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REGISTERED NUMBER: 08411799 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

OLD TOWN OPTOMETRISTS LTD

OLD TOWN OPTOMETRISTS LTD (REGISTERED NUMBER: 08411799)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 April 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


OLD TOWN OPTOMETRISTS LTD

COMPANY INFORMATION
for the Year Ended 30 April 2024







DIRECTOR: Mrs N L Glover





REGISTERED OFFICE: Beckside Court
Annie Reed Road
Beverley
East Yorkshire
HU17 0LF





REGISTERED NUMBER: 08411799 (England and Wales)





ACCOUNTANTS: Sowerby
Chartered Accountants
Beckside Court
Annie Reed Road
Beverley
East Yorkshire
HU17 0LF

OLD TOWN OPTOMETRISTS LTD (REGISTERED NUMBER: 08411799)

BALANCE SHEET
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 37,449 41,610
Tangible assets 5 1,662 5,673
39,111 47,283

CURRENT ASSETS
Stocks 34,940 29,465
Debtors 6 6,902 1,628
Cash at bank and in hand 8,604 6,398
50,446 37,491
CREDITORS
Amounts falling due within one year 7 25,071 20,169
NET CURRENT ASSETS 25,375 17,322
TOTAL ASSETS LESS CURRENT
LIABILITIES

64,486

64,605

PROVISIONS FOR LIABILITIES 316 1,078
NET ASSETS 64,170 63,527

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 64,070 63,427
SHAREHOLDERS' FUNDS 64,170 63,527

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

OLD TOWN OPTOMETRISTS LTD (REGISTERED NUMBER: 08411799)

BALANCE SHEET - continued
30 April 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 31 October 2024 and were signed by:





Mrs N L Glover - Director


OLD TOWN OPTOMETRISTS LTD (REGISTERED NUMBER: 08411799)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 April 2024


1. STATUTORY INFORMATION

Old Town Optometrists Limited is a private company, limited by shares, incorporated and domiciled in England. It has its registered office and principal place of business at Beckside Court, Annie Reed Road, Beverley, East Yorkshire, HU17 0LF.

The principal activity of the company is optometry.

The presentational currency of the financial statements is Pound Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Having regard to liquidity risk, current market conditions and other factors affecting the company, the use of the going concern basis of accounting is appropriate as, in the opinion of the directors, there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.

The directors, having taken into the factors discussed above as well as the uncertainties of the current economic environment, have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

Turnover
Turnover is the amount derived from ordinary activities, measured at the fair value of the consideration received or receivable. Turnover excludes value added tax and trade discounts.

Turnover from the sale of goods is recognised at the point of sale.

Sales are recognised at the point which the company has fulfilled its contractual obligations and the risks and rewards attached to the product, have been transferred to the customer.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 10% on cost

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Stock is calculated on the first in first out basis.


OLD TOWN OPTOMETRISTS LTD (REGISTERED NUMBER: 08411799)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 April 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 83,220
AMORTISATION
At 1 May 2023 41,610
Charge for year 4,161
At 30 April 2024 45,771
NET BOOK VALUE
At 30 April 2024 37,449
At 30 April 2023 41,610

OLD TOWN OPTOMETRISTS LTD (REGISTERED NUMBER: 08411799)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 April 2024


5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 May 2023
and 30 April 2024 53,142
DEPRECIATION
At 1 May 2023 47,469
Charge for year 4,011
At 30 April 2024 51,480
NET BOOK VALUE
At 30 April 2024 1,662
At 30 April 2023 5,673

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,490 1,305
Other debtors 4,412 323
6,902 1,628

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 10,667 5,071
Taxation and social security 4,766 4,792
Other creditors 9,638 10,306
25,071 20,169

8. ULTIMATE CONTROLLING PARTY

The controlling party is Mrs N L Glover.