Registered number
05144260
McCormack Opticians Limited
Filleted Accounts
31 March 2024
McCormack Opticians Limited
Registered number: 05144260
Balance Sheet
as at 31 March 2024
Notes 2024 2023
Fixed assets
Tangible assets 4 73,908 1,169
Current assets
Stocks 27,583 27,541
Debtors 5 24,336 13,863
Cash at bank and in hand 68,586 102,728
120,505 144,132
Creditors: amounts falling due within one year 6 (79,490) (46,395)
Net current assets 41,015 97,737
Total assets less current liabilities 114,923 98,906
Creditors: amounts falling due after more than one year 7 (9,334) (17,333)
Provisions for liabilities (166) (51)
Net assets 105,423 81,522
Capital and reserves
Called up share capital 100 100
Profit and loss account 105,323 81,422
Shareholders' funds 105,423 81,522
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
R M McCormack
Director
Approved by the board on 22 October 2024
McCormack Opticians Limited
Notes to the Accounts
for the year ended 31 March 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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 10% - 25% reducing balance
Leasehold building Straight line over lease term
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Grant income
Capital and revenue grants are recognised in income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 5
3 Intangible fixed assets
Goodwill:
Cost
At 1 April 2023 50,000
At 31 March 2024 50,000
Amortisation
At 1 April 2023 50,000
At 31 March 2024 50,000
Net book value
At 31 March 2024 -
Goodwill has been written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Leasehold building Plant and machinery etc Total
Cost
At 1 April 2023 - 27,822 27,822
Additions 75,000 - 75,000
At 31 March 2024 75,000 27,822 102,822
Depreciation
At 1 April 2023 - 26,653 26,653
Charge for the year 1,967 294 2,261
At 31 March 2024 1,967 26,947 28,914
Net book value
At 31 March 2024 73,033 875 73,908
At 31 March 2023 - 1,169 1,169
5 Debtors 2024 2023
Trade debtors 17,604 13,863
Other debtors 6,732 -
24,336 13,863
6 Creditors: amounts falling due within one year 2024 2023
Bank loans and overdrafts 8,000 8,000
Trade creditors 9,948 13,478
Taxation and social security costs 13,377 5,917
Other creditors 48,165 19,000
79,490 46,395
7 Creditors: amounts falling due after one year 2024 2023
Bank loans 9,334 17,333
8 Controlling party
Mr R M McCormack, who owns 51% of the issued share capital, is considered to be the controlling party.
9 Other information
McCormack Opticians Limited is a private company limited by shares and incorporated in England. Its registered office is:
88 Springhill Avenue
Crofton
Wakefield
West Yorkshire
WF4 1HD
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