Registered number
01989160
Maginnis Opticians (Optometrists) Limited
Unaudited Filleted Accounts
30 June 2023
Maginnis Opticians (Optometrists) Limited
Registered number: 01989160
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 29,991 37,512
Current assets
Stocks 75,000 73,458
Debtors 4 408,754 406,574
Cash at bank and in hand 36,102 48,574
519,856 528,606
Creditors: amounts falling due within one year 5 (175,168) (153,764)
Net current assets 344,688 374,842
Total assets less current liabilities 374,679 412,354
Provisions for liabilities (5,698) (8,597)
Net assets 368,981 403,757
Capital and reserves
Called up share capital 100 100
Profit and loss account 368,881 403,657
Shareholder's funds 368,981 403,757
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Hitesh Parmar
Director
Approved by the board on 7 March 2024
Maginnis Opticians (Optometrists) Limited
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold buildings 7% straight line
Plant and machinery 25% reducing balance
Fixtures & fittings 15% reducing balance
Equipment 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 10 10
3 Tangible fixed assets
Leasehold buildings Equipment, plant and machinery Fixtures & fittings Total
£ £ £ £
Cost
At 1 July 2022 44,095 51,207 80,521 175,823
Additions - 945 146 1,091
At 30 June 2023 44,095 52,152 80,667 176,914
Depreciation
At 1 July 2022 41,714 24,992 71,605 138,311
Charge for the year 238 6,791 1,583 8,612
At 30 June 2023 41,952 31,783 73,188 146,923
Net book value
At 30 June 2023 2,143 20,369 7,479 29,991
At 30 June 2022 2,381 26,215 8,916 37,512
4 Debtors 2023 2022
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 397,762 397,762
Other debtors 10,992 8,812
408,754 406,574
5 Creditors: amounts falling due within one year 2023 2022
£ £
Directors loan account 139,578 141,913
Trade creditors 11,023 8,079
Taxation and social security costs 1,470 982
Other creditors 23,097 2,790
175,168 153,764
6 Other information
Maginnis Opticians (Optometrists) Limited is a private company limited by shares and incorporated in England. Its registered office is:
384 Kenilworth Road
Balsall Common
Coventry
West Midlands
CV7 7ER
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