Company Registration No. 04053134 (England and Wales)
LASER PROFILES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024
31 December 2024
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
LASER PROFILES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
LASER PROFILES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
97,580
Current assets
Stocks
46,049
Debtors
4
220,038
266,587
Cash at bank and in hand
35,193
374,572
255,231
687,208
Creditors: amounts falling due within one year
5
(751,070)
Net current assets/(liabilities)
255,231
(63,862)
Total assets less current liabilities
255,231
33,718
Provisions for liabilities
(162,629)
Net assets/(liabilities)
255,231
(128,911)
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
254,231
(129,911)
Total equity
255,231
(128,911)
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 16 July 2025 and are signed on its behalf by:
Mr J S Hartley
Director
Company registration number 04053134 (England and Wales)
LASER PROFILES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
Laser Profiles Limited is a private company limited by shares incorporated in England and Wales. The registered office is Britannia House, Junction Street, Darwen, Lancashire, BB3 2RB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
From 1 August 2024, the company's main trading activities were transferred to WEC Group Limited, a fellow group undertaking. From this date the company's commercial operations are considered to be discontinued.true
Consequently, the company no longer meets the definition of a going concern as the company's trading activities have effectively ceased.
Despite this, the directors do not consider that there are any material differences in the company's results, or the carrying value of its assets and liabilities, were the financial statements to be prepared on a going concern basis or an alternative basis. Consequently no adjustments have been made to the company's profit and loss account or balance sheet to reflect the fact the company is no longer considered to be a going concern.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
12.5%
Plant and equipment
20% to 50%
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
LASER PROFILES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets include cash and bank balances, are measured at transaction price.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Provisions
Under certain operating leases for land and buildings, the company is obligated to make repairs of dilapidations to the leased property upon expiry of the lease. The company charges amounts to the income statement so that, by the end of the lease, a total provision is accrued that is estimated to be equal to the future costs of those dilapidation obligations. Where repairs are made part way through the lease that will reduce the estimated costs of the dilapidation obligations at the expiry of the lease, the costs of those repairs are charged against the dilapidation provision.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.
LASER PROFILES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
10
15
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2024
30,625
791,837
822,462
Disposals
(30,625)
(791,837)
(822,462)
At 31 December 2024
Depreciation and impairment
At 1 January 2024
12,906
711,976
724,882
Depreciation charged in the year
2,233
20,597
22,830
Eliminated in respect of disposals
(15,139)
(732,573)
(747,712)
At 31 December 2024
Carrying amount
At 31 December 2024
At 31 December 2023
17,719
79,861
97,580
The assets were transferred to WEC Group Ltd on 1st August 2024.
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
214,147
Amounts owed by group undertakings
220,038
1,595
Other debtors
50,845
220,038
266,587
LASER PROFILES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
117,772
Amounts owed to group undertakings
566,325
Taxation and social security
26,782
Other creditors
40,191
751,070
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We draw attention to Note 1.2 of the financial statements which explains that the company ceased to trade after transferring its trade and assets to a related party on 1 August 2024. The directors therefore no longer consider this company to meet the definition of a going concern.
As set out in Note 1.2, the directors do not consider this to have an impact on the company's results for the year or the carrying value of its assets and liabilities at the balance sheet date.
Consequently, no adjustments have been made to the company's profit and loss account or balance sheet to reflect the fact that the company is no longer considered a going concern.
Our opinion is not modified in respect of this matter.
Senior Statutory Auditor:
Ceri Dixon BSc (Hons) FCA
Statutory Auditor:
PM+M Solutions for Business LLP
Date of audit report:
18 July 2025
LASER PROFILES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
666,325
79,900
8
Parent company
On 1 August 2024, the share capital of the company was sold from Amari Metals Engineering Group Limited to WEC Group Holdings Limited. The ultimate parent undertaking remains as Britannia Metals Parent Company, a company registered in the USA.
WEC Group Holdings Limited, a company registered in the UK, is the parent company and is the smallest group into which the company is consolidated. The immediate parent company to WEC Group Holdings Ltd is Britannia Metals Holdings Ltd, a company registered in the USA. Britannia Metals Parent Company, also a company registered in the USA, is the controlling party and ultimate parent company and is the largest group into which the company is consolidated.
9
Prior period adjustment
As part of the transfer of the trade and assets of the company, the property dilapidation provision was reviewed and substantially increased. It was recognised that a significant portion of this increase related to prior years and therefore a prior period adjustment has been made, and the accounts restated accordingly.
Adjustments to equity
1 January
31 December
2023
2023
£
£
Adjustments to prior year
Dilapidation Provision
(79,348)
(143,567)
Analysis of the effect upon equity
Profit and loss reserves
(79,348)
(143,567)