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Registration number: 06308992

Laser Lipo Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Laser Lipo Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Laser Lipo Limited

Company Information

Directors

I B Cobley

Sheikh F N Alfaisal

I El Zein

F Elias

Registered office

Heath House
Crockham Hill
Edenbridge
Kent
TN8 6ST

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Laser Lipo Limited

Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

5,795

7,727

Current assets

 

Stocks

5

60,139

71,094

Debtors

6

14,423

12,414

Cash at bank and in hand

 

1,507

5,683

 

76,069

89,191

Creditors: Amounts falling due within one year

7

(1,669,156)

(1,482,934)

Net current liabilities

 

(1,593,087)

(1,393,743)

Total assets less current liabilities

 

(1,587,292)

(1,386,016)

Creditors: Amounts falling due after more than one year

7

(36,928)

(29,097)

Net liabilities

 

(1,624,220)

(1,415,113)

Capital and reserves

 

Called up share capital

100

100

Share premium reserve

149,990

149,990

Retained earnings

(1,774,310)

(1,565,203)

Shareholders' deficit

 

(1,624,220)

(1,415,113)

For the financial year ending 31 December 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

 

Laser Lipo Limited

Statement of Financial Position as at 31 December 2023

Approved and authorised by the Board on 11 September 2024 and signed on its behalf by:
 

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

F Elias

Director

Company registration number: 06308992

 

Laser Lipo Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
Heath House
Crockham Hill
Edenbridge
Kent
TN8 6ST

The principal activity of the company is that of the production and sale of liposuction equipment.

2

Accounting policies

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 any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Going concern

The company made a loss for the year ended 31 December 2023 and had a deficiency of net assets amounting to £1,624,220 at that date. At this date an amount of £1,056,552 was due to the parent undertaking who has confirmed they will continue to support the company and not call for repayment until such time as the company has sufficient working capital.

The directors have considered the ongoing impact of the international economic crisis but value positively the reduction in inflation worldwide which reflects positively on the company's sales in the USA, EU and UK. Laser Lipo has initiated talks with the FDA to clear Strawberry Lift in the USA with the company hoping to have clearance for the Lift Machine for sale in the USA before the end of 2024.

In January 2024, Laser Lipo signed new distribution agreements for Strawberry Laser in the United Arab Emirates and in Iraq. The official launching of the machine in Dubai was in April 2024. These new markets are expected to have a high positive impact on future company sales and profitability.

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly the directors continue to adopt the going concern basis in preparing the financial statements.

 

Laser Lipo Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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 from product sales at the point of despatch to customers and from maintenance or repair once the work has been completed.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Furniture, fittings and equipment

25% reducing balance and 33% straight line

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Laser Lipo Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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 income statement 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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company 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.

3

Staff numbers

The average number of persons employed by the company during the year, was 1 (2022 - 4).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

45,939

45,939

At 31 December 2023

45,939

45,939

Depreciation

At 1 January 2023

38,212

38,212

Charge for the year

1,932

1,932

At 31 December 2023

40,144

40,144

Carrying amount

At 31 December 2023

5,795

5,795

At 31 December 2022

7,727

7,727

 

Laser Lipo Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Stocks

2023
£

2022
£

Stock

60,139

71,094

6

Debtors

2023
£

2022
£

Trade debtors

5,699

6,099

Other debtors

8,724

6,315

14,423

12,414

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Bank loans

1,043

9,788

Trade creditors

99,024

92,782

Amounts owed to group undertakings

1,056,552

894,998

Taxation and social security

7,485

10,035

Other creditors

505,052

475,331

1,669,156

1,482,934

The amount due to group undertakings is secured by a fixed and floating charge over the intellectual property, trademarks and other assets and undertakings of the company.

Creditors: amounts falling due after more than one year

2023
£

2022
£

Bank loans

36,928

29,097

8

Financial commitments, guarantees and contingencies

The total of future minimum lease payments in respect of operating leases not reflected in the statement of financial position amounts to £Nil (2022 - £13,200).