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Laseraid International Group Limited

Annual Report and Financial Statements
Year Ended 31 March 2023

Registration number: 12888511

 

Laseraid International Group Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 6

 

Laseraid International Group Limited

Balance Sheet

31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

211,765

282,353

Investments

5

3,500,000

1

 

3,711,765

282,354

Current assets

 

Debtors

6

196,688

2,706,251

Cash at bank and in hand

 

72,331

65,872

 

269,019

2,772,123

Creditors: Amounts falling due within one year

7

(56,250)

(52,582)

Net current assets

 

212,769

2,719,541

Net assets

 

3,924,534

3,001,895

Capital and reserves

 

Called up share capital

8

4,275,884

3,145,882

Profit and loss account

(351,350)

(143,987)

Shareholders' funds

 

3,924,534

3,001,895

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 25 July 2024 and signed on its behalf by:
 

.........................................
P A Goode
Director

Company Registration Number: 12888511

 

Laseraid International Group Limited

Notes to the Financial Statements

Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
3 Unit 3 Capital Business Park
Manor Way
Borehamwood
WD6 1GW
United Kingdom

These financial statements were authorised for issue by the Board on 25 July 2024.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

These financial statements are presented in Sterling, rounded to the nearest whole pound.

Going concern

In determining the appropriate basis of preparation for the financial statements, the Directors are required to consider whether the company can continue in operational existence for the foreseeable future, being a period of not less than twelve months from the date of approval of these financial statements.

The directors have prepared cashflow forecasts to determine whether the company has sufficient cash to meet its obligations as they fall due for a period of at least twelve months from the date of approval of these financial statements. The forecasts are based on a number of assumptions such as devices on subscription, device sales, headcount and level of debt and equity funding available available through the continued support of shareholders. At the time of signing these accounts, the shareholders are in the process of investing a further £508,582 of which £66,790 will be offset against existing and future Creditor payments with a connected entity.

Based on the cashflow forecasts, the Directors have concluded that it is appropriate to prepare the financial statements on a going concern basis.

 

Laseraid International Group Limited

Notes to the Financial Statements

Year Ended 31 March 2023

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Intellectual property

5 years straight line

Investments

Fixed asset investments in subsidiaries are stated at cost less provision for diminution in value.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2022 - 0).

 

Laseraid International Group Limited

Notes to the Financial Statements

Year Ended 31 March 2023

4

Intangible assets

Intellectual property
 £

Total
£

Cost or valuation

At 1 April 2022

352,941

352,941

At 31 March 2023

352,941

352,941

Amortisation

At 1 April 2022

70,588

70,588

Amortisation charge

70,588

70,588

At 31 March 2023

141,176

141,176

Carrying amount

At 31 March 2023

211,765

211,765

At 31 March 2022

282,353

282,353

5

Investments

2023
£

2022
£

Investments in subsidiaries

3,500,000

1

Subsidiaries

£

Cost

At 1 April 2022

1

Additions

3,499,999

At 31 March 2023

3,500,000

Carrying amount

At 31 March 2023

3,500,000

At 31 March 2022

1

 

Laseraid International Group Limited

Notes to the Financial Statements

Year Ended 31 March 2023

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Laseraid UK Limited

England and Wales

Ordinary shares

100%

100%

Subsidiary undertakings

Laseraid UK Limited

The principal activity of Laseraid UK Limited is the distribution of cosmetic laser products.

6

Debtors

Note

2023
£

2022
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

9

166,678

2,676,251

Other debtors

 

30,010

30,000

 

196,688

2,706,251

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

-

1,800

Other creditors

-

45,782

Accruals and deferred income

56,250

5,000

56,250

52,582

 

Laseraid International Group Limited

Notes to the Financial Statements

Year Ended 31 March 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

4,255,884

4,255,884

3,125,882

3,125,882

M Class shares of £1 each

20,000

20,000

20,000

20,000

 

4,275,884

4,275,884

3,145,882

3,145,882

During the year the company allotted 1,130,002 Ordinary £1 shares.

9

Related party transactions

Summary of transactions with entities with joint control or significant interest

As at 31 March 2023 the company was owed £166,678 (2022: £2,676,251) by its subsidiary.
 

10

Non adjusting events after the financial period

Share capital was reduced on 13 July 2023 through a special resolution that 4,255,882 ordinary shares will be reduced from £4,255,882 to £42,559 by cancelling and extinguishing share capital to the extent of £0.99 on every ordinary share of £1. The amount by which the share capital is reduced has been credited to the share premium account.

On 28 July 2023 the company issued 26,628 Ordinary £0.01 B shares for consideration of £5,326.

On 2 October 2023 the company issued 7,300,624 Ordinary £0.01 shares for consideration of £140,965.

On 19 June 2024 the company issued 2,313,113 Ordinary £0.01 shares for consideration of £543,582.

11

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was Paul Giessler FCA, who signed for and on behalf of PKF Francis Clark on 26 July 2024.