REGISTERED NUMBER: NI025491 (Northern Ireland)

Financial Statements for the Year Ended 31 December 2024

for

Laser Prototypes (Europe) Ltd

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

T Walls

C Evans

Mrs S Mc Coy

P Walls

SECRETARY:

Mrs U Walls

REGISTERED OFFICE:

4 Prince Regent Road

Belfast

BT5 6QR

REGISTERED NUMBER:

NI025491 (Northern Ireland)

ACCOUNTANTS:

Farrell & Farrell

35 Main St

Hilltown

Newry

Co. Down

BT34 5UJ

FIXED ASSETS

Intangible assets

4

20,817

1,551

Tangible assets

5

821,638

1,037,659

842,455

1,039,210

CURRENT ASSETS

Stocks

133,022

109,502

Debtors

422,783

616,713

Cash at bank

779,552

709,109

1,335,357

1,435,324

CREDITORS

Amounts falling due within one year

559,592

563,255

NET CURRENT ASSETS

775,765

872,069

TOTAL ASSETS LESS CURRENT LIABILITIES

1,618,220

1,911,279

CREDITORS

Amounts falling due after more than one year

126,356

267,028

NET ASSETS

1,491,864

1,644,251

CAPITAL AND RESERVES

Called up share capital

51,600

51,600

Share premium

37,500

37,500

Capital redemption reserve

23,400

23,400

Retained earnings

1,379,364

1,531,751

1,491,864

1,644,251

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

Mrs S Mc Coy - Director

1.	STATUTORY INFORMATION

Laser Prototypes (Europe) Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

2.	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" including the provisions of Section 1A "Small Entities" 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.

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 five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

10% on cost

Plant and machinery etc

-

25% on cost and 20% on cost

Stocks

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

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss 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 profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 37 (2023 - 38 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2024

49,146

Additions

20,979

At 31 December 2024

70,125

AMORTISATION

At 1 January 2024

47,595

Amortisation for year

1,713

At 31 December 2024

49,308

NET BOOK VALUE

At 31 December 2024

20,817

At 31 December 2023

1,551

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2024

4,326,736

Additions

100,881

Disposals

(249

)

At 31 December 2024

4,427,368

DEPRECIATION

At 1 January 2024

3,289,077

Charge for year

316,653

At 31 December 2024

3,605,730

NET BOOK VALUE

At 31 December 2024

821,638

At 31 December 2023

1,037,659

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST

At 1 January 2024

and 31 December 2024

530,364

DEPRECIATION

At 1 January 2024

241,336

Charge for year

106,073

At 31 December 2024

347,409

NET BOOK VALUE

At 31 December 2024

182,955

At 31 December 2023

289,028

6.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Other loans

194,403

261,643

Other loans include loans from a related party which are secured by legal charges over specific company assets.

7.	CONTINGENT LIABILITIES

The company has received financial assistance from Invest Northern Ireland under a number of letters of offer with varying dates. There exists a contingent liability to repay all of the financial assistance received under these agreements if a default occurs under the terms and conditions stated in the letter of offer.

8.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is T Walls.