Company registration number 05213873 (England and Wales)
MILLINGTON DAWSON LIMITED T/A THE OPTICAL PEOPLE
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
MILLINGTON DAWSON LIMITED T/A THE OPTICAL PEOPLE
COMPANY INFORMATION
Directors
Mrs Jaclyn Pugh
Ms Lynne Evans
Company number
05213873
Registered office
Celtic House, Caxton Place Pentwyn
Cardiff
South Glamorgan
CF23 8HA
Accountants
Xeinadin South Wales & West Limited
Celtic House, Caxton Place Pentwyn
Cardiff
South Glamorgan
CF23 8HA
MILLINGTON DAWSON LIMITED T/A THE OPTICAL PEOPLE
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
MILLINGTON DAWSON LIMITED T/A THE OPTICAL PEOPLE
BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
242,113
299,084
Current assets
Stocks
6
81,362
56,631
Debtors
7
110,198
102,022
Cash at bank and in hand
51,901
8,412
243,461
167,065
Creditors: amounts falling due within one year
8
(94,466)
(95,431)
Net current assets
148,995
71,634
Total assets less current liabilities
391,108
370,718
Creditors: amounts falling due after more than one year
9
(186,840)
(234,963)
Provisions for liabilities
(48,947)
(65,750)
Net assets
155,321
70,005
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
155,221
69,905
Total equity
155,321
70,005
MILLINGTON DAWSON LIMITED T/A THE OPTICAL PEOPLE
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024
31 August 2024
- 2 -

For the financial year ended 31 August 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 year 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 27 November 2024 and are signed on its behalf by:
..............................................
Mrs Jaclyn Pugh
Director
Company registration number 05213873 (England and Wales)
MILLINGTON DAWSON LIMITED T/A THE OPTICAL PEOPLE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
1
Accounting policies
Company information

Millington Dawson Limited Registered number 05213873 is a limited by shares company incorporated in England & Wales. Registered Office is Celtic House, Caxton Place, Pentwyn, Cardiff, CF23 8HA.

 

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

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.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 4 years.

 

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, 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:

Freehold land and buildings
25% Reducing balance
Plant & Equipments
25% Reducing balance
Fixtures and fittings
25% Reducing balance
Computers
33% Straight line
Motor vehicles
25% Reducing balance
MILLINGTON DAWSON LIMITED T/A THE OPTICAL PEOPLE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 4 -
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.

1.6
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.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
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 except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.9

Investment Properties

All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.

MILLINGTON DAWSON LIMITED T/A THE OPTICAL PEOPLE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
16
14
3
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
(16,802)
60,118

The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
133,554
42,604
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
33,389
10,651
Tax effect of utilisation of tax losses not previously recognised
(46,170)
-
0
Goodwill/depreciation not allowed for tax
17,999
11,867
Expenses not deductible for tax purposes
131
820
Capital allowances
(5,349)
(77,016)
Short term timing differences
(16,802)
60,118
Tax losses unutilised carried forward
-
0
53,678
Taxation (credit)/charge for the year
(16,802)
60,118
4
Intangible fixed assets
Goodwill
£
Cost
At 1 September 2023 and 31 August 2024
50,000
Amortisation and impairment
At 1 September 2023 and 31 August 2024
50,000
Carrying amount
At 31 August 2024
-
0
At 31 August 2023
-
0
MILLINGTON DAWSON LIMITED T/A THE OPTICAL PEOPLE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
5
Tangible fixed assets
Freehold land and buildings
Plant & Equipments
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 September 2023
18,823
282,104
119,018
8,852
2,150
430,947
Additions
-
0
5,450
8,606
968
-
0
15,024
At 31 August 2024
18,823
287,554
127,624
9,820
2,150
445,971
Depreciation and impairment
At 1 September 2023
1,166
47,794
74,558
6,195
2,150
131,863
Depreciation charged in the year
353
59,032
11,424
1,186
-
0
71,995
At 31 August 2024
1,519
106,826
85,982
7,381
2,150
203,858
Carrying amount
At 31 August 2024
17,304
180,728
41,642
2,439
-
0
242,113
At 31 August 2023
17,657
234,310
44,460
2,657
-
0
299,084
6
Stocks
2024
2023
£
£
Stocks
81,362
56,631
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
37,918
31,525
Other debtors
1,049
-
0
Prepayments and accrued income
1,962
1,228
40,929
32,753
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
69,269
69,269
Total debtors
110,198
102,022
MILLINGTON DAWSON LIMITED T/A THE OPTICAL PEOPLE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
15,682
25,353
Obligations under finance leases
10
33,273
26,989
Trade creditors
36,871
32,580
Taxation and social security
5,836
(3,493)
Other creditors
1,551
13,457
Accruals and deferred income
1,253
545
94,466
95,431
9
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
12,500
27,349
Obligations under finance leases
10
174,340
207,614
186,840
234,963
10
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
33,273
26,989
In two to five years
133,093
142,786
In over five years
41,247
64,828
207,613
234,603
11
Related party transactions

At the balance sheet date the company owed the directors £1,551 (2023: £13,457). During the year, Dividend voted to directors £65,040 (2023: £43,440).


Included within other debtors is a loan to Wadadli Estates Limited of £69,269, a company under common control of Jaclyn Pugh. The loan is interest free and repayable on demand.

12
Ultimate Controlling Party

The company's ultimate controlling party is J E Pugh by virtue of their shareholdings.

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