Company registration number 09978789 (England and Wales)
WEYMOUTH OPTICAL LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
WEYMOUTH OPTICAL LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
WEYMOUTH OPTICAL LTD
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
9,687
10,646
Current assets
Stocks
54,309
55,000
Debtors
5
53,802
18,884
Cash at bank and in hand
150
21,939
108,261
95,823
Creditors: amounts falling due within one year
6
(240,412)
(274,502)
Net current liabilities
(132,151)
(178,679)
Total assets less current liabilities
(122,464)
(168,033)
Creditors: amounts falling due after more than one year
7
(14,893)
(54,882)
Net liabilities
(137,357)
(222,915)
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
(137,457)
(223,015)
Total equity
(137,357)
(222,915)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 6 September 2024
Mr Z  Ali
Director
Company registration number 09978789 (England and Wales)
WEYMOUTH OPTICAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
1
Accounting policies
Company information

Weymouth Optical Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 2 West Borough, Wimborne, East Dorset, BH21 1NF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

As at 30th November 2023 the company's liabilities exceeded its assets by £137,357 and its current liabilities exceeded its current assets by £122,464. The company is reliant on the continued support of its directors and other creditors. Having made appropriate enquires the directors are not aware of any reason why the company will not be able to meet its liabilities as they fall due for the foreseeable future; as a result the directors are satisfied that the going concern basis of accounting remains appropriate.true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% Straight line
Fixtures and fittings
20% Straight line
Computers
33% Straight line
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

WEYMOUTH OPTICAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 3 -

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
6
5
WEYMOUTH OPTICAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 December 2022
65,513
106,320
9,821
181,654
Additions
-
0
-
0
8,286
8,286
At 30 November 2023
65,513
106,320
18,107
189,940
Depreciation and impairment
At 1 December 2022
58,206
106,320
6,482
171,008
Depreciation charged in the year
4,590
-
0
4,655
9,245
At 30 November 2023
62,796
106,320
11,137
180,253
Carrying amount
At 30 November 2023
2,717
-
0
6,970
9,687
At 30 November 2022
7,307
-
0
3,339
10,646
4
Intangible fixed assets
Franchise costs
£
Cost
At 1 December 2022 and 30 November 2023
120,000
Amortisation and impairment
At 1 December 2022 and 30 November 2023
120,000
Carrying amount
At 30 November 2023
-
0
At 30 November 2022
-
0
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
10,454
10,906
Other debtors
43,348
7,978
53,802
18,884
WEYMOUTH OPTICAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,107
11,009
Trade creditors
38,013
35,592
Taxation and social security
4,295
5,017
Other creditors
187,997
222,884
240,412
274,502
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
14,893
23,991
Other creditors
-
0
30,891
14,893
54,882
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
9
Related party transactions

The company has an existing loan with Wimborne Limited, a company in which Mr Zabir Ali is a director. At the year end, a balance of £93,001 (2022 - £96,001) was outstanding being included in creditors: amounts falling due within one year.

 

During the year the company made a loan to Wessex Optical Limited, a company in which Mr Zabir Ali is a director. At the year end, a balance of £42,000 was outstanding being included in debtors: amounts falling due within one year.

 

During the year the company received a loan from Lymington Optical Limited, a company in which Mr Zabir Ali is a director. At the year end, a balance of £8,000 was outstanding being included in creditors: amounts falling due within one year.

 

The company has an existing loan with Zabir Ali Optical Limited, a company in which Mr Zabir Ali is a director. At the year end, a balance of £78,822 (2022 - £72,224) was outstanding being included in creditors: amounts falling due within one year.

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