Company registration number SC495087 (Scotland)
CAMERON-RAINEY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
CAMERON-RAINEY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
CAMERON-RAINEY LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
90,000
108,000
Tangible assets
4
56,540
63,776
146,540
171,776
Current assets
Stocks
23,610
19,255
Debtors
5
37,020
32,937
Cash at bank and in hand
215,722
111,104
276,352
163,296
Creditors: amounts falling due within one year
6
(108,684)
(86,944)
Net current assets
167,668
76,352
Total assets less current liabilities
314,208
248,128
Creditors: amounts falling due after more than one year
7
(49,218)
(22,632)
Provisions for liabilities
(13,973)
(15,782)
Net assets
251,017
209,714
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
250,917
209,614
Total equity
251,017
209,714

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 April 2024 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 members have 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 by the board of directors and authorised for issue on 13 September 2024 and are signed on its behalf by:
Mr P  Lee
Director
Company Registration No. SC495087
CAMERON-RAINEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information

Cameron-Rainey Limited is a private company limited by shares incorporated in Scotland. The registered office is 54 King Street, Kilmarnock, Ayrshire, Scotland, KA1 1NP.

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 spectacles, contact lenses and other related products 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 - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

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:

Professional Equipment
20% Reducing Balance
Fixtures and fittings
20% Reducing Balance
Computers
20% Reducing Balance
CAMERON-RAINEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
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
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.

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.

1.7
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.

CAMERON-RAINEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
2
Employees

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

2024
2023
Number
Number
Total
9
8
3
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
180,000
Amortisation and impairment
At 1 May 2023
72,000
Amortisation charged for the year
18,000
At 30 April 2024
90,000
Carrying amount
At 30 April 2024
90,000
At 30 April 2023
108,000
4
Tangible fixed assets
Professional Equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 May 2023
44,466
91,528
8,529
144,523
Additions
-
0
4,281
1,900
6,181
At 30 April 2024
44,466
95,809
10,429
150,704
Depreciation and impairment
At 1 May 2023
15,166
64,288
1,293
80,747
Depreciation charged in the year
5,860
5,983
1,574
13,417
At 30 April 2024
21,026
70,271
2,867
94,164
Carrying amount
At 30 April 2024
23,440
25,538
7,562
56,540
At 30 April 2023
29,300
27,240
7,236
63,776
CAMERON-RAINEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
25,587
21,659
Prepayments and accrued income
11,433
11,278
37,020
32,937
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
17,961
9,692
Trade creditors
45,435
50,065
Corporation tax
27,970
13,057
Other taxation and social security
5,993
4,641
Other creditors
8,562
4,412
Accruals and deferred income
2,763
5,077
108,684
86,944
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
49,218
22,632
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Oridnary of £1 each
100
100
100
100
9
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:

2024
2023
£
£
31,575
52,625
CAMERON-RAINEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
10
Related party transactions

During the year, the company loaned money from Cameron-Rainey (Helensburgh) Limited. At the year end, the amount owed to Cameron-Rainey (Helensburgh) Limited was £178 this amount is included in creditors: amounts falling due within one year. A company with a common director.

11
Directors' transactions

Dividends totalling £27,000 (2023: £29,000) were paid in the year in respect of shares held by the company's directors.

The director operates a current loan account with the company, which is debited with payment made by the company on behalf of the director and credited with funds introduced and undrawn director's fees. At the year end, the amount outstanding to the directors was £5,852 (2023: £3,165). This is included within creditors; amounts falling due within one year.

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