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Registration number: 07621065

Bushey Heath Opticians Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Bushey Heath Opticians Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Bushey Heath Opticians Limited

Company Information

Director

Mr O Hilton

Company secretary

Mrs L Hilton

Registered office

3rd Floor
Lawford House
Albert Place
London
N3 1QA

Accountants

Sterlings Ltd
Chartered Accountants
Lawford House
Albert Place
London
N3 1QA

 

Bushey Heath Opticians Limited

(Registration number: 07621065)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

12,763

13,524

Current assets

 

Stocks

6

20,116

20,106

Debtors

7

13,980

12,586

Cash at bank and in hand

 

77,371

60,699

 

111,467

93,391

Creditors: Amounts falling due within one year

8

(48,932)

(45,862)

Net current assets

 

62,535

47,529

Net assets

 

75,298

61,053

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

75,198

60,953

Shareholders' funds

 

75,298

61,053

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 November 2024
 

.........................................
Mr O Hilton
Director

 

Bushey Heath Opticians Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
3rd Floor
Lawford House
Albert Place
London
N3 1QA

These financial statements were authorised for issue by the director on 27 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

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 revenue when:
The amount of revenue 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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Bushey Heath Opticians Limited

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery etc

25% reducing balance

Goodwill

Acquired goodwill has been written off in equal annual instalments over the term of its estimated useful economic life.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Bushey Heath Opticians Limited

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

Financial instruments

Classification
The company only enters into basic financial instruments that result in the recognition of financial assets or liabilities like trade debtors, other debtors, trade creditors and other creditors, loans from banks or other third parties and loans to/from related parties.

 Recognition and measurement
Debt instruments that constitute a financing transaction are initially measured at fair value of future payments and subsequently at amortised cost using the effective interest method. Debt instruments which are payable or receivable within one year such as trade debtors or trade creditors are measured, initially and subsequently at the undiscounted amount of the cash or other consideration expected to be paid or received.

 Impairment
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit & loss account.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2023 - 5).

 

Bushey Heath Opticians Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

115,000

115,000

At 31 March 2024

115,000

115,000

Amortisation

At 1 April 2023

115,000

115,000

At 31 March 2024

115,000

115,000

Carrying amount

At 31 March 2024

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

66,859

66,859

Additions

3,494

3,494

At 31 March 2024

70,353

70,353

Depreciation

At 1 April 2023

53,335

53,335

Charge for the year

4,255

4,255

At 31 March 2024

57,590

57,590

Carrying amount

At 31 March 2024

12,763

12,763

At 31 March 2023

13,524

13,524

6

Stocks

2024
£

2023
£

Closing stock

20,116

20,106

 

Bushey Heath Opticians Limited

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

7

Debtors

Current

2024
£

2023
£

Trade debtors

8,855

8,598

Prepayments

1,732

697

Other debtors

3,393

3,291

 

13,980

12,586

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

19,258

20,796

Taxation and social security

19,193

13,447

Accruals and deferred income

5,450

7,430

Other creditors

5,031

4,189

48,932

45,862

9

Related party transactions

As at the balance sheet date, the balance owed to Mr O Hilton, the director and 65% shareholder, and Mrs L Hilton, a 35% shareholder, amounted to £4,240 (2023 - £3,610).