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Registered number: 00377588









SCRIVENS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 29 OCTOBER 2023

 
SCRIVENS LIMITED
 
 
COMPANY INFORMATION


Directors
A M Georgevic 
K R R Georgevic 
M A Georgevic 
N J Georgevic 
A M Ellis 




Company secretary
N J Georgevic



Registered number
00377588



Registered office
Scrivens House
60 Islington Row Middleway

Edgbaston

Birmingham

B15 1PH




Independent auditors
Nyman Libson Paul LLP
Chartered Accountants & Statutory Auditors

124 Finchley Road

London

NW3 5JS





 
SCRIVENS LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Statement of Comprehensive Income
 
9
Statement of Financial Position
 
10 - 11
Statement of Changes in Equity
 
12 - 13
Notes to the Financial Statements
 
14 - 32


 
SCRIVENS LIMITED
 
 
STRATEGIC REPORT
FOR THE PERIOD ENDED 29 OCTOBER 2023

Introduction
 
The directors present their strategic report on the affairs of the company together with the financial statements and auditor's report for the period ended 29 October 2023.

Business review
 
We continue to invest significantly in the design and upgrade of our stores in order to provide customers with a pleasing environment in which to shop.
The results show a pre-tax profit for the trading period of £2,666,745 (2022: £4,152,319). The company has net assets of £12,192,920 (2022: £11,964,479).
The company operates in a competitive market sector, the assessment and analysis of market trends and competitor activity is, therefore, an essential part of the company's risk management strategy. Current economic conditions are such that the company's focus is at all times concentrated on delivering a high quality service at value for money prices in order to maximise customer attraction and retention.
The company operates a closed defined benefit pension scheme and the directors are satisfied that they have, in conjunction with the Trustees of the Scheme, carried out necessary steps to mitigate the impact such a Scheme may have on the trading of the company in the event that the Scheme liabilities and assets' returns disappoint.
The key financial performance indicators are gross profit and operating profit:
                                               2023                         2022                     2021
Gross profit                       £50,069,341             £47,834,646          £48,325,779
Operating profit                  £2,683,745              £4,185,319            £10,012,047
 

Principal risks and uncertainties
 
The company's principal financial instruments comprise bank balances, bank overdrafts, trade creditors, trade debtors, loans to the company and finance lease agreements. The main purpose of these instruments is to raise funds for the company's operations and to finance the company's operations.
Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below.
In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the pooling of excess bank balances in the group. The group makes use of short term investments and money market facilities with the excess funds.
In respect of loans these comprise loans from group companies. The company manages the liquidity risk by ensuring there are sufficient funds to meet the payments.
The company is a lessee in respect of finance leased assets. The liquidity risk in respect of these is managed in the same way as loans above.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Page 1

 
SCRIVENS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 OCTOBER 2023

Directors' statement of compliance with duty to promote the success of the company
 
Section 172 of the Companies Act 2006 requires a director of a company to act in the way they consider, in good faith, would most likely promote the success of the company for the benefit of its members as a whole. In doing this, section 172 requires a director to have regard, amongst other matters, to the:
• likely consequences of any decisions in the long-term;
• interests of the company’s employees;
• need to foster the company’s business relationships with suppliers, customers and others;
• impact of the company’s operations on the community and environment;
• desirability of the company maintaining a reputation for high standards of business conduct; and
• need to act fairly as between members of the company.
In discharging our section 172 duties we have regard to the factors set out above. In concluding our decisions due regard is given to what is in the long term company interest, while bearing in mind other stakeholders, for example employees, the environment, customers, to ensure a rounded view. While we acknowledge that every decision we make will not necessarily result in a positive outcome for all of our stakeholders, by considering the company’s mission statement, strategic aims and core values and having a process in place for decision making, we do, however, aim to make sure that our decisions are consistent. 
During the period the company received information to help it understand the interests and views of the company’s key stakeholders and other relevant factors when making decisions. This was disseminated in a wide variety of ways and covered financial and operational performance, non-financial KPIs, risk, environmental, social and outcomes of specific pieces of engagement. As a result of this, the company has an overview of engagement with stakeholders and other relevant factors which allows it to understand the nature of stakeholders’ concerns and to comply with its section 172 duty to promote the success of the company.


This report was approved by the board on 23 July 2024 and signed on its behalf.



N J Georgevic
Director

Page 2

 
SCRIVENS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 29 OCTOBER 2023

The directors present their report and the financial statements for the period ended 29 October 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the period, after taxation, amounted to £2,134,941 (2022 - £4,152,319).

Dividends amounting to £2,000,000 (2022: £3,250,000) were paid during the period.

Directors

The directors who served during the period were:

A M Georgevic 
K R R Georgevic 
M A Georgevic 
N J Georgevic 
A M Ellis 

Future developments

The directors are confident that the business will continue to grow organically and by acquisition with the emphasis on offering added value to the current portfolio of services offered.

Page 3

 
SCRIVENS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 OCTOBER 2023

Engagement with employees

During the period the policy of providing employee with information about the company has been continued through the notice board at the head office.

Engagement with suppliers, customers and others

The directors regularly review how the group maintains positive relationships with all of its stakeholders including suppliers, customers and others.
                 The directors understand the importance of the company's supply chain in delivering the long-term plans for the company. One of the ways we can ensure effective relationships is to pay on time and in accordance with agreed terms.
The directors are committed to providing our customers with excellent service and clinical excellence. Each Scrivens branch is run by a highly professional team whose aim is to bring the highest standards of service and expertise. Branch teams are highly trained to become customer champions and are always striving to offer the best in eye and hearing care. We are constantly reviewing and developing how we engage with customers including using new formats and channels to promote health, style and wellbeing and to receive feedback.
The directors actively seek information on the interaction with stakeholders to ensure that they have sufficient information to reach appropriate conclusions about the risks faced by the company and how these are reflected in the long-term plans.

Disabled employees

The company's policy is to recruit workers for those vacancies that they are able to fill. All necessary assistance with initial training courses is given. Once employed, a career plan is developed so as to ensure suitable opportunities for each disabled person. Arrangements are made, wherever possible, for retraining employees who become disabled, to enable them to perform work identified to their aptitudes and abilities.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the company since the year end.

Auditors

The auditorsNyman Libson Paul LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 23 July 2024 and signed on its behalf.
 


N J Georgevic
Director

Page 4

 
SCRIVENS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCRIVENS LIMITED
 

Opinion


We have audited the financial statements of Scrivens Limited (the 'company') for the period ended 29 October 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 29 October 2023 and of its profit for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
SCRIVENS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCRIVENS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
SCRIVENS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCRIVENS LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risk, including obtaining audit evidence that is sufficient and appropriate to provide as basis for our opinion.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have:
• considered the nature of the industry and sectors, control environment and business performance;              • made enquiries of management about their own identification and assessment of the risk and irregularities                • performed audit work over the risk of management override on controls, involving testing of journal entries    and other adjustments for appropriateness and reviewing accounting estimates for bias;
• undertaken appropriate sample based testing of bank transactions; 
• identified and evaluated compliance with relevant laws and regulations and made enquiries of any                      instances of non-compliance; and
• discussed matters among the audit engagement team regarding how and where fraud might occur in the    financial statements and potential indictors of fraud


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 7

 
SCRIVENS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCRIVENS LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Richard Paul (Senior Statutory Auditor)
  
for and on behalf of
Nyman Libson Paul LLP
 
Chartered Accountants
Statutory Auditors
  
124 Finchley Road
London
NW3 5JS

23 July 2024
Page 8

 
SCRIVENS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 29 OCTOBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
50,069,341
47,834,646

Gross profit
  
50,069,341
47,834,646

Distribution costs
  
(2,017,405)
(1,978,460)

Administrative expenses
  
(45,368,191)
(41,795,867)

Other operating income
 5 
-
125,000

Operating profit
 6 
2,683,745
4,185,319

Other finance income
  
(17,000)
(33,000)

Profit before tax
  
2,666,745
4,152,319

Tax on profit
 11 
(531,804)
-

Profit for the financial period
  
2,134,941
4,152,319

Other comprehensive income for the period
  

Actuarial losses on defined benefit pension scheme
 22 
119,000
(212,000)

Movement of deferred tax relating to pension surplus
 19 
(25,500)
67,910

Other comprehensive income for the period
  
93,500
(144,090)

Total comprehensive income for the period
  
2,228,441
4,008,229

The notes on pages 14 to 32 form part of these financial statements.

Page 9

 
SCRIVENS LIMITED
REGISTERED NUMBER: 00377588

STATEMENT OF FINANCIAL POSITION
AS AT 29 OCTOBER 2023

29 October
30 October
2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 13 
966,361
1,267,361

Tangible assets
 14 
4,270,718
3,795,903

Investments
 15 
100
100

  
5,237,179
5,063,364

Current assets
  

Debtors due within 1 year
 16 
16,550,831
14,277,637

Debtors due after more than 1 year
 16 
63,500
89,000

Cash at bank and in hand
 17 
1,608,177
1,807,377

  
18,222,508
16,174,014

Creditors: amounts falling due within one year
 18 
(8,635,563)
(7,479,599)

Net current assets
  
 
 
9,586,945
 
 
8,694,415

Total assets less current liabilities
  
14,824,124
13,757,779

Provisions for liabilities
  

Deferred tax
  
(531,804)
-

Other provisions
 20 
(1,845,400)
(1,437,300)

  
 
 
(2,377,204)
 
 
(1,437,300)

Pension liability
  
(254,000)
(356,000)

Net assets
  
12,192,920
11,964,479


Capital and reserves
  

Called up share capital 
 21 
203,487
203,487

Share premium account
  
928,864
928,864

Capital redemption reserve
  
27,275
27,275

Other reserves
  
73,090
73,090

Profit and loss account
  
10,960,204
10,731,763

  
12,192,920
11,964,479


Page 10

 
SCRIVENS LIMITED
REGISTERED NUMBER: 00377588
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 29 OCTOBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 July 2024.




N J Georgevic
Director

The notes on pages 14 to 32 form part of these financial statements.

Page 11

 

 
SCRIVENS LIMITED


 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 29 OCTOBER 2023



Called up share capital
Share premium account
Capital redemption reserve
Other reserves
Profit and loss account
Total equity


£
£
£
£
£
£


At 31 October 2022
203,487
928,864
27,275
73,090
10,731,763
11,964,479



Comprehensive income for the period


Profit for the period

-
-
-
-
2,134,941
2,134,941


Actuarial gains on pension scheme
-
-
-
-
119,000
119,000


Deferred tax movements
-
-
-
-
(25,500)
(25,500)



Other comprehensive income for the period
-
-
-
-
93,500
93,500



Total comprehensive income for the period
-
-
-
-
2,228,441
2,228,441



Contributions by and distributions to owners


Dividends: Equity capital
-
-
-
-
(2,000,000)
(2,000,000)



At 29 October 2023
203,487
928,864
27,275
73,090
10,960,204
12,192,920



The notes on pages 14 to 32 form part of these financial statements.

Page 12

 

 
SCRIVENS LIMITED


 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 OCTOBER 2022



Called up share capital
Share premium account
Capital redemption reserve
Other reserves
Profit and loss account
Total equity


£
£
£
£
£
£


At 1 November 2021
203,487
928,864
27,275
73,090
9,973,534
11,206,250



Comprehensive income for the period


Profit for the period

-
-
-
-
4,152,319
4,152,319


Actuarial losses on pension scheme
-
-
-
-
(212,000)
(212,000)


Deferred tax movements
-
-
-
-
67,910
67,910



Other comprehensive income for the period
-
-
-
-
(144,090)
(144,090)



Total comprehensive income for the period
-
-
-
-
4,008,229
4,008,229


Dividends: Equity capital
-
-
-
-
(3,250,000)
(3,250,000)



At 30 October 2022
203,487
928,864
27,275
73,090
10,731,763
11,964,479



The notes on pages 14 to 32 form part of these financial statements.

Page 13

 
SCRIVENS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023

1.


General information

Scrivens Limited is a limited liability company, incorporated in the United Kingdom, registered at and trading from Scrivens House, 60 Islington Row Middleway, Edgbaston, Birmingham, B15 1PH. The company trades as opticians.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The company's presentational currency is GBP, rounded to the nearest £1.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).
In preparing these financial statements, the company has taken advantage of disclosure exemptions permitted by Section 1.12 of FRS 102 "The Financial Reporting Standard applicable in the UK and
Republic of Ireland" as follows:
• Section 7 Statement of Cash Flows;
• Section 11 Basic Financial Instruments; and
• Section 33 Related Party Disclosures.
This information is included in the consolidated financial statements of the company's ultimate parent undertaking for the period ended 29 October 2023, as disclosed in note 26 to these financial statements. Copies of the consolidated financial statements may be obtained from the UK Companies House website: https://beta.companieshouse .gov.uk/.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

Page 14

 
SCRIVENS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

The company provides optical and hearing examinations and revenue on these services is recognised in the period in which the the examination service has been satisfactorily completed.

 
2.4

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

The company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 24 October 2014 to continue to be charged over the period to the first market rent review rather than the term of the lease.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

During the period the company received employee and business based government grants and benefited from the business rates holiday applicable to retail businesses.

Page 15

 
SCRIVENS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023

2.Accounting policies (continued)

 
2.6

Pensions

Defined benefit pension plan

The company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.

The liability recognised in the Statement of Financial Position in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the reporting date less the fair value of plan assets at the reporting date (if any) out of which the obligations are to be settled.

The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments ('discount rate').

The fair value of plan assets is measured in accordance with the FRS102 fair value hierarchy and in accordance with the company's policy for similarly held assets. This includes the use of appropriate valuation techniques.

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of net defined benefit liability'.

The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:

a) the increase in net pension benefit liability arising from employee service during the period; and

b) the cost of plan introductions, benefit changes, curtailments and settlements.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'.

Defined contribution pension plan
The company also operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Page 16

 
SCRIVENS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.8

Intangible assets

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Comprehensive Income over its useful economic life.
The useful economic life of goodwill for each acquisition is assessed separately and amortized over 10, 15 or 20 years as appropriate.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.



Page 17

 
SCRIVENS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Short-term leasehold property
-
over the life of the lease
Plant and machinery
-
12.5% to 25% on cost
Motor vehicles
-
30% on written down value

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.10

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the asset's fair value less costs to sell.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 18

 
SCRIVENS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023

2.Accounting policies (continued)

 
2.15

Provisions for liabilities

A provision is made for the estimated cost of dilapidation repairs written off over the period of the tenancy.
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
 
When payments are eventually made, they are charged to the provision carried in the Statement of
Financial Position.

 
2.16

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, loans to related parties and investments in ordinary shares.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

  
2.18

Accounting date

Accounts are drawn up for periods of 52 weeks (and, where necessary, 53 weeks) ending on the last
Sunday in October.

Page 19

 
SCRIVENS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements estimates and assumptions that affect the amounts reported for assets and liabilities as at the reporting date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.
The following are the company's key accounting estimates and assumptions:
Tangible assets
Tangible assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing the assets' lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account.
Intangible assets
Intangible assets consist of goodwill amortised over its useful economic life. The estimated life of goodwill is assessed annually to ensure it is appropriate. This assessment takes into account the ability of related cash generating units (which upon their acquisition generated an intangible asset of goodwill) to continue to generate future cash flows for the company, and their estimated useful economic lives.
Impairment of debtors
Trade debtors are recorded in the accounts at cost. Some debtors may not pay part or all of the balance due, and thus the debtor balance in the financial statements will need to be amortised to reflect the lower of cost and market value. The company records a provision for bad debts to estimate the total impact of non-payments, considering factors such as the credit rating of customers, the ageing profile of debtors and historical experience.
Defined benefit obligation
When calculating the defined benefit pension scheme obligation, management have made financial and demographic assumptions about inflation-linked increases, salary growth, materiality and other demographic assumptions. The defined obligation is the cash flows discounted to the obligation date at the assumed discount rate. Discount rates are determined by reference to market yields on high quality corporate bonds of the same term as scheme cash flows. Other assumptions are based on official government statistics and related market information.
Dilapidations provision
The provision recorded in the accounts for dilapidation costs is an estimated cost of repairing retail premises occupied by the company to the state they were at prior to the lease commencing. This provision is re-assessed on an annual basis, considering factors such as unit square footage, length of lease and time remaining until lease expiry.

Page 20

 
SCRIVENS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Optical and hearing services
50,069,341
47,834,646


All turnover arose within the United Kingdom.


5.


Other operating income

2023
2022
£
£

Government grants receivable
-
125,000



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Other operating lease rentals
3,276,183
3,281,773


7.


Auditors' remuneration

During the period, the company obtained the following services from the company's auditors:


2023
2022
£
£

Fees payable to the company's auditors for the audit of the company's financial statements
22,000
22,000

Fees payable to the company's auditors in respect of:

The auditing of accounts of associates of the company
12,000
12,000

The company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent company.

Page 21

 
SCRIVENS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023

8.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
30,123,286
27,462,209

Social security costs
2,055,821
2,015,843

Cost of defined benefit scheme
563,638
655,878

32,742,745
30,133,930


The average monthly number of employees, including the directors, during the period was as follows:


        2023
        2022
            No.
            No.







Office management
133
109



Production and sales
874
882

1,007
991


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
207,337
204,951

207,337
204,951


During the period retirement benefits were accruing to 2 directors (2022 - 2) in respect of defined contribution pension schemes.


10.


Other finance costs

2023
2022
£
£

Interest income on pension scheme assets
123,000
55,000

Net interest on net defined benefit liability
(140,000)
(88,000)

(17,000)
(33,000)


Page 22

 
SCRIVENS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023

11.


Taxation


2023
2022
£
£

Deferred tax


Origination and reversal of timing differences
531,804
-

Total deferred tax
531,804
-


Taxation on profit on ordinary activities
531,804
-

Factors affecting tax charge for the period

The tax assessed for the period is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 22.5% (2022 -19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
2,666,745
4,152,319


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 22.5% (2022 - 19%)
600,018
788,941

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
(8,418)
4,164

Capital allowances for period in excess of depreciation
476,124
(121,071)

Changes in provisions leading to an increase in the tax charge
13,682
(4,552)

Group relief
(549,602)
(667,482)

Total tax charge for the period
531,804
-


Factors that may affect future tax charges

There were no factors that may affect future tax charges.



Page 23

 
SCRIVENS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023

12.


Dividends

29 October
30 October
2023
2022
£
£


Dividends paid on equity capital
2,000,000
3,250,000


13.


Intangible assets






Goodwill

£



Cost


At 31 October 2022
11,090,884



At 29 October 2023

11,090,884



Amortisation


At 31 October 2022
9,823,523


Charge for the period on owned assets
301,000



At 29 October 2023

10,124,523



Net book value



At 29 October 2023
966,361



At 30 October 2022
1,267,361



Page 24

 
SCRIVENS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023

14.


Tangible fixed assets







Plant and machinery
Motor vehicles
Total

£
£
£



Cost or valuation


At 31 October 2022
7,080,142
527,769
7,607,911


Additions
1,561,059
128,550
1,689,609


Disposals
(629,419)
(138,786)
(768,205)



At 29 October 2023

8,011,782
517,533
8,529,315



Depreciation


At 31 October 2022
3,549,872
262,136
3,812,008


Charge for the period on owned assets
1,080,333
98,814
1,179,147


Disposals
(629,419)
(103,139)
(732,558)



At 29 October 2023

4,000,786
257,811
4,258,597



Net book value



At 29 October 2023
4,010,996
259,722
4,270,718



At 30 October 2022
3,530,270
265,633
3,795,903

Page 25

 
SCRIVENS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023

15.


Fixed asset investments








Investments in subsidiary companies

£



Cost


At 31 October 2022
100



At 29 October 2023
100





Subsidiary undertakings


The following were subsidiary undertakings of the company:

Name

Class of shares

Holding

Scrivens RBS Trustees Limited
Ordinary
100%
Owl Optical Limited
Ordinary
100%

The registered office of each entity is 60 Islington Row Middleway, Edgbaston, Birmingham, B151PH.


16.


Debtors

29 October
30 October
2023
2022
£
£

Due after more than one year

Debtors due after more than 1 year
63,500
89,000

63,500
89,000

Due within one year

Trade debtors
5,952,697
4,994,959

Amounts owed by group companies
9,862,234
8,464,108

Other debtors
7,778
37,425

Prepayments and accrued income
728,122
781,145

16,614,331
14,366,637


Page 26

 
SCRIVENS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023

17.


Cash and cash equivalents

29 October
30 October
2023
2022
£
£

Cash at bank and in hand
1,608,177
1,807,377

1,608,177
1,807,377



18.


Creditors: Amounts falling due within one year

29 October
30 October
2023
2022
£
£

Trade creditors
3,272,174
3,805,805

Other taxation and social security
95,500
-

Other creditors
2,167,182
1,672,789

Accruals and deferred income
3,100,707
2,001,005

8,635,563
7,479,599



19.


Deferred taxation






2023
2022


£

£






At beginning of year
89,000
21,090


Charged to profit or loss
(531,804)
-


Charged to other comprehensive income
(25,500)
67,910



At end of year
(468,304)
89,000

Page 27

 
SCRIVENS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023
 
19.Deferred taxation (continued)

The deferred taxation balance is made up as follows:

29 October
30 October
2023
2022
£
£


Pension defecit
63,500
89,000

Accelerated capital allowances
(531,804)
-

(468,304)
89,000


20.


Provisions






Provision for property dilapidation

£





At 31 October 2022
1,437,300


Charged to profit or loss
408,100



At 29 October 2023
1,845,400


21.


Share capital

29 October
30 October
2023
2022
£
£
Allotted, called up and fully paid



203,487 (2022 - 203,487) Ordinary shares of £1.00 each
203,487
203,487


Page 28

 
SCRIVENS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023

22.


Pension commitments

Defined contribution
The company operates a defined contribution scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £563,638 (2022 - £655,878). At the period end contributions totalling £91,759 (2022: £85,661) were outstanding.

Defined Benefits

The company operates a defined benefit pension scheme.

The assets of the scheme are held separately from the company.
The scheme was closed to new entrants on 31 December 1991 and to future accrual of benefit on 31 January 2004.
A full actuarial valuation of the Scrivens Limited Retirement Benefit Scheme was carried out at 1 January 2020 and updated to 31 October 2023 by a qualified independent actuary.
As the scheme is closed to new members, under the projected unit method the current service cost will increase as the members of the scheme approach retirement.
The scheme provides benefits for selected employees of Scrivens Limited and Mersona Limited. Mersona Limited is a fellow subsidiary undertaking of the company's immediate parent company Seamap Limited. The company has accounted for 100% of the net costs and net position of the total scheme as the liability of the scheme is solely that of Scrivens Limited.



Reconciliation of present value of plan liabilities:


29 October
30 October
2023
2022
£
£


At the beginning of the year
3,081,000
3,548,000

Interest cost
140,000
57,000

Actuarial gains
(167,000)
(205,000)

Benefits paid
(349,000)
(350,000)

Past service cost
-
31,000

At the end of the year
2,705,000
3,081,000


Page 29

 
SCRIVENS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023
 
22.Pension commitments (continued)


Reconciliation of present value of plan assets:


29 October
30 October
2023
2022
£
£


At the beginning of the year
2,725,000
3,437,000

Interest income
123,000
55,000

Return less interest income on scheme assets
(48,000)
(417,000)

Benefits paid
(349,000)
(350,000)

At the end of the year
2,451,000
2,725,000


Composition of plan assets:


29 October
30 October
2023
2022
£
£


Equities
1,538,000
1,372,000

Cash
238,000
667,000

Fixed income
675,000
686,000

Total plan assets
2,451,000
2,725,000

29 October
30 October
2023
2022
£
£


Fair value of plan assets
2,451,000
2,725,000

Present value of plan liabilities
(2,705,000)
(3,081,000)

Net pension scheme liability
(254,000)
(356,000)


The amounts recognised in profit or loss are as follows:

29 October
30 October
2023
2022
£
£


Interest on obligation
(140,000)
(88,000)

Interest income on plan assets
123,000
55,000

Total
(17,000)
(33,000)


Page 30

 
SCRIVENS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023
 
22.Pension commitments (continued)


The cumulative amount of actuarial gains and losses recognised in the Statement of Comprehensive Income was £119,000 gains (2022 - £212,000 losses).



The company expects to contribute £NIL to its defined benefit pension scheme in 2024.

29 October
30 October
2023
2022
£
£

Reconciliation of funded status


Opening deficit
(356,000)
(111,000)

Charge recorded in profit or loss
(17,000)
(33,000)

Gains/(losses) recorded in other comprehensive income
119,000
(212,000)

(254,000)
(356,000)


Principal actuarial assumptions at the reporting date (expressed as weighted averages):

2023
2022
%
%
Discount rate


5.6

4.7
 
Rate of price inflation: RPI


3.4

3.3
 
Rate of price inflation: CPI


2.8

2.5
 
Rate of increase for pensions deferment


3.3

2.5
 
Rate of increase for pension payment


2.8

2.5
 



Amounts for the current and previous period are as follows:


Defined benefit pension schemes

2023
2022
£
£
Defined benefit obligation

(2,705,000)

(3,081,000)

Scheme assets

2,451,000

2,725,000

Deficit
(254,000)

(356,000)




Page 31

 
SCRIVENS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023

23.


Commitments under operating leases

At 29 October 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

29 October
30 October
2023
2022
£
£


Not later than 1 year
1,515,428
1,683,135

Later than 1 year and not later than 5 years
3,064,320
3,054,210

Later than 5 years
682,614
782,290

5,262,362
5,519,635


24.


Related party transactions

The company has taken advantage of the exemption in FRS 102 from the requirement to disclose transactions with group companies on the grounds that the company is a wholly owned subsidiary.
During the period, the company paid rent of £180,000 (2022: £180,000) to MA & NJ Georgevic LLP. A M and K R R Georgevic are members of MA & NJ Georgevic LLP and are directors of the company.


25.


Controlling party

The immediate and ultimate parent company is Seamap Limited, a company under the control of N J and M A Georgevic, directors of the company.
The company has taken advantage of exemptions provided in the Companies Act 2006 not to prepare consolidated accounts. Group financial statements are prepared by Seamap Limited and can be obtained from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.

 
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