Company registration number 04965234 (England and Wales)
JONATHAN PARTRIDGE OPTOMETRISTS LTD
Unaudited financial statements
For the year ended 30 April 2024
Pages for filing with registrar
JONATHAN PARTRIDGE OPTOMETRISTS LTD
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
JONATHAN PARTRIDGE OPTOMETRISTS LTD
Balance sheet
As at 30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
545,862
545,862
Tangible assets
5
423,727
472,918
Investment property
6
-
0
250,000
969,589
1,268,780
Current assets
Stocks
48,593
47,561
Debtors
7
37,335
110,947
Cash at bank and in hand
112,018
677,181
197,946
835,689
Creditors: amounts falling due within one year
8
(77,907)
(68,701)
Net current assets
120,039
766,988
Total assets less current liabilities
1,089,628
2,035,768
Provisions for liabilities
(30,932)
(34,917)
Net assets
1,058,696
2,000,851
Capital and reserves
Called up share capital
100
100
Revaluation reserve
389,934
389,934
Profit and loss reserves
668,662
1,610,817
Total equity
1,058,696
2,000,851

The directors of the company have 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 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 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.

JONATHAN PARTRIDGE OPTOMETRISTS LTD
Balance sheet (continued)
As at 30 April 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 13 August 2024 and are signed on its behalf by:
Mrs B J Partridge
Director
Company registration number 04965234 (England and Wales)
JONATHAN PARTRIDGE OPTOMETRISTS LTD
Notes to the financial statements
For the year ended 30 April 2024
- 3 -
1
Accounting policies
Company information

Jonathan Partridge Optometrists Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 21 Church Street, Welshpool, Powys, SY21 7DP.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements the directors have considered the impact of COVID 19 and are satisfied that the company has adequate resources available to continue in operational existence for the foreseeable future. Therefore, the directors continue to adopt the going concern basis in preparing the financial statementstrue.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
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 15 years.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, 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:

Land and buildings Freehold
Not depreciated
Plant and machinery
15% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

JONATHAN PARTRIDGE OPTOMETRISTS LTD
Notes to the financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.8
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.

1.9
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

JONATHAN PARTRIDGE OPTOMETRISTS LTD
Notes to the financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
- 5 -
1.11
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

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

1.14
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

JONATHAN PARTRIDGE OPTOMETRISTS LTD
Notes to the financial statements (continued)
For the year ended 30 April 2024
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2024
2023
Number
Number
Total
6
6
4
Intangible fixed assets
Goodwill
£
Valuation
At 1 May 2023 and 30 April 2024
545,862
Amortisation and impairment
At 1 May 2023 and 30 April 2024
-
0
Carrying amount
At 30 April 2024
545,862
At 30 April 2023
545,862

The practice goodwill was valued by a specialist optometrists valuer Myers la Roche on 24th October 2022. This value will be reviewed regularly by the directors.

If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

2024
2023
£
£
Cost
-
150,000
Accumulated amortisation
-
150,000
Carrying value
-
-
JONATHAN PARTRIDGE OPTOMETRISTS LTD
Notes to the financial statements (continued)
For the year ended 30 April 2024
- 7 -
5
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 May 2023
300,000
488,280
49,450
837,730
Additions
-
0
9,727
-
0
9,727
Disposals
-
0
-
0
(49,450)
(49,450)
At 30 April 2024
300,000
498,007
-
0
798,007
Depreciation and impairment
At 1 May 2023
-
0
352,447
12,365
364,812
Depreciation charged in the year
-
0
21,833
-
0
21,833
Eliminated in respect of disposals
-
0
-
0
(12,365)
(12,365)
At 30 April 2024
-
0
374,280
-
0
374,280
Carrying amount
At 30 April 2024
300,000
123,727
-
0
423,727
At 30 April 2023
300,000
135,833
37,085
472,918

On 9th November 2023, the motor vehicle was transferred to Llugwy Investments Ltd, a company owned by one of the directors.

Land and buildings with a carrying amount of £455,928 were revalued at 14 March 2022 by Harry Ray & Company, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

6
Investment property
2024
£
Fair value
At 1 May 2023
250,000
Disposals
(250,000)
At 30 April 2024
-
0

On 9 November 2023 the investment property was transferred at fair value to Llugwy Investments Ltd, a company owned by one of the directors.

JONATHAN PARTRIDGE OPTOMETRISTS LTD
Notes to the financial statements (continued)
For the year ended 30 April 2024
- 8 -
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
32,107
27,815
Other debtors
5,228
83,132
37,335
110,947
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
28,526
25,296
Taxation and social security
48,487
43,405
Other creditors
894
-
0
77,907
68,701
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