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Registered number: 07433325
JK Opticians Ltd
Unaudited Financial Statements
For The Year Ended 30 November 2023
SWB Business Solutions Ltd
1st Floor Office
105 Church Street
Tewkesbury
Gloucestershire
GL20 5AB
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 07433325
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 361,080 429,274
Tangible Assets 5 58,967 25,626
420,047 454,900
CURRENT ASSETS
Stocks 6 45,000 32,540
Debtors 7 126,837 147,671
Cash at bank and in hand 146,231 218,892
318,068 399,103
Creditors: Amounts Falling Due Within One Year 8 (40,278 ) (154,532 )
NET CURRENT ASSETS (LIABILITIES) 277,790 244,571
TOTAL ASSETS LESS CURRENT LIABILITIES 697,837 699,471
Creditors: Amounts Falling Due After More Than One Year 9 (492,360 ) (534,246 )
NET ASSETS 205,477 165,225
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 205,377 165,125
SHAREHOLDERS' FUNDS 205,477 165,225
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For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr J Singh
Director
28 June 2024
The notes on pages 3 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
JK Opticians Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07433325 . The registered office is 108 Hagley Road , Oldswinford, Stourbridge, West Midlands , DY8 1QU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are .... It is amortised to profit and loss account over its estimated economic life of .... years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 25% straight line
Leasehold 25% straight line
Plant & Machinery 25% reducing balance
Fixtures & Fittings 25% reducing balance
2.6. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.7. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.9. Pensions
The company provides pension benefits for senior employees, under the terms of the pension
contracts entered into with the senior employees, fixed sums are provided for now in order to
provide pension benefits to the individuals upon their retirement. The pension contracts allow for
an annual increase in respect of indexation over and above the initial contracted amount.
Although under section 28 of FRS 102 this pension arrangement is regarded as being a defined
benefit scheme, the directors consider that it does not bear any of the hallmarks of a defined
benefit scheme as the company's contributions are fixed until the point of retirement at which
point any further contributions of annual increases cease. Further information can be found in
note 22 to the financial statements.
2.10. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2022: 7)
5 7
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4. Intangible Assets
Goodwill Other Total
£ £ £
Cost
As at 1 December 2022 681,923 8 681,931
As at 30 November 2023 681,923 8 681,931
Amortisation
As at 1 December 2022 252,657 - 252,657
Provided during the period 68,192 2 68,194
As at 30 November 2023 320,849 2 320,851
Net Book Value
As at 30 November 2023 361,074 6 361,080
As at 1 December 2022 429,266 8 429,274
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 December 2022 17,876 47,406 2,555 67,837
Additions - 51,723 909 52,632
As at 30 November 2023 17,876 99,129 3,464 120,469
Depreciation
As at 1 December 2022 13,407 28,165 639 42,211
Provided during the period 4,469 14,268 554 19,291
As at 30 November 2023 17,876 42,433 1,193 61,502
Net Book Value
As at 30 November 2023 - 56,696 2,271 58,967
As at 1 December 2022 4,469 19,241 1,916 25,626
6. Stocks
2023 2022
£ £
Stock 45,000 32,540
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7. Debtors
2023 2022
£ £
Due within one year
Prepayments and accrued income 48,421 66,579
VAT 6,923 -
Other taxes and social security 472 496
55,816 67,075
Due after more than one year
Other debtors 71,021 80,596
126,837 147,671
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 9,960 24,944
Corporation tax 25,795 27,692
VAT - 2
Net wages 245 193
Other creditors 229 223
Directors' loan accounts 4,049 101,478
40,278 154,532
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 34,272 -
Bank loans 203,088 279,246
Other provisions 255,000 255,000
492,360 534,246
10. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Later than one year and not later than five years 34,272 -
11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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12. Pension Commitments
The company provided pension benefits in respect of a senior employee. Amounts payable are
charged to the profit and loss account in the year as a constructive obligation existed at 30th
November 2022. This obligation was satisfied within 9 months of the year end by the company
entering into the contract with the employee. The number of directors to whom pension
benefits are accruing under this pension agreement is 1 (2019: 1).
The contributions and potential liabilities of the company in respect of the pension agreement
are fixed at least until the date of retirement of the employee which is over 12 years from the
year end date.
Although under section 28 of FRS 102 this pension arrangement is regarded as being a defined
benefit scheme, the directors are of the opinion that it does not bear any of the hallmarks of
what is usually considered to be a defined benefit scheme and therefore no further disclosures
are considered necessary in order to understand the nature and measurement of the liability.
The directors are also of the opinion that the liability as disclosed in the financial statements
represents the full and final amount which could be expected, at this stage, to be paid in the
future to settle the pension agreement liabilities.
13. Directors Advances, Credits and Guarantees
The company entered into a contract with Mr J Singh within 9 months of the year end to satisfy
a constructive obligation that existed at the year-end of 30th November 2022 to provide a
pension upon Mr J Singh’s retirement at a future date. No payments have been made and no
funds are either earmarked or held in trust or otherwise designated by the company for the
purpose of providing the pension. The pension may be paid either by the company by reference
to an annuity that may be purchased on the open market at or around the date of retirement for
a specified sum of money (calculated in accordance with the terms of the contract) or
purchased from a third party annuity provider of a sum equal to that specified sum of money
or a combination thereof.
The pension arrangement is in the form of an unfunded retirement benefit scheme. The
company has recognised the cost of the employee benefits and recorded in the profit and loss
of the company under Section 28 of FRS102 "Employee Benefits". The contractual obligation
between the company and Mr J Singh is a present obligation that has arisen from a past event
and such obligation can be reliably measured. As such a corresponding deduction has been
claimed in the company's corporation tax computation for this obligation.
The contract, which is not a registered pension scheme, provides only for the payment of a
pension or at the option of the company a purchased annuity. No other benefits are provided.
The amounts provided for in respect of the year ended 30th November 2022 in respect of the
provision of a pension for Mr J Singh was £150,000 which is broken down as to a provision
of £124,518 for the current year plus indexation of £25,482 as calculated for a previous year’s
award and as provided for in that years pension agreement. The total balance as at 30th
November 2022 of the pension awards and indexation thereon stands at £255,000.
The provision has been made wholly and exclusively for the purpose of the company's trading
activities and therefore the provisions of section 54 CTA 2009 do not apply. Section 1288 CTA
2009 does not apply as the provision is not and does not relate to remuneration as defined by
section 1289 CTA 2009. Section 1290 CTA 2009 prevents deductions in respect of "employee
benefit contributions", where property is "held or may be used" as defined by section 1291
CTA 2009 for the benefit of an employee, no funds are held specifically for the purpose of
fulfilling the company's obligations under the pension agreement with Mr J Singh therefore
section 1290 CTA 2009 does not apply
Section 246 FA 2004 and 246A FA 2004 deny relief for provisions made by an employer in
relation to non-registered pension schemes providing relevant benefits. However, they are not
applicable in this case as no relevant benefits as defined by section 393(B) ITEPA 2003 are to
be paid and furthermore the contract does not provide for the payment of relevant benefits.
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