Phillips Opticians Ltd 04443373 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is that of opthalmic opticians Digita Accounts Production Advanced 6.30.9574.0 true 04443373 2023-07-01 2024-06-30 04443373 2024-06-30 04443373 bus:OrdinaryShareClass1 2024-06-30 04443373 core:CurrentFinancialInstruments 2024-06-30 04443373 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 04443373 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 04443373 core:FurnitureFittingsToolsEquipment 2024-06-30 04443373 core:LandBuildings 2024-06-30 04443373 core:MotorVehicles 2024-06-30 04443373 bus:SmallEntities 2023-07-01 2024-06-30 04443373 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 04443373 bus:FilletedAccounts 2023-07-01 2024-06-30 04443373 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 04443373 bus:RegisteredOffice 2023-07-01 2024-06-30 04443373 bus:CompanySecretaryDirector1 2023-07-01 2024-06-30 04443373 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 04443373 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 04443373 core:FurnitureFittingsToolsEquipment 2023-07-01 2024-06-30 04443373 core:LandBuildings 2023-07-01 2024-06-30 04443373 core:LeaseholdImprovements 2023-07-01 2024-06-30 04443373 core:MotorVehicles 2023-07-01 2024-06-30 04443373 core:KeyManagementPersonnel 2023-07-01 2024-06-30 04443373 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-07-01 2024-06-30 04443373 countries:UnitedKingdom 2023-07-01 2024-06-30 04443373 2023-06-30 04443373 core:FurnitureFittingsToolsEquipment 2023-06-30 04443373 core:LandBuildings 2023-06-30 04443373 core:MotorVehicles 2023-06-30 04443373 2022-07-01 2023-06-30 04443373 2023-06-30 04443373 bus:OrdinaryShareClass1 2023-06-30 04443373 core:CurrentFinancialInstruments 2023-06-30 04443373 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 04443373 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 04443373 core:FurnitureFittingsToolsEquipment 2023-06-30 04443373 core:LandBuildings 2023-06-30 04443373 core:MotorVehicles 2023-06-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 04443373

Phillips Opticians Ltd

Filleted Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 30 June 2024

 

Phillips Opticians Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 9

 

Phillips Opticians Ltd

Company Information

Director

Mr L Price

Company secretary

Mr L Price

Registered office

5 Crane Street
Pontypool
Torfaen
NP4 6LY

Accountants

HSJ Accountants Ltd
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

 

Phillips Opticians Ltd

(Registration number: 04443373)
Abridged Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

38,704

53,529

Current assets

 

Stocks

6

40,776

38,761

Debtors

22,419

20,820

Cash at bank and in hand

 

227,620

286,833

 

290,815

346,414

Prepayments and accrued income

 

9,092

13,001

Creditors: Amounts falling due within one year

7.1

(138,526)

(169,359)

Net current assets

 

161,381

190,056

Total assets less current liabilities

 

200,085

243,585

Creditors: Amounts falling due after more than one year

7.2

(31,730)

(71,728)

Provisions for liabilities

(9,393)

(13,038)

Accruals and deferred income

 

(9,251)

(8,887)

Net assets

 

149,711

149,932

Capital and reserves

 

Called up share capital

8

2,000

2,000

Capital redemption reserve

2,000

2,000

Retained earnings

145,711

145,932

Shareholders' funds

 

149,711

149,932

 

Phillips Opticians Ltd

(Registration number: 04443373)
Abridged Balance Sheet as at 30 June 2024

For the financial year ending 30 June 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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 15 November 2024
 

.........................................

Mr L Price
Company secretary and director

 

Phillips Opticians Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
5 Crane Street
Pontypool
Torfaen
NP4 6LY

The principal place of business is:
46 Tredegar Street
Risca
Newport
South Wales
NP11 6BU

These financial statements were authorised for issue by the director on 15 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 abridged 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 abridged 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.

 

Phillips Opticians Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024

Key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period the revision and future periods where the revisions affects both current and future periods.

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 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 and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

Leasehold properties

Straight line over the life of the lease

 

Phillips Opticians Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024

Furniture, fittings and equipment

10% straight line

Motor vehicles

25% straight line

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Phillips Opticians Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

 

Phillips Opticians Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 20 (2023 - 22).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

15,440

14,395

5

Tangible assets

Leasehold properties
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

124,470

91,745

47,025

263,240

Additions

-

615

-

615

At 30 June 2024

124,470

92,360

47,025

263,855

Depreciation

At 1 July 2023

124,327

81,369

4,015

209,711

Charge for the year

143

3,541

11,756

15,440

At 30 June 2024

124,470

84,910

15,771

225,151

Carrying amount

At 30 June 2024

-

7,450

31,254

38,704

At 30 June 2023

143

10,376

43,010

53,529

6

Stocks

2024
£

2023
£

Work in progress

7,195

6,380

Finished goods and goods for resale

33,581

32,381

40,776

38,761

 

Phillips Opticians Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024

7

Creditors

Creditors: amounts falling due within one year

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £5,882 (2023 - £5,882).

Creditors: amounts falling due after more than one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £28,320 (2023 - £34,202).

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

2,000

2,000

2,000

2,000

       

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £15,404 (2023 - £25,657). As at 30 June 2023 the company had annual commitments under non-cancellable operating leases. No security has been given on these operating leases.

10

Related party transactions

Key management personnel

Relationship: Director

Summary of transactions with key management

During the year, the director made an unsecured, interest free, repayable on demand loan to the company. At the balance sheet date, the amount due to the director was £36,548 (2023 - £50,480)