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REGISTERED NUMBER: 03175425 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 May 2023

for

The Spectacle Factory Limited

The Spectacle Factory Limited (Registered number: 03175425)






Contents of the Financial Statements
for the Year Ended 31 May 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


The Spectacle Factory Limited

Company Information
for the Year Ended 31 May 2023







DIRECTOR: Mrs A J Sands





SECRETARY:





REGISTERED OFFICE: C/o Triton Accountancy Services Ltd
Suite 7 Lesscent House, 405 Wigan Road
Ashton-in-Makerfield
Wigan
WN4 0AR





REGISTERED NUMBER: 03175425 (England and Wales)





ACCOUNTANTS: Triton Accountancy Services Ltd
Suite 7 Lesscent House
405 Wigan Rd
Ashton in Makerfield
Wigan
WN4 0AR

The Spectacle Factory Limited (Registered number: 03175425)

Balance Sheet
31 May 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 337,796 390,134
Investment property 5 265,488 -
603,284 390,134

CURRENT ASSETS
Stocks 6 18,000 16,500
Debtors 7 77,633 -
Cash at bank and in hand 347,457 690,295
443,090 706,795
CREDITORS
Amounts falling due within one year 8 153,878 243,175
NET CURRENT ASSETS 289,212 463,620
TOTAL ASSETS LESS CURRENT
LIABILITIES

892,496

853,754

CREDITORS
Amounts falling due after more than
one year

9

(111,077

)

(162,812

)

PROVISIONS FOR LIABILITIES 10 (19,582 ) (27,701 )
NET ASSETS 761,837 663,241

The Spectacle Factory Limited (Registered number: 03175425)

Balance Sheet - continued
31 May 2023

31.5.23 31.5.22
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 960 960
Retained earnings 760,877 662,281
SHAREHOLDERS' FUNDS 761,837 663,241

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 6 February 2024 and were signed by:





Mrs A J Sands - Director


The Spectacle Factory Limited (Registered number: 03175425)

Notes to the Financial Statements
for the Year Ended 31 May 2023

1. STATUTORY INFORMATION

The Spectacle Factory Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on cost
Fixtures and fittings - 15% on cost
Computer equipment - 20% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


The Spectacle Factory Limited (Registered number: 03175425)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 8 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 June 2022 280,677 169,095 179,996 16,276 646,044
Additions 2,000 1,275 - 316 3,591
At 31 May 2023 282,677 170,370 179,996 16,592 649,635
DEPRECIATION
At 1 June 2022 - 118,979 129,970 6,961 255,910
Charge for year - 25,476 27,036 3,417 55,929
At 31 May 2023 - 144,455 157,006 10,378 311,839
NET BOOK VALUE
At 31 May 2023 282,677 25,915 22,990 6,214 337,796
At 31 May 2022 280,677 50,116 50,026 9,315 390,134

The Spectacle Factory Limited (Registered number: 03175425)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
Additions 265,488
At 31 May 2023 265,488
NET BOOK VALUE
At 31 May 2023 265,488

6. STOCKS
31.5.23 31.5.22
£    £   
Stock and work in progress 18,000 16,500

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Other debtors 12,957 -
VAT 64,676 -
77,633 -

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Bank loans and overdrafts 19,160 22,376
Trade creditors 80,707 91,438
Tax 36,229 85,532
Social security and other taxes 5,301 1,165
VAT - 2,728
Other creditors 9,061 35,155
Directors' current accounts 1,120 2,226
Accrued expenses 2,300 2,555
153,878 243,175

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.5.23 31.5.22
£    £   
Bank loans - 1-2 years 19,160 19,160
Bank loans - 2-5 years 57,570 57,570
Bank loans more 5 yr by instal 34,347 86,082
111,077 162,812

The Spectacle Factory Limited (Registered number: 03175425)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
31.5.23 31.5.22
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 34,347 86,082

10. PROVISIONS FOR LIABILITIES
31.5.23 31.5.22
£    £   
Deferred tax
Accelerated capital allowances 3,894 12,013
Dilapidations 15,688 15,688
19,582 27,701

Deferred Other
tax provisions
£    £   
Balance at 1 June 2022 12,013 15,688
Provided during year (8,119 ) -
Dilapidations
Balance at 31 May 2023 3,894 15,688