Company Registration No. 06051917 (England and Wales)
HIGH SPEED LASERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
HIGH SPEED LASERS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
HIGH SPEED LASERS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2019
31 March 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,817,187
1,557,654
Current assets
Stocks
207,236
249,652
Debtors
4
1,761,279
1,581,195
Cash at bank and in hand
380,107
318,209
2,348,622
2,149,056
Creditors: amounts falling due within one year
5
(1,805,281)
(1,536,090)
Net current assets
543,341
612,966
Total assets less current liabilities
2,360,528
2,170,620
Creditors: amounts falling due after more than one year
6
(394,518)
(493,163)
Provisions for liabilities
(1,014,932)
(726,824)
Net assets
951,078
950,633
Capital and reserves
Called up share capital
7
2,151
2,151
Profit and loss reserves
948,927
948,482
Total equity
951,078
950,633
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
HIGH SPEED LASERS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2019
31 March 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 September 2019 and are signed on its behalf by:
Mr C Poole
Mr S J Wyatt
Director
Director
Company Registration No. 06051917
HIGH SPEED LASERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 3 -
1
Accounting policies
Company information
High Speed Lasers Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Block F Bays 1&2 the Stourbridge Estate mill, Race Kabe, Stourbridge, West Midlands, DY8 1JN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
10% straight line
Plant and equipment
20% reducing balance
Computers
20% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.3
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
HIGH SPEED LASERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 4 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount 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.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
HIGH SPEED LASERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 5 -
1.6
Provisions
Provisions are recognised when the
company
has a legal or constructive present obligation as a result of a past event, it is probable that the
company
will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i
s
measured at present value
,
the unwinding of the discount is recognised as a finance cost in profit or loss in the period
in which
it arises.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 38 (2018 - 38).
3
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2018
118,001
2,564,648
31,449
93,350
2,807,448
Additions
11,360
639,737
2,359
-
653,456
Disposals
-
(15,750)
-
-
(15,750)
At 31 March 2019
129,361
3,188,635
33,808
93,350
3,445,154
Depreciation and impairment
At 1 April 2018
65,150
1,131,941
10,069
42,633
1,249,793
Depreciation charged in the year
12,334
366,389
2,861
10,852
392,436
Eliminated in respect of disposals
-
(14,262)
-
-
(14,262)
At 31 March 2019
77,484
1,484,068
12,930
53,485
1,627,967
Carrying amount
At 31 March 2019
51,877
1,704,567
20,878
39,865
1,817,187
At 31 March 2018
52,850
1,432,708
21,380
50,716
1,557,654
HIGH SPEED LASERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 6 -
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
1,249,299
1,307,263
Corporation tax recoverable
7,100
-
Amounts owed by group undertakings
395,862
203,631
Other debtors
109,018
70,301
1,761,279
1,581,195
5
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans
60,000
60,000
Trade creditors
1,112,744
886,183
Corporation tax
-
71,598
Other taxation and social security
68,482
73,756
Other creditors
564,055
444,553
1,805,281
1,536,090
6
Creditors: amounts falling due after more than one year
2019
2018
£
£
Bank loans and overdrafts
38,062
94,031
Other creditors
356,456
399,132
394,518
493,163
7
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
1,000 of £1 each
1,000
1,000
1,151 of £1 each
1,151
1,151
2,151
2,151
8
Related party transactions
As at year end, the company owes £395,862 (2018- £203,631) from Chris Poole Holding limited.
HIGH SPEED LASERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 7 -
9
Directors' transactions
Dividends totalling £118,000 (2018 - £325,300) were paid in the year in respect of shares held by the company's directors.
As at year end, the company owed £2,882 (2018- £2400) in respect of director's loan to the company.