Registered number
11140942
Norton Opticians Ltd
Filleted Accounts
31 March 2024
Norton Opticians Ltd
Registered number: 11140942
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 21,662 27,077
Tangible assets 4 34,960 40,149
56,622 67,226
Current assets
Stocks 9,306 10,000
Debtors 5 10,506 32,485
Cash at bank and in hand 25,633 8,768
45,445 51,253
Creditors: amounts falling due within one year 6 (50,216) (44,798)
Net current (liabilities)/assets (4,771) 6,455
Total assets less current liabilities 51,851 73,681
Creditors: amounts falling due after more than one year 7 (15,236) (32,298)
Net assets 36,615 41,383
Capital and reserves
Called up share capital 100 100
Profit and loss account 36,515 41,283
Shareholders' funds 36,615 41,383
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 members have 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.
Mr A Norton
Director
Approved by the board on 29 November 2024
Norton Opticians Ltd
Notes to the Accounts
for the year ended 31 March 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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, tools and equipment 15% Reducing balance
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 3 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 54,155
At 31 March 2024 54,155
Amortisation
At 1 April 2023 27,078
Provided during the year 5,415
At 31 March 2024 32,493
Net book value
At 31 March 2024 21,662
At 31 March 2023 27,077
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 April 2023 80,345
Additions 897
At 31 March 2024 81,242
Depreciation
At 1 April 2023 40,196
Charge for the year 6,086
At 31 March 2024 46,282
Net book value
At 31 March 2024 34,960
At 31 March 2023 40,149
5 Debtors 2024 2023
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 3,000 26,000
Prepayments 1,345 1,316
Other debtors 6,161 5,169
10,506 32,485
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 9,996 17,496
Trade creditors 10,248 10,314
Taxation and social security costs 12,752 6,618
Directors loan 4 18
Other creditors 17,216 10,352
50,216 44,798
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 15,236 32,298
8 Other information
Norton Opticians Ltd is a private company limited by shares and incorporated in England. Its registered office is:
9 High Street
Wellington
Somerset
TA21 8QT
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