12 12 Gardiners Opticians (Oxford) Limited 00467335 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is that of Opthalmic Opticians Digita Accounts Production Advanced 6.30.9574.0 true true 00467335 2023-05-01 2024-04-30 00467335 2024-04-30 00467335 bus:OrdinaryShareClass1 2024-04-30 00467335 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-04-30 00467335 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-04-30 00467335 core:CurrentFinancialInstruments 2024-04-30 00467335 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 00467335 core:Non-currentFinancialInstruments 2024-04-30 00467335 core:Non-currentFinancialInstruments core:AfterOneYear 2024-04-30 00467335 core:FurnitureFittingsToolsEquipment 2024-04-30 00467335 bus:SmallEntities 2023-05-01 2024-04-30 00467335 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 00467335 bus:FilletedAccounts 2023-05-01 2024-04-30 00467335 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 00467335 bus:RegisteredOffice 2023-05-01 2024-04-30 00467335 bus:Director3 2023-05-01 2024-04-30 00467335 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 00467335 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 00467335 core:FurnitureFittings 2023-05-01 2024-04-30 00467335 core:FurnitureFittingsToolsEquipment 2023-05-01 2024-04-30 00467335 core:PlantMachinery 2023-05-01 2024-04-30 00467335 countries:England 2023-05-01 2024-04-30 00467335 2023-04-30 00467335 core:FurnitureFittingsToolsEquipment 2023-04-30 00467335 2022-05-01 2023-04-30 00467335 2023-04-30 00467335 bus:OrdinaryShareClass1 2023-04-30 00467335 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-04-30 00467335 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-04-30 00467335 core:CurrentFinancialInstruments 2023-04-30 00467335 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 00467335 core:Non-currentFinancialInstruments 2023-04-30 00467335 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-30 00467335 core:FurnitureFittingsToolsEquipment 2023-04-30 xbrli:pure iso4217:GBP xbrli:shares

Registration number: 00467335

Gardiners Opticians (Oxford) Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Gardiners Opticians (Oxford) Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 8

 

Gardiners Opticians (Oxford) Limited

(Registration number: 00467335)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

142,383

168,936

Current assets

 

Stocks

5

87,235

73,810

Debtors

6

57,798

62,043

Cash at bank and in hand

 

186,730

160,739

 

331,763

296,592

Creditors: Amounts falling due within one year

7

(186,428)

(148,997)

Net current assets

 

145,335

147,595

Total assets less current liabilities

 

287,718

316,531

Creditors: Amounts falling due after more than one year

7

(35,946)

(64,755)

Provisions for liabilities

(35,596)

(42,234)

Net assets

 

216,176

209,542

Capital and reserves

 

Called up share capital

8

2,601

2,601

Capital redemption reserve

1,399

1,399

Retained earnings

212,176

205,542

Shareholders' funds

 

216,176

209,542

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 and 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 January 2025 and signed on its behalf by:
 

.........................................
J E S Whittenbury
Director

 

Gardiners Opticians (Oxford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

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

The address of its registered office is:
5 Manor Buildings
Osler Road
Headington
Oxford
Oxford
OX3 7RA

These financial statements were authorised for issue by the Board on 19 January 2025.

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

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.

Government grants

The company has received government grants in respect of the Coronavirus Job Retention Scheme and the Small Business Grant Fund. These grants are recognised using the accrual model and as such are recorded in the profit and loss account in the period in which the company is entitled to such grants.

 

Gardiners Opticians (Oxford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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

Plant and equipment

25% reducing balance basis

Fixtures and fittings

25% reducing balance basis

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.

 

Gardiners Opticians (Oxford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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.

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.

 

Gardiners Opticians (Oxford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2023 - 12).

 

Gardiners Opticians (Oxford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2023

546,962

546,962

Additions

20,909

20,909

At 30 April 2024

567,871

567,871

Depreciation

At 1 May 2023

378,026

378,026

Charge for the year

47,462

47,462

At 30 April 2024

425,488

425,488

Carrying amount

At 30 April 2024

142,383

142,383

At 30 April 2023

168,936

168,936

5

Stocks

2024
£

2023
£

Work in progress

15,000

15,000

Finished goods and goods for resale

72,235

58,810

87,235

73,810

6

Debtors

2024
£

2023
£

Trade debtors

33,225

40,511

Prepayments

9,196

8,861

Other debtors

15,377

12,671

57,798

62,043

 

Gardiners Opticians (Oxford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

28,774

28,879

Trade creditors

 

42,064

43,346

Taxation and social security

 

78,418

44,303

Accruals and deferred income

 

7,300

3,055

Other creditors

 

29,872

29,414

 

186,428

148,997

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

35,946

64,755

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

2,601

2,601

2,601

2,601

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

15,633

25,692

Hire purchase contracts

20,313

39,063

35,946

64,755

 

Gardiners Opticians (Oxford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,024

10,129

Hire purchase contracts

18,750

18,750

28,774

28,879

10

Dividends

   

2024

 

2023

   

£

 

£

Interim dividend of £67.28 (2023 - £67.28) per ordinary share

 

175,000

 

175,000