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Cope Opticians Limited

Financial Statements for the Year Ended 31 December 2022






Cope Opticians Limited

Company Information
for the Year Ended 31 December 2022







DIRECTOR: A J Bulleyment





SECRETARY:





REGISTERED OFFICE: 3 Chestnut Road
Fairwater
Cardiff
CF5 3HR





REGISTERED NUMBER: 06770302 (England and Wales)





ACCOUNTANTS: BPU Limited
Chartered Accountants
Radnor House
Greenwood Close
Cardiff Gate Business Park
Cardiff
CF23 8AA

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Cope Opticians Limited


The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Cope Opticians Limited for the year ended 31 December 2022 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Cope Opticians Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Cope Opticians Limited and state those matters that we have agreed to state to the director of Cope Opticians Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cope Opticians Limited and its director for our work or for this report.

It is your duty to ensure that Cope Opticians Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Cope Opticians Limited. You consider that Cope Opticians Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Cope Opticians Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






BPU Limited
Chartered Accountants


28 November 2023

Cope Opticians Limited (Registered number: 06770302)

Balance Sheet
31 December 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 88,432 12,599
88,432 12,599

CURRENT ASSETS
Stocks 8,170 2,460
Debtors 6 46,326 57,122
Cash at bank 30,544 41,480
85,040 101,062
CREDITORS
Amounts falling due within one year 7 46,008 29,568
NET CURRENT ASSETS 39,032 71,494
TOTAL ASSETS LESS CURRENT
LIABILITIES

127,464

84,093

CREDITORS
Amounts falling due after more than one
year

8

(62,931

)

-

PROVISIONS FOR LIABILITIES (4,600 ) (2,400 )
NET ASSETS 59,933 81,693

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 59,833 81,593
59,933 81,693

Cope Opticians Limited (Registered number: 06770302)

Balance Sheet - continued
31 December 2022


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 27 November 2023 and were signed by:





A J Bulleyment - Director


Cope Opticians Limited (Registered number: 06770302)

Notes to the Financial Statements
for the Year Ended 31 December 2022


1. STATUTORY INFORMATION

Cope Opticians 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.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil 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.

Short Leasehold Depreciation Straight Line over 10 years
Fixtures and Fittings 25% reducing balance
Equipment 25% reducing balance
Finance lease Equipment Straight line over the term of the lease.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


Cope Opticians Limited (Registered number: 06770302)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022


2. ACCOUNTING POLICIES - continued
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.

Pension costs
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2021 - 4 ) .

Cope Opticians Limited (Registered number: 06770302)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2022
and 31 December 2022 112,569
AMORTISATION
At 1 January 2022
and 31 December 2022 112,569
NET BOOK VALUE
At 31 December 2022 -
At 31 December 2021 -

5. TANGIBLE FIXED ASSETS
Fixtures
Short and
leasehold Equipment fittings Totals
£    £    £    £   
COST
At 1 January 2022 - 27,374 8,234 35,608
Additions 3,816 81,398 9,239 94,453
At 31 December 2022 3,816 108,772 17,473 130,061
DEPRECIATION
At 1 January 2022 - 17,088 5,921 23,009
Charge for year 382 15,350 2,888 18,620
At 31 December 2022 382 32,438 8,809 41,629
NET BOOK VALUE
At 31 December 2022 3,434 76,334 8,664 88,432
At 31 December 2021 - 10,286 2,313 12,599

Included in Equipment net fixed assets is £60,560 relating to leased optical equipment. The cost of the leased equipment was £70,653. This is being depreciated straight line over the period of the lease being 7 years at £10,093 per annum. The depreciation charged to 31st December 2022 was £10,093

Cope Opticians Limited (Registered number: 06770302)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 5,772 4,614
Amounts owed by group undertakings 35,424 49,162
Other debtors & prepayments 5,130 3,346
46,326 57,122

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 5,675 -
Finance leases 10,784 -
Taxes & social security costs 16,618 17,949
Other creditors & accruals 12,931 11,619
46,008 29,568

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Bank loans 6,319 -
Finance leases 56,612 -
62,931 -