Company registration number 09085042 (England and Wales)
ROGERS OPTICAL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
ROGERS OPTICAL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
ROGERS OPTICAL LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
209,093
226,821
Investments
5
15,000
15,000
224,093
241,821
Current assets
Stocks
46,854
46,274
Debtors
6
133,377
31,498
Cash at bank and in hand
57,462
172,104
237,693
249,876
Creditors: amounts falling due within one year
7
(219,544)
(234,769)
Net current assets
18,149
15,107
Total assets less current liabilities
242,242
256,928
Creditors: amounts falling due after more than one year
8
(68,862)
(131,703)
Provisions for liabilities
(50,698)
(54,785)
Net assets
122,682
70,440
Capital and reserves
Called up share capital
9
125
125
Profit and loss reserves
122,557
70,315
Total equity
122,682
70,440
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on 7 January 2025
Mr P C Rogers
Director
Company registration number 09085042 (England and Wales)
ROGERS OPTICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information
Rogers Optical Limited is a private company limited by shares incorporated in England and Wales. The registered office is 141a High Street, Street, Somerset, BA160EX.
1.1
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.
1.2
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.
1.3
Intangible fixed assets other than goodwill
Intangible assets relate to a franchise fee paid. This is being amortised evenly over its estimated useful life of five years.
Intangible assets
5 years
1.4
Tangible fixed assets
Tangible fixed assets are measured at cost net of depreciation and any impairment losses.
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:
Leasehold improvements
2% on cost
Professional equipment
20% on cost
Fixtures, fittings & equipment
20% on cost
Motor vehicles
ROGERS OPTICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
1.5
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.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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.
ROGERS OPTICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
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.
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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 year was:
2024
2023
Number
Number
Total
16
15
3
Intangible fixed assets
Franchise
£
Cost
At 1 July 2023 and 30 June 2024
44,000
Amortisation and impairment
At 1 July 2023 and 30 June 2024
44,000
Carrying amount
At 30 June 2024
At 30 June 2023
ROGERS OPTICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
4
Tangible fixed assets
Leasehold improvements
Professional equipment
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2023
195,510
19,078
119,360
32,765
366,713
Additions
498
498
At 30 June 2024
195,510
19,078
119,858
32,765
367,211
Depreciation and impairment
At 1 July 2023
25,416
15,101
98,829
546
139,892
Depreciation charged in the year
3,911
1,814
5,948
6,553
18,226
At 30 June 2024
29,327
16,915
104,777
7,099
158,118
Carrying amount
At 30 June 2024
166,183
2,163
15,081
25,666
209,093
At 30 June 2023
170,094
3,977
20,531
32,219
226,821
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
15,000
15,000
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
25,774
16,925
Other debtors
107,603
14,573
133,377
31,498
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
58,769
57,021
Trade creditors
77,710
88,578
Taxation and social security
59,636
45,950
Other creditors
23,429
43,220
219,544
234,769
ROGERS OPTICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
50,753
111,266
Other creditors
18,109
20,437
68,862
131,703
Included in loans is £37,515 secured by a government backed EFG secured by a personal guarantee from the director.
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
-
6,240
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
100
100
100
100
Orinary B of £1 each
25
25
25
25
125
125
125
125
10
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
2023
£
£
111,200
157,000
11
Related party transactions
Included in other debtors is an amount of £1,221 (2023 - £5,298 creditor), for loans outstanding from Portishead Eyecare Limited, a company which has a common director.
Included in other debtors is an amount of £91,000 (2023 - £0), for loans outstanding from BEG Holdings Ltd, a company which has a common director.
ROGERS OPTICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
12
Directors' transactions
Dividends totalling £88,000 (2023 - £88,000) were paid in the year in respect of shares held by the company's directors.
The company operates a current loan account with its directors. As at 30 June 2024 a balance of £8,776 (2023: £23,695) was owed from the company to its directors and is included within creditors: amounts falling due
within one year.