Shevington Eyecare Limited
Registered number: 12944912
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 3,971 9,868
Current assets
Cash at bank and in hand 14,636 17,046
Creditors: amounts falling due within one year 4 (13,177) (18,240)
Net current assets/(liabilities) 1,459 (1,194)
Total assets less current liabilities 5,430 8,674
Creditors: amounts falling due after more than one year 5 (5,030) (8,208)
Net assets 400 466
Capital and reserves
Called up share capital 100 100
Profit and loss account 300 366
Shareholders' funds 400 466
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Musab Patel
Director
Approved by the board on 22 May 2024
Shevington Eyecare Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery Over 5 years
Fixtures & Fittings Over 5 years
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant & Machinery Fixtures & Fittings Total
£ £ £
Cost
At 1 April 2023 22,842 745 23,587
At 31 March 2024 22,842 745 23,587
Depreciation
At 1 April 2023 13,160 559 13,719
Charge for the year 5,710 187 5,897
At 31 March 2024 18,870 746 19,616
Net book value
At 31 March 2024 3,972 (1) 3,971
At 31 March 2023 9,682 186 9,868
4 Creditors: amounts falling due within one year 2024 2023
£ £
Accruals 39,000 -
Other creditors < 1 year 10,000 -
Director's account (1,213) (9,211)
Other taxes and social security costs (1,200) (1,559)
Holding company dividend account (43,608) 14,327
Corporation tax 7,021 11,506
Obligations under finance lease and hire purchase contracts 3,177 3,177
13,177 18,240
5 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 5,030 8,208
6 Profit and loss account 2024
£
At 1 April 2023 366
Profit for the year 15,934
Dividends (16,000)
At 31 March 2024 300
7 Dividends 2024 2023
£ £
Dividends for which the company became liable during the year:
Dividends paid 16,000 43,000
16,000 43,000
8 Related party transactions
Included within the creditors at the year end is £4,837 (2023: £9,211) due from Mr M Patel. During the period the company paid £10,784 of expenses on behalf of the directors and the directors introduced £15,158.
9 Controlling party
The ultimate controlling party is the parent company MH2 Optics Ltd.
10 Other information
Shevington Eyecare Limited is a private company limited by shares and incorporated in England. Its registered office is:
11a Greenmount Lane
Bolton
Lancashire
BL1 5JE
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