Registered number
NI040907
Laser Electronic Systems Ltd
Unaudited Filleted Accounts
30 June 2024
Laser Electronic Systems Ltd
Registered number: NI040907
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 14,705 9,581
Current assets
Stocks 109,280 151,240
Debtors 4 221,150 172,935
Cash at bank and in hand 153,023 150,234
483,453 474,409
Creditors: amounts falling due within one year 5 (59,801) (40,412)
Net current assets 423,652 433,997
Total assets less current liabilities 438,357 443,578
Creditors: amounts falling due after more than one year 6 (24,946) (34,828)
Provisions for liabilities (1,381) (1,381)
Net assets 412,030 407,369
Capital and reserves
Called up share capital 1 1
Profit and loss account 412,029 407,368
Shareholder's funds 412,030 407,369
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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 and delivered 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.
Dominic Keenan
Director
Approved by the board on 28 February 2025
Laser Electronic Systems Ltd
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
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).
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 and from the rendering of services. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% reducing balance
Motor Vehicles 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. 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 (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.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
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.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 July 2023 31,468 12,860 44,328
Additions 8,058 - 8,058
At 30 June 2024 39,526 12,860 52,386
Depreciation
At 1 July 2023 22,242 12,505 34,747
Charge for the year 2,863 71 2,934
At 30 June 2024 25,105 12,576 37,681
Net book value
At 30 June 2024 14,421 284 14,705
At 30 June 2023 9,226 355 9,581
4 Debtors 2024 2023
£ £
Trade debtors 207,990 160,506
Loan to Director 11,187 10,456
Other debtors 1,973 1,973
221,150 172,935
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 1,649 1,270
Trade creditors 1,056 1,056
Taxation and social security costs 45,524 29,313
Other creditors 11,572 8,773
59,801 40,412
6 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 24,946 34,828
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Dominic Keenan
Loan 10,456 15,732 (15,000) 11,188
10,456 15,732 (15,000) 11,188
8 Other information
Laser Electronic Systems Ltd is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
35 Ballydesland Road
Burren
Newry
Co. Down
BT34 3QB
Laser Electronic Systems Ltd NI040907 false 2023-07-01 2024-06-30 2024-06-30 VT Final Accounts July 2024 Dominic Keenan No description of principal activity NI040907 2022-07-01 2023-06-30 NI040907 core:WithinOneYear 2023-06-30 NI040907 core:AfterOneYear 2023-06-30 NI040907 core:ShareCapital 2023-06-30 NI040907 core:RetainedEarningsAccumulatedLosses 2023-06-30 NI040907 2023-07-01 2024-06-30 NI040907 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 NI040907 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 NI040907 bus:Director40 2023-07-01 2024-06-30 NI040907 1 2023-07-01 2024-06-30 NI040907 2 2023-07-01 2024-06-30 NI040907 core:PlantMachinery 2023-07-01 2024-06-30 NI040907 core:Vehicles 2023-07-01 2024-06-30 NI040907 bus:Director1 2023-07-01 2024-06-30 NI040907 bus:Director1 1 2023-07-01 2024-06-30 NI040907 countries:England 2023-07-01 2024-06-30 NI040907 bus:FRS102 2023-07-01 2024-06-30 NI040907 bus:FilletedAccounts 2023-07-01 2024-06-30 NI040907 2024-06-30 NI040907 core:WithinOneYear 2024-06-30 NI040907 core:AfterOneYear 2024-06-30 NI040907 core:ShareCapital 2024-06-30 NI040907 core:RetainedEarningsAccumulatedLosses 2024-06-30 NI040907 core:PlantMachinery 2024-06-30 NI040907 core:Vehicles 2024-06-30 NI040907 bus:Director1 1 2024-06-30 NI040907 2023-06-30 NI040907 core:PlantMachinery 2023-06-30 NI040907 core:Vehicles 2023-06-30 NI040907 bus:Director1 1 2023-06-30 iso4217:GBP xbrli:pure