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REGISTERED NUMBER: SC347412 (Scotland)















Unaudited Financial Statements for the Year Ended 31 October 2023

for

Spectacles Outlet Limited

Spectacles Outlet Limited (Registered number: SC347412)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Spectacles Outlet Limited

Company Information
for the Year Ended 31 October 2023







DIRECTOR: A Martin





REGISTERED OFFICE: 85 Peffer Place
Edinburgh
EH16 4BB





REGISTERED NUMBER: SC347412 (Scotland)





ACCOUNTANTS: Neil Nisbet & Co.
c/o Neil Nisbet & Co.
Thain House
226 Queensferry Road
Edinburgh
EH4 2BP

Spectacles Outlet Limited (Registered number: SC347412)

Balance Sheet
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,556 5,878
Investments 5 100 -
5,656 5,878

CURRENT ASSETS
Stocks 59,861 54,107
Debtors 6 374,617 414,742
Cash at bank and in hand 1,599 196
436,077 469,045
CREDITORS
Amounts falling due within one year 7 219,751 224,761
NET CURRENT ASSETS 216,326 244,284
TOTAL ASSETS LESS CURRENT
LIABILITIES

221,982

250,162

CREDITORS
Amounts falling due after more than one year 8 200,423 221,752
NET ASSETS 21,559 28,410

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 21,558 28,409
SHAREHOLDERS' FUNDS 21,559 28,410

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Spectacles Outlet Limited (Registered number: SC347412)

Balance Sheet - continued
31 October 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 31 July 2024 and were signed by:





A Martin - Director


Spectacles Outlet Limited (Registered number: SC347412)

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

1. STATUTORY INFORMATION

Spectacles Outlet Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and 20% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Spectacles Outlet Limited (Registered number: SC347412)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 10 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 November 2022 54,575
Additions 1,271
At 31 October 2023 55,846
DEPRECIATION
At 1 November 2022 48,697
Charge for year 1,593
At 31 October 2023 50,290
NET BOOK VALUE
At 31 October 2023 5,556
At 31 October 2022 5,878

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
Additions 100
At 31 October 2023 100
NET BOOK VALUE
At 31 October 2023 100

Spectacles Outlet Limited (Registered number: SC347412)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 5,793 6,132
Other debtors 368,824 408,610
374,617 414,742

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans and overdrafts 30,097 27,000
Finance leases 146 -
Trade creditors 17,458 22,944
Taxation and social security 77,831 111,368
Other creditors 94,219 63,449
219,751 224,761

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.10.23 31.10.22
£    £   
Bank loans 199,410 221,752
Finance leases 1,013 -
200,423 221,752

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 92,543 122,360
Finance leases 73 -
92,616 122,360

9. SECURED DEBTS

The following secured debts are included within creditors:

31.10.23 31.10.22
£    £   
Bank loans 229,507 248,752

The company has granted a bond and floating charge over the assets of the company in favour of The Royal Bank of Scotland plc in respect of the loan facilities the company has with the bank.

Spectacles Outlet Limited (Registered number: SC347412)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

10. RELATED PARTY DISCLOSURES

Included in debtors are amounts of £316,524 due from its subsidiary, Butterworths Lenses Limited, and £1,361 due from Spectacles Reglazing Limited. Spectacles Reglazing Limited is under the control of the director, Mr. A Martin.

11. ULTIMATE CONTROLLING PARTY

The controlling party is A Martin.