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Registration number: 06457287

H G Optics Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

H G Optics Limited

Contents

Company Information

1

Director's Report

2

Profit and Loss Account

3

Balance Sheet

4 to 5

Statement of Changes in Equity

6

Notes to the Financial Statements

7 to 10

 

H G Optics Limited

Company Information

Director

Ms H Geeson

Company secretary

Mr G Geeson

Registered office

Boots Alton
30 High Street
Alton
Hants
GU34 1BN

Accountants

INNventory Limited
1 Pavilion Square
Westhoughton
Bolton
BL5 3AJ

 

H G Optics Limited

Director's Report for the Year Ended 28 February 2023

The director presents her report and the financial statements for the year ended 28 February 2023.

Director of the company

The director who held office during the year was as follows:

Ms H Geeson

Principal activity

The principal activity of the company is the operation of an optician and associated services.

Going concern

The financial statements have been prepared on a going concern basis.

Small companies provision statement

This report has 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.

Approved and authorised by the director on 27 November 2023
 

.........................................
Ms H Geeson
Director

 

H G Optics Limited

Profit and Loss Account for the Year Ended 28 February 2023

Note

2023
£

29 February
2022
£

Turnover

 

507,617

485,716

Cost of sales

 

(112,764)

(113,861)

Gross profit

 

394,853

371,855

Administrative expenses

 

(353,816)

(353,437)

Other operating income

 

-

351

Operating profit

 

41,037

18,769

Interest payable and similar expenses

 

(24)

(6)

 

(24)

(6)

Profit before tax

41,013

18,763

Taxation

 

(11,832)

(885)

Profit for the financial year

 

29,181

17,878

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

H G Optics Limited

(Registration number: 06457287)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

28,775

56,444

Current assets

 

Stocks

5

26,821

18,500

Debtors

6

19,321

18,305

Cash at bank and in hand

 

167,886

142,328

 

214,028

179,133

Creditors: Amounts falling due within one year

7

(88,650)

(87,936)

Net current assets

 

125,378

91,197

Total assets less current liabilities

 

154,153

147,641

Creditors: Amounts falling due after more than one year

7

(15,106)

(26,762)

Provisions for liabilities

(7,193)

(8,206)

Net assets

 

131,854

112,673

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

131,754

112,573

Shareholders' funds

 

131,854

112,673

 

H G Optics Limited

(Registration number: 06457287)
Balance Sheet as at 28 February 2023

For the financial year ending 28 February 2023 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 her 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 27 November 2023
 

.........................................
Ms H Geeson
Director

 

H G Optics Limited

Statement of Changes in Equity for the Year Ended 28 February 2023

Share capital
£

Profit and loss account
£

Total
£

At 1 March 2022

100

112,573

112,673

Profit for the year

-

29,181

29,181

Total comprehensive income

-

29,181

29,181

Dividends

-

(10,000)

(10,000)

At 28 February 2023

100

131,754

131,854

Share capital
£

Profit and loss account
£

Total
£

At 1 March 2021

100

97,695

97,795

Profit for the year

-

17,878

17,878

Total comprehensive income

-

17,878

17,878

Dividends

-

(3,000)

(3,000)

At 28 February 2022

100

112,573

112,673

 

H G Optics Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

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:
Boots Alton
30 High Street
Alton
Hants
GU34 1BN

These financial statements were authorised for issue by the director on 27 November 2023.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

 

H G Optics Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

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

Plant and machinery

20% straight line

Fixtures and fittings

20% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 (2022 - 4).

 

H G Optics Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 March 2022

5,076

155,300

160,376

Additions

-

3,591

3,591

At 28 February 2023

5,076

158,891

163,967

Depreciation

At 1 March 2022

4,464

99,468

103,932

Charge for the year

247

31,013

31,260

At 28 February 2023

4,711

130,481

135,192

Carrying amount

At 28 February 2023

365

28,410

28,775

At 28 February 2022

612

55,832

56,444

5

Stocks

2023
£

2022
£

Finished goods and goods for resale

26,821

18,500

6

Debtors

2023
£

2022
£

Trade debtors

8,474

8,269

Prepayments

10,847

10,036

19,321

18,305

 

H G Optics Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

12,444

28,188

Trade creditors

 

35,172

33,024

Taxation and social security

 

20,838

6,198

Accruals and deferred income

 

19,111

19,265

Other creditors

 

1,085

1,261

 

88,650

87,936