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Registration number: SC527608

Laser and Lens Scotland Ltd

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

Laser and Lens Scotland Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Laser and Lens Scotland Ltd

Company Information

Directors

Mr Sanjay Mantry

Dr Dipali Mantry

Registered office

Beaumont House
Grange Road
Bearsden
Glasgow
G61 3PL

Accountants

Deans Accountants And Business Advisors Ltd
27 North Bridge Street
Hawick
Scottish Borders
TD9 9BD

 

DEANS

Chartered Accountants

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Laser and Lens Scotland Ltd for the Year Ended 28 February 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Laser and Lens Scotland Ltd for the year ended 28 February 2023 as set out on pages 3 to 10 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 of Scotland (ICAS), we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/ethics/icas-code-of-ethics.

This report is made solely to the Board of Directors of Laser and Lens Scotland Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Laser and Lens Scotland Ltd and state those matters that we have agreed to state to the Board of Directors of Laser and Lens Scotland Ltd, as a body, in this report in accordance with ICAS guidance (www.icas.com/accountsprep/guidance). To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Laser and Lens Scotland Ltd and its Board of Directors as a body for our work or for this report.

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

We have not been instructed to carry out an audit or a review of the accounts of Laser and Lens Scotland 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 accounts.

......................................

Deans Accountants And Business Advisors Ltd
27 North Bridge Street
Hawick
Scottish Borders
TD9 9BD

29 November 2023

 

Laser and Lens Scotland Ltd

(Registration number: SC527608)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

19,030

19,706

Investment property

5

1,469,746

1,469,746

Other financial assets

6

5,801

5,801

 

1,494,577

1,495,253

Current assets

 

Debtors

7

309,056

12,410

Cash at bank and in hand

 

1,817,334

1,027,536

 

2,126,390

1,039,946

Creditors: Amounts falling due within one year

8

(302,810)

(311,063)

Net current assets

 

1,823,580

728,883

Total assets less current liabilities

 

3,318,157

2,224,136

Creditors: Amounts falling due after more than one year

8

-

(40,000)

Provisions for liabilities

(3,616)

(2,178)

Net assets

 

3,314,541

2,181,958

Capital and reserves

 

Called up share capital

9

100

100

Revaluation reserve

6,970

6,970

Retained earnings

3,307,471

2,174,888

Shareholders' funds

 

3,314,541

2,181,958

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 November 2023 and signed on its behalf by:
 

 

Laser and Lens Scotland Ltd

(Registration number: SC527608)
Balance Sheet as at 28 February 2023

.........................................
Mr Sanjay Mantry
Director

.........................................
Dr Dipali Mantry
Director

 

Laser and Lens Scotland Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Beaumont House
Grange Road
Bearsden
Glasgow
G61 3PL
Scotland

The principal place of business is:
Beaumont House
Grange Road
Bearsden
Glasgow
G61 3PL
Scotland

These financial statements were authorised for issue by the Board on 29 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company is not directly impacted by Brexit.

The company has suffered financially from the pandemic. Where appropriate, government support in the forms of grants and loans were used to mitigate the impact of lockdowns etc. The directors will continue to assess the impact of the pandemic and make decisions accordingly.

The accounts are presented in £ and are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

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 taxable income.

 

Laser and Lens Scotland Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

25% straight line

Plant and machinery

25% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Laser and Lens Scotland Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 2).

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2022

4,481

26,984

31,465

Additions

1,716

6,559

8,275

At 28 February 2023

6,197

33,543

39,740

Depreciation

At 1 March 2022

2,694

9,065

11,759

Charge for the year

701

8,250

8,951

At 28 February 2023

3,395

17,315

20,710

Carrying amount

At 28 February 2023

2,802

16,228

19,030

At 28 February 2022

1,787

17,919

19,706

5

Investment properties

2023
£

At 1 March

1,469,746

At 28 February

1,469,746

There has been no valuation of investment property by an independent valuer.

 

Laser and Lens Scotland Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

6

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 March 2022

5,801

5,801

At 28 February 2023

5,801

5,801

Impairment

Carrying amount

At 28 February 2023

5,801

5,801

7

debtors

Current

2023
£

2022
£

Prepayments

19

-

Other debtors

309,037

12,410

 

309,056

12,410

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

-

10,000

Taxation and social security

 

290,801

295,481

Accruals and deferred income

 

8,209

5,582

Other creditors

 

3,800

-

 

302,810

311,063

Creditors include bank loans and overdrafts contracts which are secured of £Nil (2022 - £50,000). This is a bounce back loan repayable over 6 years. Interest is charged at 2.25%. The loan was repaid during the year.

 

Laser and Lens Scotland Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

-

40,000

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

50

50

50

50

Ordinary B shares of £1 each

49

49

49

49

Ordinary C shares of £1 each

1

1

1

1

 

100

100

100

100

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

-

40,000

2023
£

2022
£

Current loans and borrowings

Bank borrowings

-

10,000

11

Related party transactions

Transactions with directors

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

Mr Sanjay Mantry

Overdrawn loans are subject to interest at 2.25%.

6,418

10,276

(4,012)

12,682

         
       

Dr Dipali Mantry

Overdrawn loans are subject to interest at 2.25%.

5,992

-

(90)

5,902

         
       

 

 

Laser and Lens Scotland Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

2022

At 1 March 2021
£

Advances to director
£

Repayments by director
£

At 28 February 2022
£

Mr Sanjay Mantry

Overdrawn loans are subject to interest at 2.25%.

(1,799)

8,307

(90)

6,418

         
       

Dr Dipali Mantry

Overdrawn loans are subject to interest at 2.25%.

(1,799)

7,881

(90)

5,992

         
       

 

Summary of transactions with other related parties

Laser and Lens Property Holding Ltd is a company under the control of Mr & Mrs S Mantry.
 The company has advanced loans of £290,453 to Laser and Lens Property Holding Ltd. These loans are interest free and there are no specific terms for repayment.