Company registration number 12841414 (England and Wales)
ROMSEY OPTICAL LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ROMSEY OPTICAL LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
ROMSEY OPTICAL LTD
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
9,250
-
0
Tangible assets
4
340,088
357,592
349,338
357,592
Current assets
Stocks
75,210
63,000
Debtors
5
144,751
83,035
Cash at bank and in hand
7,657
10,582
227,618
156,617
Creditors: amounts falling due within one year
6
(407,158)
(323,798)
Net current liabilities
(179,540)
(167,181)
Total assets less current liabilities
169,798
190,411
Creditors: amounts falling due after more than one year
7
(12,500)
(69,060)
Provisions for liabilities
(37,050)
-
0
Net assets
120,248
121,351
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
120,247
121,350
Total equity
120,248
121,351

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 13 September 2024
Mr Z  Ali
Director
Company registration number 12841414 (England and Wales)
ROMSEY OPTICAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
1
Accounting policies
Company information

Romsey 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
Turnover

Turnover represents amounts receivable for goods and services provided in the normal course of business, net of trade discounts, VAT and other sales-related taxes.

Turnover is recognised as earned when, and to the extent that, the company obtains the right to consideration in the exchange for goods and services provided.

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.

Revenue from the provision of optometry services is recognised when the service is provided.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Franchise costs
20% straight line
1.4
Tangible fixed assets

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

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

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
20% 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.

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
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

ROMSEY OPTICAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
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.

1.9
Retirement benefits

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

1.10
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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
14
9
ROMSEY OPTICAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
3
Intangible fixed assets
Franchise costs
£
Cost
At 1 December 2022
-
0
Additions
15,000
At 30 November 2023
15,000
Amortisation and impairment
At 1 December 2022
-
0
Amortisation charged for the year
5,750
At 30 November 2023
5,750
Carrying amount
At 30 November 2023
9,250
At 30 November 2022
-
0
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 December 2022
234,843
190,101
20,302
445,246
Additions
-
0
148,333
11,393
159,726
Disposals
(109,036)
-
0
-
0
(109,036)
At 30 November 2023
125,807
338,434
31,695
495,936
Depreciation and impairment
At 1 December 2022
46,969
36,628
4,057
87,654
Depreciation charged in the year
3,353
58,887
5,954
68,194
At 30 November 2023
50,322
95,515
10,011
155,848
Carrying amount
At 30 November 2023
75,485
242,919
21,684
340,088
At 30 November 2022
187,874
153,473
16,245
357,592
ROMSEY OPTICAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
26,799
22,140
Other debtors
117,952
53,059
144,751
75,199
Deferred tax asset
-
0
7,836
144,751
83,035
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
67,427
89,229
Taxation and social security
8,197
9,062
Other creditors
331,534
225,507
407,158
323,798
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
12,500
69,060
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
256,667
-
0
ROMSEY OPTICAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
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 £4,815 (2022: £3,815) was outstanding being included in creditors: amounts falling due within one year.

 

During the year the company gave a loan to Wessex Optical Limited, a company in which Mr Zabir Ali is a director. At the year end a balance of £53,100 was outstanding being included in debtors: amounts falling due within one year.

 

The company has an existing loan with Lymington Optical Limited, a company in which Mr Zabir Ali is a director. At the year end a balance of £146,500 (2022: £87,000) 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 £89,811 (2022: £54,878) was outstanding being included in creditors: amounts falling due within one year.

 

The company has an existing loan with CGW Limited, a company in which Mr Zabir Ali is a director. At the year end a balance of £28,000 (2022: £20,000) was outstanding being included in creditors: amounts falling due within one year.

 

The company has an existing loan with Wessex Wellbeing Limited, a company in which Mr Zabir Ali is a director. At the year end a balance of £nil (2022: £13,000) was outstanding being included in debtors: amounts falling due within one year.

 

2023-11-302022-12-01false13 September 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityMr Z Alifalsefalse128414142022-12-012023-11-30128414142023-11-30128414142022-11-3012841414core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-11-3012841414core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-11-3012841414core:PlantMachinery2023-11-3012841414core:FurnitureFittings2023-11-3012841414core:ComputerEquipment2023-11-3012841414core:PlantMachinery2022-11-3012841414core:FurnitureFittings2022-11-3012841414core:ComputerEquipment2022-11-3012841414core:CurrentFinancialInstrumentscore:WithinOneYear2023-11-3012841414core:CurrentFinancialInstrumentscore:WithinOneYear2022-11-3012841414core:Non-currentFinancialInstrumentscore:AfterOneYear2023-11-3012841414core:Non-currentFinancialInstrumentscore:AfterOneYear2022-11-3012841414core:CurrentFinancialInstruments2023-11-3012841414core:CurrentFinancialInstruments2022-11-3012841414core:ShareCapital2023-11-3012841414core:ShareCapital2022-11-3012841414core:RetainedEarningsAccumulatedLosses2023-11-3012841414core:RetainedEarningsAccumulatedLosses2022-11-3012841414bus:Director12022-12-012023-11-3012841414core:IntangibleAssetsOtherThanGoodwill2022-12-012023-11-3012841414core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-12-012023-11-3012841414core:PlantMachinery2022-12-012023-11-3012841414core:FurnitureFittings2022-12-012023-11-3012841414core:ComputerEquipment2022-12-012023-11-30128414142021-12-012022-11-3012841414core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-11-3012841414core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillcore:ExternallyAcquiredIntangibleAssets2022-12-012023-11-3012841414core:PlantMachinery2022-11-3012841414core:FurnitureFittings2022-11-3012841414core:ComputerEquipment2022-11-30128414142022-11-3012841414core:WithinOneYear2023-11-3012841414core:WithinOneYear2022-11-3012841414core:Non-currentFinancialInstruments2023-11-3012841414core:Non-currentFinancialInstruments2022-11-3012841414bus:PrivateLimitedCompanyLtd2022-12-012023-11-3012841414bus:SmallCompaniesRegimeForAccounts2022-12-012023-11-3012841414bus:FRS1022022-12-012023-11-3012841414bus:AuditExemptWithAccountantsReport2022-12-012023-11-3012841414bus:FullAccounts2022-12-012023-11-30xbrli:purexbrli:sharesiso4217:GBP