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Company Registration Number: 04685209 (England and Wales)

Pitman Optometrists Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

ReesRussell LLP
Chartered Accountants
37 Market Square
Witney
Oxfordshire
OX28 6RE

 

Pitman Optometrists Limited

Contents

Company Information

1

Balance Sheet

2

Statement of Changes in Equity

3

Notes to the Financial Statements

4 to 8

 

Pitman Optometrists Limited

Company Information

Directors

A J Pitman

B E Pitman

Company secretary

B E Pitman

Registered office

Meadow View
Stocking Lane
Hughenden Valley
High Wycombe
Bucks
HP14 4NE

Accountants

ReesRussell LLP
Chartered Accountants
37 Market Square
Witney
Oxfordshire
OX28 6RE

 

Pitman Optometrists Limited

(Registration number: 04685209)
Balance Sheet as at 31 March 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

5

3,150

3,790

Current assets

 

Stocks

6

13,155

10,071

Debtors

7

13,596

17,960

Cash at bank and in hand

 

91,959

67,352

 

118,710

95,383

Creditors: Amounts falling due within one year

8

(86,452)

(79,923)

Net current assets

 

32,258

15,460

Total assets less current liabilities

 

35,408

19,250

Provisions for liabilities

(412)

(518)

Net assets

 

34,996

18,732

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

34,994

18,730

Total equity

 

34,996

18,732

For the financial year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 22 October 2018 and signed on its behalf by:
 

A J Pitman

Director

 

Pitman Optometrists Limited

Statement of Changes in Equity for the Year Ended 31 March 2018

Share capital
£

Profit and loss account
£

Total
£

At 1 April 2017

2

18,730

18,732

Profit for the year

-

26,264

26,264

Total comprehensive income

-

26,264

26,264

Dividends

-

(10,000)

(10,000)

At 31 March 2018

2

34,994

34,996

Share capital
£

Profit and loss account
£

Total
£

At 1 April 2016

2

20,403

20,405

Profit for the year

-

8,327

8,327

Total comprehensive income

-

8,327

8,327

Dividends

-

(10,000)

(10,000)

At 31 March 2017

2

18,730

18,732

 

Pitman Optometrists Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Meadow View
Stocking Lane
Hughenden Valley
High Wycombe
Bucks
HP14 4NE

The principal place of business is:
33 High Street
Kidlington
Oxford
OX5 2DH

2

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Fixtures and Fittings

20% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Pitman Optometrists Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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.

 

Pitman Optometrists Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2017 - 5).

 

Pitman Optometrists Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2017

105,000

105,000

At 31 March 2018

105,000

105,000

Amortisation

At 1 April 2017

105,000

105,000

At 31 March 2018

105,000

105,000

Carrying amount

At 31 March 2018

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2017

11,748

11,748

Additions

166

166

At 31 March 2018

11,914

11,914

Depreciation

At 1 April 2017

7,958

7,958

Charge for the year

806

806

At 31 March 2018

8,764

8,764

Carrying amount

At 31 March 2018

3,150

3,150

At 31 March 2017

3,790

3,790

6

Stocks

2018
£

2017
£

Other inventories

13,155

10,071

 

Pitman Optometrists Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

7

Debtors

2018
£

2017
£

Trade debtors

3,893

3,826

Prepayments

9,621

14,091

Other debtors

82

43

13,596

17,960

8

Creditors

Creditors: amounts falling due within one year

Note

2018
£

2017
£

Due within one year

 

Trade creditors

 

8,940

12,647

Directors current account

 

63,989

58,173

Taxation and social security

 

649

830

Other creditors

 

12,874

8,273

 

86,452

79,923