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Registration number: 07701721

LS Optometry Ltd

trading as Boots Opticians Stafford

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

LS Optometry Ltd

trading as Boots Opticians Stafford

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

LS Optometry Ltd

trading as Boots Opticians Stafford

Company Information

Directors

Mr L G Winters

Mr D A Flack

Company secretary

Mrs S C Winters

Registered office

39 Gaolgate Street
Stafford
ST16 2NR

Accountants

INNventory Limited
1 Pavilion Square
Westhoughton
Bolton
BL5 3AJ

 

LS Optometry Ltd

trading as Boots Opticians Stafford

(Registration number: 07701721)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

99,230

66,185

Current assets

 

Stocks

6

31,250

32,663

Debtors

7

66,690

37,931

Cash at bank and in hand

 

104,625

107,034

 

202,565

177,628

Creditors: Amounts falling due within one year

8

(204,723)

(164,377)

Net current (liabilities)/assets

 

(2,158)

13,251

Total assets less current liabilities

 

97,072

79,436

Creditors: Amounts falling due after more than one year

8

(36,994)

-

Provisions for liabilities

(13,058)

(12,261)

Net assets

 

47,020

67,175

Capital and reserves

 

Called up share capital

100

2

Retained earnings

46,920

67,173

Shareholders' funds

 

47,020

67,175

 

LS Optometry Ltd

trading as Boots Opticians Stafford

(Registration number: 07701721)
Balance Sheet as at 31 July 2023

For the financial year ending 31 July 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.

Approved and authorised by the Board on 8 February 2024 and signed on its behalf by:
 

.........................................
Mr L G Winters
Director

 

LS Optometry Ltd

trading as Boots Opticians Stafford

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

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

The address of its registered office is:
39 Gaolgate Street
Stafford
ST16 2NR
England

These financial statements were authorised for issue by the Board on 8 February 2024.

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 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 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

LS Optometry Ltd

trading as Boots Opticians Stafford

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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 charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & machinery

25% reducing balance

Furniture & fittings

25% reducing balance

Office equipment

25% reducing balance

Motor Vehicles

25% straight line

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

Franchise fee

Over 10 years

Cycle To Work Scheme

33% Straight line basis

 

LS Optometry Ltd

trading as Boots Opticians Stafford

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

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.

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.

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 18 (2022 - 19).

 

LS Optometry Ltd

trading as Boots Opticians Stafford

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

4

Intangible assets

Franchise fee
 £

Total
£

Cost or valuation

At 1 August 2022

50,000

50,000

At 31 July 2023

50,000

50,000

Amortisation

At 1 August 2022

50,000

50,000

At 31 July 2023

50,000

50,000

Carrying amount

At 31 July 2023

-

-

 

LS Optometry Ltd

trading as Boots Opticians Stafford

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Cycle to work scheme
 £

Plant and machinery
£

Cost or valuation

At 1 August 2022

313,174

-

921

44,118

Additions

16,134

49,997

-

-

At 31 July 2023

329,308

49,997

921

44,118

Depreciation

At 1 August 2022

258,609

-

912

32,508

Charge for the year

17,674

12,499

9

2,903

At 31 July 2023

276,283

12,499

921

35,411

Carrying amount

At 31 July 2023

53,025

37,498

-

8,707

At 31 July 2022

54,565

-

9

11,611

Total
£

Cost or valuation

At 1 August 2022

358,213

Additions

66,131

At 31 July 2023

424,344

Depreciation

At 1 August 2022

292,029

Charge for the year

33,085

At 31 July 2023

325,114

Carrying amount

At 31 July 2023

99,230

At 31 July 2022

66,185

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

31,250

32,663

 

LS Optometry Ltd

trading as Boots Opticians Stafford

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

7

Debtors

Current

2023
£

2022
£

Trade debtors

16,604

30,875

Prepayments

50,086

7,056

 

66,690

37,931

 

LS Optometry Ltd

trading as Boots Opticians Stafford

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

8,096

7,061

Trade creditors

 

139,850

85,257

Taxation and social security

 

35,544

32,729

Accruals and deferred income

 

8,195

37,473

Other creditors

 

13,038

1,857

 

204,723

164,377

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £8,096 (2022 - £7,061).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

36,994

-

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £36,994 (2022 - £0.00).

 

LS Optometry Ltd

trading as Boots Opticians Stafford

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

36,994

-

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

8,096

7,061