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Laser Essex Limited

Registered Number
03260293
(England and Wales)

Unaudited Financial Statements for the Year ended
30 April 2024

Laser Essex Limited
Company Information
for the year from 1 May 2023 to 30 April 2024

Director

Mr B Arthey

Registered Address

10 Western Road
Romford
RM1 3JT

Registered Number

03260293 (England and Wales)
Laser Essex Limited
Balance Sheet as at
30 April 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3382,784375,017
382,784375,017
Current assets
Stocks45,4735,742
Debtors597,781218,407
Cash at bank and on hand320,257293,620
423,511517,769
Creditors amounts falling due within one year6(434,404)(611,175)
Net current assets (liabilities)(10,893)(93,406)
Total assets less current liabilities371,891281,611
Creditors amounts falling due after one year7(60,000)(100,000)
Provisions for liabilities8(7,940)(3,573)
Net assets303,951178,038
Capital and reserves
Called up share capital22
Profit and loss account303,949178,036
Shareholders' funds303,951178,038
The financial statements were approved and authorised for issue by the Director on 16 January 2025, and are signed on its behalf by:
Mr B Arthey
Director
Registered Company No. 03260293
Laser Essex Limited
Notes to the Financial Statements
for the year ended 30 April 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
At the year end the company's balance sheet reported net current liabilities of £10,893 indicating that it may not be a going concern. The company meets its day to day working capital requirements via the support of its creditors and the directors have no evidence to suggest that this support will be withdrawn within twelve months of the date of signature of these financial statements. Therefore, they consider it appropriate to prepare them on a going concern basis.
Turnover policy
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 and from the rendering of services.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-50
Fixtures and fittings20-
Vehicles25-
Stocks and work in progress
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Government grants or assistance
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2.Average number of employees

20242023
Average number of employees during the year56
3.Tangible fixed assets

Land & buildings

Vehicles

Fixtures & fittings

Total

££££
Cost or valuation
At 01 May 23511,07537,35540,118588,548
Additions-24,5852,61927,204
At 30 April 24511,07561,94042,737615,752
Depreciation and impairment
At 01 May 23150,35033,18629,995213,531
Charge for year9,7007,1892,54819,437
At 30 April 24160,05040,37532,543232,968
Net book value
At 30 April 24351,02521,56510,194382,784
At 30 April 23360,7254,16910,123375,017
4.Stocks

2024

2023

££
Raw materials and consumables5,4735,742
Total5,4735,742
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables52,531135,660
Other debtors16,85054,696
Prepayments and accrued income28,40028,051
Total97,781218,407
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables94,125161,367
Bank borrowings and overdrafts40,00040,000
Amounts owed to related parties233,428337,958
Taxation and social security51,27949,225
Other creditors4,8584,259
Accrued liabilities and deferred income10,71418,366
Total434,404611,175
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Barclays Security Trustee Limited hold a fixed and floating charge over the company's assets by way of a debenture dated 22 September 2020. The bank loan facility with Barclays Bank PLC dated 31 January 2008 is secured upon the freehold property. The charge was satisfied in full dated 16 December 2024.
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts60,000100,000
Total60,000100,000
8.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)7,9403,573
Total7,9403,573
9.Directors advances, credits and guarantees
At the year end the director was owed £0 by way of his current account (2023 - £19,201 the director owed the company). A commercial rate of interest was charged on the loan.
10.Related party transactions
Included within other creditors is a family member with a participating interest who was owed by the company £0 (2023 - £19,201 owed to the company) by way of their loan account. A commercial rate of interest was charged on the loan.