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Registration number: 10722156

Sherborne Optical Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Sherborne Optical Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

Sherborne Optical Limited

Company Information

Directors

Mr Daniel Alexis Broks

Mrs Charlotte Peggy Broks

Registered office

1 Tilton Court
Digby Road
Sherborne
Dorset
DT9 3NL

Accountants

Hatherleigh Limited
Chartered Accountants & Business Advisers
Unit D Green Barn
West Down Farm
Corton Denham
Sherborne
Dorset
DT9 4LG

 

Sherborne Optical Limited

(Registration number: 10722156)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

285,730

304,779

Tangible assets

5

100,972

41,490

 

386,702

346,269

Current assets

 

Stocks

6

57,500

55,250

Debtors

7

26,763

30,457

Cash at bank and in hand

 

185,937

131,769

 

270,200

217,476

Creditors: Amounts falling due within one year

8

(95,843)

(66,146)

Net current assets

 

174,357

151,330

Total assets less current liabilities

 

561,059

497,599

Creditors: Amounts falling due after more than one year

8

(313,786)

(291,964)

Provisions for liabilities

(21,790)

(7,883)

Net assets

 

225,483

197,752

Capital and reserves

 

Called up share capital

9

4

4

Retained earnings

225,479

197,748

Shareholders' funds

 

225,483

197,752

For the financial year ending 30 April 2024 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.

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 September 2024 and signed on its behalf by:
 

 

Sherborne Optical Limited

(Registration number: 10722156)
Balance Sheet as at 30 April 2024

.........................................
Mr Daniel Alexis Broks
Director

.........................................
Mrs Charlotte Peggy Broks
Director

 

Sherborne Optical Limited

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

1

General information

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

The address of its registered office is:
1 Tilton Court
Digby Road
Sherborne
Dorset
DT9 3NL
England

These financial statements were authorised for issue by the Board on 16 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.

 

Sherborne Optical Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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 balance sheet 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

20% reducing balance

Fixtures and fittings

20% reducing balance

Office equipment

33% straight line

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

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.

 

Sherborne Optical Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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 profit and loss account 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.

 

Sherborne Optical Limited

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

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.

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 directors) during the year, was 13 (2023 - 13).

 

Sherborne Optical Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

380,975

380,975

At 30 April 2024

380,975

380,975

Amortisation

At 1 May 2023

76,196

76,196

Amortisation charge

19,049

19,049

At 30 April 2024

95,245

95,245

Carrying amount

At 30 April 2024

285,730

285,730

At 30 April 2023

304,779

304,779

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2023

96,381

96,381

Additions

85,663

85,663

At 30 April 2024

182,044

182,044

Depreciation

At 1 May 2023

54,891

54,891

Charge for the year

26,181

26,181

At 30 April 2024

81,072

81,072

Carrying amount

At 30 April 2024

100,972

100,972

At 30 April 2023

41,490

41,490

6

Stocks

2024
£

2023
£

Other inventories

57,500

55,250

 

Sherborne Optical Limited

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

7

Debtors

Current

2024
£

2023
£

Other debtors

26,763

30,457

 

26,763

30,457

 

Sherborne Optical Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

22,363

-

Trade creditors

 

38,660

21,016

Taxation and social security

 

27,579

40,997

Accruals and deferred income

 

1,605

1,500

Other creditors

 

5,636

2,633

 

95,843

66,146

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

313,786

291,964

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

Ordinary shares Type B of £1 each

1

1

1

1

Ordinary shares Type C of £1 each

1

1

1

1

4

4

4

4

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

247,729

273,226

Finance lease liabilities

66,057

18,738

313,786

291,964

 

Sherborne Optical Limited

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

Current loans and borrowings

2024
£

2023
£

Finance lease liabilities

22,363

-

11

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £37,424.00 (2023 - £46,737.00) per each Ordinary shares

74,848

93,474

Interim dividend of £Nil per each Ordinary shares Type C

-

-

Interim dividend of £Nil (2023 - £848.00) per each Ordinary shares Type B

-

848

74,848

94,322

12

Related party transactions

 

Sherborne Optical Limited

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

Transactions with directors

2024

At 1 May 2023
£

Advances to director
£

Repayments by director
£

At 30 April 2024
£

Mr Daniel Alexis Broks

The director maintains an interest free loan account with the company which is repayable on demand

1,317

(36,164)

37,424

2,577

Mrs Charlotte Peggy Broks

The director maintains an interest free loan account with the company which is repayable on demand

1,316

(36,164)

37,424

2,576

2023

At 1 May 2022
£

Advances to director
£

Repayments by director
£

At 30 April 2023
£

Mr Daniel Alexis Broks

The director maintains an interest free loan account with the company which is repayable on demand

19,571

(28,868)

10,614

1,317

Mrs Charlotte Peggy Broks

The director maintains an interest free loan account with the company which is repayable on demand

19,571

(28,869)

10,614

1,316

 

Sherborne Optical Limited

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

26,032

23,942