Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31true2022-04-0151falseNo description of principal activity54trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07173285 2022-04-01 2023-03-31 07173285 2021-04-01 2022-03-31 07173285 2023-03-31 07173285 2022-03-31 07173285 c:Director1 2022-04-01 2023-03-31 07173285 d:PlantMachinery 2022-04-01 2023-03-31 07173285 d:PlantMachinery 2023-03-31 07173285 d:PlantMachinery 2022-03-31 07173285 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 07173285 d:MotorVehicles 2022-04-01 2023-03-31 07173285 d:MotorVehicles 2023-03-31 07173285 d:MotorVehicles 2022-03-31 07173285 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 07173285 d:FurnitureFittings 2022-04-01 2023-03-31 07173285 d:FurnitureFittings 2023-03-31 07173285 d:FurnitureFittings 2022-03-31 07173285 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 07173285 d:ComputerEquipment 2022-04-01 2023-03-31 07173285 d:ComputerEquipment 2023-03-31 07173285 d:ComputerEquipment 2022-03-31 07173285 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 07173285 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 07173285 d:Goodwill 2023-03-31 07173285 d:Goodwill 2022-03-31 07173285 d:CurrentFinancialInstruments 2023-03-31 07173285 d:CurrentFinancialInstruments 2022-03-31 07173285 d:Non-currentFinancialInstruments 2023-03-31 07173285 d:Non-currentFinancialInstruments 2022-03-31 07173285 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 07173285 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 07173285 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 07173285 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 07173285 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 07173285 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-03-31 07173285 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 07173285 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-03-31 07173285 d:ShareCapital 2023-03-31 07173285 d:ShareCapital 2022-03-31 07173285 d:RetainedEarningsAccumulatedLosses 2023-03-31 07173285 d:RetainedEarningsAccumulatedLosses 2022-03-31 07173285 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 07173285 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 07173285 c:FRS102 2022-04-01 2023-03-31 07173285 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 07173285 c:FullAccounts 2022-04-01 2023-03-31 07173285 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 07173285 d:HirePurchaseContracts d:WithinOneYear 2023-03-31 07173285 d:HirePurchaseContracts d:WithinOneYear 2022-03-31 07173285 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-03-31 07173285 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-03-31 07173285 d:HirePurchaseContracts d:MoreThanFiveYears 2023-03-31 07173285 d:HirePurchaseContracts d:MoreThanFiveYears 2022-03-31 07173285 2 2022-04-01 2023-03-31 07173285 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-03-31 07173285 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-03-31 07173285 d:LeasedAssetsHeldAsLessee 2023-03-31 07173285 d:LeasedAssetsHeldAsLessee 2022-03-31 07173285 d:Goodwill d:OwnedIntangibleAssets 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure
Registered number: 07173285









BILL OPTICAL LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023














 
BILL OPTICAL LIMITED
REGISTERED NUMBER:07173285

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
295,241
371,790

Tangible assets
 5 
222,616
188,279

  
517,857
560,069

Current assets
  

Stocks
  
216,833
197,999

Debtors: amounts falling due within one year
 6 
73,602
59,238

Cash at bank and in hand
  
149,317
137,027

  
439,752
394,264

Creditors: amounts falling due within one year
 7 
(380,306)
(373,441)

Net current assets
  
 
 
59,446
 
 
20,823

Total assets less current liabilities
  
577,303
580,892

Creditors: amounts falling due after more than one year
 8 
(294,001)
(257,823)

Provisions for liabilities
  

Deferred tax
 11 
(55,654)
(35,773)

  
 
 
(55,654)
 
 
(35,773)

Net assets
  
227,648
287,296


Capital and reserves
  

Called up share capital 
  
200
200

Profit and loss account
  
227,448
287,096

  
227,648
287,296


Page 1

 
BILL OPTICAL LIMITED
REGISTERED NUMBER:07173285
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 October 2023.




J Bill
Director

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
BILL OPTICAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Bill Optical Limited is a private company, limited by shares, domiciled in England and Wales. The registered office address is 13 Wolborough Street, Newton Abbot, Devon, TQ12 1JR.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors confirm that, having considered their expectations and intentions for the next twelve months, and the availability of working capital, the company is a going concern. 

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
BILL OPTICAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
BILL OPTICAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

  
2.11

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of income and retained earnings over its useful economic life.

Page 5

 
BILL OPTICAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both the straight-line and reducing balance method..

Depreciation is provided on the following basis:

Plant and machinery
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
10% straight-line
Computer equipment
-
33% straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
BILL OPTICAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.17

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.18

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.

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 Statement of income and retained earnings.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 54 (2022 - 51).

Page 7

 
BILL OPTICAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Intangible assets




Goodwill

£



Cost


At 1 April 2022
1,640,218



At 31 March 2023

1,640,218



Amortisation


At 1 April 2022
1,268,428


Charge for the year on owned assets
76,549



At 31 March 2023

1,344,977



Net book value



At 31 March 2023
295,241



At 31 March 2022
371,790



Page 8

 
BILL OPTICAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2022
239,039
153,116
247,955
16,471
656,581


Additions
92,791
-
3,141
1,309
97,241


Disposals
(4,116)
-
-
(3,829)
(7,945)



At 31 March 2023

327,714
153,116
251,096
13,951
745,877



Depreciation


At 1 April 2022
181,739
66,988
205,599
13,976
468,302


Charge for the year on owned assets
29,680
21,532
8,178
1,545
60,935


Disposals
(2,424)
-
-
(3,552)
(5,976)



At 31 March 2023

208,995
88,520
213,777
11,969
523,261



Net book value



At 31 March 2023
118,719
64,596
37,319
1,982
222,616



At 31 March 2022
57,300
86,128
42,356
2,495
188,279

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
64,595
86,128

64,595
86,128

Page 9

 
BILL OPTICAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Debtors

2023
2022
£
£


Trade debtors
26,581
35,607

Other debtors
7,631
22,326

Prepayments and accrued income
39,390
-

Tax recoverable
-
1,305

73,602
59,238



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
-
19,884

Other loans
47,310
47,105

Trade creditors
243,155
196,694

Corporation tax
20,484
55,555

Other taxation and social security
38,946
26,943

Obligations under finance lease and hire purchase contracts
20,212
19,099

Other creditors
8,876
8,161

Accruals and deferred income
1,323
-

380,306
373,441


The following liabilities were secured:

2023
2022
£
£



Net obligations under finance leases and hire purchase contracts
20,211
19,099

20,211
19,099

Details of security provided:

Bank loans are secured on the property of the company. Finance leases and hire purchase contracts are secured on the vehicles leased and hired by the company. 

Page 10

 
BILL OPTICAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
-
66,283

Other loans
220,764
98,092

Net obligations under finance leases and hire purchase contracts
73,237
93,448

294,001
257,823


The following liabilities were secured:

2023
2022
£
£



Net obligations under finance leases and hire purchase contracts
73,237
93,448

73,237
93,448

Details of security provided:

Bank loans are secured on the property of the company. Finance leases and hire purchase contracts are secured on the vehilces leased and hired by the company. 

Page 11

 
BILL OPTICAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
-
19,884

Other loans
47,310
47,105


47,310
66,989

Amounts falling due 1-2 years

Bank loans
-
19,887

Other loans
50,773
49,834


50,773
69,721

Amounts falling due 2-5 years

Bank loans
-
46,396

Other loans
169,991
48,258


169,991
94,654


268,074
231,364



10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
20,211
19,099

Between 1-5 years
73,237
20,211

Over 5 years
-
73,237

93,448
112,547

Page 12

 
BILL OPTICAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

11.


Deferred taxation




2023


£






At beginning of year
(35,773)


Charged to profit or loss
(19,881)



At end of year
(55,654)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(55,654)
(35,773)

(55,654)
(35,773)


12.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held seperately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £170,066 (2022 - £253,403). Contributions totalling £5,238 (2022 - £5,976) were payable to the fund at the balance sheet date and are included in creditors. 

 
Page 13