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Company No: SC360243 (Scotland)

LASER GULF ENGINEERING LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

LASER GULF ENGINEERING LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

LASER GULF ENGINEERING LTD

BALANCE SHEET

AS AT 31 DECEMBER 2023
LASER GULF ENGINEERING LTD

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 19,334 24,618
19,334 24,618
Current assets
Stocks 55,000 25,000
Debtors 4 123,310 134,764
Cash at bank and in hand 28,810 26,344
207,120 186,108
Creditors: amounts falling due within one year 5 ( 237,460) ( 258,416)
Net current liabilities (30,340) (72,308)
Total assets less current liabilities (11,006) (47,690)
Creditors: amounts falling due after more than one year 6 ( 1,103,300) ( 1,103,797)
Net liabilities ( 1,114,306) ( 1,151,487)
Capital and reserves
Called-up share capital 7 2 2
Revaluation reserve ( 194,680 ) ( 194,680 )
Profit and loss account ( 919,628 ) ( 956,809 )
Total shareholders' deficit ( 1,114,306) ( 1,151,487)

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.

Director's responsibilities:

The financial statements of Laser Gulf Engineering Ltd (registered number: SC360243) were approved and authorised for issue by the Director on 16 September 2024. They were signed on its behalf by:

C M Mackay
Director
LASER GULF ENGINEERING LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
LASER GULF ENGINEERING LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Laser Gulf Engineering Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Commerce House, South Street, Elgin, IV30 1JE, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received for engineering and fabricating services and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 20 % reducing balance
Vehicles 5 years straight line
Fixtures and fittings 10 % reducing balance
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 7

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 01 January 2023 134,041 6,200 6,154 30,254 176,649
Disposals ( 2,000) ( 6,200) ( 667) ( 5,765) ( 14,632)
At 31 December 2023 132,041 0 5,487 24,489 162,017
Accumulated depreciation
At 01 January 2023 112,324 6,200 3,859 29,648 152,031
Charge for the financial year 4,282 0 229 233 4,744
Disposals ( 1,670) ( 6,200) ( 457) ( 5,765) ( 14,092)
At 31 December 2023 114,936 0 3,631 24,116 142,683
Net book value
At 31 December 2023 17,105 0 1,856 373 19,334
At 31 December 2022 21,717 0 2,295 606 24,618

4. Debtors

2023 2022
£ £
Trade debtors 122,540 128,352
Other debtors 770 6,412
123,310 134,764

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank overdrafts 11,606 11,731
Trade creditors 113,269 120,734
Other taxation and social security 22,143 57,114
Other creditors 90,442 68,837
237,460 258,416

There are no amounts included above in respect of which any security has been given by the small entity.

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Amounts owed to related parties 1,103,300 1,103,797

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

8. Related party transactions

Transactions with owners holding a participating interest in the entity

2023 2022
£ £
Other related parties 1,103,300 1,103,797

These balances are interest free and have no fixed terms of repayment.