Registration number:
Oculus (Norwich) Limited
trading as
for the Year Ended 31 October 2023
Oculus (Norwich) Limited
trading as Oculus Contact Lens Centre
Contents
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Oculus (Norwich) Limited
trading as Oculus Contact Lens Centre
Registration number: 04578992
Balance Sheet as at 31 October 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Retained earnings |
|
|
|
Shareholders' funds |
|
|
The director's statements required by sections 475 (2) and (3) are shown on the following page which forms part of this Balance Sheet.
Oculus (Norwich) Limited
trading as Oculus Contact Lens Centre
Registration number: 04578992
Balance Sheet as at 31 October 2023 (continued)
For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
|
Oculus (Norwich) Limited
trading as Oculus Contact Lens Centre
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
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.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
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.
Oculus (Norwich) Limited
trading as Oculus Contact Lens Centre
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)
2 |
Accounting policies (continued) |
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.
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 |
Fixtures, fittings and equipment |
25% Reducing balance method |
Goodwill
Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. Under FRS 102 the period for writing off goodwill with no definitive useful life is 10 years and this will be applied from 1 November 2016. This is a change from the 20 years previously used under FRS10. No retrospective adjustment has been made in respect of this change to accounting estimate. Provision is made for any impairment.
Oculus (Norwich) Limited
trading as Oculus Contact Lens Centre
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)
2 |
Accounting policies (continued) |
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 |
10% Straight line |
Stocks
Stocks are stated at the lower of cost and estimated selling price.
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.
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Oculus (Norwich) Limited
trading as Oculus Contact Lens Centre
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)
Intangible assets |
Goodwill |
Total |
|
Cost or valuation |
||
At 1 November 2022 |
|
|
At 31 October 2023 |
|
|
Amortisation |
||
At 1 November 2022 |
|
|
Amortisation charge |
|
|
At 31 October 2023 |
|
|
Carrying amount |
||
At 31 October 2023 |
|
|
At 31 October 2022 |
|
|
Oculus (Norwich) Limited
trading as Oculus Contact Lens Centre
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Total |
|
Cost or valuation |
|||
At 1 November 2022 |
|
|
|
At 31 October 2023 |
|
|
|
Depreciation |
|||
At 1 November 2022 |
|
|
|
Charge for the year |
|
|
|
At 31 October 2023 |
|
|
|
Carrying amount |
|||
At 31 October 2023 |
|
|
|
At 31 October 2022 |
|
|
|
Included within the net book value of land and buildings above is £2,960 (2022 - £3,946) in respect of short leasehold land and buildings.
Stocks |
2023 |
2022 |
|
Other inventories |
|
|
Oculus (Norwich) Limited
trading as Oculus Contact Lens Centre
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)
Debtors |
Current |
Note |
2023 |
2022 |
Trade debtors |
|
|
|
Director's loan account |
|
|
|
Prepayments |
|
|
|
Other debtors |
|
|
|
|
|
The amounts owed to the company at the year end in respect of the directors' loans is shown above. It is company policy to charge interest on all overdrawn loan accounts at HM Revenue & Customs official rate of interest.
Oculus (Norwich) Limited
trading as Oculus Contact Lens Centre
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
|
Due within one year |
|||
Bank loans and overdrafts |
|
|
|
Trade creditors |
|
|
|
Taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
||
Due after one year |
|||
Loans and borrowings |
|
|
Pension fund loan
On 8th July 2011 the company provided a legal charge of £26,700 over specific optical equipment owned by the company. The amount outstanding at the balance sheet date was £18,700 (2022 - £23,500).
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
Oculus (Norwich) Limited
trading as Oculus Contact Lens Centre
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £