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REGISTERED NUMBER: 06081951 (England and Wales)













Unaudited Financial Statements

for the Year Ended 28 February 2023

for

Sidney Walton Opticians Limited

Sidney Walton Opticians Limited (Registered number: 06081951)






Contents of the Financial Statements
for the year ended 28 February 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Sidney Walton Opticians Limited

Company Information
for the year ended 28 February 2023







DIRECTORS: Mrs K V Doolan
S P Doolan





SECRETARY: M B S Winship





REGISTERED OFFICE: 515 Stanhope Road
South Shields
Tyne and Wear
NE33 4QX





REGISTERED NUMBER: 06081951 (England and Wales)





ACCOUNTANTS: TTR Barnes Limited
Chartered Accountants
3-5 Grange Terrace
Stockton Road
Sunderland
Tyne & Wear
SR2 7DG

Sidney Walton Opticians Limited (Registered number: 06081951)

Statement of Financial Position
28 February 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 103,211 81,950
103,211 81,950

CURRENT ASSETS
Stocks 12,000 11,000
Debtors 6 120,976 116,820
Cash at bank and in hand 32,538 18,563
165,514 146,383
CREDITORS
Amounts falling due within one year 7 41,121 37,131
NET CURRENT ASSETS 124,393 109,252
TOTAL ASSETS LESS CURRENT
LIABILITIES

227,604

191,202

PROVISIONS FOR LIABILITIES 6,370 2,314
NET ASSETS 221,234 188,888

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 221,134 188,788
SHAREHOLDERS' FUNDS 221,234 188,888

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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.

Sidney Walton Opticians Limited (Registered number: 06081951)

Statement of Financial Position - continued
28 February 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 May 2023 and were signed on its behalf by:





Mrs K V Doolan - Director


Sidney Walton Opticians Limited (Registered number: 06081951)

Notes to the Financial Statements
for the year ended 28 February 2023

1. STATUTORY INFORMATION

Sidney Walton Opticians Limited is a private company, limited by shares , registered in England and Wales. 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.

The financial statements have been prepared on the going concern basis, which assumes that the company will continue in operational existence for the foreseeable future, which the director considers to be appropriate.

Turnover
Turnover represents net sales of goods and services, excluding value added tax.

Goodwill
Goodwill, being the amount paid in connection with acquisition of a business is being amortised evenly over its estimated useful life of 10 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.
Freehold property - not provided
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 20% on reducing balance
Computer equipment - Straight line over 3 years

Freehold property is shown at most recent valuation.

Stocks
Stock is valued at the lower of cost or net realisable value. Cost is determined on a first in first out basis. Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised at transaction value and subsequently measured at their settlement value.

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 statement of financial position date.


Sidney Walton Opticians Limited (Registered number: 06081951)

Notes to the Financial Statements - continued
for the year ended 28 February 2023

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Government grants
Government grants received in relation to tangible fixed assets, are treated as deferred credits and credited to the profit and loss account over the estimated useful life of the relevant fixed assets. Grants received in respect of revenue expenses are shown as income in the same period as the relevant expenditure is incurred.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2022
and 28 February 2023 500
AMORTISATION
At 1 March 2022
and 28 February 2023 500
NET BOOK VALUE
At 28 February 2023 -
At 28 February 2022 -

Sidney Walton Opticians Limited (Registered number: 06081951)

Notes to the Financial Statements - continued
for the year ended 28 February 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 March 2022 69,311 37,203 8,498 12,909 127,921
Additions - 24,000 - 2,236 26,236
Disposals - (4,553 ) (576 ) (2,409 ) (7,538 )
At 28 February 2023 69,311 56,650 7,922 12,736 146,619
DEPRECIATION
At 1 March 2022 - 28,451 7,497 10,023 45,971
Charge for year - 1,060 194 1,730 2,984
Eliminated on disposal - (2,594 ) (544 ) (2,409 ) (5,547 )
At 28 February 2023 - 26,917 7,147 9,344 43,408
NET BOOK VALUE
At 28 February 2023 69,311 29,733 775 3,392 103,211
At 28 February 2022 69,311 8,752 1,001 2,886 81,950

6. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 4,978 4,976
Other debtors 88,784 84,630
93,762 89,606

Amounts falling due after more than one year:
Other debtors 27,214 27,214

Aggregate amounts 120,976 116,820

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 26,365 3,897
Taxation and social security 11,687 29,899
Other creditors 3,069 3,335
41,121 37,131

Sidney Walton Opticians Limited (Registered number: 06081951)

Notes to the Financial Statements - continued
for the year ended 28 February 2023

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 28 February 2023 and 28 February 2022:

2023 2022
£    £   
Mrs K V Doolan
Balance outstanding at start of year 83,736 71,189
Amounts advanced 54,379 79,215
Amounts repaid (50,077 ) (66,668 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 88,038 83,736

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mrs K V Doolan.