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Registration number: 04578992

Oculus (Norwich) Limited

trading as Oculus Contact Lens Centre

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2022

 

Oculus (Norwich) Limited
trading as Oculus Contact Lens Centre

Contents


 

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Oculus (Norwich) Limited
trading as Oculus Contact Lens Centre

Registration number: 04578992

Balance Sheet as at 31 October 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

4

26,400

33,000

Tangible assets

5

17,404

22,140

 

43,804

55,140

Current assets

 

Stocks

6

44,393

56,720

Debtors

7

132,664

158,140

Cash at bank and in hand

 

996

1,235

 

178,053

216,095

Creditors: Amounts falling due within one year

8

(130,709)

(173,350)

Net current assets

 

47,344

42,745

Total assets less current liabilities

 

91,148

97,885

Creditors: Amounts falling due after more than one year

8

(77,789)

(93,572)

Provisions for liabilities

(1,908)

(2,621)

Net assets

 

11,451

1,692

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

11,351

1,592

Total equity

 

11,451

1,692



The director's statements required by sections 475 (2) and (3) are shown on the following page which forms part of this Balance Sheet.

 

Oculus (Norwich) Limited
trading as Oculus Contact Lens Centre

Registration number: 04578992

Balance Sheet as at 31 October 2022 (continued)

For the financial year ending 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 October 2023
 


J Jacobs
Director

 

Oculus (Norwich) Limited
trading as Oculus Contact Lens Centre

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
16 All Saints Green
Norwich
Norfolk
NR1 3NA
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Oculus (Norwich) Limited
trading as Oculus Contact Lens Centre

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022 (continued)

2

Accounting policies (continued)

Tax

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

25% Reducing balance method

Goodwill

Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. Under FRS 102 the period for writing off goodwill with no definitive useful life is 10 years and this will be applied from 1 November 2016. This is a change from the 20 years previously used under FRS10. No retrospective adjustment has been made in respect of this change to accounting estimate. Provision is made for any impairment.

 

Oculus (Norwich) Limited
trading as Oculus Contact Lens Centre

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022 (continued)

2

Accounting policies (continued)

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% Straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2021 - 4).

 

Oculus (Norwich) Limited
trading as Oculus Contact Lens Centre

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2021

120,000

120,000

At 31 October 2022

120,000

120,000

Amortisation

At 1 November 2021

87,000

87,000

Amortisation charge

6,600

6,600

At 31 October 2022

93,600

93,600

Carrying amount

At 31 October 2022

26,400

26,400

At 31 October 2021

33,000

33,000

 

Oculus (Norwich) Limited
trading as Oculus Contact Lens Centre

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022 (continued)

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 November 2021

9,863

62,708

72,571

Additions

-

735

735

At 31 October 2022

9,863

63,443

73,306

Depreciation

At 1 November 2021

4,931

45,500

50,431

Charge for the year

986

4,485

5,471

At 31 October 2022

5,917

49,985

55,902

Carrying amount

At 31 October 2022

3,946

13,458

17,404

At 31 October 2021

4,932

17,208

22,140

Included within the net book value of land and buildings above is £3,946 (2021 - £4,932) in respect of short leasehold land and buildings.
 

6

Stocks

2022
£

2021
£

Other inventories

44,393

56,720

 

Oculus (Norwich) Limited
trading as Oculus Contact Lens Centre

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022 (continued)

7

Debtors

Current

Note

2022
£

2021
£

Trade debtors

 

7,144

7,217

Directors loan account

86,058

107,137

Prepayments

 

9,111

8,967

Other debtors

 

30,351

34,819

   

132,664

158,140

The amounts owed to the company at the year end in respect of the directors' loans is shown above. It is company policy to charge interest on all overdrawn loan accounts at HM Revenue & Customs official rate of interest.

 

Oculus (Norwich) Limited
trading as Oculus Contact Lens Centre

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022 (continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Bank loans and overdrafts

20,514

16,849

Trade creditors

 

63,532

68,623

Taxation and social security

 

43,610

85,294

Other creditors

 

3,053

2,584

 

130,709

173,350

Due after one year

 

Other loans unsecured

12,628

19,225

Pension fund loan

 

19,100

26,700

Bank loans and overdrafts

 

46,061

47,647

 

77,789

93,572

Pension fund loan
On 8th July 2011 the company provided a legal charge of £26,700 over specific optical equipment owned by the company. The amount outstanding at the balance sheet date was £23,900 (2021 - £26,700).

9

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary £1 shares of £1 each

100

100

100

100

         
 

Oculus (Norwich) Limited
trading as Oculus Contact Lens Centre

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022 (continued)

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £4,480 (2021 - £5,712).