Company registration number 03755966 (England and Wales)
KNIGHT OPTICAL (UK) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
KNIGHT OPTICAL (UK) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
KNIGHT OPTICAL (UK) LIMITED (REGISTERED NUMBER: 03755966)
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
4
1
1
Tangible assets
5
421,079
395,289
421,080
395,290
Current assets
Stocks
798,335
605,098
Debtors
6
1,180,621
2,418,279
Cash at bank and in hand
1,345,893
287,966
3,324,849
3,311,343
Creditors: amounts falling due within one year
7
(1,376,015)
(1,144,742)
Net current assets
1,948,834
2,166,601
Total assets less current liabilities
2,369,914
2,561,891
Creditors: amounts falling due after more than one year
8
(133,131)
(166,236)
Provisions for liabilities
(14,036)
(6,398)
Net assets
2,222,747
2,389,257
Capital and reserves
Called up share capital
501
1,000
Capital redemption reserve
499
-
0
Profit and loss reserves
9
2,221,747
2,388,257
Total equity
2,222,747
2,389,257

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 31 December 2022 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 members have 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.

KNIGHT OPTICAL (UK) LIMITED (REGISTERED NUMBER: 03755966)
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2022
31 December 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 17 November 2023 and are signed on its behalf by:
C Overton
Director
KNIGHT OPTICAL (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information

Knight Optical (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 19-21 Swan Street, West Malling, Kent, ME19 6JU.

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 £1.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

1.3
Intangible fixed assets - goodwill

Goodwill, being the amount paid in connection with the acquisition of the business in 1999, is being amortised evenly over its estimated useful life.

1.4
Intangible fixed assets other than goodwill
Development Costs
No depreciation provided

 

 

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, 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:

Land and buildings Freehold
No depreciation provided
Land and buildings Leasehold
Equal instalments over lease period
Plant and machinery
15% on cost
Fixtures, fittings & equipment
20% on cost
Improvements to property
No depreciation provided
Motor vehicles
33% straight line to net realisable value

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

KNIGHT OPTICAL (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

 

 

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 except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

KNIGHT OPTICAL (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
24
20
3
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
305,803
101,333
Adjustments in respect of prior periods
-
0
(40,755)
Total current tax
305,803
60,578
Deferred tax
Origination and reversal of timing differences
7,637
258
Total tax charge
313,440
60,836
4
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 January 2022 and 31 December 2022
14,433
101,964
116,397
Amortisation and impairment
At 1 January 2022 and 31 December 2022
14,432
101,964
116,396
Carrying amount
At 31 December 2022
1
-
0
1
At 31 December 2021
1
-
0
1
KNIGHT OPTICAL (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
5
Tangible fixed assets
Land and buildings Freehold
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Improvements to property
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 January 2022
291,725
288,786
377,046
284,921
47,820
24,445
1,314,743
Additions
-
0
3,800
-
0
10,695
-
0
46,000
60,495
Disposals
-
0
-
0
-
0
(1,093)
-
0
(24,445)
(25,538)
At 31 December 2022
291,725
292,586
377,046
294,523
47,820
46,000
1,349,700
Depreciation and impairment
At 1 January 2022
-
0
288,786
360,790
259,945
-
0
9,933
919,454
Depreciation charged in the year
-
0
158
8,429
10,756
-
0
4,334
23,677
Eliminated in respect of disposals
-
0
-
0
-
0
(243)
-
0
(14,267)
(14,510)
At 31 December 2022
-
0
288,944
369,219
270,458
-
0
-
0
928,621
Carrying amount
At 31 December 2022
291,725
3,642
7,827
24,065
47,820
46,000
421,079
At 31 December 2021
291,725
-
0
16,256
24,976
47,820
14,512
395,289
KNIGHT OPTICAL (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
265,786
104,553
Other debtors
914,835
2,313,726
1,180,621
2,418,279
7
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
22,580
22,592
Trade creditors
969,698
871,900
Taxation and social security
342,573
223,163
Other creditors
41,164
27,087
1,376,015
1,144,742

 

 

8
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
133,131
155,698
Other creditors
-
0
10,538
133,131
166,236

Included within creditors is an amount of £155,710 (2021: £178,289) of secured liabilities.

A bank loan is secured by way of a fixed charge against freehold property, being Unit 4, Roebuck Business Park, and all plant and machinery, a first fixed charge over all book and other debts of the company and by way of a floating charge over all other assets of the company.

 

 

Creditors which fall due after five years are as follows:
2022
2021
£
£
Payable by instalments
56,229
68,364
KNIGHT OPTICAL (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 8 -
9
Profit and loss reserves
2022
2021
£
£
At the beginning of the year
2,388,257
2,549,345
Profit for the year
1,416,527
693,680
Dividends declared and paid in the year
(289,092)
(854,768)
At the beginning and end of the year
2,221,747
2,388,257
10
Related party transactions

As at the balance sheet date an amount of £737,380 (2021: £2,242,124) was owed by related parties.

11
Director's transactions

Included within other debtors is an overdrawn directors' loan account balance of £50,000.

2022-12-312022-01-01falseCCH SoftwareCCH Accounts Production 2023.300No description of principal activityC Overton EsqMs Anna Richardsfalse037559662022-01-012022-12-31037559662022-12-31037559662021-12-3103755966core:NetGoodwill2022-12-3103755966core:IntangibleAssetsOtherThanGoodwill2022-12-3103755966core:NetGoodwill2021-12-3103755966core:IntangibleAssetsOtherThanGoodwill2021-12-3103755966core:LandBuildingscore:OwnedOrFreeholdAssets2022-12-3103755966core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-12-3103755966core:PlantMachinery2022-12-3103755966core:FurnitureFittings2022-12-3103755966core:ComputerEquipment2022-12-3103755966core:MotorVehicles2022-12-3103755966core:LandBuildingscore:OwnedOrFreeholdAssets2021-12-3103755966core:LandBuildingscore:LeasedAssetsHeldAsLessee2021-12-3103755966core:PlantMachinery2021-12-3103755966core:FurnitureFittings2021-12-3103755966core:ComputerEquipment2021-12-3103755966core:MotorVehicles2021-12-3103755966core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3103755966core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3103755966core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3103755966core:Non-currentFinancialInstrumentscore:AfterOneYear2021-12-3103755966core:CurrentFinancialInstruments2022-12-3103755966core:CurrentFinancialInstruments2021-12-3103755966core:Non-currentFinancialInstruments2022-12-3103755966core:Non-currentFinancialInstruments2021-12-3103755966core:ShareCapital2022-12-3103755966core:ShareCapital2021-12-3103755966core:CapitalRedemptionReserve2022-12-3103755966core:CapitalRedemptionReserve2021-12-3103755966core:RetainedEarningsAccumulatedLosses2022-12-3103755966core:RetainedEarningsAccumulatedLosses2021-12-3103755966core:RetainedEarningsAccumulatedLosses2021-12-3103755966bus:Director12022-01-012022-12-3103755966core:Goodwill2022-01-012022-12-3103755966core:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-01-012022-12-3103755966core:LandBuildingscore:OwnedOrFreeholdAssets2022-01-012022-12-3103755966core:LandBuildingscore:LongLeaseholdAssets2022-01-012022-12-3103755966core:PlantMachinery2022-01-012022-12-3103755966core:FurnitureFittings2022-01-012022-12-3103755966core:ComputerEquipment2022-01-012022-12-3103755966core:MotorVehicles2022-01-012022-12-31037559662021-01-012021-12-3103755966core:UKTax2022-01-012022-12-3103755966core:UKTax2021-01-012021-12-3103755966core:NetGoodwill2021-12-3103755966core:IntangibleAssetsOtherThanGoodwill2021-12-31037559662021-12-3103755966core:LandBuildingscore:OwnedOrFreeholdAssets2021-12-3103755966core:LandBuildingscore:LeasedAssetsHeldAsLessee2021-12-3103755966core:PlantMachinery2021-12-3103755966core:FurnitureFittings2021-12-3103755966core:ComputerEquipment2021-12-3103755966core:MotorVehicles2021-12-3103755966core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-01-012022-12-3103755966core:WithinOneYear2022-12-3103755966core:WithinOneYear2021-12-3103755966bus:PrivateLimitedCompanyLtd2022-01-012022-12-3103755966bus:SmallCompaniesRegimeForAccounts2022-01-012022-12-3103755966bus:FRS1022022-01-012022-12-3103755966bus:AuditExemptWithAccountantsReport2022-01-012022-12-3103755966bus:Director22022-01-012022-12-3103755966bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP