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COMPANY REGISTRATION NUMBER: 04369157
Greys Opticians (Cotswolds) Limited
Filleted Unaudited Financial Statements
28 February 2022
Greys Opticians (Cotswolds) Limited
Statement of Financial Position
28 February 2022
2022
2021
Note
£
£
Fixed assets
Tangible assets
6
36,893
42,853
Current assets
Stocks
65,060
60,302
Debtors
7
60,123
57,774
Cash at bank and in hand
295,216
165,266
---------
---------
420,399
283,342
Creditors: amounts falling due within one year
8
182,971
152,874
---------
---------
Net current assets
237,428
130,468
---------
---------
Total assets less current liabilities
274,321
173,321
---------
---------
Net assets
274,321
173,321
---------
---------
Capital and reserves
Called up share capital
125
100
Profit and loss account
274,196
173,221
---------
---------
Shareholders funds
274,321
173,321
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the 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:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Greys Opticians (Cotswolds) Limited
Statement of Financial Position (continued)
28 February 2022
These financial statements were approved by the board of directors and authorised for issue on 4 August 2022 , and are signed on behalf of the board by:
Dr CP Grey
Director
Company registration number: 04369157
Greys Opticians (Cotswolds) Limited
Notes to the Financial Statements
Year ended 28 February 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 11 Chapel Street, Stratford Upon Avon, Warwickshire, CV37 6EP.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
10% reducing balance
Fixtures and fittings
-
15% reducing balance
Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2021: 11 ).
5. Intangible assets
Goodwill
£
Cost
At 1 March 2021 and 28 February 2022
17,500
--------
Amortisation
At 1 March 2021 and 28 February 2022
17,500
--------
Carrying amount
At 28 February 2022
--------
At 28 February 2021
--------
6. Tangible assets
Long leasehold property
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 March 2021
23,032
150,512
18,895
192,439
Additions
445
681
1,126
--------
---------
--------
---------
At 28 February 2022
23,032
150,957
19,576
193,565
--------
---------
--------
---------
Depreciation
At 1 March 2021
16,924
115,559
17,103
149,586
Charge for the year
580
5,312
1,194
7,086
--------
---------
--------
---------
At 28 February 2022
17,504
120,871
18,297
156,672
--------
---------
--------
---------
Carrying amount
At 28 February 2022
5,528
30,086
1,279
36,893
--------
---------
--------
---------
At 28 February 2021
6,108
34,953
1,792
42,853
--------
---------
--------
---------
7. Debtors
2022
2021
£
£
Trade debtors
47,696
47,438
Other debtors
12,427
10,336
--------
--------
60,123
57,774
--------
--------
8. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
18,626
17,549
Corporation tax
76,754
32,654
Social security and other taxes
4,176
2,556
Other creditors
83,415
100,115
---------
---------
182,971
152,874
---------
---------