LaserGrafix Sales Limited
Registered number: 03630734
Balance Sheet
at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 141,795 208,047
Current assets
Debtors 4 84,892 22,730
Cash at bank and in hand 189,142 166,269
274,034 188,999
Creditors: amounts falling due within one year 5 (127,519) (111,059)
Net current assets 146,515 77,940
Total assets less current liabilities 288,310 285,987
Creditors: amounts falling due after more than one year 6 (10,833) (20,833)
Provisions for liabilities (26,000) (27,000)
Net assets 251,477 238,154
Capital and reserves
Called up share capital 1 1
Profit and loss account 251,476 238,153
Shareholder's funds 251,477 238,154
For the year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit of its accounts in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Tobias Peter MacKnight
Director
Approved by the board on 2 October 2024
LaserGrafix Sales Limited
Notes to the Financial Statements
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 – The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102'), and with the Companies Act 2006. The financial statements have been prepared on the historical cost basis and are presented in Sterling (£).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods which is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is calculated to write down the cost less estimated residual value of all tangible fixed assets over their expected useful lives, using the reducing balance method.
Plant and machinery 20% per year
Motor vehicles 20% per year
Stocks
Stocks are valued at the lower of cost and estimated net realisable value. Work in progress and finished goods comprises materials, direct labour and attributable production overheads. Net realisable value is based on the estimated sales price after allowing for all further costs of completion and disposal. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Taxation
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that that have been enacted or substantively enacted by the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.
Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.
Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.
Deferred tax assets and deferred tax liabilities are offset only if the company has a legally enforceable right to set off current tax assets against current tax liabilities, and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Employee benefits
Short-term employee benefits and contributions to defined contribution pension plans are recognised as an expense in the period in which they are incurred.
The company operates stakeholder defined contribution pension schemes for the benefit of the employees and directors. The assets of the pension schemes are administered by an independent pensions provider.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 3
3 Tangible fixed assets
Motor vehicles Plant and machinery Total
£ £ £
Cost
At 1 July 2023 39,794 1,342,206 1,382,000
Additions - 13,847 13,847
At 30 June 2024 39,794 1,356,053 1,395,847
Depreciation
At 1 July 2023 18,515 1,155,438 1,173,953
Charge for the year 5,760 74,339 80,099
At 30 June 2024 24,275 1,229,777 1,254,052
Net book value
At 30 June 2024 15,519 126,276 141,795
At 30 June 2023 21,279 186,768 208,047
4 Debtors 2024 2023
£ £
Trade debtors 67,132 16,467
Owed by participants - -
Other debtors 13 13
Prepayments and accrued income 17,747 6,250
84,892 22,730
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 1,182 1,219
Corporation tax - -
Taxation and social security costs 11,876 9,816
Other creditors 87,074 87,074
Accruals and deferred income 17,387 2,950
127,519 111,059
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 10,833 20,833
7 Controlling party
A Hopkins
8 Other information
LaserGrafix Sales Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 4a
Stratton Park
Biggleswade
Bedfordshire
SG18 8QS
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