| 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 |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| AUDITORS: |
| 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: |
| 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. |
| Other changes in directors holding office are as follows: |
| 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: |
| 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. |
| for and on behalf of |
| Chartered Accountants |
| Statutory Auditor |
| Laser Wire Solutions Limited (Registered number: 07800816) |
| Profit & Loss Account |
| for the Year Ended 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| TURNOVER | 2 |
| Cost of sales | ( |
) | ( |
) |
| GROSS PROFIT |
| Administrative expenses | ( |
) | ( |
) |
| 618,228 | 126,061 |
| Other operating income |
| OPERATING PROFIT | 4 |
| Interest payable and similar expenses |
5 |
( |
) |
( |
) |
| PROFIT/(LOSS) BEFORE TAXATION | ( |
) |
| Tax on profit/(loss) | 6 | ( |
) |
| PROFIT FOR THE FINANCIAL YEAR |
| Laser Wire Solutions Limited (Registered number: 07800816) |
| Balance Sheet |
| 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 8 |
| Tangible assets | 9 |
| CURRENT ASSETS |
| Stocks | 10 |
| Debtors | 11 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 12 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
13 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 16 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 17 |
| Share premium | 18 |
| Retained earnings | 18 |
| SHAREHOLDERS' FUNDS |
| 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 |
| 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 |
| Changes in equity |
| Total comprehensive income | - | - |
| Balance at 31 December 2023 |
| Changes in equity |
| Issue of share capital | - |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - | - |
| Balance at 31 December 2024 |
| 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 | ( |
) |
| Interest paid | ( |
) | ( |
) |
| Tax paid |
| Net cash from operating activities | ( |
) |
| Cash flows from investing activities |
| Purchase of intangible fixed assets | ( |
) |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Sale of tangible fixed assets |
| Net cash from investing activities | ( |
) | ( |
) |
| Cash flows from financing activities |
| Loan repayments in year | ( |
) |
| Share issue |
| Equity dividends paid | ( |
) |
| Net cash from financing activities | ( |
) |
| Increase in cash and cash equivalents |
| Cash and cash equivalents at beginning of year |
2 |
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 | ( |
) |
| Depreciation charges |
| (Profit)/loss on disposal of fixed assets | ( |
) |
| Finance costs | 218,273 | 202,527 |
| 1,212,437 | 722,707 |
| (Increase)/decrease in stocks | ( |
) |
| (Increase)/decrease in trade and other debtors | ( |
) |
| Increase/(decrease) in trade and other creditors | ( |
) |
| Cash generated from operations | ( |
) |
| 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 | 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 |
| 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. |
| Tangible fixed assets |
| Freehold property | - |
| Plant and machinery | - |
| 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 |
| £ | £ |
| An analysis of turnover by geographical market is given below: |
| 2024 | 2023 |
| £ | £ |
| United Kingdom |
| Europe |
| Rest of the world | 8,948,483 | 6,819,297 |
| 3. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration |
| 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 |
| 4. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 2024 | 2023 |
| £ | £ |
| Depreciation - owned assets |
| (Profit)/loss on disposal of fixed assets | ( |
) |
| Patents and licences amortisation |
| Development costs amortisation |
| Audit fees |
| Foreign exchange differences | ( |
) | ( |
) |
| Impairment of stocks recognised or reversed |
| Government grants | ( |
) | ( |
) |
| Research and development costs |
| 5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Bank loan interest |
| Other interest |
| 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 | ( |
) |
| Deferred tax | ( |
) | ( |
) |
| Tax on profit/(loss) | ( |
) |
| 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 | ( |
) |
| Profit/(loss) multiplied by the standard rate of corporation tax in the UK of |
( |
) |
| Effects of: |
| Expenses not deductible for tax purposes |
| Capital allowances in excess of depreciation | - | ( |
) |
| Depreciation in excess of capital allowances | - |
| Adjustments to tax charge in respect of previous periods | ( |
) |
| 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 |
| Ordinary B shares of £1 each |
| Final |
| Preference shares of £1 each |
| Final |
| 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 |
| At 31 December 2024 |
| AMORTISATION |
| Amortisation for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| 9. | TANGIBLE FIXED ASSETS |
| Freehold | Plant and |
| property | machinery | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2024 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 10. | STOCKS |
| 2024 | 2023 |
| £ | £ |
| Raw materials & work in progress |
| 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 |
| Other debtors |
| Tax |
| VAT |
| Prepayments and accrued income |
| 12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts (see note 14) |
| Trade creditors |
| Corporation tax |
| Social security and other taxes |
| Other creditors |
| Dividends payable |
| Deferred income |
| Accrued expenses |
| 13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans (see note 14) |
| 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 |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years |
| 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 |
| Between one and five years |
| 16. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred tax | 62,900 | 103,125 |
| Deferred |
| tax |
| £ |
| Balance at 1 January 2024 |
| Credit to Profit & Loss Account during year | ( |
) |
| Balance at 31 December 2024 |
| The deferred tax relates to timing differences. |
| 17. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 22,995 | 20,000 |
| Ordinary B | £1 | 6,956 | 6,956 |
| 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 | 1,378,740 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| At 31 December 2024 | 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 |