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Registration number: 13075988

Scotts Opticians (Bury St Edmunds) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Scotts Opticians (Bury St Edmunds) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 11

 

Scotts Opticians (Bury St Edmunds) Limited

Company Information

Directors

Mr Andrew Spiers

Ms Alison Alexandra Mary Blake

Ms Susan Gold

Registered office

58 Abbeygate Street
Bury St. Edmunds
Suffolk
IP33 1LB

Accountants

Jacobs Allen Limited
Chartered Accountants & Chartered Tax Advisers
59 Abbeygate Street
Bury St Edmunds
Suffolk
IP33 1LB

 

Scotts Opticians (Bury St Edmunds) Limited

(Registration number: 13075988)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

785,685

884,929

Tangible assets

5

14,804

21,128

 

800,489

906,057

Current assets

 

Stocks

60,218

55,223

Debtors

6

22,181

39,927

Cash at bank and in hand

 

159,862

150,116

 

242,261

245,266

Creditors: Amounts falling due within one year

7

(259,307)

(254,468)

Net current liabilities

 

(17,046)

(9,202)

Total assets less current liabilities

 

783,443

896,855

Creditors: Amounts falling due after more than one year

7

(659,005)

(767,605)

Provisions for liabilities

(534)

(1,245)

Net assets

 

123,904

128,005

Capital and reserves

 

Called up share capital

8

11

101

Share premium reserve

49,999

49,999

Retained earnings

73,894

77,905

Shareholders' funds

 

123,904

128,005

 

Scotts Opticians (Bury St Edmunds) Limited

(Registration number: 13075988)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 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 14 March 2024 and signed on its behalf by:
 

.........................................
Mr Andrew Spiers
Director

 

Scotts Opticians (Bury St Edmunds) Limited

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

1

General information

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

The address of its registered office is:
58 Abbeygate Street
Bury St. Edmunds
Suffolk
IP33 1LB
England

These financial statements were authorised for issue by the Board on 14 March 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.

 

Scotts Opticians (Bury St Edmunds) Limited

Notes to the Financial Statements for the Year Ended 31 December 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

Office equipment

4 years straight line

Computer & Testing Equipment

4 years 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

Goodwill

10 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Scotts Opticians (Bury St Edmunds) Limited

Notes to the Financial Statements for the Year Ended 31 December 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 weighted average 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. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

The share capital in the year is shown at £11 (2022 - £101). The 2022 figure was overstated by £90. This has been amended in the current year.

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.

 

Scotts Opticians (Bury St Edmunds) Limited

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

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 16 (2022 - 15).

 

Scotts Opticians (Bury St Edmunds) Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

992,444

992,444

At 31 December 2023

992,444

992,444

Amortisation

At 1 January 2023

107,515

107,515

Amortisation charge

99,244

99,244

At 31 December 2023

206,759

206,759

Carrying amount

At 31 December 2023

785,685

785,685

At 31 December 2022

884,929

884,929

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

11,970

16,201

28,171

Additions

724

-

724

Disposals

-

(700)

(700)

At 31 December 2023

12,694

15,501

28,195

Depreciation

At 1 January 2023

2,993

4,050

7,043

Charge for the year

3,173

3,875

7,048

Eliminated on disposal

-

(700)

(700)

At 31 December 2023

6,166

7,225

13,391

Carrying amount

At 31 December 2023

6,528

8,276

14,804

At 31 December 2022

8,977

12,151

21,128

 

Scotts Opticians (Bury St Edmunds) Limited

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

6

Debtors

Current

2023
£

2022
£

Trade debtors

18,644

34,957

Prepayments

373

2,359

Other debtors

3,164

2,611

 

22,181

39,927

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

135,099

149,643

Trade creditors

 

45,022

27,181

Taxation and social security

 

63,385

60,531

Accruals and deferred income

 

15,568

16,021

Other creditors

 

233

1,092

 

259,307

254,468

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

659,005

767,605

Creditors include loans repayable by instalments of £297,500 ( 2021 - £387,500) due after more than five years.

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares A of £0.01 each

500

5

500

5

Ordinary Shares B of £0.01 each

500

5

500

5

Ordinary Shares of £0.01 each

50

1

50

1

 

1,050

11

1,050

11

 

Scotts Opticians (Bury St Edmunds) Limited

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

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Redeemable preference shares

659,005

767,605

2023
£

2022
£

Current loans and borrowings

Redeemable preference shares

108,600

108,600

Other borrowings

26,499

41,043

135,099

149,643

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £416,932 (2022 - £488,094). The company has operating lease commitments in respect of property and equipment.

 

Scotts Opticians (Bury St Edmunds) Limited

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

11

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Repayments by director
£

At 31 December 2023
£

The company made an interest free loan to the directors. The loan was repayable on demand.

2,611

(2,611)

-

       
     

 

2022

At 1 December 2021
£

Advances to director
£

At 31 December 2022
£

The company made an interest free loan to the directors. The loan was repayable on demand.

179

2,432

2,611

       
     

 

Other transactions with directors

At the year end:-
Ms S Gold provided to the company an interest free loan of £19,135 ( 2022 - £3,544).
Ms A Blake provided to the company an interest free loan of £3,411 ( 2022 - £Nil).
Mr A Spiers provided to the company an interest free loan of £3,953 ( 2022 - £Nil).

The company issued in 2021 966,705 £1 preference shares for the purchase of the goodwill of the business and stock from Ms S Gold. These are redeemable on a monthly basis over a 10 year period. Shares that have not been redeemed carry the right to interest at 4%. The amount owing at the year end was £767,605 (2022 - £876,205).