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Registration number: SC527608

Laser and Lens Scotland Ltd

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Laser and Lens Scotland Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

Laser and Lens Scotland Ltd

Company Information

Directors

Mr Sanjay Mantry

Dr Dipali Mantry

Registered office

Beaumont House
Grange Road
Bearsden
Glasgow
G61 3PL

Accountants

Deans Accountants And Business Advisors Ltd
27 North Bridge Street
Hawick
Scottish Borders
TD9 9BD

 

DEANS

Chartered Accountants

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Laser and Lens Scotland Ltd for the Year Ended 29 February 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Laser and Lens Scotland Ltd for the year ended 29 February 2024 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland (ICAS), we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/ethics/icas-code-of-ethics.

This report is made solely to the Board of Directors of Laser and Lens Scotland Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Laser and Lens Scotland Ltd and state those matters that we have agreed to state to the Board of Directors of Laser and Lens Scotland Ltd, as a body, in this report in accordance with ICAS guidance (www.icas.com/accountsprep/guidance). To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Laser and Lens Scotland Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Laser and Lens Scotland Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Laser and Lens Scotland Ltd. You consider that Laser and Lens Scotland Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Laser and Lens Scotland Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

Deans Accountants And Business Advisors Ltd
27 North Bridge Street
Hawick
Scottish Borders
TD9 9BD

27 November 2024

 

Laser and Lens Scotland Ltd

(Registration number: SC527608)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

9,607

19,030

Investment property

5

1,864,851

1,469,746

Other financial assets

6

5,801

5,801

 

1,880,259

1,494,577

Current assets

 

Debtors

7

338,778

309,056

Cash at bank and in hand

 

1,825,400

1,817,334

 

2,164,178

2,126,390

Creditors: Amounts falling due within one year

8

(207,255)

(302,810)

Net current assets

 

1,956,923

1,823,580

Total assets less current liabilities

 

3,837,182

3,318,157

Provisions for liabilities

(2,402)

(3,616)

Net assets

 

3,834,780

3,314,541

Capital and reserves

 

Called up share capital

9

100

100

Revaluation reserve

6,970

6,970

Retained earnings

3,827,710

3,307,471

Shareholders' funds

 

3,834,780

3,314,541

For the financial year ending 29 February 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.

Approved and authorised by the Board on 27 November 2024 and signed on its behalf by:
 

.........................................
Mr Sanjay Mantry
Director

.........................................
Dr Dipali Mantry
Director

 

Laser and Lens Scotland Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
Beaumont House
Grange Road
Bearsden
Glasgow
G61 3PL
Scotland

The principal place of business is:
Beaumont House
Grange Road
Bearsden
Glasgow
G61 3PL
Scotland

These financial statements were authorised for issue by the Board on 27 November 2024.

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.

The company is not directly impacted by Brexit.

The company has suffered financially from the pandemic. Where appropriate, government support in the forms of grants and loans were used to mitigate the impact of lockdowns etc. The directors will continue to assess the impact of the pandemic and make decisions accordingly.

The accounts are presented in £ and are rounded to the nearest £.

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.

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Laser and Lens Scotland Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Computer equipment

25% straight line

Plant and machinery

25% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

 

Laser and Lens Scotland Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2023

6,197

33,543

39,740

At 29 February 2024

6,197

33,543

39,740

Depreciation

At 1 March 2023

3,395

17,315

20,710

Charge for the year

1,037

8,386

9,423

At 29 February 2024

4,432

25,701

30,133

Carrying amount

At 29 February 2024

1,765

7,842

9,607

At 28 February 2023

2,802

16,228

19,030

5

Investment properties

2024
£

At 1 March

1,469,746

Additions

395,105

At 29 February

1,864,851

There has been no valuation of investment property by an independent valuer.

 

Laser and Lens Scotland Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

6

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 March 2023

5,801

5,801

At 29 February 2024

5,801

5,801

Impairment

Carrying amount

At 29 February 2024

5,801

5,801

7

Debtors

Current

2024
£

2023
£

Prepayments

123

19

Other debtors

338,655

309,037

 

338,778

309,056

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

199,262

290,801

Accruals and deferred income

5,082

8,209

Other creditors

2,911

3,800

207,255

302,810

Creditors: amounts falling due after more than one year

2024
£

2023
£

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

50

50

50

50

Ordinary B shares of £1 each

49

49

49

49

Ordinary C shares of £1 each

1

1

1

1

100

100

100

100

 

Laser and Lens Scotland Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

10

Related party transactions

Transactions with directors

2024

At 1 March 2023
£

Advances to director
£

Repayments by director
£

At 29 February 2024
£

Mr Sanjay Mantry

Overdrawn loans are subject to interest at 2.25%.

12,682

976

(4,659)

8,999

Dr Dipali Mantry

Overdrawn loans are subject to interest at 2.25%.

5,902

41,391

(90)

47,203

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

Mr Sanjay Mantry

Overdrawn loans are subject to interest at 2.25%.

6,418

10,276

(4,012)

12,682

Dr Dipali Mantry

Overdrawn loans are subject to interest at 2.25%.

5,992

-

(90)

5,902

Summary of transactions with other related parties

Laser and Lens Property Holding Ltd is a company under the control of Mr & Mrs S Mantry.
 The company has advanced loans of £282,453 to Laser and Lens Property Holding Ltd. These loans are interest free and there are no specific terms for repayment.