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REGISTERED NUMBER: 00527806 (England and Wales)














Financial Statements

for the Year Ended 30th June 2023

for

Grafton Optical Company Limited

Grafton Optical Company Limited (Registered number: 00527806)






Contents of the Financial Statements
for the Year Ended 30th June 2023




Page

Abridged Balance Sheet 1

Notes to the Financial Statements 3


Grafton Optical Company Limited (Registered number: 00527806)

Abridged Balance Sheet
30th June 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 112,861 86,042

CURRENT ASSETS
Stocks 512,511 484,400
Debtors 187,137 255,570
Cash at bank and in hand 1,331,799 1,264,120
2,031,447 2,004,090
CREDITORS
Amounts falling due within one year 462,209 710,681
NET CURRENT ASSETS 1,569,238 1,293,409
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,682,099

1,379,451

CAPITAL AND RESERVES
Called up share capital 3,600 3,600
Capital redemption reserve 6,000 6,000
Retained earnings 1,672,499 1,369,851
SHAREHOLDERS' FUNDS 1,682,099 1,379,451

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Grafton Optical Company Limited (Registered number: 00527806)

Abridged Balance Sheet - continued
30th June 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30th June 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 5th October 2023 and were signed by:





Mr B J Bowles - Director


Grafton Optical Company Limited (Registered number: 00527806)

Notes to the Financial Statements
for the Year Ended 30th June 2023

1. STATUTORY INFORMATION

Grafton Optical Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 00527806

Registered office: Unit 7
River Park Industrial Estate
Billet Lane
Berkhamsted
HP4 1HL

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Revenue recognition
Sales comprise the fair value of the consideration received or receivable for the sale of ophthalmic instruments in the ordinary course of the company's activities. Sales are presented, net of value-added tax, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and when specific criteria have been met for each of the company's activities as follows:

Revenue from the sale of ophthalmic instruments is recognised at the point at which the goods have been delivered to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Grafton Optical Company Limited (Registered number: 00527806)

Notes to the Financial Statements - continued
for the Year Ended 30th June 2023

3. ACCOUNTING POLICIES - continued

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, such as the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Grafton Optical Company Limited (Registered number: 00527806)

Notes to the Financial Statements - continued
for the Year Ended 30th June 2023

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 13 ) .

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1st July 2022 318,672
Additions 73,142
Disposals (69,863 )
At 30th June 2023 321,951
DEPRECIATION
At 1st July 2022 232,630
Charge for year 20,828
Eliminated on disposal (44,368 )
At 30th June 2023 209,090
NET BOOK VALUE
At 30th June 2023 112,861
At 30th June 2022 86,042