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REGISTERED NUMBER: 10418950 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

L3 Optics Ltd

L3 Optics Ltd (Registered number: 10418950)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


L3 Optics Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: G Bowden
S Brown





SECRETARY:





REGISTERED OFFICE: Unit B2,
Site 1
Seaham
SR7 8ST





REGISTERED NUMBER: 10418950 (England and Wales)





ACCOUNTANTS: Switch Accountants
Switch House
City West Business Park
St John's Road
Meadowfield
Durham
DH7 8ER

L3 Optics Ltd (Registered number: 10418950)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 3,823 5,734
Tangible assets 5 354,143 430,693
357,966 436,427

CURRENT ASSETS
Stocks 1,440,018 693,955
Debtors 6 52,202 295,041
Cash at bank and in hand 521,744 397,983
2,013,964 1,386,979
CREDITORS
Amounts falling due within one year 7 1,779,365 1,109,685
NET CURRENT ASSETS 234,599 277,294
TOTAL ASSETS LESS CURRENT
LIABILITIES

592,565

713,721

CREDITORS
Amounts falling due after more than one
year

8

54,706

132,007
NET ASSETS 537,859 581,714

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 537,759 581,614
537,859 581,714

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 February 2025 and were signed on its behalf by:





G Bowden - Director


L3 Optics Ltd (Registered number: 10418950)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

L3 Optics Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 109 (2023 - 136 ) .

L3 Optics Ltd (Registered number: 10418950)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2023
and 31 March 2024 7,645
AMORTISATION
At 1 April 2023 1,911
Charge for year 1,911
At 31 March 2024 3,822
NET BOOK VALUE
At 31 March 2024 3,823
At 31 March 2023 5,734

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 586,254
Additions 15,506
At 31 March 2024 601,760
DEPRECIATION
At 1 April 2023 155,561
Charge for year 92,056
At 31 March 2024 247,617
NET BOOK VALUE
At 31 March 2024 354,143
At 31 March 2023 430,693

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 29,510 270,609
Other debtors 22,692 24,432
52,202 295,041

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 58,003 67,090
Trade creditors 378,533 549,398
Taxation and social security 1,314,553 463,548
Other creditors 18,276 19,649
1,779,365 1,109,685

L3 Optics Ltd (Registered number: 10418950)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans 12,359 34,504
Hire purchase contracts 42,347 97,503
54,706 132,007