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Company registration number: SC259298
Broxburn Optical Ltd
Trading as Broxburn Optical Ltd
Unaudited abridged financial statements
31 December 2023
Broxburn Optical Ltd
Contents
Directors and other information
Directors report
Accountants report
Abridged statement of comprehensive income
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
Broxburn Optical Ltd
Directors and other information
Directors Mr Z Sharif (Appointed 15 November 2022)
Company number SC259298
Registered office 25 Hopetoun Road
South Queensferry
Scotland
EH30 9RB
Accountants James Mc Mahon & Co
35 Castor Bay Road
Lurgan
Co. Armagh
BT67 9LE
Broxburn Optical Ltd
Directors report
Period ended 31 December 2023
The directors present their report and the unaudited financial statements of the company for the period ended 31 December 2023.
Directors
The directors who served the company during the period were as follows:
Mr Z Sharif (Appointed 15 November 2022)
Mr Paul David Stevenson (Resigned 15 November 2022)
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 27 August 2024 and signed on behalf of the board by:
Mr Z Sharif
Director
Broxburn Optical Ltd
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Broxburn Optical Ltd
Period ended 31 December 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the period ended 31 December 2023 which comprise the abridged statement of comprehensive income, abridged statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
James Mc Mahon & Co
Certified Public Accountants
35 Castor Bay Road
Lurgan
Co. Armagh
BT67 9LE
27 August 2024
Broxburn Optical Ltd
Abridged statement of comprehensive income
Period ended 31 December 2023
14 months Year
ended ended
31/12/23 31/10/22
Note £ £
Gross profit 376,080 324,662
Staff costs 4 ( 295,910) ( 175,622)
Depreciation and other amounts written off tangible and intangible fixed assets ( 5,030) ( 4,000)
Other operating expenses ( 45,295) ( 50,593)
_______ _______
Operating profit 29,845 94,447
Other interest receivable and similar income - 15
Interest payable and similar expenses ( 1,536) -
_______ _______
Profit before taxation 5 28,309 94,462
Tax on profit ( 6,107) ( 18,347)
_______ _______
Profit for the financial period and total comprehensive income 22,202 76,115
_______ _______
All the activities of the company are from continuing operations.
Broxburn Optical Ltd
Abridged statement of financial position
31 December 2023
31/12/23 31/10/22
Note £ £ £ £
Fixed assets
Intangible assets 6 - -
Tangible assets 7 4,911 68,447
_______ _______
4,911 68,447
Current assets
Stocks 35,000 35,034
Debtors 103,024 28,833
Cash at bank and in hand 22,883 13,237
_______ _______
160,907 77,104
Creditors: amounts falling due
within one year ( 70,477) ( 54,367)
_______ _______
Net current assets 90,430 22,737
_______ _______
Total assets less current liabilities 95,341 91,184
Creditors: amounts falling due
after more than one year ( 20,000) ( 38,768)
Provisions for liabilities ( 1,228) ( 505)
_______ _______
Net assets 74,113 51,911
_______ _______
Capital and reserves
Called up share capital 10 10
Profit and loss account 74,103 51,901
_______ _______
Shareholders funds 74,113 51,911
_______ _______
For the period ending 31 December 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 financial statements for the period 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.
These financial statements have been prepared 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'.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current period ending 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 27 August 2024 , and are signed on behalf of the board by:
Mr Z Sharif
Director
Company registration number: SC259298
Broxburn Optical Ltd
Statement of changes in equity
Period ended 31 December 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 January 2022 10 29,859 29,869
Profit for the period 76,115 76,115
_______ _______ _______
Total comprehensive income for the period - 76,115 76,115
Dividends paid and payable ( 54,073) ( 54,073)
_______ _______ _______
Total investments by and distributions to owners - ( 54,073) ( 54,073)
_______ _______ _______
At 31 October 2022 and 1 November 2022 10 51,901 51,911
Profit for the period 22,202 22,202
_______ _______ _______
Total comprehensive income for the period - 22,202 22,202
_______ _______ _______
At 31 December 2023 10 74,103 74,113
_______ _______ _______
Broxburn Optical Ltd
Notes to the financial statements
Period ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Broxburn Optical Ltd, 25 Hopetoun Road, South Queensferry, Scotland, EH30 9RB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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:
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 are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the period amounted to 9 (2022: 8 ).
The aggregate payroll costs incurred during the period were:
14 months Year
ended ended
31/12/23 31/10/22
£ £
Wages and salaries 275,633 156,828
Social security costs 15,237 8,055
Other pension costs 5,040 10,739
_______ _______
295,910 175,622
_______ _______
5. Profit before taxation
Profit before taxation is stated after charging/(crediting):
14 months Year
ended ended
31/12/23 31/10/22
£ £
Depreciation of tangible assets 5,030 4,000
_______ _______
6. Intangible assets
£
Cost
At 1 November 2022 and 31 December 2023 80,000
_______
Amortisation
At 1 November 2022 and 31 December 2023 80,000
_______
Carrying amount
At 31 December 2023 -
_______
At 31 October 2022 -
_______
7. Tangible assets
£
Cost
At 1 November 2022 142,085
Additions 3,579
Disposals ( 62,085)
_______
At 31 December 2023 83,579
_______
Depreciation
At 1 November 2022 73,638
Charge for the year 5,030
_______
At 31 December 2023 78,668
_______
Carrying amount
At 31 December 2023 4,911
_______
At 31 October 2022 68,447
_______