IRIS Accounts Production v24.2.0.383 02279715 Board of Directors 1.4.23 31.3.24 31.3.24 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh022797152023-03-31022797152024-03-31022797152023-04-012024-03-31022797152022-03-31022797152022-04-012023-03-31022797152023-03-3102279715ns15:EnglandWales2023-04-012024-03-3102279715ns14:PoundSterling2023-04-012024-03-3102279715ns10:Director12023-04-012024-03-3102279715ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3102279715ns10:SmallEntities2023-04-012024-03-3102279715ns10:AuditExemptWithAccountantsReport2023-04-012024-03-3102279715ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3102279715ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3102279715ns10:AbridgedAccounts2023-04-012024-03-310227971512023-04-012024-03-3102279715ns10:Director22023-04-012024-03-3102279715ns10:Director32023-04-012024-03-3102279715ns10:CompanySecretary12023-04-012024-03-3102279715ns10:RegisteredOffice2023-04-012024-03-3102279715ns5:CurrentFinancialInstruments2024-03-3102279715ns5:CurrentFinancialInstruments2023-03-3102279715ns5:Non-currentFinancialInstruments2024-03-3102279715ns5:Non-currentFinancialInstruments2023-03-3102279715ns5:ShareCapital2024-03-3102279715ns5:ShareCapital2023-03-3102279715ns5:SharePremium2024-03-3102279715ns5:SharePremium2023-03-3102279715ns5:CapitalRedemptionReserve2024-03-3102279715ns5:CapitalRedemptionReserve2023-03-3102279715ns5:RetainedEarningsAccumulatedLosses2024-03-3102279715ns5:RetainedEarningsAccumulatedLosses2023-03-3102279715ns5:NetGoodwill2023-04-012024-03-3102279715ns5:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-3102279715ns5:LeaseholdImprovements2023-04-012024-03-3102279715ns5:FurnitureFittings2023-04-012024-03-3102279715ns5:MotorVehicles2023-04-012024-03-31
REGISTERED NUMBER: 02279715 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Chapman Opticians Ltd

Chapman Opticians Ltd (Registered number: 02279715)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 7

Chapman Opticians Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: A M Chapman
J H Chapman
Mrs S A Edmonds





SECRETARY: Mrs S A Edmonds





REGISTERED OFFICE: 1 Aston Court
Bromsgrove Technology Park
Bromsgrove
Worcestershire
B60 3AL





REGISTERED NUMBER: 02279715 (England and Wales)





ACCOUNTANTS: Kenneth Morris Limited
1 Aston Court
Bromsgrove Technology Park
Bromsgrove
Worcestershire
B60 3AL

Chapman Opticians Ltd (Registered number: 02279715)

Abridged Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 247,229 135,573
247,229 135,573

CURRENT ASSETS
Stocks 87,730 87,364
Debtors 105,868 150,754
Cash at bank and in hand 144,532 92,813
338,130 330,931
CREDITORS
Amounts falling due within one year 195,896 157,942
NET CURRENT ASSETS 142,234 172,989
TOTAL ASSETS LESS CURRENT
LIABILITIES

389,463

308,562

CREDITORS
Amounts falling due after more than one
year

(127,680

)

(35,155

)

PROVISIONS FOR LIABILITIES (15,524 ) (17,163 )
NET ASSETS 246,259 256,244

CAPITAL AND RESERVES
Called up share capital 82,318 82,318
Share premium 90,565 90,565
Capital redemption reserve 28,377 28,377
Retained earnings 44,999 54,984
246,259 256,244

Chapman Opticians Ltd (Registered number: 02279715)

Abridged Balance Sheet - continued
31 March 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 August 2024 and were signed on its behalf by:





A M Chapman - Director


Chapman Opticians Ltd (Registered number: 02279715)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Chapman Opticians Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 1999, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 15% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences 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 tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Chapman Opticians Ltd (Registered number: 02279715)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Property, plant and equipment acquired under finance leases or hire purchase contracts are capitalised and depreciated in the same manner as other tangible fixed assets. The related obligations, net of future finance charges, are included in creditors. Leasing payments are treated as consisting of capital and interest elements, and interest is charged to the profit and loss account on a straight-line basis which is considered to be a reasonable approximation to a constant rate of charge on the outstanding balance.


Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease. Where no lease is in place, the rentals are charges to the profit and loss account as and when paid.

The benefits of lease incentives are recognised in profit and loss account over the lease period.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2023 - 27 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2023
and 31 March 2024 228,011
AMORTISATION
At 1 April 2023
and 31 March 2024 228,011
NET BOOK VALUE

At 31 March 2024 -
At 31 March 2023 -

Chapman Opticians Ltd (Registered number: 02279715)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2023 787,062
Additions 183,278
Disposals (150,366 )
At 31 March 2024 819,974
DEPRECIATION
At 1 April 2023 651,489
Charge for year 71,371
Eliminated on disposal (150,115 )
At 31 March 2024 572,745
NET BOOK VALUE
At 31 March 2024 247,229
At 31 March 2023 135,573

6. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts and finance leases 181,341 58,355

The company overdraft facility is secured by a standard debenture in favour of Barclays Bank Limited and on a property owned by a director.

Hire purchase contracts and finance leases are secured against the assets to which they relate to.

7. CONTINGENT LIABILITIES

There were no material contingent liabilities at the year end.

8. POST BALANCE SHEET EVENTS

There were no material post balance sheet events.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Chapman Opticians Ltd

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Abridged Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Chapman Opticians Ltd for the year ended 31 March 2024 which comprise the Abridged Income Statement, Abridged Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Chapman Opticians Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Chapman Opticians Ltd and state those matters that we have agreed to state to the Board of Directors of Chapman Opticians Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Chapman Opticians Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Chapman Opticians Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Chapman Opticians Ltd. You consider that Chapman Opticians Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Chapman Opticians Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Kenneth Morris Limited
1 Aston Court
Bromsgrove Technology Park
Bromsgrove
Worcestershire
B60 3AL


29 August 2024