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REGISTERED NUMBER: SC244872 (Scotland)












Financial Statements

for the Year Ended 31 March 2023

for

James Connolly Opticians Limited

James Connolly Opticians Limited (Registered number: SC244872)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


James Connolly Opticians Limited

Company Information
for the Year Ended 31 March 2023







DIRECTOR: J E Connolly





REGISTERED OFFICE: Radleigh House
1 Golf Road
Clarkston
Glasgow
G76 7HU





REGISTERED NUMBER: SC244872 (Scotland)





ACCOUNTANTS: O'Haras Chartered Accountants
Radleigh House
1 Golf Road
Clarkston
Glasgow
G76 7HU

James Connolly Opticians Limited (Registered number: SC244872)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 62,500 89,000
Property, plant and equipment 5 80,598 83,575
143,098 172,575

CURRENT ASSETS
Inventories 13,707 13,054
Debtors 6 16,409 12,447
Cash at bank and in hand 91,882 173,134
121,998 198,635
CREDITORS
Amounts falling due within one year 7 24,446 68,762
NET CURRENT ASSETS 97,552 129,873
TOTAL ASSETS LESS CURRENT
LIABILITIES

240,650

302,448

CAPITAL AND RESERVES
Called up share capital 8 1,000 1,000
Retained earnings 239,650 301,448
SHAREHOLDERS' FUNDS 240,650 302,448

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 director and authorised for issue on 2 May 2023 and were signed by:





J E Connolly - Director


James Connolly Opticians Limited (Registered number: SC244872)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

James Connolly Opticians Limited is a private company, limited by shares , registered in Scotland. 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.

Going concern
The directors are satisfied that the Company will have access to sufficient funds to ensure that all liabilities will be met as they fall due over a period of at least 12 months from the approval date of these financial statements. Consequently, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Revenue
Turnover represents the amounts derived from the provision of goods and services, excluding value added tax and trade discounts and are recognised on sale to the customer, which is considered the point of delivery. Sales are usually by cash, credit or payment card.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of twenty 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 the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Computer equipment - 33% on cost

Inventories
Inventories 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.


James Connolly Opticians Limited (Registered number: SC244872)

Notes to the Financial Statements - continued
for the Year Ended 31 March 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 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.

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.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 530,000
AMORTISATION
At 1 April 2022 441,000
Amortisation for year 26,500
At 31 March 2023 467,500
NET BOOK VALUE
At 31 March 2023 62,500
At 31 March 2022 89,000

James Connolly Opticians Limited (Registered number: SC244872)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 April 2022
and 31 March 2023 80,595 23,957 52,354 5,750 162,656
DEPRECIATION
At 1 April 2022 4,970 19,880 49,438 4,793 79,081
Charge for year 1,612 612 437 316 2,977
At 31 March 2023 6,582 20,492 49,875 5,109 82,058
NET BOOK VALUE
At 31 March 2023 74,013 3,465 2,479 641 80,598
At 31 March 2022 75,625 4,077 2,916 957 83,575

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 16,409 12,447

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 2,502 2,891
Taxation and social security 6,674 14,169
Other creditors 15,270 51,702
24,446 68,762

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary £1 1,000 1,000