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REGISTERED NUMBER: 10418950 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

L3 Optics Ltd

L3 Optics Ltd (Registered number: 10418950)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


L3 Optics Ltd

Company Information
for the Year Ended 31 March 2023







DIRECTORS: G Bowden
S Brown





SECRETARY:





REGISTERED OFFICE: Unit B2,
Site 1
Seaham
SR7 8ST





REGISTERED NUMBER: 10418950 (England and Wales)





ACCOUNTANTS: Switch Accountants
Switch House
City West Business Park
St John's Road
Meadowfield
Durham
DH7 8ER

L3 Optics Ltd (Registered number: 10418950)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 5,734 -
Tangible assets 5 430,693 277,721
436,427 277,721

CURRENT ASSETS
Stocks 693,955 136,955
Debtors 6 295,041 231,527
Cash at bank and in hand 397,983 320,398
1,386,979 688,880
CREDITORS
Amounts falling due within one year 7 1,109,685 353,700
NET CURRENT ASSETS 277,294 335,180
TOTAL ASSETS LESS CURRENT
LIABILITIES

713,721

612,901

CREDITORS
Amounts falling due after more than one
year

8

132,007

107,453
NET ASSETS 581,714 505,448

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 581,614 505,348
581,714 505,448

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2024 and were signed on its behalf by:





G Bowden - Director


L3 Optics Ltd (Registered number: 10418950)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

L3 Optics Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 136 (2022 - 96 ) .

L3 Optics Ltd (Registered number: 10418950)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
Additions 7,645
At 31 March 2023 7,645
AMORTISATION
Charge for year 1,911
At 31 March 2023 1,911
NET BOOK VALUE
At 31 March 2023 5,734

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022 335,477
Additions 250,777
At 31 March 2023 586,254
DEPRECIATION
At 1 April 2022 57,756
Charge for year 97,805
At 31 March 2023 155,561
NET BOOK VALUE
At 31 March 2023 430,693
At 31 March 2022 277,721

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 270,609 187,713
Other debtors 24,432 43,814
295,041 231,527

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 10,000 -
Hire purchase contracts 67,090 -
Trade creditors 549,398 236,987
Taxation and social security 463,548 114,160
Other creditors 19,649 2,553
1,109,685 353,700

L3 Optics Ltd (Registered number: 10418950)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans 34,504 54,503
Hire purchase contracts 97,503 52,950
132,007 107,453