Martin Johnson Opticians Ltd 05252733 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is opthalmic services. Digita Accounts Production Advanced 6.30.9574.0 true 05252733 2023-01-01 2023-12-31 05252733 2023-12-31 05252733 core:CurrentFinancialInstruments 2023-12-31 05252733 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 05252733 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 05252733 core:Goodwill 2023-12-31 05252733 core:FurnitureFittings 2023-12-31 05252733 bus:SmallEntities 2023-01-01 2023-12-31 05252733 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 05252733 bus:FullAccounts 2023-01-01 2023-12-31 05252733 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 05252733 bus:RegisteredOffice 2023-01-01 2023-12-31 05252733 bus:Director1 2023-01-01 2023-12-31 05252733 bus:Director3 2023-01-01 2023-12-31 05252733 bus:Director4 2023-01-01 2023-12-31 05252733 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05252733 core:Goodwill 2023-01-01 2023-12-31 05252733 core:FurnitureFittings 2023-01-01 2023-12-31 05252733 countries:AllCountries 2023-01-01 2023-12-31 05252733 2022-12-31 05252733 core:Goodwill 2022-12-31 05252733 core:FurnitureFittings 2022-12-31 05252733 2022-01-01 2022-12-31 05252733 2022-12-31 05252733 core:CurrentFinancialInstruments 2022-12-31 05252733 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 05252733 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 05252733 core:Goodwill 2022-12-31 05252733 core:FurnitureFittings 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 05252733

Martin Johnson Opticians Ltd

Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Martin Johnson Opticians Ltd

(Registration number: 05252733)

Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

3

18,750

41,250

Tangible assets

4

30,487

22,097

 

49,237

63,347

Current assets

 

Stocks

72,593

56,646

Debtors

5

255,961

197,623

Cash at bank and in hand

 

7,083

14,265

 

335,637

268,534

Creditors: Amounts falling due within one year

6

(102,480)

(58,629)

Net current assets

 

233,157

209,905

Total assets less current liabilities

 

282,394

273,252

Creditors: Amounts falling due after more than one year

6

(21,610)

(24,166)

Provisions for liabilities

(5,254)

(4,860)

Net assets

 

255,530

244,226

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

254,530

243,226

Shareholders' funds

 

255,530

244,226

For the financial year 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Martin Johnson Opticians Ltd

(Registration number: 05252733)

Balance Sheet as at 31 December 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 20 September 2024 and signed on its behalf by:
 

.........................................

Mr Martin Lockwood Johnson
Director

.........................................

Mrs Louise Gordon
Director

.........................................

Mrs Paula Hobson
Director

 

Martin Johnson Opticians Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

Accounting policies

Martin Johnson Opticians Ltd is a private company, limited by shares, domiciled in England and Wales, company number 05252733. The registered office is at 13 Middlewood Road, , Sheffield, South Yorkshire, S6 4GU.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax.

Government grants

Grants that do not impose specified future performance-related conditions are recognised in income when the grant proceeds are received or receivable. Grants that impose specified future performance-related conditions are recognised in income only when the performance-related conditions are met. Grants received before the revenue recognition criteria are satisfied are recognised as a liability.

Tax

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

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 taxable income.

 

Martin Johnson Opticians Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Deferred tax shall be recognised in respect of all timing differences at the reporting date, except as otherwise required by FRS102. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Unrelieved tax losses and other deferred tax assets shall be 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.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

15% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight line

Stocks

Stocks are stated at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

 

Martin Johnson Opticians Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the statement of comprehensive income.
 

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2022 - 15).

3

Intangible assets

 

Martin Johnson Opticians Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Goodwill
 £

Total
£

Cost

At 1 January 2023

450,000

450,000

At 31 December 2023

450,000

450,000

Amortisation

At 1 January 2023

408,750

408,750

Amortisation charge

22,500

22,500

At 31 December 2023

431,250

431,250

Carrying amount

At 31 December 2023

18,750

18,750

At 31 December 2022

41,250

41,250

 

Martin Johnson Opticians Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost

At 1 January 2023

66,294

66,294

Additions

12,775

12,775

At 31 December 2023

79,069

79,069

Depreciation

At 1 January 2023

44,197

44,197

Charge for the year

4,385

4,385

At 31 December 2023

48,582

48,582

Carrying amount

At 31 December 2023

30,487

30,487

At 31 December 2022

22,097

22,097

5

Debtors

2023
 £

2022
 £

Trade debtors

 

8,476

8,436

Amounts owed by parent undertaking

241,879

182,280

Other debtors

 

1,289

2,590

Prepayments

 

4,317

4,317

 

255,961

197,623

 

Martin Johnson Opticians Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Creditors

Creditors: amounts falling due within one year

2023
 £

2022
 £

Due within one year

 

Bank loans

 

10,000

10,000

HP and finance lease liabilities

 

2,031

-

Trade creditors

 

33,866

22,310

Social security and other taxes

 

-

12

Outstanding defined contribution pension costs

 

2,146

1,173

Other payables

 

21,744

3,098

Accrued expenses

 

7,176

6,515

Corporation tax

25,517

15,521

 

102,480

58,629

Due after one year

 

Bank loans

 

14,167

24,166

HP and finance lease liabilities

 

7,443

-

 

21,610

24,166

7

Parent and ultimate parent undertaking

The company's immediate parent company is MJO Holdings Limited through its 100% shareholding in the entity. The company's ultimate controlling party is the directors through their shareholding in the parent company.