Company registration number 14456017 (England and Wales)
UTTOXETER OPTICAL LTD
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
UTTOXETER OPTICAL LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
UTTOXETER OPTICAL LTD
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
Notes
£
£
Fixed assets
Intangible assets
3
121,630
Tangible assets
4
47,567
169,197
Current assets
Stocks
29,761
Debtors
5
29,144
Cash at bank and in hand
57,345
116,250
Creditors: amounts falling due within one year
6
(262,758)
Net current liabilities
(146,508)
Total assets less current liabilities
22,689
Creditors: amounts falling due after more than one year
7
(15,633)
Provisions for liabilities
(7,312)
Net liabilities
(256)
Capital and reserves
Called up share capital
8
100
Profit and loss reserves
(356)
Total equity
(256)
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 Period ended 30 November 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 member has not required the company to obtain an audit of its financial statements for the Period 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 29 July 2024 and are signed on its behalf by:
Mr Zabir Ali
Director
Company registration number 14456017 (England and Wales)
UTTOXETER OPTICAL LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 2 November 2022
-
Period ended 30 November 2023:
Loss and total comprehensive income
-
(356)
(356)
Issue of share capital
8
100
-
100
Balance at 30 November 2023
100
(356)
(256)
UTTOXETER OPTICAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 3 -
1
Accounting policies
Company information
Uttoxeter Optical Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 2 West Borough, Wimborne, East Dorset, BH21 1NF.
1.1
Reporting period
These accounts are the first accounts since incorporation and cover a period of approximately five months.
1.2
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.
1.3
Going concern
The company incurred a loss for the trueperiod of £356, As at 30th November 2023 the company's liabilities exceeded its assets by £256 and its current assets exceeded current liabilities by £22,689. The company is reliant on the continued support of its directors. Having made appropriate enquires the directors are not aware of any reason why the company will not be able to meet its liabilities as they fall due for the foreseeable future; as a result the directors are satisfied that the going concern basis of accounting remains appropriate.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Franchise costs
10% straight line
UTTOXETER OPTICAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
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:
Plant and equipment
20% straight line
Computers
33.33% 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.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.9
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.
UTTOXETER OPTICAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 5 -
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2023
Number
Total
7
UTTOXETER OPTICAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 6 -
3
Intangible fixed assets
Franchise costs
£
Cost
At 2 November 2022
Additions
126,918
At 30 November 2023
126,918
Amortisation and impairment
At 2 November 2022
Amortisation charged for the Period
5,288
At 30 November 2023
5,288
Carrying amount
At 30 November 2023
121,630
4
Tangible fixed assets
Plant and equipment
Computers
Total
£
£
£
Cost
At 2 November 2022
Additions
48,104
1,740
49,844
At 30 November 2023
48,104
1,740
49,844
Depreciation and impairment
At 2 November 2022
Depreciation charged in the Period
2,196
81
2,277
At 30 November 2023
2,196
81
2,277
Carrying amount
At 30 November 2023
45,908
1,659
47,567
5
Debtors
2023
Amounts falling due within one year:
£
Trade debtors
8,283
Amounts owed by group undertakings
14,738
Other debtors
6,123
29,144
UTTOXETER OPTICAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
£
Trade creditors
227,386
Taxation and social security
7,999
Other creditors
27,373
262,758
7
Creditors: amounts falling due after more than one year
2023
£
Other creditors
15,633
8
Called up share capital
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
Ordinary X shares of £1 each
51
51
Ordinary Y shares of £1 each
49
49
100
100
During the period 51 X ordinary shares and 49 Y ordinary shares of £1 each were issued and fully paid
9
Related party transactions
During the year the company received a loan from Lymington Optical Limited, a company in which Mr Zabir Ali is a director. At the year end a balance of £14,000 was outstanding being included in creditors: amounts falling due within one year.
During the year the company received a loan from Zabir Ali Optical Limited, a company in which Mr Zabir Ali is a director. At the year end a balance of £1,993 was outstanding being included in creditors: amounts falling due within one year.
During the year the company made a loan to Wessex Optical Limited, the parent company. At the year end a balance of £14,738 was outstanding being included in debtors: amounts falling due within one year.
10
Parent company
The parent company of Uttoxeter Optical Limited is Wessex Optical Limited, with 51% of the shares held, and its registered office is 2, West Borough, Wimborne, BH21 1NF.