Company registration number 06607772 (England and Wales)
A & G MARSHALL OPTOMETRISTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
A & G MARSHALL OPTOMETRISTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
A & G MARSHALL OPTOMETRISTS LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
116,241
105,646
Current assets
Stocks
25,451
28,147
Debtors
5
54,696
64,706
Cash at bank and in hand
152,095
228,662
232,242
321,515
Creditors: amounts falling due within one year
6
(57,240)
(100,394)
Net current assets
175,002
221,121
Total assets less current liabilities
291,243
326,767
Provisions for liabilities
(14,491)
(7,419)
Net assets
276,752
319,348
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
276,652
319,248
Total equity
276,752
319,348
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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.
The financial statements were approved by the board of directors and authorised for issue on 23 November 2023 and are signed on its behalf by:
Mrs G Marshall
Director
Company Registration No. 06607772
A & G MARSHALL OPTOMETRISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 2 -
1
Accounting policies
Company information
A & G Marshall Optometrists Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2-3 The Old Church, Village Square, Cramlington, Northumberland, United Kingdom, NE23 1DN.
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 is recognised at the fair value of the consideration receivable for goods and services provided in the normal course of business, and is shown net of VAT where applicable.
1.3
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:
Leasehold improvements
over the term of the lease
Fixtures, fittings & equipment
25% straight line
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.
1.4
Stocks
Stocks are stated at cost, less provision for obsolete items.
A & G MARSHALL OPTOMETRISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 3 -
1.5
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.
1.6
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.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
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.
1.9
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
16
17
A & G MARSHALL OPTOMETRISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 4 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 June 2022 and 31 May 2023
256,000
Amortisation and impairment
At 1 June 2022 and 31 May 2023
256,000
Carrying amount
At 31 May 2023
At 31 May 2022
4
Tangible fixed assets
Leasehold improvements
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 June 2022
193,356
85,293
278,649
Additions
35,984
35,984
Disposals
(598)
(598)
At 31 May 2023
193,356
120,679
314,035
Depreciation and impairment
At 1 June 2022
99,368
73,635
173,003
Depreciation charged in the year
11,748
13,640
25,388
Eliminated in respect of disposals
(597)
(597)
At 31 May 2023
111,116
86,678
197,794
Carrying amount
At 31 May 2023
82,240
34,001
116,241
At 31 May 2022
93,988
11,658
105,646
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
44,133
51,854
Other debtors
3,891
7,310
Prepayments and accrued income
6,672
5,542
54,696
64,706
A & G MARSHALL OPTOMETRISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 5 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
24,197
43,188
Corporation tax
9,589
32,402
Accruals and deferred income
23,454
24,804
57,240
100,394
7
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
£
£
283,158
321,579