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REGISTERED NUMBER: 03510913 (England and Wales)



STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

FOR

LASER ELECTRICAL SERVICES LIMITED

LASER ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 03510913)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


LASER ELECTRICAL SERVICES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2024







DIRECTORS: M Butcher
J J Chambers
S Baker
J Piddington
J McFarlane
J N Taylor
S Antrobus
J Draper



SECRETARY: J N Taylor



REGISTERED OFFICE: Chelmsford Business Park
11 Springfield Lyons Approach
Chelmsford
Essex
CM2 5LB



REGISTERED NUMBER: 03510913 (England and Wales)



SENIOR STATUTORY AUDITOR: Simon Medcalf FCA



AUDITORS: Xeinadin Audit Limited
Beckwith Barn
Warren Estate
Lordship Road
Writtle
Essex
CM1 3WT

LASER ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 03510913)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024

The directors present their strategic report for the year ended 31 October 2024.

REVIEW OF BUSINESS
The principal activity of the business is Electrical Installation Engineers.

The directors are pleased to report that turnover for the 12 month period finished at an excellent level of £28.41m, which was an improvement on the previous year turnover of £27.08m

The gross profit increased to 18.6% from 17.0% despite material prices continuing to put pressure on these margins. However, the directors are confident with the experienced team at Laser Electrical Services that the company will continue to generate positive results and continue to remain profitable.

The balance sheet continues to present a very strong position with net assets of £4.8m. The company continues to have sufficient working capital to finance its operating activities.

PRINCIPAL RISKS AND UNCERTAINTIES
The business environment in which the company operates continues to be very challenging with competitive pricing across the industry continuing to put pressure on the company's gross profit margins.

However, having been in the industry for over 24 years the company has an excellent reputation for delivering a high quality service. The work performed by our excellent employees provides the company with a vital advantage over our competitors.

The long term impact from the cost of living crisis and the recent change in Government on the housing market remain uncertain, however our orderbook is strong and with our diverse client base and varied range of work, we remain confident of our future financial results.

FUTURE DEVELOPMENTS
Since the year end our orderbook continues to be at a strong level and our residential turnover is starting to increase as is our commercial side which is reporting high levels of turnover.

KEY PERFORMANCE INDICATORS
2024 2023
£ £
Turnover 28,406,996 27,081,236
Gross profit margin % 18.6% 17.0%
Profit before tax 1,859,463 1,677,719
EBITDA 1,913,869 1,769,386
Shareholders funds 4,768,702 3,521,918

ON BEHALF OF THE BOARD:





S Baker - Director


25 July 2025

LASER ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 03510913)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 OCTOBER 2024

The directors present their report with the financial statements of the company for the year ended 31 October 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of electrical installation engineers.

DIVIDENDS
No dividends were declared on the Ordinary shares during the year. The directors do not recommend the payment of a final dividend.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 November 2023 to the date of this report.

M Butcher
J J Chambers
S Baker
J Piddington
J McFarlane
J N Taylor
S Antrobus
J Draper

CHARITABLE DONATIONS
Charitable donations amounting to £42,782 (2023: £28,511) have been paid during the year to support the charity Kids Inspire, who specialise in mental health and trauma recovery support for children, young people and their families.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

LASER ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 03510913)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 OCTOBER 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





S Baker - Director


25 July 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LASER ELECTRICAL SERVICES LIMITED

Opinion
We have audited the financial statements of Laser Electrical Services Limited (the 'company') for the year ended 31 October 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 October 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.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LASER ELECTRICAL SERVICES LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The objectives of our audit, in respect to irregularities, including fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; to respond appropriately to fraud or suspected fraud identified during the audit, to obtain audit evidence regarding compliance with provisions of applicable laws and regulations, and to respond appropriately to any non-compliance identified. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

In identifying and assessing risks of material misstatement in respect of irregularities including fraud and non-compliance with laws and regulations our approach was to consider the following:

- the nature of the industry or sector, control environment and business performance;

- the results of enquiries of management about their own identification and assessment of the risks of irregularities;

- matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LASER ELECTRICAL SERVICES LIMITED

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, employment law, tax legislation and health and safety.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

We assessed the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: recognition of income, and the assessment of expected outcomes of contracts.. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

Our procedures to respond to risks identified included the following:
- reviewing the financial statement disclosures and testing to supporting documentation;
- enquiring of management concerning actual and potential litigation and claims;
- reviewing material legal costs in the period;
- performing analytical procedures to identify unusual or unexpected relationships;
- reviewing correspondence with HMRC;
- testing the appropriateness of judgements made in making accounting estimates, journal entries and other adjustments made by management for indications of potential bias; and
- evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
- completed focused testing on a sample of amounts recoverable on contracts to assess the performance in line with management's forecasts.

The likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Simon Medcalf FCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
Beckwith Barn
Warren Estate
Lordship Road
Writtle
Essex
CM1 3WT

25 July 2025

LASER ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 03510913)

INCOME STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2024

2024 2023
Notes £    £   

TURNOVER 4 28,406,996 27,081,236

Cost of sales 23,138,425 22,476,101
GROSS PROFIT 5,268,571 4,605,135

Administrative expenses 3,486,777 2,922,645
1,781,794 1,682,490

Other operating income 5 7,278 7,011
1,789,072 1,689,501

Interest receivable and similar income 70,527 40,139
1,859,599 1,729,640

Interest payable and similar expenses 7 136 51,921
PROFIT BEFORE TAXATION 8 1,859,463 1,677,719

Tax on profit 10 364,025 388,298
PROFIT FOR THE FINANCIAL YEAR 1,495,438 1,289,421

LASER ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 03510913)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 1,495,438 1,289,421


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,495,438

1,289,421

LASER ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 03510913)

BALANCE SHEET
31 OCTOBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 11 193,702 143,758
Investment property 12 190,000 190,000
383,702 333,758

CURRENT ASSETS
Debtors 13 5,072,140 5,262,487
Cash at bank and in hand 4,366,409 4,819,315
9,438,549 10,081,802
CREDITORS
Amounts falling due within one year 14 4,290,384 5,644,868
NET CURRENT ASSETS 5,148,165 4,436,934
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,531,867

4,770,692

CREDITORS
Amounts falling due after more than one
year

15

(705,613

)

(1,205,115

)

PROVISIONS FOR LIABILITIES 18 (57,552 ) (43,659 )
NET ASSETS 4,768,702 3,521,918

CAPITAL AND RESERVES
Called up share capital 19 200 200
Retained earnings 20 4,768,502 3,521,718
SHAREHOLDERS' FUNDS 4,768,702 3,521,918

The financial statements were approved by the Board of Directors and authorised for issue on 25 July 2025 and were signed on its behalf by:





S Baker - Director


LASER ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 03510913)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 November 2022 200 2,862,500 2,862,700

Changes in equity
Profit for the year - 1,289,421 1,289,421
Total comprehensive income - 1,289,421 1,289,421
Capital contributions to
Employee Ownership Trust - (634,349 ) (634,349 )
Share based payment - 4,146 4,146
Total transactions with owners,
recognised directly in equity

-

(630,203

)

(630,203

)
Balance at 31 October 2023 200 3,521,718 3,521,918

Changes in equity
Profit for the year - 1,495,438 1,495,438
Total comprehensive income - 1,495,438 1,495,438
Capital contributions to
Employee Ownership Trust - (252,800 ) (252,800 )
Share based payment - 4,146 4,146
Total transactions with owners,
recognised directly in equity

-

(248,654

)

(248,654

)
Balance at 31 October 2024 200 4,768,502 4,768,702

LASER ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 03510913)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 888,214 1,675,495
Interest paid (49,638 ) (6,557 )
Tax paid (554,995 ) (281,890 )
Net cash from operating activities 283,581 1,387,048

Cash flows from investing activities
Purchase of tangible fixed assets (116,014 ) (88,678 )
Sale of tangible fixed assets 11,800 -
Interest received 70,527 40,139
Net cash from investing activities (33,687 ) (48,539 )

Cash flows from financing activities
Loan repayments in year (450,000 ) (305,024 )
Capital contributions to EOT (252,800 ) (634,349 )
Net cash from financing activities (702,800 ) (939,373 )

(Decrease)/increase in cash and cash equivalents (452,906 ) 399,136
Cash and cash equivalents at
beginning of year

2

4,819,315

4,420,179

Cash and cash equivalents at end of
year

2

4,366,409

4,819,315

LASER ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 03510913)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 1,859,463 1,677,719
Depreciation charges 55,770 38,017
(Profit)/loss on disposal of fixed assets (1,500 ) 1,729
Share based payment 4,146 4,146
Finance costs 136 51,921
Finance income (70,527 ) (40,139 )
1,847,488 1,733,393
Decrease in stocks - 30,750
Decrease/(increase) in trade and other debtors 190,347 (1,003,301 )
(Decrease)/increase in trade and other creditors (1,149,621 ) 914,653
Cash generated from operations 888,214 1,675,495

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 October 2024
31/10/24 1/11/23
£    £   
Cash and cash equivalents 4,366,409 4,819,315
Year ended 31 October 2023
31/10/23 1/11/22
£    £   
Cash and cash equivalents 4,819,315 4,420,179


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/11/23 Cash flow At 31/10/24
£    £    £   
Net cash
Cash at bank and in hand 4,819,315 (452,906 ) 4,366,409
4,819,315 (452,906 ) 4,366,409
Debt
Debts falling due after 1 year (1,205,115 ) 499,502 (705,613 )
(1,205,115 ) 499,502 (705,613 )
Total 3,614,200 46,596 3,660,796

LASER ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 03510913)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1. STATUTORY INFORMATION

Laser Electrical Services Limited 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.

The functional and presentation currency of the financial statements is the Pound Sterling (£).

Amounts in these financial statements are rounded to the nearest Pound Sterling (£).

The financial statements contain information about Laser Electrical Services Limited as an individual company.

2. STATEMENT OF COMPLIANCE

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" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In applying the company's accounting policies, the directors are required to make judgements. estimates and assumptions in determining the carrying value of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made and are based on historical experience and other factors that are considered applicable. Due to the inherent sensitivity involved in making judgements, estimates and assumptions, the actual results and outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Any revisions to accounting estimates are recognised prospectively. The principal areas where judgement was exercised are as follows:

Amounts recoverable on contracts
The directors have made key assumptions regarding the stage of completion, future costs to complete and collectability of billings of some contracts with customers.

Revenue on services provided under contracts is recognised based on the stage of completion as certified by a qualified surveyor when agreed by both contractual parties.

The company regularly review the ongoing performance of each contract and recognise income by reference to the stage completion of each contract.

The cost management system in place captures all contract costs including those that are committed. Certified applications plus any additional uncertified work performed up to the balance sheet date are reviewed against the corresponding costs that have been incurred. The estimated stage of completion of each contract and the forecasted profit margins are then reviewed against the actuals by the directors and management team.

Based on this review adjustments are then reflected to recognise income in line with the expected contract performance.

Included in debtors, shown as amounts recoverable on contracts, is £1,026,411 (2023: £2,208,158 ) in respect of amounts not yet invoiced by the company.

LASER ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 03510913)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024

3. ACCOUNTING POLICIES - continued

Turnover
Turnover represents the fair value of services provided under contracts with customers to the extent that there is right to consideration, and includes monies held on retention. It is measured at the fair value of the consideration due. Where a service is incomplete at the year end, turnover represents the value of the service provided to that date based on an appropriate proportion of the total expected consideration at completion.

The value of incomplete services is included as amounts recoverable on contracts in the balance sheet.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on reducing balance
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses. Depreciation of a tangible fixed assets begins when it is in the location and condition necessary available for the use intended.

Tangible fixed asset depreciation is included in administrative expenses in the Income Statement.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Income Statement.

Financial instruments
The company enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments such as loans, accounts receivable and payable are initially measured at present value and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to paid or received.

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.


LASER ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 03510913)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024

3. ACCOUNTING POLICIES - continued
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.

Research and development
Expenditure on research and development is charged to the Income Statement in the year in which it is incurred.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the Income Statement 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 the Income Statement in the period in which they relate.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the Income Statement.

Stocks are also assessed for impairment at each reporting date. The carrying amount of each item of inventory, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of inventory or group of similar items is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in the Income Statement.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in the Income Statement.

Borrowing costs
All borrowing costs are recognised in the Income statement in the period in which they are incurred.

LASER ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 03510913)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Contracts with customers 28,406,996 27,081,236
28,406,996 27,081,236

5. OTHER OPERATING INCOME
2024 2023
£    £   
Rents received 7,278 7,011

6. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 4,403,002 3,730,699
Social security costs 217,378 193,421
Other pension costs 67,921 50,125
4,688,301 3,974,245

The average number of employees during the year was as follows:
2024 2023

Weekly 37 38
Monthly 40 39
77 77

2024 2023
£    £   
Directors' remuneration 988,597 840,936

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 8 9

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 177,915 135,407

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Other interest 136 51,921

LASER ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 03510913)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024

8. PROFIT BEFORE TAXATION

The profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 232,284 205,381
Depreciation - owned assets 55,770 38,017
(Profit)/loss on disposal of fixed assets (1,500 ) 1,729

9. AUDITORS' REMUNERATION
2024 2023
£    £   
Fees payable to the company's auditors for the audit of the
company's financial statements

11,750

10,836
Other non- audit services 2,350 2,300

10. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 387,590 374,994
Prior year tax (37,458 ) -
Total current tax 350,132 374,994

Deferred tax:
Origination and reversal of timing differences 13,893 13,304
Tax on profit 364,025 388,298

UK corporation tax has been charged at 25% (2023 - 25%).

LASER ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 03510913)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024

10. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 1,859,463 1,677,719
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 25%)

464,866

419,430

Effects of:
Expenses not deductible for tax purposes 11,373 7,294
Capital allowances in excess of depreciation (13,039 ) (12,355 )
Loan relationships Interest accrued - 3,600
Loan relationships Interest paid (12,410 ) (1,639 )
EOT qualifying expenses (100,658 ) -
Deferred tax charge in the year 13,893 13,304
Profits chargeable at the lower rate - (41,336 )
Total tax charge 364,025 388,298

From 1 April 2023 onwards, the main rate of corporation tax has risen from 19% to 25%.

11. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 November 2023 112,674 4,630 59,756
Additions - - -
Disposals - - -
At 31 October 2024 112,674 4,630 59,756
DEPRECIATION
At 1 November 2023 78,502 2,889 46,778
Charge for year 3,417 261 1,947
At 31 October 2024 81,919 3,150 48,725
NET BOOK VALUE
At 31 October 2024 30,755 1,480 11,031
At 31 October 2023 34,172 1,741 12,978

LASER ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 03510913)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024

11. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 November 2023 142,545 76,067 395,672
Additions 116,014 - 116,014
Disposals (10,300 ) - (10,300 )
At 31 October 2024 248,259 76,067 501,386
DEPRECIATION
At 1 November 2023 47,678 76,067 251,914
Charge for year 50,145 - 55,770
At 31 October 2024 97,823 76,067 307,684
NET BOOK VALUE
At 31 October 2024 150,436 - 193,702
At 31 October 2023 94,867 - 143,758

12. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2023
and 31 October 2024 190,000
NET BOOK VALUE
At 31 October 2024 190,000
At 31 October 2023 190,000

The fair value of the property at 31 October 2024 has been arrived at on the basis of a valuation carried out by the directors of the company who are not professionally qualified valuers. The valuation was arrived at by reference to market evidence of transaction prices for similar properties situated within the same location, which the directors considers to give a fair value of the investment property held.

The historical cost of the investment property was £122,740 (2023: £122,740). No depreciation was charged.

13. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 1,331,223 915,184
Amounts recoverable on
contracts 2,270,232 3,338,392
Other debtors 10,277 19,486
VAT 181,684 229,873
Accrued income 200,000 -
Prepayments 58,231 56,151
4,051,647 4,559,086

LASER ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 03510913)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024

13. DEBTORS - continued
2024 2023
£    £   
Amounts falling due after more than one year:
Amounts recoverable on
contracts 1,020,493 703,401
1,020,493 703,401

Aggregate amounts 5,072,140 5,262,487

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 3,139,901 4,199,379
Corporation tax 227,416 432,279
CIS tax control 65,267 83,072
Social security and other taxes 121,773 156,081
Pension 16,144 14,684
Other creditors 668,018 733,512
Accrued expenses 51,865 25,861
4,290,384 5,644,868

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other loans (see note 16) 705,613 1,205,115

16. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due between two and five years:
Other loans - 2-5 years 705,613 -

Amounts falling due in more than five years:
Repayable otherwise than by instalments
Other loans more 5yrs non-inst - 1,205,115

The other loans above bear interest at 6% above the Bank of England base rate per annum. These other loans being repayable in full including accrued interest by the tenth anniversary of the completion date.

LASER ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 03510913)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024

17. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 326,355 182,929
Between one and five years 913,149 104,633
In more than five years 100,100 -
1,339,604 287,562

Lease payments made in the year were £342,043 (2023: £281,412).

18. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Other timing differences 16,815 16,815
Accelerated capital allowances 40,737 26,844
57,552 43,659

Deferred
tax
£   
Balance at 1 November 2023 43,659
Provided during year 13,893
Balance at 31 October 2024 57,552

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
200 Ordinary £1 200 200

LASER ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 03510913)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024

20. RESERVES
Retained
earnings
£   

At 1 November 2023 3,521,718
Profit for the year 1,495,438
Capital contributions to EOT (252,800 )
Share based payment 4,146
At 31 October 2024 4,768,502

As fair value accounting requirements apply, the change in fair value has been recognised in profit or loss, it is not recognised in a revaluation reserve. Within retained earnings there is £49,822 (2023: £49,822) of non distributable unrealised fair value gains.

Called up share capital - Represents the nominal value of shares that have been issued.

Retained earnings - includes all current retained profits and losses.

21. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separate from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund. Contributions payable to the fund at the year end by the company and included in other creditors are £16,144 (2023: £14,684).

20242023
££

Contributions payable by the Company for the year412,618148,212

22. CONTINGENT LIABILITIES AND GUARANTEES

Any bank borrowings of the company are secured by way of a debenture dated 5 June 2019.

The company has also provided a guarantee in respect of the bank borrowings of a related company. At the balance sheet date the related company had bank borrowings of £515,164 (2023: £612,046).

23. RELATED PARTY DISCLOSURES

Other related parties
2024 2023
£    £   
Rental paid 171,600 171,600
Interest payable 136 37,519
Amount due to related party included in other loans 705,613 1,155,477

The amounts above concerns transactions with Laser Electrical (Properties) Limited, a related company due to common directors that can apply significant influence.

Included within other loans falling due in more than one year is an amount owing to Laser Electrical (Properties) Limited of £705,613 (2023: £1,155,477). The total liability is represented by fixed rate unsecured loan notes of £450,000 (2023: £900,000) and associated accrued interest of £255,613 (2023: £255,477).

LASER ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 03510913)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024

24. ULTIMATE CONTROLLING PARTY

The Ordinary shares of the company are registered in the name of Laser Electrical Services EOT Limited on behalf of The Laser Electrical Services Employee Ownership Trust which is the ultimate controlling party.

25. SHARE-BASED PAYMENT TRANSACTIONS

Laser Electrical Services Limited operates an Enterprise Management Incentive Scheme for certain employees of the company. The only vesting condition being that the employee remains an employee of the company over the option period.

The options can only be exercised once the company debt has been cleared which is estimated to be over a period of 10 years or a change in the ownership of the company. The options will lapse after a period of 10 years.

The exercise price of the options is £Nil and based on a price earnings ratio approach, the Actual Market Value of the shares at the date the options were granted was £661.20 per £1 ordinary share and in light of the leaving condition the Unrestricted Market Value of the shares was £727.32 per £1 ordinary share.

A reconciliation of option movements over the period to 31 October 2024 is shown below:

20242023
Exercise Exercise
NumberPriceNumberPrice

Balance at 1 November57-57-

Granted6---
Lapsed (8)---

Balance at 31 October55-57-

The expense recognised in the Income Statement for the year was £4,146 (2023: £4,146). The fair value of options remaining at the balance sheet date was £20,729 (2023: £24,874).

The company did not enter into any share-based payment transactions with parties other than employees during the current or previous period.