMBER: 04415522

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
784,368
836,275

  
784,368
836,275

Current assets
  

Stocks
 5 
113,797
233,661

Debtors: amounts falling due within one year
 6 
648,840
534,742

Cash at bank and in hand
  
2,995,682
2,370,488

  
3,758,319
3,138,891

Creditors: amounts falling due within one year
 7 
(557,362)
(502,625)

Net current assets
  
 
 
3,200,957
 
 
2,636,266

Total assets less current liabilities
  
3,985,325
3,472,541

Provisions for liabilities
  

Deferred tax
  
(81,609)
(67,870)

  
 
 
(81,609)
 
 
(67,870)

Net assets
  
3,903,716
3,404,671


Capital and reserves
  

Called up share capital 
 8 
100
100

Profit and loss account
  
3,903,616
3,404,571

  
3,903,716
3,404,671


Page 2

 
LASERFAST LTD
REGISTERED NUMBER: 04415522
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 October 2023.






D J Cannon
Director

The notes on pages 4 to 8 form part of these financial statements.

Page 3

 
LASERFAST LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

The Company is a United Kingdom company limited by shares.  It is both incorporated and domiciled in England and Wales.  The address of the registered office is Cannon House, Brocks Road, Ecotech Business Park, Swaffham, Norfolk, PE37 7XG.
The Company's principal activity is that of laser profiling.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover comprises revenue recognised by the company in respect of laser profiling services supplied during the year, exclusive of Value Added Tax and trade discounts.

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and loss account in the same period as the related expenditure.

 
2.4

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on both a reducing balance and straight line basis.

Depreciation is provided on the following basis:

Plant and Machinery
-
15%
reducing balance
Motor Vehicles
-
25%
reducing balance
Office Equipment
-
20%
straight line

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.

Page 4

 
LASERFAST LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

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. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet 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.

 
2.6

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.

 
2.7

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.

 
2.8

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.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

 
2.9

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.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 5

 
LASERFAST LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.11

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 Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.12

Interest income

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

 
2.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet 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 balance sheet 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 is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 10 (2022 - 9).

Page 6

 
LASERFAST LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Tangible Assets





Freehold property
Plant & Machinery
Motor Vehicles
Office Equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2022
378,477
1,356,497
64,116
23,699
1,822,789


Additions
-
88,124
-
-
88,124


Disposals
-
(16,498)
-
-
(16,498)



At 31 March 2023

378,477
1,428,123
64,116
23,699
1,894,415



Depreciation


At 1 April 2022
-
930,915
33,740
21,859
986,514


Charge for the year on owned assets
-
127,693
7,594
1,808
137,095


Disposals
-
(13,562)
-
-
(13,562)



At 31 March 2023

-
1,045,046
41,334
23,667
1,110,047



Net book value



At 31 March 2023
378,477
383,077
22,782
32
784,368



At 31 March 2022
378,477
425,582
30,376
1,840
836,275


5.


Stocks

2023
2022
£
£

Raw materials and consumables
96,797
227,341

Work in progress (goods to be sold)
17,000
6,320

113,797
233,661


Page 7

 
LASERFAST LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Debtors

2023
2022
£
£


Trade debtors
617,381
518,413

Other debtors
9,058
4,587

Prepayments and accrued income
22,401
11,742

648,840
534,742



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
312,167
324,558

Corporation tax
142,889
121,098

Other taxation and social security
86,446
52,778

Accruals and deferred income
15,860
4,191

557,362
502,625



8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



76 Ordinary shares of £1.00 each
76
76
24 Non voting shares of £1.00 each
24
24

100

100



9.


Transactions with directors

As at 1 April 2022, the directors owed the company £4,587.  During the year the company made net payments on behalf of the directors for £4,471.  As at 31 March 2023, the directors owed the company £9,058.  The loan is repayable on demand and is included in other debtors due within one year in note 6 to the financial statements.

 
Page 8