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REGISTERED NUMBER: 02778423 (England and Wales)















LASERWORLD ENGINEERING CO. LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023






LASERWORLD ENGINEERING CO. LIMITED (REGISTERED NUMBER: 02778423)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


LASERWORLD ENGINEERING CO. LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2023







DIRECTOR: H C Masterson



SECRETARY: A M Masterson



REGISTERED OFFICE: The Exchange
5 Bank Street
Bury
BL9 0DN



REGISTERED NUMBER: 02778423 (England and Wales)



ACCOUNTANTS: DTE Business Advisers Limited
The Exchange
5 Bank Street
Bury
BL9 0DN



BANKERS: Yorkshire Bank plc
25 Manchester Road
Burnley
Lancashire
BB11 1HX

LASERWORLD ENGINEERING CO. LIMITED (REGISTERED NUMBER: 02778423)

STATEMENT OF FINANCIAL POSITION
31 AUGUST 2023

2023 2022
Notes £    £   
FIXED ASSETS
Property, plant and equipment 4 264,806 310,179

CURRENT ASSETS
Inventories 14,268 14,855
Debtors 5 139,634 188,605
Cash at bank and in hand 297,945 282,844
451,847 486,304
CREDITORS
Amounts falling due within one year 6 (185,351 ) (220,519 )
NET CURRENT ASSETS 266,496 265,785
TOTAL ASSETS LESS CURRENT
LIABILITIES

531,302

575,964

CREDITORS
Amounts falling due after more than one
year

7

-

(1,555

)

PROVISIONS FOR LIABILITIES (61,347 ) (54,434 )
NET ASSETS 469,955 519,975

CAPITAL AND RESERVES
Called up share capital 10,005 10,005
Retained earnings 459,950 509,970
SHAREHOLDERS' FUNDS 469,955 519,975

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

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

The director acknowledges his 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.

LASERWORLD ENGINEERING CO. LIMITED (REGISTERED NUMBER: 02778423)

STATEMENT OF FINANCIAL POSITION - continued
31 AUGUST 2023


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 director and authorised for issue on 17 January 2024 and were signed by:





H C Masterson - Director


LASERWORLD ENGINEERING CO. LIMITED (REGISTERED NUMBER: 02778423)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023


1. STATUTORY INFORMATION

Laserworld Engineering Co. Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 02778423 and the registered office address is The Exchange, 5 Bank Street, Bury, BL9 0DN.

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.

Significant judgements and estimates
In the application of the company's accounting policies, the director is required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.

The estimates are continuously evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below:

Estimating the useful economic life of an asset and the anticipated residual value are considered key judgement in calculating an appropriate depreciation charge.

In categorising leases as finance or operating leases, the director makes judgements as to whether significant risks and rewards of ownership have transferred to the company as a lessee.

Revenue
Revenue comprises the aggregate of the fair value of the sale of goods and services provided, net of value-added tax, rebates and discounts. Revenue is recognised as follows:-

Sale of goods
Sale of goods are recognised when the company has delivered products to the customer, the customer has accepted the products and collectability of the related receivables is fairly stated.

Sale of services
Service revenues are recognised as those services are provided to customers.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 33.3% on cost, 25% on reducing balance, 15% to 25% on reducing balance and 15% on reducing balance

Inventories
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is based on average purchase price.

LASERWORLD ENGINEERING CO. LIMITED (REGISTERED NUMBER: 02778423)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023


2. ACCOUNTING POLICIES - continued

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 accounts receivable and payable, loans from other third parties and loans from related parties.

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 income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the income statement over the relevant period. The capital element of the future payment is treated as a liability.

Rentals paid under operating leases are charged to the income statement as incurred.

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 the income statement in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 5 ) .

LASERWORLD ENGINEERING CO. LIMITED (REGISTERED NUMBER: 02778423)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023


4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1 September 2022 883,260
Additions 5,813
At 31 August 2023 889,073
DEPRECIATION
At 1 September 2022 573,081
Charge for year 51,186
At 31 August 2023 624,267
NET BOOK VALUE
At 31 August 2023 264,806
At 31 August 2022 310,179

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 September 2022
and 31 August 2023 584,571
DEPRECIATION
At 1 September 2022 369,079
Charge for year 34,306
At 31 August 2023 403,385
NET BOOK VALUE
At 31 August 2023 181,186
At 31 August 2022 215,492

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 133,825 181,843
Other debtors 5,809 6,762
139,634 188,605

LASERWORLD ENGINEERING CO. LIMITED (REGISTERED NUMBER: 02778423)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8) 12,892 38,866
Trade creditors 112,683 96,743
Taxation and social security 51,125 78,523
Other creditors 8,651 6,387
185,351 220,519

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8) - 1,555

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 12,892 38,866
Between one and five years - 1,555
12,892 40,421

Non-cancellable operating leases
2023 2022
£    £   
Within one year 18,000 18,000

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 12,892 40,421

The hire purchase contracts are secured on the respective fixed assets.