Registered number
10609173
David Stern Opticians Limited
Filleted Accounts
29 February 2024
David Stern Opticians Limited
Registered number: 10609173
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 17,468 23,164
Current assets
Stocks 32,080 22,020
Debtors 4 53,585 25,476
Cash at bank and in hand 11,640 43,252
97,305 90,748
Creditors: amounts falling due within one year 5 (94,070) (61,454)
Net current assets 3,235 29,294
Total assets less current liabilities 20,703 52,458
Creditors: amounts falling due after more than one year 6 (10,648) (23,613)
Provisions for liabilities (2,921) (2,921)
Net assets 7,134 25,924
Capital and reserves
Called up share capital 1 1
Profit and loss account 7,133 25,923
Shareholder's funds 7,134 25,924
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
D Stern
Director
Approved by the board on 25 November 2024
David Stern Opticians Limited
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 (as applied to small entities by section 1A of the standard).
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:
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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 5
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 March 2023 25,480 43,985 69,465
Additions - 2,468 2,468
At 29 February 2024 25,480 46,453 71,933
Depreciation
At 1 March 2023 17,689 28,612 46,301
Charge for the year 1,948 6,216 8,164
At 29 February 2024 19,637 34,828 54,465
Net book value
At 29 February 2024 5,843 11,625 17,468
At 28 February 2023 7,791 15,373 23,164
4 Debtors 2024 2023
£ £
Trade debtors 822 21,489
Amounts owed by group undertakings and undertakings in which the company has a participating interest 52,542 -
Other debtors 221 3,987
53,585 25,476
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 13,738 9,600
Trade creditors 29,565 23,548
Taxation and social security costs 30,216 20,214
Other creditors 20,551 8,092
94,070 61,454
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 10,648 23,613
7 Other information
David Stern Opticians Limited is a private company limited by shares and incorporated in England. Its registered office is:
Building 18, Gateway 1000
Whittle Way, Arlington Business Park
Stevenage
Hertfordshire
SG1 2FP
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