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Registration number: 06157118

Visual Ade Limited

trading as Boots Opticians Andover

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Visual Ade Limited

trading as Boots Opticians Andover

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Visual Ade Limited

trading as Boots Opticians Andover

(Registration number: 06157118)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

44,037

47,942

Current assets

 

Stocks

6

25,000

23,408

Debtors

7

33,393

33,965

Cash at bank and in hand

 

93,475

109,257

 

151,868

166,630

Creditors: Amounts falling due within one year

8

(131,899)

(129,367)

Net current assets

 

19,969

37,263

Total assets less current liabilities

 

64,006

85,205

Creditors: Amounts falling due after more than one year

8

(53,756)

(70,530)

Provisions for liabilities

(9,840)

(9,109)

Net assets

 

410

5,566

Capital and reserves

 

Called up share capital

1

1

Retained earnings

409

5,565

Shareholders' funds

 

410

5,566

 

Visual Ade Limited

trading as Boots Opticians Andover

(Registration number: 06157118)
Balance Sheet as at 31 March 2024

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 25 July 2024
 

.........................................
Mr A C Herbert
Director

 

Visual Ade Limited

trading as Boots Opticians Andover

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
63 High Street
Andover
Hampshire
SP10 1LP
United Kingdom

These financial statements were authorised for issue by the director on 25 July 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.

 

Visual Ade Limited

trading as Boots Opticians Andover

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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

Fixtures and fittings

15% Reducing balance

Office Equipment

15% Reducing balance

Plant and machinery

20% Reducing balance

Motor vehicles

25% Straight line

Shop refit

Straight line over 5 years

Goodwill

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.

 

Visual Ade Limited

trading as Boots Opticians Andover

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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 fee

10% Straight line

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 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.

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 the director) during the year, was 10 (2023 - 11).

 

Visual Ade Limited

trading as Boots Opticians Andover

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Franchise fees
£

Total
£

Cost or valuation

At 1 April 2023

83,680

83,680

At 31 March 2024

83,680

83,680

Amortisation

At 1 April 2023

83,680

83,680

At 31 March 2024

83,680

83,680

Carrying amount

At 31 March 2024

-

-

 

Visual Ade Limited

trading as Boots Opticians Andover

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

66,590

129,583

196,173

Additions

10,358

-

10,358

At 31 March 2024

76,948

129,583

206,531

Depreciation

At 1 April 2023

47,413

100,818

148,231

Charge for the year

4,430

9,833

14,263

At 31 March 2024

51,843

110,651

162,494

Carrying amount

At 31 March 2024

25,105

18,932

44,037

At 31 March 2023

19,177

28,765

47,942

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

25,000

23,408

7

Debtors

Current

2024
£

2023
£

Trade debtors

8,338

11,784

Prepayments

22,504

22,181

Other debtors

2,551

-

 

33,393

33,965

 

Visual Ade Limited

trading as Boots Opticians Andover

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

12,263

23,176

Trade creditors

 

91,132

78,665

Taxation and social security

 

14,635

11,781

Accruals and deferred income

 

13,130

13,870

Other creditors

 

739

1,875

 

131,899

129,367


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £12,263 (2023 - £23,176).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

53,756

70,530


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £53,756 (2023 - £70,530).

A debenture has been lodged at Companies House, in favour of Lloyds TSB bank, with fixed and floating charges over all assets, dated 6 June 2007.

9

Related party transactions

Transactions with the director

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Mr A C Herbert

(978)

36,721

(28,182)

7,561