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Registration number: 03902985

Lasermaster Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Lasermaster Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Lasermaster Ltd

Company Information

Directors

John Gotts

Joshua Gotts

Registered office

United Downs Industrial Park
St Day
Redruth
Cornwall
TR16 5HY

Accountants

Julia Evans Accountants Ltd
79-81 Boslowick Road
Falmouth
Cornwall
TR11 4QD

 

Lasermaster Ltd

(Registration number: 03902985)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

60,000

78,000

Tangible assets

6

3,719,312

3,802,453

 

3,779,312

3,880,453

Current assets

 

Stocks

350,000

574,743

Debtors

7

869,585

650,004

Cash at bank and in hand

 

51,693

112,003

 

1,271,278

1,336,750

Creditors: Amounts falling due within one year

8

(1,669,099)

(2,007,144)

Net current liabilities

 

(397,821)

(670,394)

Total assets less current liabilities

 

3,381,491

3,210,059

Creditors: Amounts falling due after more than one year

8

(1,243,416)

(1,556,503)

Provisions for liabilities

(313,457)

(258,313)

Net assets

 

1,824,618

1,395,243

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

1,824,518

1,395,143

Shareholders' funds

 

1,824,618

1,395,243

For the financial year ending 31 January 2024 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Lasermaster Ltd

(Registration number: 03902985)
Balance Sheet as at 31 January 2024

Approved and authorised by the Board on 30 October 2024 and signed on its behalf by:
 

.........................................
John Gotts
Director

 

Lasermaster Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

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

The address of its registered office is:
United Downs Industrial Park
St Day
Redruth
Cornwall
TR16 5HY

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Government grants

Government grants are recognised using the accruals model and in the case of a grant relating to an asset shall be recognised in income on a systematic basis over the expected useful economic life of the asset.

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.

 

Lasermaster Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Tax

Taxation represents the sum of the tax currently payable and deferred tax.

The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period.

Tangible assets

Tangible assets are stated in the balance sheet 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

Plant and machinery

10% reducing balance

Office equipment

20% reducing balance

Motor vehicles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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:

 

Lasermaster Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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.

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 profit and loss account 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

 

Lasermaster Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 42 (2023 - 33).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

188,163

217,971

Amortisation expense

18,000

12,000

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2023

90,000

90,000

At 31 January 2024

90,000

90,000

Amortisation

At 1 February 2023

12,000

12,000

Amortisation charge

18,000

18,000

At 31 January 2024

30,000

30,000

Carrying amount

At 31 January 2024

60,000

60,000

At 31 January 2023

78,000

78,000

 

Lasermaster Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

6

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2023

2,193,741

81,990

407,429

2,305,864

4,989,024

Additions

6,042

539

-

160,426

167,007

Disposals

-

-

(195,900)

-

(195,900)

At 31 January 2024

2,199,783

82,529

211,529

2,466,290

4,960,131

Depreciation

At 1 February 2023

-

56,515

246,829

883,227

1,186,571

Charge for the year

-

5,203

24,654

158,307

188,164

Eliminated on disposal

-

-

(133,916)

-

(133,916)

At 31 January 2024

-

61,718

137,567

1,041,534

1,240,819

Carrying amount

At 31 January 2024

2,199,783

20,811

73,962

1,424,756

3,719,312

At 31 January 2023

2,193,741

25,475

160,600

1,422,637

3,802,453

Included within the net book value of land and buildings above is £2,199,783 (2023 - £2,193,741) in respect of freehold land and buildings.
 

 

Lasermaster Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

7

Debtors

Current

2024
£

2023
£

Trade debtors

550,063

528,424

Prepayments

318,984

107,376

Other debtors

538

14,204

 

869,585

650,004

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

637,640

748,237

Trade creditors

 

630,437

573,502

Taxation and social security

 

194,649

171,468

Accruals and deferred income

 

118,924

378,167

Other creditors

 

87,449

135,770

 

1,669,099

2,007,144

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

1,146,822

1,410,740

Deferred income

 

96,594

130,763

Other non-current financial liabilities

 

-

15,000

 

1,243,416

1,556,503

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share of £1 each

100

100

100

100

       
 

Lasermaster Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

10

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

111,944

113,058

Hire purchase contracts

102,772

225,842

Other borrowings

422,924

409,337

637,640

748,237

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

990,635

1,099,107

Hire purchase contracts

156,187

271,436

Other borrowings

-

40,197

1,146,822

1,410,740