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Registration number: 08779670

Raison Opticians Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 September 2023

 

Raison Opticians Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Abridged Financial Statements

3 to 8

 

Raison Opticians Limited

(Registration number: 08779670)
Abridged Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

9,400

18,800

Tangible assets

5

104,982

135,319

 

114,382

154,119

Current assets

 

Stocks

43,858

39,745

Debtors

28,894

38,219

Cash at bank and in hand

 

65,114

138,786

 

137,866

216,750

Prepayments and accrued income

 

5,883

4,522

Creditors: Amounts falling due within one year

6

(112,621)

(102,107)

Net current assets

 

31,128

119,165

Total assets less current liabilities

 

145,510

273,284

Creditors: Amounts falling due after more than one year

6

(38,388)

(96,912)

Provisions for liabilities

(8,289)

(9,737)

Accruals and deferred income

 

(15,171)

(16,786)

Net assets

 

83,662

149,849

Capital and reserves

 

Allotted, called up and fully paid share capital

20

20

Profit and loss account

83,642

149,829

Total equity

 

83,662

149,849

 

Raison Opticians Limited

(Registration number: 08779670)
Abridged Balance Sheet as at 30 September 2023

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised for issue by the Board on 2 April 2024 and signed on its behalf by:
 

.........................................

Mrs E F Raison
Director

 

Raison Opticians Limited

Notes to the Abridged Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
45 Lemon Street
Truro
Cornwall
TR1 2NS

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 abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged 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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

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.

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 

Raison Opticians Limited

Notes to the Abridged Financial Statements for the Year Ended 30 September 2023

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

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 provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as below.

Asset class

Depreciation method and rate

Short leasehold property improvements

10% straight line method

Fixtures and fittings

10% straight line method

Equipment

20% reducing balance method/ over term of lease

Motor vehicles

Over the term of the finance agreement

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line method

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

 

Raison Opticians Limited

Notes to the Abridged Financial Statements for the Year Ended 30 September 2023

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Debtors with no stated interest rate and receivable 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.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors with no stated interest rate and payable within one year are recorded at transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Raison Opticians Limited

Notes to the Abridged Financial Statements for the Year Ended 30 September 2023

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 directors) during the year, was 8 (2022 - 8).

 

Raison Opticians Limited

Notes to the Abridged Financial Statements for the Year Ended 30 September 2023

4

Intangible assets

Total
£

Cost

At 1 October 2022

94,000

At 30 September 2023

94,000

Amortisation

At 1 October 2022

75,200

Amortisation charge

9,400

At 30 September 2023

84,600

Carrying amount

At 30 September 2023

9,400

At 30 September 2022

18,800

5

Tangible assets

Total
£

Cost

At 1 October 2022

257,573

Additions

4,018

Disposals

(2,044)

At 30 September 2023

259,547

Depreciation

At 1 October 2022

122,253

Charge for the year

33,506

Eliminated on disposal

(1,194)

At 30 September 2023

154,565

Carrying amount

At 30 September 2023

104,982

At 30 September 2022

135,319

 

Raison Opticians Limited

Notes to the Abridged Financial Statements for the Year Ended 30 September 2023

6

Creditors

Creditors: amounts falling due within one year

Creditors include net obligations under finance lease contracts which are secured of £48,454 (2022 - £20,638).

The Directors provided a limited personal guarantee of £30,000 (2022 - £30,000) in support of a bank loan that was fully repaid during the year. The balance at the previous balance sheet date was £2,184.

Creditors: amounts falling due after more than one year

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £21,018 (2021 - £69,465).

The Directors provided limited personal guarantees in support of finance leases. At the balance sheet date total repayments due were £15,995 (2022 - £25,249).

7

Related party transactions

The company advanced loans to the directors during the year and charged interest at 2% / 2.25%. The loans were unsecured, repayable on demand and repaid during the year. The maximum balance due to the company was £33,378 (2022 - £49,604). At the balance sheet date the amount due from the directors was £nil (2022 - £nil).