Company registration number 10742264 (England and Wales)
CEA OPTICAL LTD
Unaudited Financial Statements
for the Year Ended 31 July 2024
CEA OPTICAL LTD
CONTENTS
Page
Company Information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
CEA OPTICAL LTD
Company Information
- 1 -
Director
Mr C E Aldridge
Company number
10742264
Registered office
St David's House
48 Free Street
Brecon
Powys
UK
LD3 7BN
Accountants
Mitchell Associates Ltd
St Davids House
48 Free Street
Brecon
Powys
UK
LD3 7BN
CEA OPTICAL LTD
BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
119,325
122,242
Tangible assets
4
15,867
18,736
135,192
140,978
Current assets
Stocks
5
13,261
11,962
Debtors
6
13,313
14,975
Cash at bank and in hand
69,714
49,532
96,288
76,469
Creditors: amounts falling due within one year
7
(54,243)
(50,652)
Net current assets
42,045
25,817
Total assets less current liabilities
177,237
166,795
Creditors: amounts falling due after more than one year
8
(66,713)
(76,562)
Provisions for liabilities
(3,016)
(3,561)
Net assets
107,508
86,672
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
107,408
86,572
Total equity
107,508
86,672
CEA OPTICAL LTD
BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
- 3 -

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

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

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.

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

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

The financial statements were approved and signed by the director and authorised for issue on 13 November 2024
Mr C E Aldridge
Director
Company registration number 10742264 (England and Wales)
CEA OPTICAL LTD
Notes to the Financial Statements
For the Year Ended 31 July 2024
- 4 -
1
Accounting policies
Company information

Cea Optical Ltd is a private company limited by shares incorporated in England and Wales. The registered office is St David's House, 48 Free Street, Brecon, Powys, UK, LD3 7BN.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

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 Turnover when:

The amount of Turnover 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.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 48 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

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:

Plant and equipment
15% Reducing Balance
Computers
20% Reducing Balance

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.

CEA OPTICAL LTD
Notes to the Financial Statements
For the Year Ended 31 July 2024
1
Accounting policies
- 5 -
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.

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

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

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, 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 measured at transaction price.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are recognised at transaction price.

 

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 at transaction price.

CEA OPTICAL LTD
Notes to the Financial Statements
For the Year Ended 31 July 2024
1
Accounting policies
- 6 -
1.9
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.

1.10
Retirement benefits

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

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

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

2024
2023
Number
Number
Total
7
8
CEA OPTICAL LTD
Notes to the Financial Statements
For the Year Ended 31 July 2024
- 7 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 August 2023 and 31 July 2024
139,982
Amortisation and impairment
At 1 August 2023
17,741
Amortisation charged for the year
2,916
At 31 July 2024
20,657
Carrying amount
At 31 July 2024
119,325
At 31 July 2023
122,242
4
Tangible fixed assets
Plant and equipment
Computers
Total
£
£
£
Cost
At 1 August 2023 and 31 July 2024
45,190
2,455
47,645
Depreciation and impairment
At 1 August 2023
27,623
1,286
28,909
Depreciation charged in the year
2,635
234
2,869
At 31 July 2024
30,258
1,520
31,778
Carrying amount
At 31 July 2024
14,932
935
15,867
At 31 July 2023
17,567
1,169
18,736
5
Stocks
2024
2023
£
£
Stocks
13,261
11,962
CEA OPTICAL LTD
Notes to the Financial Statements
For the Year Ended 31 July 2024
- 8 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
8,863
8,375
Other debtors
4,450
6,600
13,313
14,975
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
15,232
12,101
Trade creditors
8,247
8,215
Taxation and social security
19,449
12,668
Other creditors
11,315
17,668
54,243
50,652
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
66,713
76,562
9
Loans and overdrafts
2024
2023
£
£
Bank loans
81,945
88,663
Payable within one year
15,232
12,101
Payable after one year
66,713
76,562

Natwest Loan is denominated in GBP with a nominal interest rate of 4%, and the final instalment is due on 31 July 2030. The carrying amount at year end is £81,945 (2023 - £88,663).

 

This loan is not secured against the company.

10
Financial commitments, guarantees and contingent liabilities

The total amount of financial commitments not included in the balance sheet is £144,600 (2023 - £190,800). This is made up of two property leases with annual rents and lengths remaining of £3,000 with 41 years remaining and £7,200 with 3 years remaining.

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