Company registration number 04408670 (England and Wales)
E.G.E Hall Opticians Limited
Unaudited financial statements
For the year ended 31 March 2024
E.G.E Hall Opticians Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
E.G.E Hall Opticians Limited
Balance sheet
As at 31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
-
0
7
Tangible assets
5
32,018
43,726
32,018
43,733
Current assets
Stocks
16,011
16,962
Debtors
6
13,493
32,314
Cash at bank and in hand
101
90
29,605
49,366
Creditors: amounts falling due within one year
7
(73,673)
(56,977)
Net current liabilities
(44,068)
(7,611)
Total assets less current liabilities
(12,050)
36,122
Provisions for liabilities
3,754
(7,630)
Net (liabilities)/assets
(8,296)
28,492
Capital and reserves
Called up share capital
50,301
50,301
Profit and loss reserves
(58,597)
(21,809)
Total equity
(8,296)
28,492

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

E.G.E Hall Opticians Limited
Balance sheet (continued)
As at 31 March 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 2 November 2024
Mr A M E Hall
Director
Company registration number 04408670 (England and Wales)
E.G.E HALL OPTICIANS LIMITED
E.G.E Hall Opticians Limited
Notes to the financial statements
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

E.G.E Hall Opticians Limited is a private company limited by shares incorporated in England and Wales. The registered office is 163 High Street, Redcar, Cleveland, England, TS10 3AN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents net invoiced sales of goods and services, excluding VAT, except in respect of service contracts where turnover is recognised when the company obtains the right to consideration.

1.3
Intangible fixed assets

Goodwill represents the purchase of a business in 2013 and is being written off on a straight line basis over the next three years.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
10% on cost
Plant and equipment
25% on cost
Fixtures and fittings
25% on cost
Computers
25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

E.G.E HALL OPTICIANS LIMITED
E.G.E Hall Opticians Limited
Notes to the financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stock is stated at the lower of cost and estimated selling price less costs to complete and sell.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

E.G.E HALL OPTICIANS LIMITED
E.G.E Hall Opticians Limited
Notes to the financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

E.G.E HALL OPTICIANS LIMITED
E.G.E Hall Opticians Limited
Notes to the financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Government grants

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
8
10
E.G.E HALL OPTICIANS LIMITED
E.G.E Hall Opticians Limited
Notes to the financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
56,083
Amortisation and impairment
At 1 April 2023
56,076
Amortisation charged for the year
7
At 31 March 2024
56,083
Carrying amount
At 31 March 2024
-
0
At 31 March 2023
7
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
40,666
172,360
213,026
Depreciation and impairment
At 1 April 2023
37,096
132,204
169,300
Depreciation charged in the year
358
11,350
11,708
At 31 March 2024
37,454
143,554
181,008
Carrying amount
At 31 March 2024
3,212
28,806
32,018
At 31 March 2023
3,570
40,156
43,726
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
11,855
30,694
Other debtors
1,638
1,620
13,493
32,314
E.G.E HALL OPTICIANS LIMITED
E.G.E Hall Opticians Limited
Notes to the financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,041
3,144
Trade creditors
30,772
26,849
Taxation and social security
6,980
8,007
Other creditors
25,880
18,977
73,673
56,977
8
Related party transactions

At the balance sheet date the company owed Agri-Vision Ltd (director in common) £16,665 (2023 - £9,577). The balance is interest free and repayable on demand.

9
Directors' transactions

At the year end the company owed the director £4,192 (2023 £4,596). The balance is interest free and repayable on demand.

2024-03-312023-04-01false02 November 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityMr A M E Hallfalsefalse044086702023-04-012024-03-31044086702024-03-31044086702023-03-3104408670core:NetGoodwill2024-03-3104408670core:NetGoodwill2023-03-3104408670core:LandBuildings2024-03-3104408670core:OtherPropertyPlantEquipment2024-03-3104408670core:LandBuildings2023-03-3104408670core:OtherPropertyPlantEquipment2023-03-3104408670core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3104408670core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3104408670core:CurrentFinancialInstruments2024-03-3104408670core:CurrentFinancialInstruments2023-03-3104408670core:ShareCapital2024-03-3104408670core:ShareCapital2023-03-3104408670core:RetainedEarningsAccumulatedLosses2024-03-3104408670core:RetainedEarningsAccumulatedLosses2023-03-3104408670bus:Director12023-04-012024-03-3104408670core:LandBuildingscore:LongLeaseholdAssets2023-04-012024-03-3104408670core:PlantMachinery2023-04-012024-03-3104408670core:FurnitureFittings2023-04-012024-03-3104408670core:ComputerEquipment2023-04-012024-03-31044086702022-04-012023-03-3104408670core:NetGoodwill2023-03-3104408670core:NetGoodwill2023-04-012024-03-3104408670core:LandBuildings2023-03-3104408670core:OtherPropertyPlantEquipment2023-03-31044086702023-03-3104408670core:LandBuildings2023-04-012024-03-3104408670core:OtherPropertyPlantEquipment2023-04-012024-03-3104408670core:WithinOneYear2024-03-3104408670core:WithinOneYear2023-03-3104408670bus:PrivateLimitedCompanyLtd2023-04-012024-03-3104408670bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3104408670bus:FRS1022023-04-012024-03-3104408670bus:AuditExemptWithAccountantsReport2023-04-012024-03-3104408670bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP