Registered number
09751487
Eye Street Opticians Ltd
Filleted Accounts
26 February 2023
Eye Street Opticians Ltd
Registered number: 09751487
Balance Sheet
as at 26 February 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 20,500 33,332
Tangible assets 4 399 532
20,899 33,864
Current assets
Stocks 16,327 14,824
Debtors 5 2,154 1,555
Cash at bank and in hand 25,565 43,555
44,046 59,934
Creditors: amounts falling due within one year 6 (15,369) (31,375)
Net current assets 28,677 28,559
Total assets less current liabilities 49,576 62,423
Creditors: amounts falling due after more than one year 7 - (5,226)
Net assets 49,576 57,197
Capital and reserves
Called up share capital 100 100
Profit and loss account 49,476 57,097
Shareholder's funds 49,576 57,197
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M Hazlewood
Director
Approved by the board on 20 October 2023
Eye Street Opticians Ltd
Notes to the Accounts
for the year ended 26 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 5
3 Intangible fixed assets £
Goodwill:
Cost
At 27 February 2022 128,323
At 26 February 2023 128,323
Amortisation
At 27 February 2022 94,991
Provided during the year 12,832
At 26 February 2023 107,823
Net book value
At 26 February 2023 20,500
At 26 February 2022 33,332
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 27 February 2022 4,800
At 26 February 2023 4,800
Depreciation
At 27 February 2022 4,268
Charge for the year 133
At 26 February 2023 4,401
Net book value
At 26 February 2023 399
At 26 February 2022 532
5 Debtors 2023 2022
£ £
Other debtors 2,154 1,555
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 8,156 11,812
Taxation and social security costs 1,707 3,563
Other creditors 5,506 16,000
15,369 31,375
7 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors - 5,226
8 Controlling party
The company is controlled by Mr M Hazlewood.
9 Other information
Eye Street Opticians Ltd is a private company limited by shares and incorporated in England. Its registered office is:
69 Dale Road
Rawmarsh
Rotherham
S62 5AL
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