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REGISTERED NUMBER: 06034809 (England and Wales)









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

TROTEC LASER LIMITED

TROTEC LASER LIMITED (REGISTERED NUMBER: 06034809)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


TROTEC LASER LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: B Dhillon
M D Horne
P Kratky



REGISTERED OFFICE: 9 Didcot Way
Boldon Business Park
Boldon Colliery
NE35 9PD



REGISTERED NUMBER: 06034809 (England and Wales)



AUDITORS: Haines Watts Scotland
Business Advisors, Accountants and
Statutory Auditors
Q Court
3 Quality Street
Edinburgh
EH4 5BP



SOLICITORS: Womble Bond Dickinson (UK) LLP
112 Quayside
Newcastle
NE1 3DX

TROTEC LASER LIMITED (REGISTERED NUMBER: 06034809)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 601,172 556,084
601,172 556,084

CURRENT ASSETS
Stocks 6 2,778,001 2,634,712
Debtors 7 2,006,408 1,637,139
Cash at bank 560,141 956,117
5,344,550 5,227,968
CREDITORS
Amounts falling due within one year 8 2,204,763 2,268,917
NET CURRENT ASSETS 3,139,787 2,959,051
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,740,959

3,515,135

PROVISIONS FOR LIABILITIES 9 68,776 83,461
NET ASSETS 3,672,183 3,431,674

CAPITAL AND RESERVES
Called up share capital 3,111,953 3,111,953
Retained earnings 560,230 319,721
3,672,183 3,431,674

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 6 September 2024 and were signed on its behalf by:





B Dhillon - Director


TROTEC LASER LIMITED (REGISTERED NUMBER: 06034809)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Trotec Laser Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

The directors have prepared projections that cover a period of 12 months from the date of approval of these financial statements. The directors are confident that based on these, the company has sufficient resources to continue trading for the next 12 months. The accounts have therefore been prepared on the going concern basis.

TURNOVER
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

- the company has transferred the significant risk 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 turnover 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.

INTANGIBLE ASSETS
Intangible assets comprise the value of the customer lists as well as computer software and related consultancy costs, both are stated at cost. Amortisation is charged so as to write off the cost of the assets over their estimated useful lives, using straight line method, assuming residual values will be nil.

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

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Amortisation is provided on the following bases:

Software20% Straight line
Customer lists20% Straight line

TROTEC LASER LIMITED (REGISTERED NUMBER: 06034809)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% per annum on cost
Fixtures and fittings - 20% per annum on cost
Motor vehicles - 20% per annum on cost

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 profit or loss

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

At each reporting 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 profit or loss.

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 non-puttable 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 present value of the future cash flows 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 financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

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.

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.


TROTEC LASER LIMITED (REGISTERED NUMBER: 06034809)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued
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.

FOREIGN CURRENCIES
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

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.

The company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 1 January 2015 to continue to be charged over the period to the first market rent review rather than the term of the lease.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
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 income and retained earnings 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.

FINANCE COSTS
Finance costs are charged to profit or loss 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 43 (2022 - 39 ) .

TROTEC LASER LIMITED (REGISTERED NUMBER: 06034809)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

4. INTANGIBLE FIXED ASSETS
Software
& customer
lists
£   
COST
At 1 January 2023
and 31 December 2023 471,090
AMORTISATION
At 1 January 2023
and 31 December 2023 471,090
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

Intangible assets relate to research and development costs incurred in the development of updated unit-controlling software and customer lists. All intangible assets are amortised over their expected useful lives.

5. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 176,130 32,236 464,771 632,153 1,305,290
Additions - 9,774 18,049 206,848 234,671
Disposals - - - (91,590 ) (91,590 )
At 31 December 2023 176,130 42,010 482,820 747,411 1,448,371
DEPRECIATION
At 1 January 2023 164,344 30,104 379,244 175,514 749,206
Charge for year 11,778 2,595 33,746 125,838 173,957
Eliminated on disposal - - - (75,964 ) (75,964 )
At 31 December 2023 176,122 32,699 412,990 225,388 847,199
NET BOOK VALUE
At 31 December 2023 8 9,311 69,830 522,023 601,172
At 31 December 2022 11,786 2,132 85,527 456,639 556,084

6. STOCKS
2023 2022
£    £   
Raw Materials 15,965 13,801
Work in progress 7,533 1,007
Finished goods 2,754,503 2,619,904
2,778,001 2,634,712

TROTEC LASER LIMITED (REGISTERED NUMBER: 06034809)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,773,291 1,335,111
Amounts owed by group undertakings 50,000 70,555
Other debtors 95,826 113,022
Prepayments and accrued income 87,291 118,451
2,006,408 1,637,139

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 743,697 54,543
Amounts owed to group undertakings - 37,999
Tax 65,097 9,700
Social security and other taxes 127,549 456,106
Other creditors 226,511 655,555
Accruals and deferred income 1,041,909 1,055,014
2,204,763 2,268,917

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 68,776 83,461

Deferred
tax
£   
Balance at 1 January 2023 83,461
Credit to Income Statement during year (14,685 )
Balance at 31 December 2023 68,776

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Craig Hunter (Senior Statutory Auditor)
for and on behalf of Haines Watts Scotland

11. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £54,010 (2022 - £52,062). Contributions totalling £Nil (2022 - £Nil) were payable to the fund at the balance sheet date.

TROTEC LASER LIMITED (REGISTERED NUMBER: 06034809)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

12. OTHER FINANCIAL COMMITMENTS

At 31 December 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

20232022
££
Not later than 1 year193,679193,679
Later than 1 year and not later than 5 years540,699734,378
734,378928,057

13. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

14. ULTIMATE CONTROLLING PARTY

The ultimate parent undertaking is TroGroup GmbH, incorporated in Austria. Copies of the group financial statements for the ultimate parent undertaking may be obtained from that company's registered office at Linzerstrasse 156, 4600 Wels, Austria.

The immediate parent undertaking is Trodat GmbH.