Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-285true2022-03-01falseNo description of principal activity5trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 4381231 2022-03-01 2023-02-28 4381231 2021-03-01 2022-02-28 4381231 2023-02-28 4381231 2022-02-28 4381231 c:Director3 2022-03-01 2023-02-28 4381231 d:Buildings d:ShortLeaseholdAssets 2022-03-01 2023-02-28 4381231 d:Buildings d:ShortLeaseholdAssets 2023-02-28 4381231 d:Buildings d:ShortLeaseholdAssets 2022-02-28 4381231 d:FurnitureFittings 2022-03-01 2023-02-28 4381231 d:FurnitureFittings 2023-02-28 4381231 d:FurnitureFittings 2022-02-28 4381231 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 4381231 d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 4381231 d:Goodwill 2023-02-28 4381231 d:Goodwill 2022-02-28 4381231 d:CurrentFinancialInstruments 2023-02-28 4381231 d:CurrentFinancialInstruments 2022-02-28 4381231 d:Non-currentFinancialInstruments 2023-02-28 4381231 d:Non-currentFinancialInstruments 2022-02-28 4381231 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 4381231 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 4381231 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 4381231 d:Non-currentFinancialInstruments d:AfterOneYear 2022-02-28 4381231 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-02-28 4381231 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-02-28 4381231 d:ShareCapital 2023-02-28 4381231 d:ShareCapital 2022-02-28 4381231 d:RetainedEarningsAccumulatedLosses 2023-02-28 4381231 d:RetainedEarningsAccumulatedLosses 2022-02-28 4381231 c:FRS102 2022-03-01 2023-02-28 4381231 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 4381231 c:FullAccounts 2022-03-01 2023-02-28 4381231 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 4381231 d:WithinOneYear 2023-02-28 4381231 d:WithinOneYear 2022-02-28 4381231 d:BetweenOneFiveYears 2023-02-28 4381231 d:BetweenOneFiveYears 2022-02-28 4381231 2 2022-03-01 2023-02-28 4381231 d:AcceleratedTaxDepreciationDeferredTax 2023-02-28 4381231 d:AcceleratedTaxDepreciationDeferredTax 2022-02-28 4381231 d:TaxLossesCarry-forwardsDeferredTax 2023-02-28 4381231 d:TaxLossesCarry-forwardsDeferredTax 2022-02-28 iso4217:GBP xbrli:pure

Registered number: 4381231










EUROPTICAL LTD T/A WILLIAMS OPTOMETRISTS








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2023

 
EUROPTICAL LTD T/A WILLIAMS OPTOMETRISTS
REGISTERED NUMBER: 4381231

BALANCE SHEET
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
13,525
16,034

  
13,525
16,034

Current assets
  

Stocks
  
2,250
19,673

Debtors: amounts falling due within one year
 6 
103,588
99,662

Cash at bank and in hand
 7 
1,408
7,986

  
107,246
127,321

Creditors: amounts falling due within one year
 8 
(125,961)
(106,993)

Net current (liabilities)/assets
  
 
 
(18,715)
 
 
20,328

Total assets less current liabilities
  
(5,190)
36,362

Creditors: amounts falling due after more than one year
 9 
(35,173)
(38,333)

Provisions for liabilities
  

Deferred tax
 11 
(2,570)
(3,046)

  
 
 
(2,570)
 
 
(3,046)

Net liabilities
  
(42,933)
(5,017)


Capital and reserves
  

Called up share capital 
  
4
4

Profit and loss account
  
(42,937)
(5,021)

  
(42,933)
(5,017)


Page 1

 
EUROPTICAL LTD T/A WILLIAMS OPTOMETRISTS
REGISTERED NUMBER: 4381231

BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 November 2023.




T Clark
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
EUROPTICAL LTD T/A WILLIAMS OPTOMETRISTS
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.Accounting policies

 
1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
1.2

Going concern

The company had net liabilities at the Balance Sheet date. However, the directors are of the opinion that the company has and will continue to have the support of its creditors for the foreseeable future. In the light of this the directors consider it appropriate to adopt the going concern basis in preparing these financial statements.

 
1.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
1.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 3

 
EUROPTICAL LTD T/A WILLIAMS OPTOMETRISTS
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.Accounting policies (continued)

 
1.5

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
1.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
1.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
1.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
1.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
1.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
EUROPTICAL LTD T/A WILLIAMS OPTOMETRISTS
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.Accounting policies (continued)

 
1.11

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
1.12

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
1.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows:.

Depreciation is provided on the following basis:

Short-term leasehold property
-
Straight line over the life of the lease
Fixtures and fittings
-
15% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
EUROPTICAL LTD T/A WILLIAMS OPTOMETRISTS
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.Accounting policies (continued)

 
1.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
1.15

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.

 
1.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
1.17

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.

 
1.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
1.19

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Page 6

 
EUROPTICAL LTD T/A WILLIAMS OPTOMETRISTS
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.Accounting policies (continued)


1.19
Financial instruments (continued)

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
1.20

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


2.


General information

Europtical Limited t/a Williams Optometrists is a limited company incorporated in England and Wales. The principal place of business is 91 London Road, Benfleet, Essex, SS7 5TG. 


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2022 - 5).

Page 7

 
EUROPTICAL LTD T/A WILLIAMS OPTOMETRISTS
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

4.


Intangible assets




Goodwill

£



Cost


At 1 March 2022
91,582



At 28 February 2023

91,582



Amortisation


At 1 March 2022
91,582



At 28 February 2023

91,582



Net book value



At 28 February 2023
-



At 28 February 2022
-




5.


Tangible fixed assets





Short-term leasehold property
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 March 2022
25,794
79,543
105,337



At 28 February 2023

25,794
79,543
105,337



Depreciation


At 1 March 2022
12,409
76,893
89,302


Charge for the year on owned assets
1,720
790
2,510



At 28 February 2023

14,129
77,683
91,812



Net book value



At 28 February 2023
11,665
1,860
13,525



At 28 February 2022
13,385
2,649
16,034

Page 8

 
EUROPTICAL LTD T/A WILLIAMS OPTOMETRISTS
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

6.


Debtors

2023
2022
£
£


Trade debtors
9,914
18,883

Other debtors
93,674
80,779

103,588
99,662



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,408
7,986



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,000
8,333

Trade creditors
52,038
51,548

Corporation tax
42,164
38,082

Other taxation and social security
8,600
3,300

Other creditors
9,036
3,140

Accruals and deferred income
4,123
2,590

125,961
106,993



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
35,173
38,333


Page 9

 
EUROPTICAL LTD T/A WILLIAMS OPTOMETRISTS
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,000
8,333


Amounts falling due 2-5 years

Bank loans
35,173
38,333


45,173
46,666



11.


Deferred taxation




2023


£






At beginning of year
(3,046)


Charged to profit or loss
476



At end of year
(2,570)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(3,046)
(3,046)

Tax losses carried forward
476
-

(2,570)
(3,046)


12.


Pension commitments

The company operates a defined contributions pension scheme for certain members of staff. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £1,003 (2022 - £1,003). Contributions totalling £85 (2022 - £85) were payable to the fund at the balance sheet date and are included in creditors.

Page 10

 
EUROPTICAL LTD T/A WILLIAMS OPTOMETRISTS
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023


13.


Commitments under operating leases

At 28 February 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
1,398
1,398

Later than 1 year and not later than 5 years
466
1,864

1,864
3,262


Page 11