Laserworld Engineering Co. Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02778423 (England and Wales)

LASERWORLD ENGINEERING CO. LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2018

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

H C Masterson

SECRETARY:

Mrs A M Masterson

REGISTERED OFFICE:

The Exchange

5 Bank Street

Bury

BL9 0DN

REGISTERED NUMBER:

02778423 (England and Wales)

ACCOUNTANTS:

DTE Business Advisers Limited

Chartered Accountants

The Exchange

5 Bank Street

Bury

BL9 0DN

BANKERS:

Yorkshire Bank plc

25 Manchester Road

Burnley

Lancashire

BB11 1HX

FIXED ASSETS

Property, plant and equipment

4

501,744

466,815

CURRENT ASSETS

Inventories

12,045

11,395

Debtors

5

171,739

149,703

Cash at bank and in hand

145,280

121,521

329,064

282,619

CREDITORS

Amounts falling due within one year

6

(220,351

)

(187,033

)

NET CURRENT ASSETS

108,713

95,586

TOTAL ASSETS LESS CURRENT LIABILITIES

610,457

562,401

CREDITORS

Amounts falling due after more than one year

7

(248,911

)

(259,233

)

PROVISIONS FOR LIABILITIES

(80,108

)

(61,198

)

NET ASSETS

281,438

241,970

CAPITAL AND RESERVES

Called up share capital

10,000

10,000

Retained earnings

271,438

231,970

SHAREHOLDERS' FUNDS

281,438

241,970

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the director on 25 October 2018 and were signed by:

H C Masterson - Director

1.	STATUTORY INFORMATION

Laserworld Engineering Co. Limited is a private company, limited by shares, registered in England and Wales.

The company's registered number is 02778423 and the registered office address is The Exchange, 5 Bank Street,

Bury, BL9 0DN.

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.

Significant judgements and estimates

In the application of the company's accounting policies, the director is required to make estimates and

judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ

from these estimates.

The estimates are continuously evaluated. Revisions to accounting estimates are recognised in the period in

which the estimate is revised.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying

amount of assets and liabilities are outlined below:

Estimating the useful economic life of an asset and the anticipated residual value are considered key judgement

in calculating an appropriate depreciation charge.

In categorising leases as finance or operating leases, the director makes judgements as to whether significant

risks and rewards of ownership have transferred to the company as a lessee.

Revenue

Revenue comprises the aggregate of the fair value of the sale of goods and services provided, net of value-added

tax, rebates and discounts. Revenue is recognised as follows:-

Sale of goods

Sale of goods are recognised when the company has delivered products to the customer, the customer has

accepted the products and collectability of the related receivables is fairly stated.

Sale of services

Service revenues are recognised as those services are provided to customers.

Property, plant and equipment

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.

Plant and machinery

-

15% to 25% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33.3% on cost

Inventories

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items. Cost is based on average purchase price.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial

assets and liabilities like trade and other accounts receivable and payable, loans from other third parties and

loans from related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for

objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised

in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost,

being the transaction price less any amounts settled.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial

position. 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 the income statement over the relevant period. The capital

element of the future payment is treated as a liability.

Rentals paid under operating leases are charged to the income statement on a straight line basis over the period

of the lease.

Rentals paid under operating leases are charged to the income statement as incurred.

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 to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2017 - 7 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

etc

£

COST

At 1 September 2017

750,620

Additions

178,290

Disposals

(101,000

)

At 31 August 2018

827,910

DEPRECIATION

At 1 September 2017

283,805

Charge for year

81,335

Eliminated on disposal

(38,974

)

At 31 August 2018

326,166

NET BOOK VALUE

At 31 August 2018

501,744

At 31 August 2017

466,815

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

Plant and

machinery

etc

£

COST

At 1 September 2017

595,125

Additions

83,000

Disposals

(101,000

)

At 31 August 2018

577,125

DEPRECIATION

At 1 September 2017

156,620

Charge for year

67,994

Eliminated on disposal

(38,974

)

At 31 August 2018

185,640

NET BOOK VALUE

At 31 August 2018

391,485

At 31 August 2017

438,505

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

169,790

147,255

Prepayments and accrued income

1,949

2,448

171,739

149,703

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Hire purchase contracts (see note 8)

96,669

79,669

Trade creditors

97,892

46,924

Corporation tax

12,468

34,766

Social security and other taxes

4,469

18,268

Accruals and deferred income

8,853

7,406

220,351

187,033

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts (see note 8)

248,911

259,233

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2018

2017

£

£

Net obligations repayable:

Within one year

96,669

79,669

Between one and five years

248,911

259,233

345,580

338,902

Non-cancellable

operating leases

2018

2017

£

£

Within one year

18,000

18,000

9.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Hire purchase contracts

324,320

338,902

The hire purchase contracts are secured on the respective fixed assets.