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REGISTERED NUMBER: 01305552 (England and Wales)









GWYNNS OPTICIANS GROUP LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024






GWYNNS OPTICIANS GROUP LIMITED (REGISTERED NUMBER: 01305552)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GWYNNS OPTICIANS GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: P D Rees
K Hobby
D C Evans
J Tombs
M J O Jones
C Evans





SECRETARY: P D Rees





REGISTERED OFFICE: 72a Taff Street
Pontypridd
Mid Glam
CF37 4SU





REGISTERED NUMBER: 01305552 (England and Wales)






GWYNNS OPTICIANS GROUP LIMITED (REGISTERED NUMBER: 01305552)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 228,492 245,609

CURRENT ASSETS
Stocks 5 151,837 130,501
Debtors 6 129,147 66,388
Cash at bank 165,185 120,400
446,169 317,289
CREDITORS
Amounts falling due within one year 7 259,789 219,258
NET CURRENT ASSETS 186,380 98,031
TOTAL ASSETS LESS CURRENT
LIABILITIES

414,872

343,640

CREDITORS
Amounts falling due after more than one
year

8

(32,484

)

(44,231

)

PROVISIONS FOR LIABILITIES 10 (51,970 ) (56,073 )
NET ASSETS 330,418 243,336

CAPITAL AND RESERVES
Called up share capital 11 96,000 96,000
Capital redemption reserve 14,000 14,000
Retained earnings 220,418 133,336
SHAREHOLDERS' FUNDS 330,418 243,336

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

GWYNNS OPTICIANS GROUP LIMITED (REGISTERED NUMBER: 01305552)

BALANCE SHEET - continued
30 APRIL 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 January 2025 and were signed on its behalf by:





P D Rees - Director


GWYNNS OPTICIANS GROUP LIMITED (REGISTERED NUMBER: 01305552)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

Gwynns Opticians Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. In making their assessment, the directors have reviewed the balance sheet, the likely future cashflows of the business and have considered the facilities that are available to the company along with his continued support.

At the date of approving the financial statements the directors have their reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and that the going concern basis of accounting remains appropriate. The directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates
In the application of the company's accounting policies, which are described in note 2 above, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Turnover
Turnover represents the total value of goods and services provided to the customers, excluding VAT. Revenue from the sale of optical products, such as glasses and lenses, is recognised at the point of sale when ownership and risks transfer to the customer. Revenue from services, including eye examinations, is recognised when the service is performed and the customer has received the benefit.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and fittings - 15% on reducing balance
Computer equipment - 33% on reducing balance

GWYNNS OPTICIANS GROUP LIMITED (REGISTERED NUMBER: 01305552)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

GWYNNS OPTICIANS GROUP LIMITED (REGISTERED NUMBER: 01305552)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash and cash equivalents are basic financial instruments and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments".
Financial instruments are recognised 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 realize the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other debtors, loans to related companies and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortized cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors, loans to related companies and bank loans are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Employee benefits
Short-term employee benefits are recognised as an expense in the period in which they are incurred.

The cost of any unused holiday entitlement is recognised in the period in which the employee's
services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminating the employment of an employee.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the assets cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 52 (2023 - 51 ) .

GWYNNS OPTICIANS GROUP LIMITED (REGISTERED NUMBER: 01305552)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 May 2023 20,619 434,934 28,721 484,274
Additions - 20,492 733 21,225
At 30 April 2024 20,619 455,426 29,454 505,499
DEPRECIATION
At 1 May 2023 - 213,876 24,789 238,665
Charge for year - 36,956 1,386 38,342
At 30 April 2024 - 250,832 26,175 277,007
NET BOOK VALUE
At 30 April 2024 20,619 204,594 3,279 228,492
At 30 April 2023 20,619 221,058 3,932 245,609

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fixtures
and
fittings
£   
COST
At 1 May 2023
and 30 April 2024 90,107
DEPRECIATION
At 1 May 2023 38,031
Charge for year 7,811
At 30 April 2024 45,842
NET BOOK VALUE
At 30 April 2024 44,265
At 30 April 2023 52,076

5. STOCKS
2024 2023
£    £   
Stocks 151,837 130,501

GWYNNS OPTICIANS GROUP LIMITED (REGISTERED NUMBER: 01305552)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 115,559 55,394
Other debtors 8,658 7,660
Prepayments 4,930 3,334
129,147 66,388

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other loans 16,656 28,491
Hire purchase contracts 8,944 21,861
Trade creditors 84,420 106,325
Tax 109,749 25,348
Social security and other taxes 16,211 14,241
Other creditors 8,228 4,489
Deferred goverment grants 6,261 8,348
Accrued expenses 9,320 10,155
259,789 219,258

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Other loans 11,981 23,175
Hire purchase contracts 20,503 21,056
32,484 44,231

9. SECURED DEBTS

The company's bankers, Barclays Bank PLC, hold a debenture comprising fixed and floating charges over all property and assets of the company.

Hire purchase contracts relate to fixtures and fittings for the use of the company and are secured against the assets which it relates.

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 51,970 56,073

GWYNNS OPTICIANS GROUP LIMITED (REGISTERED NUMBER: 01305552)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

10. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 May 2023 56,073
Accelerated capital allowances (4,103 )
Balance at 30 April 2024 51,970

11. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2024 2023
value: £    £   
110,000 Ordinary £1 96,000 96,000

12. PENSION COST

The pension cost represents contributions payable by the company to the fund and amounted to £41,955 (2023 - £78,532).