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Registration number: 13891074

Hertford Optometry Limited

trading as Hertford Optometry Limited

Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

(Registration number: 13891074)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

17,871

17,080

Current assets

 

Stocks

6

7,437

7,866

Debtors

7

15,020

6,668

Cash at bank and in hand

 

32,853

16,941

 

55,310

31,475

Creditors: Amounts falling due within one year

8

(62,717)

(61,694)

Net current liabilities

 

(7,407)

(30,219)

Total assets less current liabilities

 

10,464

(13,139)

Provisions for liabilities

(891)

-

Net assets/(liabilities)

 

9,573

(13,139)

Capital and reserves

 

Called up share capital

2

2

Retained earnings

9,571

(13,141)

Shareholders' funds/(deficit)

 

9,573

(13,139)

For the financial year ending 29 February 2024 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 27 August 2024 and signed on its behalf by:
 

 

(Registration number: 13891074)
Balance Sheet as at 29 February 2024

.........................................
Sara Dos Santos Maio
Director

 

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
73 Railway Street
Hertford
Hertfordshire
SG14 1RP

These financial statements were authorised for issue by the Board on 27 August 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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

At the year end the company had net current balance sheet liabilities. The directors have pledged their ongoing support and as such the financial statements have been prepared on a going concern basis.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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.

 

Notes to the Unaudited Financial Statements for the Year Ended 29 February 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

Short Leasehold Additions

20% Straight Line

Office Equipment

25% Reducing Balance

Fixtures & Fittings

25% Reducing Balance

Plant & Machinery

25% Reducing Balance

Goodwill

Goodwill has arisen in the period of aquisition of a customer list and business assets and has been fully written off.

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:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

 

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2023 - 6).

 

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2023

1

1

At 29 February 2024

1

1

Amortisation

At 1 March 2023

1

1

At 29 February 2024

1

1

Carrying amount

At 29 February 2024

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2023

1,563

8,206

12,909

22,678

Additions

-

1,839

6,895

8,734

Disposals

(120)

(484)

(2,042)

(2,646)

At 29 February 2024

1,443

9,561

17,762

28,766

Depreciation

At 1 March 2023

319

2,052

3,227

5,598

Charge for the year

258

1,788

3,251

5,297

At 29 February 2024

577

3,840

6,478

10,895

Carrying amount

At 29 February 2024

866

5,721

11,284

17,871

At 28 February 2023

1,244

6,154

9,682

17,080

Included within the net book value of land and buildings above is £866 (2023 - £1,244) in respect of short leasehold land and buildings.
 

 

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

6

Stocks

2024
£

2023
£

Other inventories

7,437

7,866

7

Debtors

Current

2024
£

2023
£

Trade debtors

10,202

4,871

Prepayments

1,806

1,797

Other debtors

3,012

-

 

15,020

6,668

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

6,386

12,858

Taxation and social security

2,464

462

Accruals and deferred income

10,282

28,649

Other creditors

43,585

19,725

62,717

61,694

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         

10

Dividends

Interim dividends paid

 

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

2024
£

2023
£

Interim dividend of £1,000.00 (2023 - £Nil) per each Ordinary share

2,000

-

 

 

11

Related party transactions

Other transactions with directors

At the year-end the company owed the Director £42,374 (2023 : £19,725). There are no terms relating to the repayment of this loan or interest being charged.

12

Parent and ultimate parent undertaking

The ultimate controlling party is Sara Dos Santos Maio and James John Phillips as Directors and Shareholders acting in concert.