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Registration number: 07695259

MW Optical Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

MW Optical Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

MW Optical Limited

(Registration number: 07695259)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

17,880

13,508

Current assets

 

Stocks

7

24,624

24,624

Debtors

8

224,774

314,507

Cash at bank and in hand

 

258,037

230,604

 

507,435

569,735

Creditors: Amounts falling due within one year

9

(171,744)

(160,332)

Net current assets

 

335,691

409,403

Total assets less current liabilities

 

353,571

422,911

Creditors: Amounts falling due after more than one year

9

(143,462)

(181,675)

Provisions for liabilities

(4,480)

(2,567)

Net assets

 

205,629

238,669

Capital and reserves

 

Called up share capital

100

100

Retained earnings

205,529

238,569

Shareholders' funds

 

205,629

238,669

 

MW Optical Limited

(Registration number: 07695259)
Balance Sheet as at 31 October 2023

For the financial year ending 31 October 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 28 February 2024 and signed on its behalf by:
 

.........................................
Mr M Wilkins
Company secretary and director

 

MW Optical Limited

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

1

General information

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

The address of its registered office is:
18 Church Close
Staveley
Chesterfield
Derbyshire
S43 3LU
United Kingdom

The principal place of business is:
23 High Street
Glossop
Derbyshire
SK13 8AL
United Kingdom

These financial statements were authorised for issue by the Board on 28 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

MW Optical Limited

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

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.

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

Shop fit

20% straight line

Fixtures and fittings

20% straight line

Professional equipmet

20% straight line

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Franchise fees

25% reducing balance

 

MW Optical Limited

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2022 - 10).

 

MW Optical Limited

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

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

8,298

6,674

 

MW Optical Limited

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

5

Intangible assets

Franchise Fee
£

Total
£

Cost or valuation

At 1 November 2022

455,809

455,809

At 31 October 2023

455,809

455,809

Amortisation

At 1 November 2022

455,809

455,809

At 31 October 2023

455,809

455,809

Carrying amount

At 31 October 2023

-

-

6

Tangible assets

Furniture, fittings and equipment
 £

Professional Equipment
£

Shop Fit
£

Total
£

Cost or valuation

At 1 November 2022

13,370

53,253

90,500

157,123

Additions

9,286

3,384

-

12,670

At 31 October 2023

22,656

56,637

90,500

169,793

Depreciation

At 1 November 2022

12,208

40,907

90,500

143,615

Charge for the year

2,282

6,016

-

8,298

At 31 October 2023

14,490

46,923

90,500

151,913

Carrying amount

At 31 October 2023

8,166

9,714

-

17,880

At 31 October 2022

1,162

12,346

-

13,508

7

Stocks

2023
£

2022
£

Finished goods and goods for resale

24,624

24,624

 

MW Optical Limited

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

8

Debtors

Current

2023
£

2022
£

Trade debtors

16,417

15,813

Prepayments

6,063

8,241

Other debtors

202,294

290,453

 

224,774

314,507

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

26,915

31,917

Trade creditors

 

42,114

41,020

Taxation and social security

 

36,174

33,370

Accruals and deferred income

 

12,472

13,061

Other creditors

 

54,069

40,964

 

171,744

160,332

Creditors include net obligations under finance lease contracts which are secured of £6,647 (2021 - £8,694).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

143,462

181,675

Creditors include net obligations under finance lease contracts which are secured of £12,891 (2021 - £19,358).

As from 17th August 2011, there has been a fixed and floating charge over the company by National Westminster Bank.

 

MW Optical Limited

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

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

124,628

153,748

Hire purchase contracts

6,244

12,891

Other borrowings

12,590

15,036

143,462

181,675

2023
£

2022
£

Current loans and borrowings

Bank borrowings

17,753

22,688

Hire purchase contracts

6,647

6,647

Other borrowings

2,515

2,582

26,915

31,917