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Registration number: 04455303

D. A. Seaman Ltd t/a D.A. Seaman Optometrists

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

D. A. Seaman Ltd t/a D.A. Seaman Optometrists

Contents

Company Information

1

Statement of financial position

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

D. A. Seaman Ltd t/a D.A. Seaman Optometrists

Company Information

Director

Mrs A Coulson

Company secretary

Mrs A Coulson

Registered office

19 King Street
King's Lynn
Norfolk
PE30 1HB

Accountants

Hayhow & Co
Chartered Certified Accountants & Business Advisers
19 King Street
King's Lynn
Norfolk
PE30 1HB

 

D. A. Seaman Ltd t/a D.A. Seaman Optometrists

(Registration number: 04455303)
Statement of financial position as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

3,649

4,865

Tangible assets

5

24,316

29,686

 

27,965

34,551

Current assets

 

Stocks

6

11,050

14,609

Debtors

7

131,359

138,292

Cash at bank and in hand

 

60,617

89,389

 

203,026

242,290

Creditors: Amounts falling due within one year

8

(35,247)

(36,290)

Net current assets

 

167,779

206,000

Total assets less current liabilities

 

195,744

240,551

Creditors: Amounts falling due after more than one year

8

-

(4,008)

Provisions for liabilities

(6,079)

(7,422)

Net assets

 

189,665

229,121

Capital and reserves

 

Called up share capital

9

120

120

Retained earnings

189,545

229,001

Shareholders' funds

 

189,665

229,121

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Statement of comprehensive income.

Approved and authorised by the director on 24 September 2024
 

 

D. A. Seaman Ltd t/a D.A. Seaman Optometrists

(Registration number: 04455303)
Statement of financial position as at 30 June 2024

.........................................
Mrs A Coulson
Company secretary and director

 

D. A. Seaman Ltd t/a D.A. Seaman Optometrists

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
19 King Street
King's Lynn
Norfolk
PE30 1HB

These financial statements were authorised for issue by the director on 24 September 2024.

2

Accounting policies

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

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, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

 

D. A. Seaman Ltd t/a D.A. Seaman Optometrists

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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

Plant and machinery

25% Reducing balance

Furniture and fittings

25% Reducing balance

Motor vehicles

25% 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

25% Reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

D. A. Seaman Ltd t/a D.A. Seaman Optometrists

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

D. A. Seaman Ltd t/a D.A. Seaman Optometrists

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Leases

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 statement of financial position as a finance lease obligation.

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

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2023 - 5).

 

D. A. Seaman Ltd t/a D.A. Seaman Optometrists

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2023

121,430

121,430

At 30 June 2024

121,430

121,430

Amortisation

At 1 July 2023

116,565

116,565

Amortisation charge

1,216

1,216

At 30 June 2024

117,781

117,781

Carrying amount

At 30 June 2024

3,649

3,649

At 30 June 2023

4,865

4,865

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

24,777

35,264

45,920

105,961

Additions

2,577

-

-

2,577

At 30 June 2024

27,354

35,264

45,920

108,538

Depreciation

At 1 July 2023

17,505

31,328

27,442

76,275

Charge for the year

2,343

984

4,620

7,947

At 30 June 2024

19,848

32,312

32,062

84,222

Carrying amount

At 30 June 2024

7,506

2,952

13,858

24,316

At 30 June 2023

7,272

3,936

18,478

29,686

6

Stocks

2024
£

2023
£

Other inventories

11,050

14,609

 

D. A. Seaman Ltd t/a D.A. Seaman Optometrists

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

8,998

7,003

Amounts owed by related parties

11

43,464

43,850

Prepayments

 

2,773

2,839

Other debtors

 

76,124

84,600

   

131,359

138,292

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

4,008

4,748

Trade creditors

 

15,042

13,825

Social security and other taxes

 

965

805

Outstanding defined contribution pension costs

 

1,022

986

Accruals

 

4,000

4,220

Tax liability

10,242

11,706

Dividends payable

(32)

-

 

35,247

36,290

Due after one year

 

Loans and borrowings

10

-

4,008

Creditors include hire purchase contracts of £4,008 (2023 - £4,748) which are secured against the asset to which they relate.

 

D. A. Seaman Ltd t/a D.A. Seaman Optometrists

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

-

4,008

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A shares of £1 each

79

79

79

79

Ordinary B shares of £1 each

5

5

5

5

Ordinary C shares of £1 each

36

36

36

36

120

120

120

120

Each share is entitled to one vote in any circumstances and each share is also entitled pari passu to dividend payments or any other distribution, including a distribution arising from a winding up of the company.

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Hire purchase liabilities

-

4,008

2024
£

2023
£

Current loans and borrowings

Hire purchase liabilities

4,008

4,748

11

Related party transactions

 

D. A. Seaman Ltd t/a D.A. Seaman Optometrists

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Summary of transactions with other related parties

In the financial year the company paid dividends of £76,741 (2023: £51,149) to Harc Holdings Limited. During the year the company has paid rent of £22,000 (2023 £15,000) to Harc Holdings Limited. The company was owed £43,464 (2023: £43,849.) by Harc Holdings Limited. The director of D A Seaman Ltd is also the director of Harc Holdings Limited.