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Registered number: 01514280










CARLTON LASER SERVICES LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
CARLTON LASER SERVICES LIMITED
REGISTERED NUMBER: 01514280

BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
716,199
202,356

  
716,199
202,356

Current assets
  

Stocks
 5 
70,210
62,820

Debtors: amounts falling due within one year
 6 
599,360
1,064,615

Cash at bank and in hand
  
956,680
1,993,593

  
1,626,250
3,121,028

Creditors: amounts falling due within one year
 7 
(542,883)
(802,843)

Net current assets
  
 
 
1,083,367
 
 
2,318,185

Total assets less current liabilities
  
1,799,566
2,520,541

Creditors: amounts falling due after more than one year
 8 
(329,284)
(8,594)

Provisions for liabilities
  

Deferred tax
 9 
(143,586)
(7,650)

  
 
 
(143,586)
 
 
(7,650)

Net assets
  
1,326,696
2,504,297


Capital and reserves
  

Called up share capital 
  
69,825
69,825

Share premium account
  
42,314
42,314

Capital redemption reserve
  
58,140
58,140

Profit and loss account
  
1,156,417
2,334,018

  
1,326,696
2,504,297


Page 1

 
CARLTON LASER SERVICES LIMITED
REGISTERED NUMBER: 01514280
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023

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 statement of comprehensive income 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 by: 




................................................
M Jassi
Director

Date: 15 January 2024

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
CARLTON LASER SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

Carlton Laser Services Limited is a private company, limited by shares, domciled in England and Wales, registration number 01514280.  The registered office address is 11 Merus Court, Meridian Business Park, Leicester, LE19 1RJ.
The principal activity of the Company during the year continued to be that of laser profiling and sheet metal fabrication.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

After reviewing the Company's forecasts and projections, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial information.
The Company's functional and presentational currency is British Pound Sterling (£).
The principal accounting policies adopted in the preparation of the Financial Statements are set out below and have remained unchanged from the previous year and also have been consistently applied within the same accounts.

Page 3

 
CARLTON LASER SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.2

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 services

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.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to the Statement of Comprehensive Income 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.

Page 4

 
CARLTON LASER SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
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 the Statement of Comprehensive Income 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.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income 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 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 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 balance sheet date.

Page 5

 
CARLTON LASER SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.8

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to the Statement of Comprehensive Income during the period in which they are incurred.

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:

Plant and machinery
-
10-20%, 25% and 33 1/3% on cost per annum
Motor vehicles
-
25% on cost per annum
Fixtures and fittings
-
33 1/3% on cost 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 the Statement of Comprehensive Income.

  
2.9

Hire purchase agreements

Assets held under hire purchase agreements are capitalised and disclosed under property, plant and equipment at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the Statement of Comprehensive Income at a constant rate of charge on the balance of capital repayments outstanding.

 
2.10

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 the Statement of Comprehensive Income.

Page 6

 
CARLTON LASER SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.11

Debtors

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

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice. 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.

 
2.13

Creditors

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

 
2.14

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
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 the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet 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 Balance Sheet.

 
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.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at transaction price, net of transaction costs, and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a
Page 7

 
CARLTON LASER SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)


2.16
Financial instruments (continued)

director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.17

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.

  
2.18

Employee benefits

The Company provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and defined contribution pension plans.
Short term benefits
Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.


3.


Employees

The average monthly number of employees, including directors, during the year was 46 (2022 - 42).

Page 8

 
CARLTON LASER SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 October 2022
2,834,808
146,945
222,933
3,204,686


Additions
639,990
34,645
-
674,635


Disposals
(488,320)
-
-
(488,320)



At 30 September 2023

2,986,478
181,590
222,933
3,391,001



Depreciation


At 1 October 2022
2,704,854
74,543
222,933
3,002,330


Charge for the year on owned assets
17,691
19,875
-
37,566


Charge for the year on financed assets
107,000
16,226
-
123,226


Disposals
(488,320)
-
-
(488,320)



At 30 September 2023

2,341,225
110,644
222,933
2,674,802



Net book value



At 30 September 2023
645,253
70,946
-
716,199



At 30 September 2022
129,954
72,402
-
202,356


5.


Stocks

2023
2022
£
£

Raw materials and consumables
32,223
29,698

Work in progress
37,987
33,122

70,210
62,820


Page 9

 
CARLTON LASER SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

6.


Debtors

2023
2022
£
£


Trade debtors
497,804
633,213

Amounts owed by group undertakings
15,792
350,000

Other debtors
1,781
-

Prepayments and accrued income
83,983
81,402

599,360
1,064,615



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
234,775
284,251

Corporation tax
-
153,116

Other taxation and social security
26,145
153,567

Obligations under finance lease and hire purchase contracts
81,159
93,771

Other creditors
14,718
14,022

Accruals and deferred income
186,086
104,116

542,883
802,843


Obligations under hire purchase contracts amounting to £81,159 (2022 - £93,771) are secured by the Company.


8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Obligations under finance leases and hire purchase contracts
329,284
8,594

329,284
8,594


Obligations under hire purchase contracts amounting to £329,284 (2022 - £8,594) are secured by the Company.

Page 10

 
CARLTON LASER SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

9.


Deferred taxation




2023
2022


£

£






At beginning of year
(7,650)
(25,535)


Charged to the Statement of Comprehensive Income
(135,936)
17,885



At end of year
(143,586)
(7,650)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(143,586)
(7,650)

(143,586)
(7,650)


10.


Guarantees

As at 30 September 2023 the Company had cross guarantees, not provided in the Balance Sheet of £1,570,000 (2022: £Nil). 


11.


Commitments under operating leases

At 30 September 2023 the Company had future minimum lease payments due under non-cancellable operating leases of £627,750 (2022 - £795,150).


12.


Related party transactions

The wholly owned subsidiaries of the other members of the group are exempt from the requirements of Financial Reporting Standard 102, section 1AC.35 to disclose transactions.
No other other transactions with related parties were undertaken such are required to be disclosed under Financila Reporting Standard 102, section 1AC.35.


13.


Parent undertaking

The immediate parent undertaking at the year end of this company is Carlton Laser Services Holdings Limited, a company registered in England and Wales. The registered office address is 11 Merus Court, Meridian Business Park, Leicester, LE19 1RJ.
On the 29th September 2023 a management buyout that was completed. The ultimate parent undertaking of this company changed from Carlton Laser Services Holdings Limited to Carlton Laser Services Group Limited, a company registered in England and Wales. The registered office address is First Floor, One Colton Square, Leicester, LE1 1QH.

Page 11

 
CARLTON LASER SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

14.


Auditors' information

The auditors' report on the financial statements for the year ended 30 September 2023 was unqualified.

The audit report was signed on 15 January 2024 by Shelley Harvey FCCA (Senior Statutory Auditor) on behalf of MHA.

 
Page 12