Laser and Lens Scotland Ltd - Period Ending 2022-02-28
Laser and Lens Scotland Ltd - Period Ending 2022-02-28
Registration number:
Laser and Lens Scotland Ltd
for the Year Ended 28 February 2022
Laser and Lens Scotland Ltd
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Laser and Lens Scotland Ltd
Company Information
Directors |
Mr Sanjay Mantry Dr Dipali Mantry |
Registered office |
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Accountants |
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DEANS
Chartered Accountants
Chartered
Accountants' Report to the
Board of Directors
on the Preparation of the Unaudited Statutory Accounts of
Laser and Lens Scotland Ltd
for the
Year
Ended
28 February 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Laser and Lens Scotland Ltd for the year ended 28 February 2022 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants of Scotland (ICAS), we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/ethics/icas-code-of-ethics.
This report is made solely to the Board of Directors of Laser and Lens Scotland Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Laser and Lens Scotland Ltd and state those matters that we have agreed to state to the Board of Directors of Laser and Lens Scotland Ltd, as a body, in this report in accordance with ICAS guidance (www.icas.com/accountsprep/guidance). To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Laser and Lens Scotland Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Laser and Lens Scotland Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Laser and Lens Scotland Ltd. You consider that Laser and Lens Scotland Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Laser and Lens Scotland Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Hawick
Borders
TD9 9BD
Laser and Lens Scotland Ltd
(Registration number: SC527608)
Balance Sheet as at 28 February 2022
Note |
2022 |
2021 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investment property |
|
|
|
Investments |
- |
|
|
Other financial assets |
5,801 |
- |
|
|
|
||
Current assets |
|||
Debtors |
|
- |
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
- |
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Provisions for liabilities |
( |
( |
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Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
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Revaluation reserve |
|
- |
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Retained earnings |
|
|
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Shareholders' funds |
|
|
For the financial year ending 28 February 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
Laser and Lens Scotland Ltd
(Registration number: SC527608)
Balance Sheet as at 28 February 2022
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Laser and Lens Scotland Ltd
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
Scotland
The principal place of business is:
Beaumont House
Grange Road
Bearsden
Glasgow
G61 3PL
Scotland
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The company is not directly impacted by Brexit.
The company has suffered financially from the pandemic. Where appropriate, government support in the forms of grants and loans were used to mitigate the impact of lockdowns etc. The directors will continue to assess the impact of the pandemic and make decisions accordingly.
The accounts are presented in £ and are rounded to the nearest £.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Laser and Lens Scotland Ltd
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Computer equipment |
25% straight line |
Plant and machinery |
25% straight line |
Investment property
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Laser and Lens Scotland Ltd
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Laser and Lens Scotland Ltd
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022
Tangible assets |
Furniture, fittings and equipment |
Other tangible assets |
Total |
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Cost or valuation |
|||
At 1 March 2021 |
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Additions |
|
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At 28 February 2022 |
|
|
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Depreciation |
|||
At 1 March 2021 |
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|
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Charge for the year |
|
|
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At 28 February 2022 |
|
|
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Carrying amount |
|||
At 28 February 2022 |
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At 28 February 2021 |
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Investment properties |
2022 |
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At 1 March |
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Additions |
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Fair value adjustments |
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At 28 February |
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There has been no valuation of investment property by an independent valuer.
Investments |
2022 |
2021 |
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Other investments |
- |
5,500 |
Laser and Lens Scotland Ltd
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022
Other financial assets (current and non-current) |
Financial assets at fair value through profit and loss |
Total |
|
Non-current financial assets |
||
Cost or valuation |
||
At 1 March 2021 |
5,500 |
5,500 |
Fair value adjustments |
301 |
301 |
At 28 February 2022 |
5,801 |
5,801 |
Impairment |
||
Carrying amount |
||
At 28 February 2022 |
|
5,801 |
Creditors |
Creditors: amounts falling due within one year
Note |
2022 |
2021 |
|
Due within one year |
|||
Loans and borrowings |
|
- |
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Taxation and social security |
|
|
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Accruals and deferred income |
|
|
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Other creditors |
- |
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Creditors include bank loans and overdrafts contracts which are secured of £50,000 (2021 - £nil). This is a bounce back loan repayable over 6 years. Interest is charged at 2.25%.
Laser and Lens Scotland Ltd
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022
Creditors: amounts falling due after more than one year
Note |
2022 |
2021 |
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Due after one year |
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Loans and borrowings |
|
- |
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
|||
No. |
£ |
No. |
£ |
|
|
|
50 |
|
50 |
|
|
49 |
|
49 |
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1 |
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1 |
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|
|
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Loans and borrowings |
2022 |
2021 |
|
Non-current loans and borrowings |
||
Bank borrowings |
|
- |
2022 |
2021 |
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Current loans and borrowings |
||
Bank borrowings |
|
- |
Related party transactions |
Transactions with directors |
2022 |
At 1 March 2021 |
Advances to director |
Repayments by director |
At 28 February 2022 |
Mr Sanjay Mantry |
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Overdrawn loans are subject to interest at 2.25%. |
( |
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( |
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Dr Dipali Mantry |
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Overdrawn loans are subject to interest at 2.25%. |
( |
|
( |
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Laser and Lens Scotland Ltd
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022
2021 |
At 1 March 2020 |
Advances to director |
Repayments by director |
At 28 February 2021 |
Mr Sanjay Mantry |
||||
Overdrawn loans are subject to interest at 2.25%. |
( |
( |
|
( |
Dr Dipali Mantry |
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Overdrawn loans are subject to interest at 2.25%. |
( |
( |
|
( |