IRIS Accounts Production v24.2.0.383 02428533 director 1.12.22 30.11.23 30.11.23 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh024285332022-11-30024285332023-11-30024285332022-12-012023-11-30024285332021-11-30024285332021-12-012022-11-30024285332022-11-3002428533ns15:EnglandWales2022-12-012023-11-3002428533ns14:PoundSterling2022-12-012023-11-3002428533ns10:Director12022-12-012023-11-3002428533ns10:PrivateLimitedCompanyLtd2022-12-012023-11-3002428533ns10:SmallEntities2022-12-012023-11-3002428533ns10:AuditExempt-NoAccountantsReport2022-12-012023-11-3002428533ns10:SmallCompaniesRegimeForDirectorsReport2022-12-012023-11-3002428533ns10:SmallCompaniesRegimeForAccounts2022-12-012023-11-3002428533ns10:FullAccounts2022-12-012023-11-3002428533ns10:RegisteredOffice2022-12-012023-11-3002428533ns5:CurrentFinancialInstruments2023-11-3002428533ns5:CurrentFinancialInstruments2022-11-3002428533ns5:Non-currentFinancialInstruments2023-11-3002428533ns5:Non-currentFinancialInstruments2022-11-3002428533ns5:ShareCapital2023-11-3002428533ns5:ShareCapital2022-11-3002428533ns5:RevaluationReserve2023-11-3002428533ns5:RevaluationReserve2022-11-3002428533ns5:RetainedEarningsAccumulatedLosses2023-11-3002428533ns5:RetainedEarningsAccumulatedLosses2022-11-3002428533ns5:LeaseholdImprovements2022-11-3002428533ns5:PlantMachinery2022-11-3002428533ns5:LeaseholdImprovements2022-12-012023-11-3002428533ns5:PlantMachinery2022-12-012023-11-3002428533ns5:LeaseholdImprovements2023-11-3002428533ns5:PlantMachinery2023-11-3002428533ns5:LeaseholdImprovements2022-11-3002428533ns5:PlantMachinery2022-11-3002428533ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-11-3002428533ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-11-3002428533ns5:CurrentFinancialInstruments2022-12-012023-11-3002428533ns5:Non-currentFinancialInstruments2022-12-012023-11-3002428533ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-11-3002428533ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2022-11-3002428533ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-11-3002428533ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-11-3002428533ns5:WithinOneYear2023-11-3002428533ns5:WithinOneYear2022-11-3002428533ns5:BetweenOneFiveYears2023-11-3002428533ns5:BetweenOneFiveYears2022-11-3002428533ns5:AllPeriods2023-11-3002428533ns5:AllPeriods2022-11-3002428533ns5:DeferredTaxation2022-11-3002428533ns5:DeferredTaxation2022-12-012023-11-3002428533ns5:DeferredTaxation2023-11-3002428533ns5:RetainedEarningsAccumulatedLosses2022-11-3002428533ns5:RevaluationReserve2022-11-3002428533ns5:RetainedEarningsAccumulatedLosses2022-12-012023-11-30
REGISTERED NUMBER: 02428533 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

HENRY MORGAN OPHTHALMIC OPTICIANS
LIMITED

HENRY MORGAN OPHTHALMIC OPTICIANS
LIMITED (REGISTERED NUMBER: 02428533)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


HENRY MORGAN OPHTHALMIC OPTICIANS
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTOR: P R Morgan





REGISTERED OFFICE: 3 Bank Buildings
The Avenue
Highams Park
London
E4 9LE





REGISTERED NUMBER: 02428533 (England and Wales)





ACCOUNTANTS: THP Limited
Chartered Accountants
34-40 High Street
Wanstead
London
E11 2RJ

HENRY MORGAN OPHTHALMIC OPTICIANS
LIMITED (REGISTERED NUMBER: 02428533)

BALANCE SHEET
30 NOVEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 24,440 29,669
Investment property 5 450,000 450,000
474,440 479,669

CURRENT ASSETS
Stocks 58,528 59,490
Debtors 6 11,656 14,702
Cash at bank and in hand 20,660 33,106
90,844 107,298
CREDITORS
Amounts falling due within one year 7 106,371 125,810
NET CURRENT LIABILITIES (15,527 ) (18,512 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

458,913

461,157

CREDITORS
Amounts falling due after more than one
year

8

(13,835

)

(20,439

)

PROVISIONS FOR LIABILITIES 11 (57,028 ) (43,458 )
NET ASSETS 388,050 397,260

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 12 297,018 310,457
Retained earnings 12 90,932 86,703
SHAREHOLDERS' FUNDS 388,050 397,260

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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.

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 28 August 2024 and were signed by:





P R Morgan - Director


HENRY MORGAN OPHTHALMIC OPTICIANS
LIMITED (REGISTERED NUMBER: 02428533)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023


1. STATUTORY INFORMATION

Henry Morgan Ophthalmic Opticians Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements and going concern
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 as modified by the revaluation of certain assets.

Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods and services supplied, net of returns, discounts and value added taxes.

Revenue is recognised in the accounting period in which the services were rendered.

Sales of goods are recognised on sale to the customer, which is considered to be the point of delivery and when the significant risks and rewards of the goods have been passed to the customer. Retail sales are usually by cash, credit or payment card.

Rents received from the company's investment property are recognised on an accruals basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:
Improvements to property10% on cost
Plant and machinery10% on cost


Investment property
Investment properties are shown at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in the income statement, net of deferred tax. On an annual basis, this surplus or deficit is transferred from retained profits into a separate, non-distributable reserve called the "revaluation reserve".

Stocks
Stock is stated at the lower of cost and selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. Stocks are recognised as an expense in the period in which the related revenue is recognised.

Cost is determined on an average cost (or first in first out) basis. Cost includes the purchase price, including taxes and duties, transport and all other costs directly attributable to bringing the stock to its present location and condition.

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.


HENRY MORGAN OPHTHALMIC OPTICIANS
LIMITED (REGISTERED NUMBER: 02428533)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


2. ACCOUNTING POLICIES - continued
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.

Leasing commitments
Rentals paid under operating leases are charged to the profit and loss account as incurred.

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 9 (2022 - 9 ) .

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and
property machinery Totals
£    £    £   
COST
At 1 December 2022
and 30 November 2023 110,926 250,822 361,748
DEPRECIATION
At 1 December 2022 100,846 231,233 332,079
Charge for year 1,120 4,109 5,229
At 30 November 2023 101,966 235,342 337,308
NET BOOK VALUE
At 30 November 2023 8,960 15,480 24,440
At 30 November 2022 10,080 19,589 29,669

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 December 2022
and 30 November 2023 450,000
NET BOOK VALUE
At 30 November 2023 450,000
At 30 November 2022 450,000

Fair value at 30 November 2023 is represented by:
£   
Valuation in 2011 197,907
Valuation in 2013 85,108
Valuation in 2015 120,000
Valuation in 2019 (80,000 )
Valuation in 2021 30,000
Cost 96,985
450,000

HENRY MORGAN OPHTHALMIC OPTICIANS
LIMITED (REGISTERED NUMBER: 02428533)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


5. INVESTMENT PROPERTY - continued

Investment property value was reassessed on an open market basis on 30 November 2023 by the Director.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 11,656 14,702

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 9) 6,387 16,789
Trade creditors 56,451 68,985
Taxation and social security 8,305 3,648
Other creditors 35,228 36,388
106,371 125,810

The Director has offered a personal guarantee against the bank loan and overdraft.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 9) 13,835 20,439

During the prior year, the company took out a bank loan with an interest rate of 5.15% above base rate. The Director has offered a personal guarantee against the loan.

9. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 12,727
Bank loans - less than 1 year 6,387 4,062
6,387 16,789

Amounts falling due between one and two years:
Bank loans - 1-2 years 6,387 4,458

Amounts falling due between two and five years:
Bank loans - 2-5 years 7,448 15,981

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 49,576 51,384
Between one and five years 13,897 44,106
63,473 95,490

HENRY MORGAN OPHTHALMIC OPTICIANS
LIMITED (REGISTERED NUMBER: 02428533)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


11. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Timing differences 59,628 46,058
Tax losses (2,600 ) (2,600 )
57,028 43,458

Deferred
tax
£   
Balance at 1 December 2022 43,458
Provided during year 13,570
Balance at 30 November 2023 57,028

12. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 December 2022 86,703 310,457 397,160
Deficit for the year (210 ) - (210 )
Dividends (9,000 ) - (9,000 )
Deferred tax transfer 13,439 (13,439 ) -
At 30 November 2023 90,932 297,018 387,950

13. ULTIMATE CONTROLLING PARTY

P R Morgan is the ultimate controlling party in this and the preceding year.