Company registration number 07500927 (England and Wales)
SEVEN HILLS OPTICAL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
SEVEN HILLS OPTICAL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
SEVEN HILLS OPTICAL LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
66,900
74,550
Current assets
Stocks
22,917
21,600
Debtors
5
61,594
71,314
Cash at bank and in hand
193,875
138,814
278,386
231,728
Creditors: amounts falling due within one year
6
(151,173)
(108,177)
Net current assets
127,213
123,551
Total assets less current liabilities
194,113
198,101
Creditors: amounts falling due after more than one year
7
(43,431)
(32,106)
Provisions for liabilities
(16,625)
(18,510)
Net assets
134,057
147,485
Capital and reserves
Called up share capital
8
2
2
Profit and loss reserves
134,055
147,483
Total equity
134,057
147,485

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 2023 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.

The financial statements were approved by the board of directors and authorised for issue on 3 October 2023 and are signed on its behalf by:
Mr D Blenkinsop
Director
Company Registration No. 07500927
SEVEN HILLS OPTICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information

Seven Hills Optical Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4-6 High Street, Sheffield, England, S1 1QF.

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. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for goods and services provided in the normal course of business, net of trade discounts, VAT and other sales-related taxes.
Turnover is recognised as earned when, and to the extent that, the company obtains the right to consideration in the exchange for goods and services provided.

Turnover from the sale of spectacles, contact lenses and other related products is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Turnover from the provision of optometry services is recognised when the service is provided.

1.3
Intangible fixed assets other than goodwill

Intangible assets relate to a franchise fee paid and measured at cost less accumulated amortisation.

Amortisation 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:

Franchise
7 years
1.4
Tangible fixed assets

Tangible fixed assets are measured at cost, 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:

Professional & computer equipment
33% on cost and 20% on cost
Fixtures, fittings & equipment
20% on cost
1.5
Stocks

Stocks of spectacles, contact lenses and related products are stated at the lower of cost and estimated selling price less costs to complete and sell.

SEVEN HILLS OPTICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -

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.

1.6
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.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

Current tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted at the balance sheet.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

SEVEN HILLS OPTICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.10
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
23
23
3
Intangible fixed assets
Franchise
£
Cost
At 1 April 2022 and 31 March 2023
103,206
Amortisation and impairment
At 1 April 2022 and 31 March 2023
103,206
Carrying amount
At 31 March 2023
-
0
At 31 March 2022
-
0
SEVEN HILLS OPTICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
4
Tangible fixed assets
Professional & computer equipment
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 April 2022
118,892
34,782
153,674
Additions
15,081
-
0
15,081
At 31 March 2023
133,973
34,782
168,755
Depreciation and impairment
At 1 April 2022
60,015
19,109
79,124
Depreciation charged in the year
17,867
4,864
22,731
At 31 March 2023
77,882
23,973
101,855
Carrying amount
At 31 March 2023
56,091
10,809
66,900
At 31 March 2022
58,877
15,673
74,550
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
18,477
18,820
Amounts owed by group undertakings
34,101
33,149
Other debtors
2,247
12,146
Prepayments and accrued income
6,769
7,199
61,594
71,314
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
19,892
10,000
Trade creditors
96,539
46,996
Corporation tax
9,911
24,516
Other taxation and social security
8,215
12,916
Other creditors
8,678
5,700
Accruals and deferred income
7,938
8,049
151,173
108,177
SEVEN HILLS OPTICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
43,431
32,106
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
2
2
2
2
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
30,417
60,834
10
Directors' transactions

During the year the company operated a current loan account with its directors. At the yearend a balance of £7,001 (20 2 2; £3,997) was owed to the director and is included in creditors: amounts falling due within one year.

11
Parent company

Redhurst Optical Limited owns 100% of the share capital of Seven Hills Optical Limited and is the parent company. Redhurst Optical Limited's registered address is 27 Cromwell Road, Chesterfield, UK S40 4TH.

2023-03-31 2022-04-01 false 03 October 2023 CCH Software CCH Accounts Production 2023.200 No description of principal activity Mr D Blenkinsop Mr C J Charlesworth Mr A Bashir 07500927 2022-04-01 2023-03-31 07500927 2023-03-31 07500927 2022-03-31 07500927 core:PlantMachinery 2023-03-31 07500927 core:FurnitureFittings 2023-03-31 07500927 core:PlantMachinery 2022-03-31 07500927 core:FurnitureFittings 2022-03-31 07500927 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 07500927 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 07500927 core:CurrentFinancialInstruments 2023-03-31 07500927 core:CurrentFinancialInstruments 2022-03-31 07500927 core:Non-currentFinancialInstruments 2023-03-31 07500927 core:Non-currentFinancialInstruments 2022-03-31 07500927 core:ShareCapital 2023-03-31 07500927 core:ShareCapital 2022-03-31 07500927 core:RetainedEarningsAccumulatedLosses 2023-03-31 07500927 core:RetainedEarningsAccumulatedLosses 2022-03-31 07500927 bus:Director1 2022-04-01 2023-03-31 07500927 core:IntangibleAssetsOtherThanGoodwill 2022-04-01 2023-03-31 07500927 core:PatentsTrademarksLicencesConcessionsSimilar 2022-04-01 2023-03-31 07500927 core:PlantMachinery 2022-04-01 2023-03-31 07500927 core:FurnitureFittings 2022-04-01 2023-03-31 07500927 2021-04-01 2022-03-31 07500927 core:PatentsTrademarksLicencesConcessionsSimilar 2022-03-31 07500927 core:PatentsTrademarksLicencesConcessionsSimilar 2023-03-31 07500927 core:PatentsTrademarksLicencesConcessionsSimilar 2022-03-31 07500927 core:PlantMachinery 2022-03-31 07500927 core:FurnitureFittings 2022-03-31 07500927 2022-03-31 07500927 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 07500927 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 07500927 bus:FRS102 2022-04-01 2023-03-31 07500927 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 07500927 bus:Director2 2022-04-01 2023-03-31 07500927 bus:Director3 2022-04-01 2023-03-31 07500927 bus:FullAccounts 2022-04-01 2023-03-31 xbrli:pure xbrli:shares iso4217:GBP