Registered number
06828145
The Prison Opticians Company Ltd.
Unaudited Filleted Accounts
29 February 2024
The Prison Opticians Company Ltd.
Registered number: 06828145
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 326,960 387,721
Investments 4 50 -
327,010 387,721
Current assets
Debtors 5 316,888 339,058
Cash at bank and in hand 569,557 344,470
886,445 683,528
Creditors: amounts falling due within one year 6 (991,065) (624,901)
Net current (liabilities)/assets (104,620) 58,627
Total assets less current liabilities 222,390 446,348
Provisions for liabilities (80,105) (73,667)
Net assets 142,285 372,681
Capital and reserves
Called up share capital 149 149
Profit and loss account 142,136 372,532
Shareholders' funds 142,285 372,681
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.
Mr Tanjit Dosanjh
Director
Approved by the board on 18 November 2024
The Prison Opticians Company Ltd.
Notes to the Accounts
for the year ended 29 February 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.
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.
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:
Fixtures & fittings 20% straight line
Plant and machinery 20% straight line
Motor vehicle 20% straight line
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.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 6
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2023 497,004 88,143 585,147
Additions 50,195 - 50,195
Disposals (3,000) - (3,000)
At 29 February 2024 544,199 88,143 632,342
Depreciation
At 1 March 2023 180,316 17,110 197,426
Charge for the year 90,578 17,628 108,206
On disposals (250) - (250)
At 29 February 2024 270,644 34,738 305,382
Net book value
At 29 February 2024 273,555 53,405 326,960
At 28 February 2023 316,688 71,033 387,721
4 Investments
Investments in
subsidiary
undertakings
£
Cost
Additions 50
At 29 February 2024 50
5 Debtors 2024 2023
£ £
Trade debtors 313,620 329,380
Other debtors 3,268 9,678
316,888 339,058
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 171,681 328,427
Amounts owed to related parties 61,652 61,602
Corporation tax 14,427 30,125
Other taxes and social security costs 104,032 71,873
Other creditors 639,273 132,874
991,065 624,901
7 Related party transactions
As at 29 February 2024, The Prison Opticians Company Ltd owed £61,602 to The Prison Opticians Trust, a charity in which Tanjit Dosanjh is a Trustee.
As at 29 February 2024, The Prison Opticians Company Ltd owed £50 to Liberty Glasses CIC, a company in which Tanjit Dosanjh is a director.
8 Other information
The Prison Opticians Company Ltd. is a private company limited by shares and incorporated in England. Its registered office is:
164-165 Western Road
Brighton
England
BN1 2BB
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