Company registration number 14797063 (England and Wales)
H & R OPTICS LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
H & R OPTICS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
H & R OPTICS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
Notes
£
£
Fixed assets
Intangible assets
3
409,647
Tangible assets
4
42,052
451,699
Current assets
Stocks
21,154
Debtors
5
11,230
Cash at bank and in hand
175,157
207,541
Creditors: amounts falling due within one year
6
(412,643)
Net current liabilities
(205,102)
Total assets less current liabilities
246,597
Creditors: amounts falling due after more than one year
7
(189,895)
Provisions for liabilities
(10,513)
Net assets
46,189
Capital and reserves
Called up share capital
8
100
Profit and loss reserves
46,089
Total equity
46,189
For the financial period ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
The directors acknowledge their 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 directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 25 November 2024 and are signed on its behalf by:
R A M Westwood
Director
Company registration number 14797063 (England and Wales)
H & R OPTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information
H & R Optics Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bradbury House, Mission Court, Newport, Gwent, United Kingdom, NP20 2DW.
1.1
Reporting period
The period covered by these financial statements is 6 months due to business activity starting in the second half of the reporting period.
1.2
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. The principal accounting policies adopted are set out below.
1.3
Turnover
Turnover represents amounts receivable for goods and services provided in the normal course of business, net of trade discounts, VAT and other sales-related taxes.
Turnover is recognised as earned when, and to the extent that, the company obtains the right to consideration in the exchange for goods and services provided.
Revenue from the sale of spectacles, contact lenses and other related products is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods) , the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from the provision of optometry services is recognised when the service is provided.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Franchise
10% on cost
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost, net of depreciation.
H & R OPTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
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
20% on cost
Office equipment
20% on cost
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. 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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Current tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted at the balance sheet.
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.
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.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
H & R OPTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.10
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
Number
Total
7
3
Intangible fixed assets
Other
£
Cost
At 12 April 2023
Additions
431,232
At 30 April 2024
431,232
Amortisation and impairment
At 12 April 2023
Amortisation charged for the period
21,585
At 30 April 2024
21,585
Carrying amount
At 30 April 2024
409,647
H & R OPTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
- 5 -
4
Tangible fixed assets
Plant and machinery etc
Office equipment
Total
£
£
£
Cost
At 12 April 2023
Additions
21,533
24,609
46,142
At 30 April 2024
21,533
24,609
46,142
Depreciation and impairment
At 12 April 2023
Depreciation charged in the period
2,153
1,937
4,090
At 30 April 2024
2,153
1,937
4,090
Carrying amount
At 30 April 2024
19,380
22,672
42,052
5
Debtors
2024
Amounts falling due within one year:
£
Trade debtors
9,695
Other debtors
1,535
11,230
6
Creditors: amounts falling due within one year
2024
£
Bank loans
14,066
Trade creditors
82,457
Corporation tax
10,345
Other taxation and social security
3,755
Other creditors
302,020
412,643
7
Creditors: amounts falling due after more than one year
2024
£
Bank loans and overdrafts
189,895
H & R OPTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
7
Creditors: amounts falling due after more than one year
(Continued)
- 6 -
Creditors which fall due after five years are as follows:
2024
£
Payable by instalments
133,629
8
Called up share capital
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
100
100
During the year 100 ordinary shares of £1 each were issued and fully paid.
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
£
157,500
10
Related party transactions
During the year, the company loaned money from Eyesis Optics Limited, a company with a common director. At the year end, the amount owed to Eyesis Optics Limited was £296,607 This amount is included in creditors: amounts falling due within one year.
11
Directors' transactions
The directors operate current loan accounts with the company, which are debited with payments made by the company on behalf of the directors and credited with funds introduced and undrawn directors fees. At the year end,
the amount outstanding to the directors was £1,560; this amount being included in creditors: amounts falling due within one year.