Caseware UK (AP4) 2023.0.135 2023.0.135 2024-01-312024-01-310true2023-01-01falseThe principal activity of the company continued to be that of optometry services.1921trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06767319 2023-01-01 2024-01-31 06767319 2022-01-01 2022-12-31 06767319 2024-01-31 06767319 2022-12-31 06767319 c:Director1 2023-01-01 2024-01-31 06767319 c:Director2 2023-01-01 2024-01-31 06767319 d:Buildings 2023-01-01 2024-01-31 06767319 d:Buildings 2024-01-31 06767319 d:Buildings 2022-12-31 06767319 d:Buildings d:OwnedOrFreeholdAssets 2023-01-01 2024-01-31 06767319 d:Buildings d:LongLeaseholdAssets 2023-01-01 2024-01-31 06767319 d:Buildings d:LongLeaseholdAssets 2024-01-31 06767319 d:Buildings d:LongLeaseholdAssets 2022-12-31 06767319 d:PlantMachinery 2023-01-01 2024-01-31 06767319 d:PlantMachinery 2024-01-31 06767319 d:PlantMachinery 2022-12-31 06767319 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2024-01-31 06767319 d:MotorVehicles 2023-01-01 2024-01-31 06767319 d:MotorVehicles 2024-01-31 06767319 d:MotorVehicles 2022-12-31 06767319 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2024-01-31 06767319 d:FurnitureFittings 2023-01-01 2024-01-31 06767319 d:FurnitureFittings 2024-01-31 06767319 d:FurnitureFittings 2022-12-31 06767319 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2024-01-31 06767319 d:OwnedOrFreeholdAssets 2023-01-01 2024-01-31 06767319 d:PatentsTrademarksLicencesConcessionsSimilar 2023-01-01 2024-01-31 06767319 d:Goodwill 2023-01-01 2024-01-31 06767319 d:Goodwill 2024-01-31 06767319 d:Goodwill 2022-12-31 06767319 d:CurrentFinancialInstruments 2024-01-31 06767319 d:CurrentFinancialInstruments 2022-12-31 06767319 d:Non-currentFinancialInstruments 2024-01-31 06767319 d:Non-currentFinancialInstruments 2022-12-31 06767319 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 06767319 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 06767319 d:Non-currentFinancialInstruments d:AfterOneYear 2024-01-31 06767319 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 06767319 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-01-31 06767319 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 06767319 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-01-31 06767319 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 06767319 d:ShareCapital 2024-01-31 06767319 d:ShareCapital 2022-12-31 06767319 d:SharePremium 2024-01-31 06767319 d:SharePremium 2022-12-31 06767319 d:RetainedEarningsAccumulatedLosses 2024-01-31 06767319 d:RetainedEarningsAccumulatedLosses 2022-12-31 06767319 c:FRS102 2023-01-01 2024-01-31 06767319 c:AuditExempt-NoAccountantsReport 2023-01-01 2024-01-31 06767319 c:FullAccounts 2023-01-01 2024-01-31 06767319 c:PrivateLimitedCompanyLtd 2023-01-01 2024-01-31 06767319 2 2023-01-01 2024-01-31 06767319 d:OtherDeferredTax 2024-01-31 06767319 d:OtherDeferredTax 2022-12-31 06767319 d:Goodwill d:OwnedIntangibleAssets 2023-01-01 2024-01-31 06767319 e:PoundSterling 2023-01-01 2024-01-31 iso4217:GBP xbrli:pure

Registered number: 06767319










LORDS OPTICIANS LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 JANUARY 2024

 
LORDS OPTICIANS LTD
 

CONTENTS



Page
Statement of Financial Position
 
1 - 2
Notes to the Financial Statements
 
3 - 11

 
LORDS OPTICIANS LTD
REGISTERED NUMBER: 06767319

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2024

31 January
31 December
2024
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
50,909
62,126

Tangible assets
 5 
388,534
124,113

  
439,443
186,239

Current assets
  

Stocks
  
147,523
145,237

Debtors
 6 
139,328
298,388

Cash at bank and in hand
  
2,274
18,232

  
289,125
461,857

Creditors: amounts falling due within one year
 7 
(398,662)
(340,129)

Net current (liabilities)/assets
  
 
 
(109,537)
 
 
121,728

Total assets less current liabilities
  
329,906
307,967

Creditors: amounts falling due after more than one year
 8 
(69,333)
(104,583)

Provisions for liabilities
  

Deferred tax
 10 
(12,715)
(16,833)

  
 
 
(12,715)
 
 
(16,833)

Net assets
  
247,858
186,551


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Share premium account
  
76,438
76,438

Profit and loss account
  
170,420
109,113

  
247,858
186,551

Page 1

 
LORDS OPTICIANS LTD
REGISTERED NUMBER: 06767319
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JANUARY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr A Hudson
................................................
Mr M Hunt
Director
Director


Date: 29 August 2024

The notes on pages 3 to 11 form part of these financial statements.
Page 2

 
LORDS OPTICIANS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

1.


General information

Lords Opticians Ltd is a company limited by shares, incorporated in England. The address of the registered office is Oakleigh House, 14 Garden Street, Cromer, Norfolk, NR27 9HN.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
LORDS OPTICIANS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.3

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
LORDS OPTICIANS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.9

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Income Statement over its useful economic life.
 The estimated useful lives range as follows:

Goodwill
-
Over term of lease

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
LORDS OPTICIANS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line
L/Term leasehold property
-
Over remaining term of lease
Plant & machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures & fittings
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the period was 19 (2022 - 21).

Page 6

 
LORDS OPTICIANS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

4.


Intangible assets






Goodwill

£



Cost


At 1 January 2023
411,182



At 31 January 2024

411,182



Amortisation


At 1 January 2023
349,056


Charge for the period on owned assets
11,217



At 31 January 2024

360,273



Net book value



At 31 January 2024
50,909



At 31 December 2022
62,126



Page 7

 
LORDS OPTICIANS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

5.


Tangible fixed assets







Freehold property
L/Term leasehold property
Plant & machinery
Motor vehicles
Fixtures & fittings
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2023
-
112,762
233,937
2,000
131,022
479,721


Additions
284,902
-
682
-
2,249
287,833



At 31 January 2024

284,902
112,762
234,619
2,000
133,271
767,554



Depreciation


At 1 January 2023
-
58,164
186,210
1,953
109,281
355,608


Charge for the period on owned assets
-
4,030
13,107
13
6,262
23,412



At 31 January 2024

-
62,194
199,317
1,966
115,543
379,020



Net book value



At 31 January 2024
284,902
50,568
35,302
34
17,728
388,534



At 31 December 2022
-
54,598
47,727
47
21,741
124,113
Page 8

 
LORDS OPTICIANS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

6.


Debtors

31 January
31 December
2024
2022
£
£

Due after more than one year

Other debtors
7,100
70,416

7,100
70,416

Due within one year

Trade debtors
46,970
35,963

Other debtors
16,197
184,359

Prepayments and accrued income
9,245
7,650

Tax recoverable
59,816
-

139,328
298,388



7.


Creditors: Amounts falling due within one year

31 January
31 December
2024
2022
£
£

Bank overdrafts
44,282
37,920

Bank loans
32,000
32,000

Other loans
-
26,300

Trade creditors
78,179
112,324

Corporation tax
123,171
74,127

Other taxation and social security
11,259
9,765

Other creditors
87,233
36,448

Accruals and deferred income
22,538
11,245

398,662
340,129


Page 9

 
LORDS OPTICIANS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

8.


Creditors: Amounts falling due after more than one year

31 January
31 December
2024
2022
£
£

Bank loans
69,333
104,000

Other loans
-
583

69,333
104,583



9.


Loans


Analysis of the maturity of loans is given below:


31 January
31 December
2024
2022
£
£

Amounts falling due within one year

Bank loans
32,000
32,000

Other loans
-
26,300


32,000
58,300

Amounts falling due 1-2 years

Bank loans
69,333
104,000


69,333
104,000

Amounts falling due 2-5 years

Other loans
-
583


-
583


101,333
162,883


Page 10

 
LORDS OPTICIANS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

10.


Deferred taxation






2024


£






At beginning of year
(16,833)


Charged to profit or loss
4,118



At end of year
(12,715)

The provision for deferred taxation is made up as follows:

31 January
31 December
2024
2022
£
£


Accelarated capital allowances
(12,715)
(16,833)

(12,715)
(16,833)


11.


Pension commitments

The company operates a defined contributions pension scheme for the benefit of its employees. Contributions payable are recognised in income statement when due. The assets of the scheme are held seperately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £9,981 (2022 - £9,132). Contributions totalling £2,205 (2022 - £2,185) were payable to the fund at the reporting date.


12.


Related party transactions

The company owed the directors £53,931 at the period end (31 December 2022 - £182,557 owed by the directors to the company) and this is included within other creditors due within one year (2022 - other debtors within one year). Interest has been charged to the directors by the company, for the period in which the directors owed money to the company, at the official loan interest rate.
During the year, the company purchased a freehold property from the directors for use in the trade. The transaction took place at full market value.

 
Page 11