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Registration number: 09652275

Scotts Eyecare Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Scotts Eyecare Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Scotts Eyecare Limited

Company Information

Directors

Mr Colin Cass Turnbull

Mrs Lindsey Ann Turnbull

Registered office

1 High Street
Newmarket
Suffolk
CB8 8LX

Accountants

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

 

Scotts Eyecare Limited

(Registration number: 09652275)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

23,376

27,235

Current assets

 

Stocks

76,325

81,112

Debtors

5

135,870

88,325

Cash at bank and in hand

 

2,825

81,712

 

215,020

251,149

Creditors: Amounts falling due within one year

6

(69,896)

(70,546)

Net current assets

 

145,124

180,603

Total assets less current liabilities

 

168,500

207,838

Creditors: Amounts falling due after more than one year

6

(19,108)

(28,887)

Provisions for liabilities

(2,332)

(2,484)

Net assets

 

147,060

176,467

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

147,059

176,466

Shareholders' funds

 

147,060

176,467

 

Scotts Eyecare Limited

(Registration number: 09652275)
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 19 April 2024 and signed on its behalf by:
 

.........................................
Mr Colin Cass Turnbull
Director

 

Scotts Eyecare Limited

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 & Wales.

The address of its registered office is:
1 High Street
Newmarket
Suffolk
CB8 8LX

These financial statements were authorised for issue by the Board on 19 April 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of optical services and sale of related goods and in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. Where customers receive an optical examination and enter into a binding contract to purchase goods the sale is recognised on the date on which the contract is entered into.

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.

Government grants

Grants relating to revenue are recognised in income on a systematic basis over the periods in which the costs for which the grant is intended to compensate are recognised. A grant that is received as compensation for expenses already incurred or for the purpose of giving immediate financial support with no future related costs is recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset.

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.

 

Scotts Eyecare Limited

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

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.

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.

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

Fixtures & fittings

20% reducing balance.

Optical equipment

20% reducing balance.

Practice refit

15 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.

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.

 

Scotts Eyecare Limited

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

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group 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 7 (2022 - 7).

 

Scotts Eyecare Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2022

36,675

18,469

21,879

77,023

Additions

-

1,295

430

1,725

At 31 July 2023

36,675

19,764

22,309

78,748

Depreciation

At 1 August 2022

19,374

14,061

16,353

49,788

Charge for the year

3,253

1,140

1,191

5,584

At 31 July 2023

22,627

15,201

17,544

55,372

Carrying amount

At 31 July 2023

14,048

4,563

4,765

23,376

At 31 July 2022

17,301

4,408

5,526

27,235

Included within the net book value of land and buildings above is £14,048 (2022 - £17,301) in respect of short leasehold land and buildings.
 

 

Scotts Eyecare Limited

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

5

Debtors

Current

2023
£

2022
£

Trade debtors

3,743

9,491

Prepayments

1,094

1,086

Other debtors

131,033

77,748

 

135,870

88,325

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

23,829

10,000

Trade creditors

 

9,357

26,397

Taxation and social security

 

15,213

24,893

Accruals and deferred income

 

17,701

8,789

Other creditors

 

3,796

467

 

69,896

70,546

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

19,108

28,887

 

Scotts Eyecare Limited

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

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £0.01 each

100

1

100

1

         

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

19,108

28,887

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Bank overdrafts

13,829

-

23,829

10,000

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

456

1,371

Later than one year and not later than five years

-

456

456

1,827

The amount of non-cancellable operating lease payments recognised as an expense during the year was £456 (2022 - £1,827).

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 £456 (2022 - £1,827). The lease agreement will cease in October 2023.

 

Scotts Eyecare Limited

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

11

Related party transactions

Summary of transactions with key management

The company rents the premises which it operates from. Mr Turnbull owns a 1/3rd of the property, the balance is owned by 2 people with whom he has links with.

The directors consider the rent has been set at market value.

There is no formal leasing agreement between the parties in place, this allows the company if required to vocate the premises at short notice.

 

Transactions with directors

2023

At 1 August 2022
£

Advances to director
£

Repayments by director
£

At 31 July 2023
£

Mr Colin Cass Turnbull

The director was provided with a loan on behalf of himself and Mrs Lindsey Turnbull from the company. The loan is repayable upon demand. Interest has been charged on the loan at 2%/2.5%. The loan was repaid within 9 months of the year end

73,433

139,536

(100,000)

112,969

         
       

 

2022

At 1 August 2021
£

Advances to director
£

At 31 July 2022
£

Mr Colin Cass Turnbull

The director was provided with a loan on behalf of himself and Mrs Lindsey Turnbull from the company. The loan is repayable upon demand. Interest has been charged on the loan at 2%/2.5%. The loan was repaid within 9 months of the year end

-

73,433

73,433