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Unaudited Financial Statements for the Year Ended 28 February 2021 |
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L Squared Lasers Ltd |
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Unaudited Financial Statements for the Year Ended 28 February 2021 |
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for |
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L Squared Lasers Ltd |
L Squared Lasers Ltd (Registered number: 06057204) |
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Contents of the Financial Statements |
for the Year Ended 28 February 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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L Squared Lasers Ltd |
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Company Information |
for the Year Ended 28 February 2021 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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69 Knowl Piece |
Wilbury Way |
Hitchin |
Hertfordshire |
SG4 0TY |
L Squared Lasers Ltd (Registered number: 06057204) |
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Balance Sheet |
28 February 2021 |
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28.2.21 | 29.2.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
L Squared Lasers Ltd (Registered number: 06057204) |
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Balance Sheet - continued |
28 February 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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L Squared Lasers Ltd (Registered number: 06057204) |
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Notes to the Financial Statements |
for the Year Ended 28 February 2021 |
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1. | STATUTORY INFORMATION |
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L Squared Lasers Ltd is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The directors believes that the business is currently sustainable and have plans in place to protect the company. The plans in place by the directors can be adapted as required to ensure the business is best placed for the future. |
The directors have assessed the potential impact including the financial effects of Covid -19 and consider that the risk and impact on the company is difficult to assess at this stage of the pandemic. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Freehold property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Computer equipment | - |
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Government grants |
Grants are accounted for under the accruals model. |
Grants of a revenue nature are recognised in 'other income' within profit and loss in the same period as the related expenditure. This includes the Government Coronavirus Job Retention Scheme. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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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. |
L Squared Lasers Ltd (Registered number: 06057204) |
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Notes to the Financial Statements - continued |
for the Year Ended 28 February 2021 |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 March 2020 |
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Additions |
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At 28 February 2021 |
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DEPRECIATION |
At 1 March 2020 |
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Charge for year |
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At 28 February 2021 |
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NET BOOK VALUE |
At 28 February 2021 |
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At 29 February 2020 |
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Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 March 2020 |
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Additions |
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At 28 February 2021 |
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DEPRECIATION |
At 1 March 2020 |
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Charge for year |
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At 28 February 2021 |
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NET BOOK VALUE |
At 28 February 2021 |
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At 29 February 2020 |
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Included in cost of land and buildings is freehold land of £ 51,000 (2020 - £ 51,000 ) which is not depreciated. |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.21 | 29.2.20 |
£ | £ |
Trade debtors |
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Other debtors |
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L Squared Lasers Ltd (Registered number: 06057204) |
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Notes to the Financial Statements - continued |
for the Year Ended 28 February 2021 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.21 | 29.2.20 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
28.2.21 | 29.2.20 |
£ | £ |
Bank loans |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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28.2.21 | 29.2.20 |
£ | £ |
Bank loans |
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The mortgage with HSBC bank PLC is secured on the freehold property. The bank also holds a debenture over the company's assets. |
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9. | ULTIMATE CONTROLLING PARTY |
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The company is controlled by Mr N Greatorex and Mr M Knott by virtue of their shareholdings. |