REGISTERED NUMBER: |
GWYNNS OPTICIANS GROUP LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2023 |
REGISTERED NUMBER: |
GWYNNS OPTICIANS GROUP LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2023 |
GWYNNS OPTICIANS GROUP LIMITED (REGISTERED NUMBER: 01305552) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
GWYNNS OPTICIANS GROUP LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
GWYNNS OPTICIANS GROUP LIMITED (REGISTERED NUMBER: 01305552) |
BALANCE SHEET |
30 APRIL 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
GWYNNS OPTICIANS GROUP LIMITED (REGISTERED NUMBER: 01305552) |
BALANCE SHEET - continued |
30 APRIL 2023 |
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 |
GWYNNS OPTICIANS GROUP LIMITED (REGISTERED NUMBER: 01305552) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2023 |
1. | STATUTORY INFORMATION |
Gwynns Opticians Group Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. In making their assessment, the directors have reviewed the balance sheet, the likely future cashflows of the business and have considered the facilities that are available to the company along with his continued support. |
At the date of approving the financial statements the directors have their reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and that the going concern basis of accounting remains appropriate. The directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
Significant judgements and estimates |
In the application of the company's accounting policies, which are described in note 2 above, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
Turnover |
Sale of goods and services |
Turnover is recognised at the fair value of the consideration received or receivable for the goods and services provided to the customer during the normal course of business. Turnover is recognised at the point when all benefits of the goods and services provided are transferred to the customer. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
GWYNNS OPTICIANS GROUP LIMITED (REGISTERED NUMBER: 01305552) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2023 |
2. | ACCOUNTING POLICIES - continued |
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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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. |
GWYNNS OPTICIANS GROUP LIMITED (REGISTERED NUMBER: 01305552) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2023 |
2. | ACCOUNTING POLICIES - continued |
Cash and cash equivalents |
Cash and cash equivalents are basic financial instruments and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
Financial instruments |
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments". |
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets are 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 realize the asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which include trade and other debtors, loans to related companies and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortized cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest. |
Basic financial liabilities |
Basic financial liabilities, including trade and other creditors, loans to related companies and bank loans are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Employee benefits |
Short-term employee benefits are recognised as an expense in the period in which they are incurred. |
The cost of any unused holiday entitlement is recognised in the period in which the employee's |
services are received. |
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the assets cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
GWYNNS OPTICIANS GROUP LIMITED (REGISTERED NUMBER: 01305552) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2023 |
4. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | and | Computer |
property | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 May 2022 |
Additions |
At 30 April 2023 |
DEPRECIATION |
At 1 May 2022 |
Charge for year |
At 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 April 2022 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Fixtures |
and |
fittings |
£ |
COST |
At 1 May 2022 |
Additions |
At 30 April 2023 |
DEPRECIATION |
At 1 May 2022 |
Charge for year |
At 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 April 2022 |
5. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
GWYNNS OPTICIANS GROUP LIMITED (REGISTERED NUMBER: 01305552) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other loans |
Hire purchase contracts |
Trade creditors |
Tax |
Social security and other taxes |
Other creditors |
Deferred goverment grants | 8,348 | - |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Other loans |
Hire purchase contracts |
9. | SECURED DEBTS |
The company's bankers, Barclays Bank PLC, hold a debenture comprising fixed and floating charges over all property and assets of the company. |
Hire purchase contracts relate to fixtures and fittings for the use of the company and are secured against the assets which it relates. |
10. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 56,073 | 37,629 |
GWYNNS OPTICIANS GROUP LIMITED (REGISTERED NUMBER: 01305552) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2023 |
10. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 May 2022 |
Accelerated capital allowances | 18,444 |
Balance at 30 April 2023 |
11. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 96,000 | 96,000 |
12. | PENSION COST |
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from the those in the company in an independently administered fund. The pension cost represents contributions payable by the company to the fund and amounted to £78,532 (2022 - £66,687). |