13 false false false false false false false false false false true false false false false false false No description of principal activity 2023-03-01 Sage Accounts Production Advanced 2023 - FRS102_2023 17,500 17,500 xbrli:pure xbrli:shares iso4217:GBP 04369157 2023-03-01 2024-02-29 04369157 2024-02-29 04369157 2023-02-28 04369157 2022-03-01 2023-02-28 04369157 2023-02-28 04369157 2022-02-28 04369157 core:NetGoodwill 2023-03-01 2024-02-29 04369157 core:LandBuildings core:LongLeaseholdAssets 2023-03-01 2024-02-29 04369157 core:FurnitureFittings 2023-03-01 2024-02-29 04369157 bus:Director1 2023-03-01 2024-02-29 04369157 bus:Director2 2023-03-01 2024-02-29 04369157 core:NetGoodwill 2024-02-29 04369157 core:LandBuildings core:LongLeaseholdAssets 2023-02-28 04369157 core:FurnitureFittings 2023-02-28 04369157 core:LandBuildings core:LongLeaseholdAssets 2024-02-29 04369157 core:FurnitureFittings 2024-02-29 04369157 core:WithinOneYear 2024-02-29 04369157 core:WithinOneYear 2023-02-28 04369157 core:ShareCapital 2024-02-29 04369157 core:ShareCapital 2023-02-28 04369157 core:RetainedEarningsAccumulatedLosses 2024-02-29 04369157 core:RetainedEarningsAccumulatedLosses 2023-02-28 04369157 core:LandBuildings core:LongLeaseholdAssets 2023-02-28 04369157 core:FurnitureFittings 2023-02-28 04369157 bus:Director1 2023-02-28 04369157 bus:Director1 2024-02-29 04369157 bus:Director2 2023-02-28 04369157 bus:Director2 2024-02-29 04369157 bus:Director1 2022-02-28 04369157 bus:Director1 2023-02-28 04369157 bus:Director2 2022-02-28 04369157 bus:Director2 2023-02-28 04369157 bus:Director1 2022-03-01 2023-02-28 04369157 bus:Director2 2022-03-01 2023-02-28 04369157 bus:SmallEntities 2023-03-01 2024-02-29 04369157 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 04369157 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 04369157 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 04369157 bus:FullAccounts 2023-03-01 2024-02-29
COMPANY REGISTRATION NUMBER: 04369157
Greys Opticians (Cotswolds) Limited
Filleted Unaudited Financial Statements
29 February 2024
Greys Opticians (Cotswolds) Limited
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
6
75,761
63,351
Current assets
Stocks
80,914
76,946
Debtors
7
81,475
64,752
Cash at bank and in hand
262,287
257,913
---------
---------
424,676
399,611
Creditors: amounts falling due within one year
8
64,274
80,458
---------
---------
Net current assets
360,402
319,153
---------
---------
Total assets less current liabilities
436,163
382,504
---------
---------
Net assets
436,163
382,504
---------
---------
Capital and reserves
Called up share capital
125
125
Profit and loss account
436,038
382,379
---------
---------
Shareholders funds
436,163
382,504
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Greys Opticians (Cotswolds) Limited
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 22 July 2024 , and are signed on behalf of the board by:
Dr CP Grey
Director
Company registration number: 04369157
Greys Opticians (Cotswolds) Limited
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 11 Chapel Street, Stratford Upon Avon, Warwickshire, CV37 6EP.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
10% reducing balance
Fixtures and fittings
-
15% reducing balance
Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2023: 10 ).
5. Intangible assets
Goodwill
£
Cost
At 1 March 2023 and 29 February 2024
17,500
--------
Amortisation
At 1 March 2023 and 29 February 2024
17,500
--------
Carrying amount
At 29 February 2024
--------
At 28 February 2023
--------
6. Tangible assets
Long leasehold property
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 March 2023
23,032
185,771
20,117
228,920
Additions
8,532
14,349
22,881
--------
---------
--------
---------
At 29 February 2024
31,564
200,120
20,117
251,801
--------
---------
--------
---------
Depreciation
At 1 March 2023
18,057
128,462
19,050
165,569
Charge for the year
569
9,426
476
10,471
--------
---------
--------
---------
At 29 February 2024
18,626
137,888
19,526
176,040
--------
---------
--------
---------
Carrying amount
At 29 February 2024
12,938
62,232
591
75,761
--------
---------
--------
---------
At 28 February 2023
4,975
57,309
1,067
63,351
--------
---------
--------
---------
7. Debtors
2024
2023
£
£
Trade debtors
47,194
53,528
Other debtors
34,281
11,224
--------
--------
81,475
64,752
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
25,781
26,172
Corporation tax
15,179
21,776
Social security and other taxes
5,717
4,094
Other creditors
17,597
28,416
--------
--------
64,274
80,458
--------
--------
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Dr CP Grey
( 842)
8,475
7,633
Mrs ME Grey
( 842)
8,475
7,633
-------
--------
----
--------
( 1,684)
16,950
15,266
-------
--------
----
--------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Dr CP Grey
( 29,576)
37,734
( 9,000)
( 842)
Mrs ME Grey
( 29,576)
37,734
( 9,000)
( 842)
--------
--------
--------
-------
( 59,152)
75,468
( 18,000)
( 1,684)
--------
--------
--------
-------