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OPTICAL 3 LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023






OPTICAL 3 LIMITED (REGISTERED NUMBER: 06090452)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


OPTICAL 3 LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTOR: G W Griffiths





REGISTERED OFFICE: 9 Leicester Road
Anstey
Leicestershire
LE7 7AT





REGISTERED NUMBER: 06090452 (England and Wales)





ACCOUNTANTS: Sibbalds Limited
Chartered Accountants and Business Advisers
Oakhurst House
57 Ashbourne Road
Derby
Derbyshire
DE22 3FS

OPTICAL 3 LIMITED (REGISTERED NUMBER: 06090452)

BALANCE SHEET
31 OCTOBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 8,931 10,692
8,931 10,692

CURRENT ASSETS
Stocks 14,058 15,979
Debtors 6 11,134 2,695
Cash at bank 460 7,588
25,652 26,262
CREDITORS
Amounts falling due within one year 7 27,223 17,198
NET CURRENT (LIABILITIES)/ASSETS (1,571 ) 9,064
TOTAL ASSETS LESS CURRENT LIABILITIES 7,360 19,756

CREDITORS
Amounts falling due after more than one
year

8

(5,590

)

(13,830

)

PROVISIONS FOR LIABILITIES 9 (1,700 ) (2,000 )
NET ASSETS 70 3,926

CAPITAL AND RESERVES
Called up share capital 10 1 1
Retained earnings 69 3,925
SHAREHOLDERS' FUNDS 70 3,926

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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.

OPTICAL 3 LIMITED (REGISTERED NUMBER: 06090452)

BALANCE SHEET - continued
31 OCTOBER 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 4 March 2024 and were signed by:





G W Griffiths - Director


OPTICAL 3 LIMITED (REGISTERED NUMBER: 06090452)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023


1. STATUTORY INFORMATION

Optical 3 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 2015, is being amortised evenly over its estimated useful life of five 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 each asset over its estimated useful life.
Fixtures and fittings - 15% on cost
Computer equipment - 25% on reducing balance

Stocks
Stocks 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 Statement of Income and Retained Earnings, 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.


OPTICAL 3 LIMITED (REGISTERED NUMBER: 06090452)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Going concern
Since March 2020, the spread of COVID-19 has severely impacted many local economies around the globe. In many countries, businesses are being forced to cease or limit operations for long or indefinite periods of time. Measures taken to contain the spread of the virus including, travel bans, quarantines, social distancing and closure of non-essential services have triggered significant disruptions to businesses worldwide, resulting in an economic slowdown. Governments and banks have responded with monetary and fiscal interventions to stabilise the current economic conditions.

The duration and impact of the COVID-19 pandemic currently remains unclear. It is not possible to reliably estimate the duration and severity of these consequences, as well as their impact the financial position and results of the company for future periods, however the directors consider that the financial support from the government and from future events are sufficient to enable the company to continue for the foreseeable future and that there is no significant doubt about the company's ability to continue as a going concern.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 7 ) .

OPTICAL 3 LIMITED (REGISTERED NUMBER: 06090452)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 November 2022
and 31 October 2023 47,314
AMORTISATION
At 1 November 2022
and 31 October 2023 47,314
NET BOOK VALUE
At 31 October 2023 -
At 31 October 2022 -

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 November 2022 13,660 4,046 17,706
Additions - 112 112
At 31 October 2023 13,660 4,158 17,818
DEPRECIATION
At 1 November 2022 5,406 1,608 7,014
Charge for year 1,237 636 1,873
At 31 October 2023 6,643 2,244 8,887
NET BOOK VALUE
At 31 October 2023 7,017 1,914 8,931
At 31 October 2022 8,254 2,438 10,692

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 474 831
Amounts owed by associates - 400
Other debtors 10,660 1,464
11,134 2,695

OPTICAL 3 LIMITED (REGISTERED NUMBER: 06090452)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 13,731 7,846
Trade creditors 10,113 3,968
Taxation and social security 2,701 4,811
Other creditors 678 573
27,223 17,198

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 5,590 13,830

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 1,700 2,000

Deferred
tax
£   
Balance at 1 November 2022 2,000
Provided during year (300 )
Accelerated capital allowances
Balance at 31 October 2023 1,700

10. CALLED UP SHARE CAPITAL

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