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REGISTERED NUMBER: SC251336 (Scotland)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023

FOR

HMD OPTICIANS (PETERHEAD) LIMITED

HMD OPTICIANS (PETERHEAD) LIMITED (REGISTERED NUMBER: SC251336)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


HMD OPTICIANS (PETERHEAD) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2023







DIRECTORS: A J MacDonald
J J Hughes
A D Mcleod





REGISTERED OFFICE: Goldwells House
Grange Road
Peterhead
Aberdeenshire
AB42 1WN





REGISTERED NUMBER: SC251336 (Scotland)





ACCOUNTANTS: Goldwells Ltd
Goldwells House
Grange Road
Peterhead
Aberdeenshire
AB42 1WN

HMD OPTICIANS (PETERHEAD) LIMITED (REGISTERED NUMBER: SC251336)

STATEMENT OF FINANCIAL POSITION
31ST MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 13,324 17,428
Tangible assets 5 16,537 25,205
29,861 42,633

CURRENT ASSETS
Stocks 37,110 33,943
Debtors 6 6,374 5,535
Cash at bank and in hand 54,288 61,714
97,772 101,192
CREDITORS
Amounts falling due within one year 7 78,451 87,345
NET CURRENT ASSETS 19,321 13,847
TOTAL ASSETS LESS CURRENT
LIABILITIES

49,182

56,480

CREDITORS
Amounts falling due after more than one year 8 37,111 46,451
NET ASSETS 12,071 10,029

CAPITAL AND RESERVES
Called up share capital 3,000 3,000
Retained earnings 9 9,071 7,029
SHAREHOLDERS' FUNDS 12,071 10,029

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2023 in accordance with Section 476 of the Companies Act 2006.

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.

HMD OPTICIANS (PETERHEAD) LIMITED (REGISTERED NUMBER: SC251336)

STATEMENT OF FINANCIAL POSITION - continued
31ST MARCH 2023


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

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

The financial statements were approved by the Board of Directors and authorised for issue on 20th September 2023 and were signed on its behalf by:




A J MacDonald - Director



J J Hughes - Director


HMD OPTICIANS (PETERHEAD) LIMITED (REGISTERED NUMBER: SC251336)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023

1. STATUTORY INFORMATION

Hmd Opticians (Peterhead) Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of twenty five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 - 20% on cost and Straight line over 5 years

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

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.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

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.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 11 ) .

HMD OPTICIANS (PETERHEAD) LIMITED (REGISTERED NUMBER: SC251336)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st April 2022
and 31st March 2023 94,404
AMORTISATION
At 1st April 2022 76,976
Charge for year 4,104
At 31st March 2023 81,080
NET BOOK VALUE
At 31st March 2023 13,324
At 31st March 2022 17,428

5. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1st April 2022
and 31st March 2023 54,207
DEPRECIATION
At 1st April 2022 29,002
Charge for year 8,668
At 31st March 2023 37,670
NET BOOK VALUE
At 31st March 2023 16,537
At 31st March 2022 25,205

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,639 4,283
VAT 4,735 1,252
6,374 5,535

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 37,893 30,875
Inter company loan 15,353 34,378
Tax 19,308 16,452
Social security and other taxes 4,547 4,290
Other creditors 1,350 1,350
78,451 87,345

HMD OPTICIANS (PETERHEAD) LIMITED (REGISTERED NUMBER: SC251336)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 2-5 years 37,111 46,451

9. RESERVES
Retained
earnings
£   

At 1st April 2022 7,029
Profit for the year 69,542
Dividends (67,500 )
At 31st March 2023 9,071

10. ULTIMATE CONTROLLING PARTY

The controlling party is HMD (Scotland) Ltd.