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Registration number: 01418822

Showman Opticians Limited

Unaudited Financial Statements

for the Year Ended 30 November 2023

 

Showman Opticians Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Showman Opticians Limited

(Registration number: 01418822)
Statement of Financial Position as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

5

304,929

304,929

Current assets

 

Debtors

6

18,110

27,813

Cash at bank and in hand

 

29,920

15,676

 

48,030

43,489

Creditors: Amounts falling due within one year

7

(6,104)

(5,569)

Net current assets

 

41,926

37,920

Total assets less current liabilities

 

346,855

342,849

Provisions for liabilities

(13,827)

(10,638)

Net assets

 

333,028

332,211

Capital and reserves

 

Called up share capital

6

6

Fair value reserves

68,529

71,718

Retained earnings

264,493

260,487

Shareholders' funds

 

333,028

332,211

 

Showman Opticians Limited

(Registration number: 01418822)
Statement of Financial Position as at 30 November 2023

For the financial 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.

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 Income Statement.

Approved and authorised by the Board on 27 August 2024 and signed on its behalf by:
 

.........................................
Mr P T Showman
Director

   
     
 

Showman Opticians Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

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

The address of its registered office is:
Flat 1
60 Mountfield Road
Finchley
London
N3 3NP

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

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.

 

Showman Opticians Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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 statement of financial position 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

Office Equipment

20% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

 

Showman Opticians Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a finacial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the income statement.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2022 - 1).

4

Tangible assets

Office Equipment
 £

Total
£

Cost or valuation

At 1 December 2022

1,009

1,009

At 30 November 2023

1,009

1,009

Depreciation

At 1 December 2022

1,009

1,009

At 30 November 2023

1,009

1,009

Carrying amount

At 30 November 2023

-

-

5

Investment properties

2023
£

At 1 December

304,929

The director is confident that the valuations of the two properties are in line with current market values.

 

 

Showman Opticians Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

6

Debtors

Current

2023
£

2022
£

Other debtors

18,110

27,813

 

18,110

27,813

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

4,912

4,619

Accruals and deferred income

950

950

Other creditors

242

-

6,104

5,569

8

Related party transactions

Transactions with directors

2023

At 1 December 2022
£

Advances to director
£

Repayments by director
£

At 30 November 2023
£

Mr P T Showman

The loan is interest free and repayable on demand

11,667

5,832

(4,486)

13,013

         
       

 

2022

At 1 December 2021
£

Repayments by director
£

At 30 November 2022
£

Mr P T Showman

The loan is interest free and repayable on demand

14,073

(2,406)

11,667

       
     

Mr A D Showman

The loan is interest free and repayable on demand

2,164

(2,164)

-