for the Period Ended 31 March 2024
| Directors report | |
| Profit and loss | |
| Balance sheet | |
| Additional notes | |
| Balance sheet notes |
Directors' report period ended
The directors present their report with the financial statements of the company for the period ended 31 March 2024
Principal activities of the company
Additional information
Principal risks and uncertainties The company is not subject to any specific principal risk or uncertainty. The Nikon Corporation Group's risks to which the company was exposed, until control of the company was transferred to LK Metrology subsequent to year end, are discussed in the Nikon Corporation's Annual Report which does not form part of this report. The group financial statements of Nikon Corporation are available to the public and can be obtained as set out in note 18. Financial risk management The company has exposures to three main areas of financial risk – foreign exchange currency exposure, liquidity risk, and credit risk. Foreign exchange transactional currency exposure – the company is exposed to currency exchange risk due to a significant proportion of its receivables and payables being denominated in non-Sterling currencies. Where appropriate, the company managed this risk with forward foreign exchange contracts in line with the Nikon Corporation's group treasury policies, although no such contracts were in place during the year ended 31 March 2024 or 31 March 2023. Liquidity risk – The objective of the company in managing liquidity risk is to ensure that it can meet its financial obligations as and when they fall due. The company is financed by short term funding via the Group treasury function, on which it pays interest in line with market conditions. Following the acquisition by LK Metrology Group, the company will be funded by its parent, LK Metrology Group Limited. Credit risk – The company’s principal financial assets are amounts owed by group undertakings. The company is at risk to the extent that the group undertaking may be unable to pay the debt. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows. As a result of the sale to LK Metrology Group, all intercompany balances were settled as disclosed in Note 17. Going concern On 1st November 2024, 3D Scanners Limited was acquired by LK Metrology Group Ltd, a company operating in the metrology sector. Since the date of acquisition, the company has continued to operate as a standalone business within the wider group structure and has received strategic, operational, and financial support from its new parent. The director has assessed the company's current financial position, performance, and cash flow forecasts, taking into consideration the letter of support received from LK Metrology Group Ltd where they have stated that they will meet the liability of the company as they fall due for a period of not less than 12 months from the date of signing the financial statements. The board has considered the willingness and ability of LK Metrology Group Ltd to provide this support. As part of this assessment, the director has considered reasonably foreseeable risks and uncertainties, including market conditions and the company’s ongoing trading performance. Based on this review, the director is satisfied that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements. Future prospects Following its acquisition by LK Metrology Group Ltd, 3D Scanners Limited operates as an intellectual property holding company within the group. The company’s principal activity is the ownership and management of intellectual property assets used by other group entities under appropriate licensing arrangements. The director considers the company’s future prospects to be stable, with its ongoing purpose and expenses settled through intercompany arrangements and continued strategic relevance to the group. The director will continue to ensure the company fulfils its role effectively in line with group objectives and legal obligations.
Directors
The director shown below has held office during the whole of the period from
1 April 2023
to
31 March 2024
The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006
This report was approved by the board of directors on
And signed on behalf of the board by:
Name:
Status: Director
for the Period Ended
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The notes form part of these financial statements
This report was approved by the board of directors on
and signed on behalf of the board by:
Name:
Status: Director
The notes form part of these financial statements
for the Period Ended 31 March 2024
Basis of measurement and preparation
Intangible fixed assets amortisation policy
Other accounting policies
for the Period Ended 31 March 2024
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for the Period Ended 31 March 2024
Amounts owed by parent undertaking of £718,325 (2023 - £672,513) and amounts owed by fellow subsidiary undertakings of £390,275 (2023 - £388,941) are interest bearing and repayable upon demand. Interest on these amounts are charged at 2.0% above EURIBOR 6-months rate. No impairment losses have been recognised on amounts owed by group undertakings (2023 - £nil). Subsequent to year end these amounts were fully settled as detailed in note 17 Events after the balance sheet date: non-adjusting.
for the Period Ended 31 March 2024
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