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REGISTERED NUMBER: 01305552 (England and Wales)









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: P D Rees
K Hobby
D C Evans
J Tombs
M J O Jones
C Evans





SECRETARY: P D Rees





REGISTERED OFFICE: 72a Taff Street
Pontypridd
Mid Glam
CF37 4SU





REGISTERED NUMBER: 01305552 (England and Wales)






GWYNNS OPTICIANS GROUP LIMITED (REGISTERED NUMBER: 01305552)

BALANCE SHEET
30 APRIL 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 245,609 198,045

CURRENT ASSETS
Stocks 5 130,501 121,389
Debtors 6 66,388 70,390
Cash at bank 120,400 192,798
317,289 384,577
CREDITORS
Amounts falling due within one year 7 219,258 171,116
NET CURRENT ASSETS 98,031 213,461
TOTAL ASSETS LESS CURRENT
LIABILITIES

343,640

411,506

CREDITORS
Amounts falling due after more than one
year

8

(44,231

)

(40,182

)

PROVISIONS FOR LIABILITIES 10 (56,073 ) (37,629 )
NET ASSETS 243,336 333,695

CAPITAL AND RESERVES
Called up share capital 11 96,000 96,000
Capital redemption reserve 14,000 14,000
Retained earnings 133,336 223,695
SHAREHOLDERS' FUNDS 243,336 333,695

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

GWYNNS OPTICIANS GROUP LIMITED (REGISTERED NUMBER: 01305552)

BALANCE SHEET - continued
30 APRIL 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 17 October 2023 and were signed on its behalf by:





P D Rees - Director


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 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.

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


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.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and fittings - 15% on reducing balance
Computer equipment - 33% on reducing balance

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 51 (2022 - 54 ) .

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 20,619 349,927 25,217 395,763
Additions - 85,007 3,504 88,511
At 30 April 2023 20,619 434,934 28,721 484,274
DEPRECIATION
At 1 May 2022 - 174,865 22,853 197,718
Charge for year - 39,011 1,936 40,947
At 30 April 2023 - 213,876 24,789 238,665
NET BOOK VALUE
At 30 April 2023 20,619 221,058 3,932 245,609
At 30 April 2022 20,619 175,062 2,364 198,045

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fixtures
and
fittings
£   
COST
At 1 May 2022 67,738
Additions 22,369
At 30 April 2023 90,107
DEPRECIATION
At 1 May 2022 28,841
Charge for year 9,190
At 30 April 2023 38,031
NET BOOK VALUE
At 30 April 2023 52,076
At 30 April 2022 38,897

5. STOCKS
2023 2022
£    £   
Stocks 130,501 121,389

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 55,394 57,484
Other debtors 7,660 7,747
Prepayments 3,334 5,159
66,388 70,390

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other loans 28,491 16,831
Hire purchase contracts 21,861 16,257
Trade creditors 106,325 45,006
Tax 25,348 58,360
Social security and other taxes 14,241 21,319
Other creditors 4,489 3,221
Deferred goverment grants 8,348 -
Accrued expenses 10,155 10,122
219,258 171,116

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Other loans 23,175 18,189
Hire purchase contracts 21,056 21,993
44,231 40,182

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 37,629
Accelerated capital allowances 18,444
Balance at 30 April 2023 56,073

11. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2023 2022
value: £    £   
110,000 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).