Acorah Software Products - Accounts Production 15.0.600 false true 31 January 2023 1 February 2022 false 1 February 2023 31 January 2024 31 January 2024 SC473029 Mr Kevin Wallace Mrs April Wallace Mr and Mrs Wallace true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC473029 2023-01-31 SC473029 2024-01-31 SC473029 2023-02-01 2024-01-31 SC473029 frs-core:CurrentFinancialInstruments 2024-01-31 SC473029 frs-core:NetGoodwill 2024-01-31 SC473029 frs-core:NetGoodwill 2023-02-01 2024-01-31 SC473029 frs-core:NetGoodwill 2023-01-31 SC473029 frs-core:PlantMachinery 2024-01-31 SC473029 frs-core:PlantMachinery 2023-02-01 2024-01-31 SC473029 frs-core:PlantMachinery 2023-01-31 SC473029 frs-core:ShareCapital 2024-01-31 SC473029 frs-core:RetainedEarningsAccumulatedLosses 2024-01-31 SC473029 frs-bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 SC473029 frs-bus:FilletedAccounts 2023-02-01 2024-01-31 SC473029 frs-bus:SmallEntities 2023-02-01 2024-01-31 SC473029 frs-bus:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 SC473029 frs-bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 SC473029 1 2023-02-01 2024-01-31 SC473029 frs-bus:Director1 2023-02-01 2024-01-31 SC473029 frs-bus:Director2 2023-02-01 2024-01-31 SC473029 frs-countries:Scotland 2023-02-01 2024-01-31 SC473029 2022-01-31 SC473029 2023-01-31 SC473029 2022-02-01 2023-01-31 SC473029 frs-core:CurrentFinancialInstruments 2023-01-31 SC473029 frs-core:ShareCapital 2023-01-31 SC473029 frs-core:RetainedEarningsAccumulatedLosses 2023-01-31
Registered number: SC473029
K D Wallace Eyecare Limited
Unaudited Financial Statements
For The Year Ended 31 January 2024
Rosslyn Associates Ltd
Chartered Tax Advisers & Accountants
The Walled Garden
South Building
Bush Estate
Midlothian
EH26 0SD
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: SC473029
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 5,235 6,185
5,235 6,185
CURRENT ASSETS
Stocks 6 13,800 13,137
Debtors 7 10,359 8,454
Cash at bank and in hand 18,212 22,258
42,371 43,849
Creditors: Amounts Falling Due Within One Year 8 (22,946 ) (23,224 )
NET CURRENT ASSETS (LIABILITIES) 19,425 20,625
TOTAL ASSETS LESS CURRENT LIABILITIES 24,660 26,810
PROVISIONS FOR LIABILITIES
Deferred Taxation (995 ) (1,175 )
NET ASSETS 23,665 25,635
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 23,565 25,535
SHAREHOLDERS' FUNDS 23,665 25,635
Page 1
Page 2
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Kevin Wallace
Director
25/10/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
K D Wallace Eyecare Limited is a private company, limited by shares, incorporated in Scotland, registered number SC473029 . The registered office is 238 Queensferry Road, Edinburgh, EH4 2BP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 5 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% reducing balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
2.7. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
Page 3
Page 4
4. Intangible Assets
Goodwill
£
Cost
As at 1 February 2023 10,000
As at 31 January 2024 10,000
Amortisation
As at 1 February 2023 10,000
As at 31 January 2024 10,000
Net Book Value
As at 31 January 2024 -
As at 1 February 2023 -
5. Tangible Assets
Plant & Machinery
£
Cost
As at 1 February 2023 12,760
Additions 596
As at 31 January 2024 13,356
Depreciation
As at 1 February 2023 6,575
Provided during the period 1,546
As at 31 January 2024 8,121
Net Book Value
As at 31 January 2024 5,235
As at 1 February 2023 6,185
6. Stocks
2024 2023
£ £
Materials 13,800 13,137
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 5,139 4,166
Other debtors 5,220 4,288
10,359 8,454
Page 4
Page 5
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 14,960 13,870
Other creditors 2,458 1,876
Taxation and social security 5,528 7,478
22,946 23,224
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Related Party Transactions
The directors are of the opinion that all related party transactions are conducted under normal market conditions and on an arm's length basis and therefore do not need to be disclosed under FRS 102 section 1A appendix C.
11. Ultimate Controlling Party
The company's ultimate controlling parties are Mr and Mrs Wallace by virtue of their equal ownership of 100% of the issued share capital in the company.
Page 5