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REGISTERED NUMBER: SC215769 (Scotland)













Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Simpson Opticians Limited

Simpson Opticians Limited (Registered number: SC215769)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Simpson Opticians Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: E Simpson





SECRETARY: M Simpson





REGISTERED OFFICE: Pavilion 1
Finnieston Business Park
Minerva Way
Glasgow
G3 8AU





REGISTERED NUMBER: SC215769 (Scotland)





ACCOUNTANTS: Gerber Landa & Gee
Chartered Accountants
Pavilion 1
Finnieston Business Park
Minerva Way
GLASGOW
G3 8AU

Simpson Opticians Limited (Registered number: SC215769)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 5,730 11,100
Tangible assets 5 163,023 195,687
Investment property 6 94,195 94,195
262,948 300,982

CURRENT ASSETS
Stocks 26,981 25,270
Debtors 7 47,089 45,209
Cash at bank 272,836 276,559
346,906 347,038
CREDITORS
Amounts falling due within one year 8 60,659 51,827
NET CURRENT ASSETS 286,247 295,211
TOTAL ASSETS LESS CURRENT
LIABILITIES

549,195

596,193

PROVISIONS FOR LIABILITIES 9,037 11,854
NET ASSETS 540,158 584,339

CAPITAL AND RESERVES
Called up share capital 2 2
Revaluation reserve 10 108,490 108,490
Retained earnings 431,666 475,847
SHAREHOLDERS' FUNDS 540,158 584,339

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Simpson Opticians Limited (Registered number: SC215769)

Balance Sheet - continued
31 March 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 29 August 2024 and were signed by:





E Simpson - Director


Simpson Opticians Limited (Registered number: SC215769)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Simpson Opticians Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the 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 as modified by the revaluation of certain assets.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.

Goodwill
Goodwill represents the amounts paid in connection with business purchases in December 2015 and February 2019 and are being amortised over a period of 10 years. Also included within goodwill is a balance relating to a business purchase in 2001 which has been fully amortised although the asset is still retained.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Land and buildings - 10% on cost and 2% on cost
Plant and machinery etc - 25% on cost, 20% on cost and 15% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.


Simpson Opticians Limited (Registered number: SC215769)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
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 15 (2023 - 17 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 86,699
AMORTISATION
At 1 April 2023 75,599
Charge for year 5,370
At 31 March 2024 80,969
NET BOOK VALUE
At 31 March 2024 5,730
At 31 March 2023 11,100

Simpson Opticians Limited (Registered number: SC215769)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 April 2023 180,224 272,174 452,398
Additions - 2,420 2,420
At 31 March 2024 180,224 274,594 454,818
DEPRECIATION
At 1 April 2023 46,929 209,782 256,711
Charge for year 9,223 25,861 35,084
At 31 March 2024 56,152 235,643 291,795
NET BOOK VALUE
At 31 March 2024 124,072 38,951 163,023
At 31 March 2023 133,295 62,392 195,687

Cost or valuation at 31 March 2024 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2024 110,000 - 110,000
Cost 70,224 274,594 344,818
180,224 274,594 454,818

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 94,195
NET BOOK VALUE
At 31 March 2024 94,195
At 31 March 2023 94,195

Simpson Opticians Limited (Registered number: SC215769)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 42,746 41,312
VAT - 1,335
Prepayments 4,343 2,562
47,089 45,209

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 26,409 22,241
Tax 26,115 18,725
Social security and other taxes - 3,231
VAT 499 -
Accrued expenses 5,536 5,080
Deferred government grants 2,100 2,550
60,659 51,827

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.24 31.3.23
£    £   
Within one year 16,000 16,000
Between one and five years 16,000 32,000
32,000 48,000

10. RESERVES
Revaluation
reserve
£   
At 1 April 2023
and 31 March 2024 108,490