7 01/05/2023 31/12/2023 2023-12-31 false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2023-05-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP SC595296 2023-05-01 2023-12-31 SC595296 2023-12-31 SC595296 2023-04-30 SC595296 2022-05-01 2023-04-30 SC595296 2023-04-30 SC595296 2022-04-30 SC595296 core:NetGoodwill 2023-05-01 2023-12-31 SC595296 core:PlantMachinery 2023-05-01 2023-12-31 SC595296 core:FurnitureFittingsToolsEquipment 2023-05-01 2023-12-31 SC595296 bus:LeadAgentIfApplicable 2023-05-01 2023-12-31 SC595296 bus:Director1 2023-05-01 2023-12-31 SC595296 bus:Director2 2023-05-01 2023-12-31 SC595296 core:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 SC595296 core:RetainedEarningsAccumulatedLosses 2023-05-01 2023-12-31 SC595296 core:WithinOneYear 2023-12-31 SC595296 core:WithinOneYear 2023-04-30 SC595296 core:AfterOneYear 2023-12-31 SC595296 core:AfterOneYear 2023-04-30 SC595296 core:ShareCapital 2023-12-31 SC595296 core:ShareCapital 2023-04-30 SC595296 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC595296 core:RetainedEarningsAccumulatedLosses 2023-04-30 SC595296 core:ShareCapital 2022-04-30 SC595296 core:RetainedEarningsAccumulatedLosses 2022-04-30 SC595296 core:PreviouslyStatedAmount core:ShareCapital 2023-12-31 SC595296 bus:Director1 2023-04-30 SC595296 bus:Director1 2022-04-30 SC595296 bus:Director1 2023-04-30 SC595296 bus:Director1 2022-05-01 2023-04-30 SC595296 bus:SmallEntities 2023-05-01 2023-12-31 SC595296 bus:AuditExemptWithAccountantsReport 2023-05-01 2023-12-31 SC595296 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2023-12-31 SC595296 bus:PrivateLimitedCompanyLtd 2023-05-01 2023-12-31 SC595296 bus:AbridgedAccounts 2023-05-01 2023-12-31
Company registration number: SC595296
Downes Opticians Limited
Trading as Downes Opticians Limited
Unaudited abridged financial statements
31 December 2023
Downes Opticians Limited
Contents
Directors report
Accountants report
Abridged statement of comprehensive income
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
Downes Opticians Limited
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:
Mrs Clare Downes
Mr Zagham Sharif (Appointed 5 July 2023)
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 28 August 2024 and signed on behalf of the board by:
Mrs Clare Downes
Director
Downes Opticians Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Downes Opticians Limited
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
BT67 9LE
28 August 2024
Downes Opticians Limited
Abridged statement of comprehensive income
Period ended 31 December 2023
8 months Year
ended ended
31/12/23 30/04/23
Note £ £
Gross profit 258,748 459,848
Staff costs 4 ( 163,665) ( 207,472)
Depreciation and other amounts written off tangible and intangible fixed assets ( 11,059) ( 25,766)
Other operating expenses ( 65,923) ( 69,682)
_______ _______
Operating profit 18,101 156,928
Interest payable and similar expenses ( 1,301) ( 16,855)
_______ _______
Profit before taxation 5 16,800 140,073
Tax on profit ( 6,865) ( 29,295)
_______ _______
Profit for the financial period and total comprehensive income 9,935 110,778
_______ _______
All the activities of the company are from continuing operations.
Downes Opticians Limited
Abridged statement of financial position
31 December 2023
31/12/23 30/04/23
Note £ £ £ £
Fixed assets
Intangible assets 6 - 6,333
Tangible assets 7 11,359 14,467
_______ _______
11,359 20,800
Current assets
Stocks 31,000 31,090
Debtors 146,993 121,651
Cash at bank and in hand 42,231 44,276
_______ _______
220,224 197,017
Creditors: amounts falling due
within one year ( 91,789) ( 81,496)
_______ _______
Net current assets 128,435 115,521
_______ _______
Total assets less current liabilities 139,794 136,321
Creditors: amounts falling due
after more than one year ( 14,281) ( 20,834)
Provisions for liabilities ( 2,840) ( 2,749)
_______ _______
Net assets 122,673 112,738
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 122,573 112,638
_______ _______
Shareholders funds 122,673 112,738
_______ _______
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 28 August 2024 , and are signed on behalf of the board by:
Mrs Clare Downes
Director
Company registration number: SC595296
Downes Opticians Limited
Statement of changes in equity
Period ended 31 December 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 May 2022 100 1,860 1,960
Profit for the period 110,778 110,778
_______ _______ _______
Total comprehensive income for the period - 110,778 110,778
_______ _______ _______
At 30 April 2023 and 1 May 2023 100 112,638 112,738
Profit for the period 9,935 9,935
_______ _______ _______
Total comprehensive income for the period - 9,935 9,935
_______ _______ _______
At 31 December 2023 100 122,573 122,673
_______ _______ _______
Downes Opticians Limited
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 2 North Junction Street, Edinburgh, Midlothian, EH6 6HN.
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.
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 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 - 20 % straight line
Fittings fixtures and equipment - 20 % 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. 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.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 7 (2023: 9 ).
The aggregate payroll costs incurred during the period were:
8 months Year
ended ended
31/12/23 30/04/23
£ £
Wages and salaries 151,461 195,564
Social security costs 9,526 10,683
Other pension costs 2,678 1,225
_______ _______
163,665 207,472
_______ _______
5. Profit before taxation
Profit before taxation is stated after charging/(crediting):
8 months Year
ended ended
31/12/23 30/04/23
£ £
Amortisation of intangible assets 6,333 19,000
Depreciation of tangible assets 4,726 6,766
_______ _______
6. Intangible assets
£
Cost
At 1 May 2023 and 31 December 2023 95,000
_______
Amortisation
At 1 May 2023 88,667
Charge for the period 6,333
_______
At 31 December 2023 95,000
_______
Carrying amount
At 31 December 2023 -
_______
At 30 April 2023 6,333
_______
7. Tangible assets
£
Cost
At 1 May 2023 33,829
Additions 1,619
_______
At 31 December 2023 35,448
_______
Depreciation
At 1 May 2023 19,362
Charge for the year 4,727
_______
At 31 December 2023 24,089
_______
Carrying amount
At 31 December 2023 11,359
_______
At 30 April 2023 14,467
_______
8. Directors advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
8 months ended 31/12/23
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mrs Clare Downes 3,696 ( 3,696) -
_______ _______ _______
Year ended 30/04/23
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mrs Clare Downes 3,696 69,444 73,140
_______ _______ _______