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Laser Wire Solutions Limited

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31 December 2024






Laser Wire Solutions Limited

Company Information
for the Year Ended 31 December 2024







DIRECTORS: J C Baldwin
P Taylor
M J Humber



REGISTERED OFFICE: QED Centre
Main Avenue
Treforest Industrial Estate
Pontypridd
Rhondda Cynon Taff
CF37 5YR



REGISTERED NUMBER: 07800816



SENIOR STATUTORY
AUDITOR:
Andrew Miller FCA



AUDITORS: BPU Limited
Chartered Accountants
Statutory Auditor
Radnor House
Greenwood Close
Cardiff Gate Business Park
Cardiff
CF23 8AA

Laser Wire Solutions Limited (Registered number: 07800816)

Strategic Report
for the Year Ended 31 December 2024


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

Our Purpose

We believe that our Company has a pivotal role to play in automating the manufacture of life saving, and data handling technologies. Utilising our deep knowledge of wires, material, optics and lasers, our focus is delivering precision manufacturing solutions for the connection of high value wires and cables in applications as diverse as medical devices, data management, aerospace and Electric Vehicles (EV).

Principle Activities

Our business has two primary activities
- Design and manufacture of precision laser workstations and robotic cells for high-value wire
and cable processing. Our systems enable flawless insulation removal, ensuring the highest
quality electrical connections in mission-critical applications.
- Production of laser ablated components for use in medical devices such as
electrophysiology catheters, using fully automated, lights-out systems built on our proprietary
technology-enabling 24/7 precision manufacturing at scale.

In addition, we are developing world-leading robotic wire pick & place technology along with laser micro-soldering to enable us to join the stripped wire to miniature circuitry in medical devices, both as capital equipment and as a component supplier.

Our primary focus is on the medical device market for applications such as neurovascular and cardiovascular diagnostic and interventional catheters as well as MRI scanner coils. Other non-medical applications include the stripping of ultra-high-speed twin-ax data cables used in high volumes in internet data centres as well as multiple applications in aerospace and EV.

Our customers are often multinational OEM's, world leading innovators with a particular emphasis on North America/Mexico/Costa Rica/Far East. Our target markets are delivering consistently high growth and our position as a specialist supplier at the cutting edge means we enjoy a dominant competitive position.

We build our business by working in close partnership with our customers as a trusted advisor to ensure we understand the market's core needs at the earliest stage enabling us to deliver standardised market focused innovations.
Strategic approach

In 2024, we achieved a strong performance marked by significant top-line growth 30% and substantial investments in both our people and product development. Our overheads increased marginally (8%) are in line with our long-term growth plans, laying a solid foundation for future top-line growth.

Our strategy focuses on risk reduction and mitigation through diversification into four revenue streams. We are committed to enhancing our contribution to Medical Component Manufacture, expanding the breadth of our Medical OEM customer base, and monetizing our installed base of over 800 machines. Additionally, we are developing a new range of wire stripping machines and protecting our intellectual property with patents. While some capital equipment companies favour long lead times to maintain their pipeline, we aim to remain lean, agile, and responsive to customer and market needs.

Laser Wire Solutions Limited (Registered number: 07800816)

Strategic Report
for the Year Ended 31 December 2024


We maintained a strong gross profit, consistent with the previous year's performance at 48%. To mitigate and reduce the impact of customer payment and trading terms, we are developing a comprehensive strategy and managing Debtors and creditors well. Additionally, we are focused on maintaining appropriate levels of cash and working capital to support our operations.

We are clearly seeing the collaborative benefits of all operations under one roof in the LWS owned QED building. Early in 2024 we welcomed our first long-term tenant, making a good contribution through rent and service charge. Our ongoing development of a Forex strategy is delivering the stability we expected and give the medium term protection from Dollar/Sterling fluctuation. Longer term currency shifts can be accommodated through pricing.

In terms of cybersecurity and IT, we have made significant investments to ensure robust protection and efficiency. We are also proud to offer class-leading employment benefits to retain and attract top talent in our industry.

We build our business by working in close partnership with our customers as a trusted advisor to ensure we understand the market's core needs at the earliest stage enabling us to deliver standardised market focused innovations.

Key Highlights

This year has been one of dynamic progress and strategic development for our company.
- Achieved record order intake, revenue, and EBITDA, reflecting strong demand and
operational efficiency.
- Secured a major new customer-a top 10 global medical device manufacturer-with initial
sales exceeding £2 million and significant ongoing revenue potential.
- Launched the Odyssey-11, our first rotary laser ablation system for precision guide wire
processing.
- Rolled out the 3rd generation MRI coil stripping platform, enhancing performance and wire
handling capabilities.
- Maintained existing headcount while delivering record revenue, demonstrating productivity
gains and scalability.
- Expanded lights-out production capacity with additional automated laser wire stripping
equipment, improving resilience and surge readiness.
- Promoted Marlon Bodman to General Manager, a key move in our succession planning
strategy.
- Delivered first manufacturing systems for Pulse Field Ablation (PFA) catheters; engaged with
all five major players and qualified for ablated wire supply with one.
- Strengthened global reach through our capital equipment partner network, including
long-standing collaboration with Schleuniger, now Komax Group
- Several successful ISO9001 customer audits and reassessments to ensure that LWS
maintains its favoured supplier status, on a roadmap towards ISO13485 certification in
January 2026.

Our commitment to innovation is unwavering, as demonstrated by our substantial investments in new product development (NPD). These investments are positioning us for future growth and success, especially in the targeted medical Original Equipment Manufacturer (OEM) sector.
As we look to the first half of 2025, we will increase our sales and marketing effort to maximise the impact of the new
product launches. We are further developing our dedicated manpower in Mexico and Costa Rica, both on account management and new business development.

Laser Wire Solutions Limited (Registered number: 07800816)

Strategic Report
for the Year Ended 31 December 2024


Moreover, we have continued to enjoy the backing of Development Bank of Wales, a testament to the confidence they have in our business and growth potential

Our efforts to develop key strategic supplier partnerships continue to strengthen our competitive edge. With our unwavering commitment to growth, we aim to maintain and exceed a 25% profitable, cash-generative year-on-year increase. The future is bright, and we are poised to capitalize on the opportunities ahead.

In conclusion, I want to express my gratitude to our dedicated employees, customers, and shareholders for their invaluable contributions. Together, we have achieved remarkable results and positioned our company for continued growth and prosperity. With a strong foundation and strategic initiatives in place, we look forward to an exciting future.

THIS REPORT WAS APPROVED BY THE BOARD:





P Taylor - Director


24 July 2025

Laser Wire Solutions Limited (Registered number: 07800816)

Report of the Directors
for the Year Ended 31 December 2024


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

DIVIDENDS
The total distribution of dividends for the year ended 31 December 2024 will be £488,682.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

J C Baldwin
P Taylor

Other changes in directors holding office are as follows:

M J Humber was appointed as a director after 31 December 2024 but prior to the date of this report.

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 Wire Solutions Limited (Registered number: 07800816)

Report of the Directors
for the Year Ended 31 December 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

THIS REPORT WAS APPROVED BY THE BOARD:





P Taylor - Director


24 July 2025

Report of the Independent Auditors to the Members of
Laser Wire Solutions Limited


Opinion
We have audited the financial statements of Laser Wire Solutions Limited (the 'company') for the year ended 31 December 2024 which comprise the Profit & Loss Account, 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 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.

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.

Report of the Independent Auditors to the Members of
Laser Wire Solutions Limited


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.

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 five, 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.

Report of the Independent Auditors to the Members of
Laser Wire Solutions Limited


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:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risks of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment.

The laws and regulations that we determined were most significant to the company were the Companies Act, UK corporate tax laws, Employment Rights Act, Health and Safety regulations and ISO9001 Quality Management System standard.

We obtained an understanding of how the company is complying with those laws and regulations by making enquiries to the management, and corroborated these enquiries through our review of board minutes and review of legal and professional spend for the year.

We assessed the susceptibility of the companys financial statements to material misstatement, including how fraud might occur, and did not identify any key audit matters relating to irregularities, including fraud. We assessed the effectiveness of internal controls that management has in place to prevent and detect fraud, including testing of manual journals and evaluating the assumptions and judgements made by management in its significant accounting estimates.

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.

Report of the Independent Auditors to the Members of
Laser Wire Solutions Limited


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.




Andrew Miller FCA (Senior Statutory Auditor)
for and on behalf of BPU Limited
Chartered Accountants
Statutory Auditor

24 July 2025

Laser Wire Solutions Limited (Registered number: 07800816)

Profit & Loss Account
for the Year Ended 31 December 2024

2024 2023
Notes £    £   

TURNOVER 2 9,958,839 7,672,185

Cost of sales (5,087,378 ) (3,171,023 )
GROSS PROFIT 4,871,461 4,501,162

Administrative expenses (4,253,233 ) (4,375,101 )
618,228 126,061

Other operating income 89,651 64,664
OPERATING PROFIT 4 707,879 190,725


Interest payable and similar
expenses

5

(218,273

)

(202,527

)
PROFIT/(LOSS) BEFORE TAXATION 489,606 (11,802 )

Tax on profit/(loss) 6 (150,546 ) 207,436
PROFIT FOR THE FINANCIAL YEAR 339,060 195,634

Laser Wire Solutions Limited (Registered number: 07800816)

Balance Sheet
31 December 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 11,977 -
Tangible assets 9 2,434,324 2,795,554
2,446,301 2,795,554

CURRENT ASSETS
Stocks 10 2,106,479 1,651,583
Debtors 11 2,643,242 1,370,465
Cash at bank 1,874,365 1,046,598
6,624,086 4,068,646
CREDITORS
Amounts falling due within one year 12 5,362,833 2,647,908
NET CURRENT ASSETS 1,261,253 1,420,738
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,707,554

4,216,292

CREDITORS
Amounts falling due after more than
one year

13

(2,367,039

)

(2,688,925

)

PROVISIONS FOR LIABILITIES 16 (62,900 ) (103,125 )
NET ASSETS 1,277,615 1,424,242

CAPITAL AND RESERVES
Called up share capital 17 48,497 45,502
Share premium 18 399,518 399,518
Retained earnings 18 829,600 979,222
SHAREHOLDERS' FUNDS 1,277,615 1,424,242

Laser Wire Solutions Limited (Registered number: 07800816)

Balance Sheet - continued
31 December 2024


The financial statements were approved by the Board of Directors and authorised for issue on 24 July 2025 and were signed on its behalf by:





P Taylor - Director


Laser Wire Solutions Limited (Registered number: 07800816)

Statement of Changes in Equity
for the Year Ended 31 December 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 January 2023 45,502 783,588 399,518 1,228,608

Changes in equity
Total comprehensive income - 195,634 - 195,634
Balance at 31 December 2023 45,502 979,222 399,518 1,424,242

Changes in equity
Issue of share capital 2,995 - - 2,995
Dividends - (488,682 ) - (488,682 )
Total comprehensive income - 339,060 - 339,060
Balance at 31 December 2024 48,497 829,600 399,518 1,277,615

Laser Wire Solutions Limited (Registered number: 07800816)

Cash Flow Statement
for the Year Ended 31 December 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,690,228 (620,989 )
Interest paid (218,273 ) (202,527 )
Tax paid 8 205,320
Net cash from operating activities 1,471,963 (618,196 )

Cash flows from investing activities
Purchase of intangible fixed assets (14,903 ) -
Purchase of tangible fixed assets (184,531 ) (344,592 )
Sale of tangible fixed assets 44,130 7,179
Net cash from investing activities (155,304 ) (337,413 )

Cash flows from financing activities
Loan repayments in year (308,755 ) 1,067,501
Share issue 2,995 -
Equity dividends paid (183,132 ) -
Net cash from financing activities (488,892 ) 1,067,501

Increase in cash and cash equivalents 827,767 111,892
Cash and cash equivalents at
beginning of year

2

1,046,598

934,706

Cash and cash equivalents at end
of year

2

1,874,365

1,046,598

Laser Wire Solutions Limited (Registered number: 07800816)

Notes to the Cash Flow Statement
for the Year Ended 31 December 2024


1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED
FROM OPERATIONS

2024 2023
£    £   
Profit/(loss) before taxation 489,606 (11,802 )
Depreciation charges 513,182 500,105
(Profit)/loss on disposal of fixed assets (8,624 ) 31,877
Finance costs 218,273 202,527
1,212,437 722,707
(Increase)/decrease in stocks (454,896 ) 308,069
(Increase)/decrease in trade and other debtors (1,288,201 ) 27,212
Increase/(decrease) in trade and other creditors 2,220,888 (1,678,977 )
Cash generated from operations 1,690,228 (620,989 )

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 December 2024
31/12/24 1/1/24
£    £   
Cash and cash equivalents 1,874,365 1,046,598
Year ended 31 December 2023
31/12/23 1/1/23
£    £   
Cash and cash equivalents 1,046,598 934,706


Laser Wire Solutions Limited (Registered number: 07800816)

Notes to the Cash Flow Statement
for the Year Ended 31 December 2024


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/1/24 Cash flow At 31/12/24
£    £    £   
Net cash
Cash at bank 1,046,598 827,767 1,874,365
1,046,598 827,767 1,874,365
Debt
Debts falling due within 1 year (313,640 ) (13,129 ) (326,769 )
Debts falling due after 1 year (2,688,925 ) 321,886 (2,367,039 )
(3,002,565 ) 308,757 (2,693,808 )
Total (1,955,967 ) 1,136,524 (819,443 )

Laser Wire Solutions Limited (Registered number: 07800816)

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


1. 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" 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.

Turnover 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.

Turnover from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

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.

Patents and licences are being amortised evenly over their estimated useful life of three years.

Development costs have been fully amortised in the current year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 33% straight line and 6.66% straight line
Plant and machinery - at variable rates on straight line

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

At each reporting date, an assessment is made for impairment. Any excess of the carrying amounts of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.


Laser Wire Solutions Limited (Registered number: 07800816)

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


1. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs
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.

Laser Wire Solutions Limited (Registered number: 07800816)

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


2. TURNOVER

The turnover and profit (2023 - loss) 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
£    £   
Contract manufacturing 382,852 378,632
Modules including aftersale 8,445,310 5,268,051
Custom machines 1,130,677 2,025,502
9,958,839 7,672,185

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 647,520 528,491
Europe 362,836 324,397
Rest of the world 8,948,483 6,819,297
9,958,839 7,672,185

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,701,616 2,546,681
Social security costs 269,234 278,584
Other pension costs 119,319 126,266
3,090,169 2,951,531

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

53 58

2024 2023
£    £   
Directors' remuneration 227,757 114,323

Laser Wire Solutions Limited (Registered number: 07800816)

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


3. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director for the year ended 31 December 2024 is as follows:
2024
£   
Emoluments etc 114,321

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 510,255 494,370
(Profit)/loss on disposal of fixed assets (8,624 ) 31,877
Patents and licences amortisation 2,926 -
Development costs amortisation - 5,733
Audit fees 26,901 22,185
Foreign exchange differences (88,816 ) (15,877 )
Impairment of stocks recognised or reversed 83,088 80,000
Government grants (33,882 ) (19,516 )
Research and development costs 208,163 32,412

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 210,992 194,133
Other interest 7,281 8,394
218,273 202,527

6. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 190,771 (158,549 )

Deferred tax (40,225 ) (48,887 )
Tax on profit/(loss) 150,546 (207,436 )

Laser Wire Solutions Limited (Registered number: 07800816)

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


6. TAXATION - continued

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

2024 2023
£    £   
Profit/(loss) before tax 489,606 (11,802 )
Profit/(loss) multiplied by the standard rate of corporation tax
in the UK of 25% (2023 - 23.050%)

122,402

(2,720

)

Effects of:
Expenses not deductible for tax purposes 30,609 41,746
Capital allowances in excess of depreciation - (417 )
Depreciation in excess of capital allowances 75,654 -
Adjustments to tax charge in respect of previous periods 14,279 (204,313 )
Change in corporation tax rate - (605 )
R&D (52,173 ) -
Deferred tax (40,225 ) (41,127 )
Total tax charge/(credit) 150,546 (207,436 )

7. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Final 163,128 -
Ordinary B shares of £1 each
Final 88,799 -
Preference shares of £1 each
Final 236,755 -
488,682 -

Laser Wire Solutions Limited (Registered number: 07800816)

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


8. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
Additions 14,903
At 31 December 2024 14,903
AMORTISATION
Amortisation for year 2,926
At 31 December 2024 2,926
NET BOOK VALUE
At 31 December 2024 11,977

9. TANGIBLE FIXED ASSETS
Freehold Plant and
property machinery Totals
£    £    £   
COST
At 1 January 2024 2,915,962 1,095,098 4,011,060
Additions - 184,531 184,531
Disposals - (44,077 ) (44,077 )
At 31 December 2024 2,915,962 1,235,552 4,151,514
DEPRECIATION
At 1 January 2024 408,967 806,539 1,215,506
Charge for year 341,455 168,800 510,255
Eliminated on disposal - (8,571 ) (8,571 )
At 31 December 2024 750,422 966,768 1,717,190
NET BOOK VALUE
At 31 December 2024 2,165,540 268,784 2,434,324
At 31 December 2023 2,506,995 288,559 2,795,554

10. STOCKS
2024 2023
£    £   
Raw materials & work in progress 2,106,479 1,651,583

Laser Wire Solutions Limited (Registered number: 07800816)

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


11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,164,040 1,068,569
Other debtors 5,000 100,121
Tax - 15,421
VAT 183,112 -
Prepayments and accrued income 291,090 186,354
2,643,242 1,370,465

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 14)
326,769

313,640
Trade creditors 907,675 577,021
Corporation tax 176,492 1,134
Social security and other taxes 142,633 62,177
Other creditors 347,151 69,262
Dividends payable 488,682 183,132
Deferred income 2,409,706 841,314
Accrued expenses 563,725 600,228
5,362,833 2,647,908

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans (see note 14) 2,367,039 2,688,925

14. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 326,769 313,640

Amounts falling due between two and five years:
Bank loans - 2-5 years 2,367,039 2,688,925

Laser Wire Solutions Limited (Registered number: 07800816)

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


14. LOANS - continued

The bank loans are repayable by installments with interests rates with the lowest being 2% and the highest being 3.8% plus the Bank of England base rate. The total aggregate monthly repayment is £42,694, and the remaining terms on the loans range from 19 - 66 months.

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 21,390 10,872
Between one and five years 28,209 31,104
49,599 41,976

16. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 62,900 103,125

Deferred
tax
£   
Balance at 1 January 2024 103,125
Credit to Profit & Loss Account during year (40,225 )
Balance at 31 December 2024 62,900

The deferred tax relates to timing differences.

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
22,995 Ordinary £1 22,995 20,000
6,956 Ordinary B £1 6,956 6,956
18,546 Preference £1 18,546 18,546
48,497 45,502

During the year 2,995 Ordinary shares were issued under an EMI scheme.

Laser Wire Solutions Limited (Registered number: 07800816)

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


18. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2024 979,222 399,518 1,378,740
Profit for the year 339,060 339,060
Dividends (488,682 ) (488,682 )
At 31 December 2024 829,600 399,518 1,229,118

19. RELATED PARTY DISCLOSURES

Purchases of £10,000 (2023: £10,000) were made from a related party during the year.

20. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is P Taylor.