Company registration number 11105256 (England and Wales)
HUMMINGBIRD OPTICAL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
HUMMINGBIRD OPTICAL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
HUMMINGBIRD OPTICAL LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
2,000
Tangible assets
4
94,165
124,390
94,165
126,390
Current assets
Stocks
22,891
24,310
Debtors
5
10,503
25,610
Cash at bank and in hand
272,469
193,419
305,863
243,339
Creditors: amounts falling due within one year
6
(188,524)
(167,879)
Net current assets
117,339
75,460
Total assets less current liabilities
211,504
201,850
Creditors: amounts falling due after more than one year
7
(12,500)
(37,500)
Provisions for liabilities
(9,243)
(13,745)
Net assets
189,761
150,605
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
189,661
150,505
Total equity
189,761
150,605
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 9 March 2024
Mr D Oudit
Director
Company registration number 11105256 (England and Wales)
HUMMINGBIRD OPTICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
1
Accounting policies
Company information
Hummingbird Optical Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 The Lane, Addlestone, Surrey, KT15 2GN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for goods and services provided in the normal course of business, net of trade discounts, VAT and other sales-related taxes.
Turnover is recognised as earned when, and to the extent that, the company obtains the right to consideration in the exchange for goods and services provided.
Revenue from the sale of spectacles, contact lenses and other related products is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from the provision of optometry services is recognised when the service is provided.
1.3
Intangible fixed assets other than goodwill
Intangible assets relate to a franchise fee paid and measured at cost less accumulated amortisation.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Franchise fee
5 years
1.4
Tangible fixed assets
Tangible fixed assets are measured at, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Office equipment
33% straight line
Professional equipment
20% straight line
Shop refit
10% straight line
HUMMINGBIRD OPTICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Stocks
Stocks of spectacles, contact lenses and related products are stated at the lower of cost and estimated selling price less costs to complete and sell.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
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.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
HUMMINGBIRD OPTICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
6
5
3
Intangible fixed assets
Franchise fee
£
Cost
At 1 December 2022 and 30 November 2023
10,000
Amortisation and impairment
At 1 December 2022
8,000
Amortisation charged for the year
2,000
At 30 November 2023
10,000
Carrying amount
At 30 November 2023
At 30 November 2022
2,000
HUMMINGBIRD OPTICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
4
Tangible fixed assets
Office equipment
Professional equipment
Shop refit
Total
£
£
£
£
Cost
At 1 December 2022
57,354
42,046
236,990
336,390
Additions
6,770
10,996
17,766
Disposals
(6,732)
(6,732)
At 30 November 2023
64,124
46,310
236,990
347,424
Depreciation and impairment
At 1 December 2022
45,883
31,823
134,294
212,000
Depreciation charged in the year
11,696
9,009
23,699
44,404
Eliminated in respect of disposals
(3,145)
(3,145)
At 30 November 2023
57,579
37,687
157,993
253,259
Carrying amount
At 30 November 2023
6,545
8,623
78,997
94,165
At 30 November 2022
11,471
10,223
102,696
124,390
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
6,744
9,707
Other debtors
3,759
15,903
10,503
25,610
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
25,000
25,000
Trade creditors
45,625
47,453
Corporation tax
38,580
31,299
Other taxation and social security
4,558
1,137
Other creditors
74,761
62,990
188,524
167,879
HUMMINGBIRD OPTICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
12,500
37,500
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
225,000
262,500
9
Directors' transactions
Dividends totalling £65,000 (2022 - £72,500) were paid in the year in respect of shares held by the company's director.
The director operates a current loan amount with the company, which is debited with payments made by the company on behalf of the director and credited with funds introduced and undrawn director's fees. At the year end, the amount outstanding to the director was £8,794 (2022 - £1,443); this amount being included in creditors amounts falling due within one year.