Registered number
08544795
Hathershaw Opticians Limited
Filleted Accounts
31 May 2024
Hathershaw Opticians Limited
Registered number: 08544795
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 22,316 8,048
Current assets
Stocks 24,865 20,605
Debtors 4 21,860 16,200
Cash at bank and in hand 20,833 13,260
67,558 50,065
Creditors: amounts falling due within one year 5 (61,956) (44,177)
Net current assets 5,602 5,888
Net assets 27,918 13,936
Capital and reserves
Called up share capital 4 4
Profit and loss account 27,914 13,932
Shareholder's funds 27,918 13,936
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.
Daniel Crown
Director
Approved by the board on 30 October 2024
Hathershaw Opticians Limited
Notes to the Accounts
for the year ended 31 May 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.
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 25% reducing balance
Motor vehicles 20% reducing balance
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 7 7
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 June 2023 31,477 - 31,477
Additions 374 20,000 20,374
At 31 May 2024 31,851 20,000 51,851
Depreciation
At 1 June 2023 23,429 - 23,429
Charge for the year 2,106 4,000 6,106
At 31 May 2024 25,535 4,000 29,535
Net book value
At 31 May 2024 6,316 16,000 22,316
At 31 May 2023 8,048 - 8,048
4 Debtors 2024 2023
£ £
Trade debtors 16,717 11,560
Other debtors 5,143 4,640
21,860 16,200
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 5,695 3,672
Other creditors 56,261 40,505
61,956 44,177
6 Controlling party
The ultimate controlling parties are Daniel Crown and Sumiya Neki, who each own 50% of the company's shareholdings.
7 Other information
Hathershaw Opticians Limited is a private company limited by shares and incorporated in England. Its registered office is:
250 Ashton Road
Oldham
OL8 1QN
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