Registered number
08500746
Victoria J Smith Opticians Ltd
Filleted Accounts
31 October 2023
Victoria J Smith Opticians Ltd
Registered number: 08500746
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 1 1
Tangible assets 4 28,829 32,392
28,830 32,393
Current assets
Stocks 21,422 23,400
Debtors 5 2,199 3,795
Cash at bank and in hand 10,537 786
34,158 27,981
Creditors: amounts falling due within one year 6 (30,781) (19,136)
Net current assets 3,377 8,845
Total assets less current liabilities 32,207 41,238
Creditors: amounts falling due after more than one year 7 (13,609) (16,466)
Provisions for liabilities (5,478) (8,384)
Net assets 13,120 16,388
Capital and reserves
Called up share capital 100 100
Profit and loss account 13,020 16,288
Shareholder's funds 13,120 16,388
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Victoria J Smith
Director
Approved by the board on 15 August 2024
Victoria J Smith Opticians Ltd
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivagle.Turnover includes revenue earned from the sale of goods and from the rendering of services.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures and equipment 25% per annum – reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 6
3 Intangible fixed assets £
Goodwill:
Cost
At 1 November 2022 22,000
At 31 October 2023 22,000
Amortisation
At 1 November 2022 21,999
At 31 October 2023 21,999
Net book value
At 31 October 2023 1
At 31 October 2022 1
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022 94,620
Additions 6,131
At 31 October 2023 100,751
Depreciation
At 1 November 2022 62,228
Charge for the year 9,694
At 31 October 2023 71,922
Net book value
At 31 October 2023 28,829
At 31 October 2022 32,392
5 Debtors 2023 2022
£ £
Trade debtors 2,199 3,795
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 7,795 5,751
Trade creditors 13,507 3,000
Taxation and social security costs 8,835 9,640
Other creditors 644 745
30,781 19,136
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans and hire purchase 13,609 16,466
8 Other information
Victoria J Smith Opticians Ltd is a private company limited by shares and incorporated in England. Its registered office is:
26 Terminus Road
Millhouses
Sheffield
S7 2LH
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