Registered number
09751487
Eye Street Opticians Ltd
Filleted Accounts
26 February 2024
Eye Street Opticians Ltd
Registered number: 09751487
Balance Sheet
as at 26 February 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 7,668 20,500
Tangible assets 4 25,145 399
32,813 20,899
Current assets
Stocks 17,905 16,327
Debtors 5 3,596 2,154
Cash at bank and in hand 22,845 25,565
44,346 44,046
Creditors: amounts falling due within one year 6 (11,480) (15,369)
Net current assets 32,866 28,677
Total assets less current liabilities 65,679 49,576
Creditors: amounts falling due after more than one year 7 (21,006) -
Net assets 44,673 49,576
Capital and reserves
Called up share capital 100 100
Profit and loss account 44,573 49,476
Shareholder's funds 44,673 49,576
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M Hazlewood
Director
Approved by the board on 13 September 2024
Eye Street Opticians Ltd
Notes to the Accounts
for the year ended 26 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% Straight line
Fixtures, fittings, tools and equipment 20% Straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 5
3 Intangible fixed assets £
Goodwill:
Cost
At 27 February 2023 128,323
At 26 February 2024 128,323
Amortisation
At 27 February 2023 107,823
Provided during the year 12,832
At 26 February 2024 120,655
Net book value
At 26 February 2024 7,668
At 26 February 2023 20,500
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 27 February 2023 4,800
Additions 29,270
At 26 February 2024 34,070
Depreciation
At 27 February 2023 4,401
Charge for the year 4,524
At 26 February 2024 8,925
Net book value
At 26 February 2024 25,145
At 26 February 2023 399
5 Debtors 2024 2023
£ £
Trade debtors 1,681 -
Other debtors 1,915 2,154
3,596 2,154
6 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 4,132 -
Trade creditors 6,023 8,156
Taxation and social security costs 1,125 1,707
Other creditors 200 5,506
11,480 15,369
7 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 21,006 -
8 Controlling party
The company is controlled by Mr M Hazlewood.
9 Other information
Eye Street Opticians Ltd is a private company limited by shares and incorporated in England. Its registered office is:
69 Dale Road
Rawmarsh
Rotherham
S62 5AL
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