10 01/05/2023 30/04/2024 2024-04-30 false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2023-05-01 Sage Accounts Production 24.0 - FRS102_2024 xbrli:pure xbrli:shares iso4217:GBP NI002692 2023-05-01 2024-04-30 NI002692 2024-04-30 NI002692 2023-04-30 NI002692 2022-05-01 2023-04-30 NI002692 2023-04-30 NI002692 2022-04-30 NI002692 core:PlantMachinery 2023-05-01 2024-04-30 NI002692 core:FurnitureFittingsToolsEquipment 2023-05-01 2024-04-30 NI002692 bus:RegisteredOffice 2023-05-01 2024-04-30 NI002692 bus:LeadAgentIfApplicable 2023-05-01 2024-04-30 NI002692 bus:Director1 2023-05-01 2024-04-30 NI002692 bus:Director2 2023-05-01 2024-04-30 NI002692 bus:Director3 2023-05-01 2024-04-30 NI002692 core:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 NI002692 core:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 NI002692 core:WithinOneYear 2024-04-30 NI002692 core:WithinOneYear 2023-04-30 NI002692 core:AfterOneYear 2024-04-30 NI002692 core:AfterOneYear 2023-04-30 NI002692 core:ShareCapital 2024-04-30 NI002692 core:ShareCapital 2023-04-30 NI002692 core:RetainedEarningsAccumulatedLosses 2024-04-30 NI002692 core:RetainedEarningsAccumulatedLosses 2023-04-30 NI002692 core:ShareCapital 2022-04-30 NI002692 core:RetainedEarningsAccumulatedLosses 2022-04-30 NI002692 core:PreviouslyStatedAmount core:ShareCapital 2024-04-30 NI002692 bus:SmallEntities 2023-05-01 2024-04-30 NI002692 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 NI002692 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 NI002692 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 NI002692 bus:AbridgedAccounts 2023-05-01 2024-04-30 NI002692 core:Associate1 core:ContinuingOperations 2023-05-01 2024-04-30 NI002692 core:Associate1 2024-04-30 NI002692 core:Associate1 2023-04-30
Company registration number: NI002692
Mackey Opticians Ltd
Trading as Mackey Opticians Ltd
Unaudited abridged financial statements
30 April 2024
Mackey Opticians Ltd
Contents
Directors and other information
Directors report
Accountants report
Abridged statement of comprehensive income
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
Mackey Opticians Ltd
Directors and other information
Directors Mr Christopher Mackey
Mr Mark Mackey
Mr Richard Mackey
Company number NI002692
Registered office 422-426 Newtownards Road
Belfast
BT4 1HJ
Business address 422-426 Newtownards Road
Belfast
BT4 1HJ
Accountants James Mc Mahon & Company
35 Castor Bay Road
Lurgan
BT67 9LE
Mackey Opticians Ltd
Directors report
Year ended 30 April 2024
The directors present their report and the unaudited financial statements of the company for the year ended 30 April 2024.
Directors
The directors who served the company during the year were as follows:
Mr Christopher Mackey
Mr Mark Mackey
Mr Richard Mackey
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 26 January 2025 and signed on behalf of the board by:
Mr Christopher Mackey
Director
Mackey Opticians Ltd
Certified public accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Mackey Opticians Ltd
Year ended 30 April 2024
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 30 April 2024 which comprise the abridged statement of comprehensive income, abridged statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
James Mc Mahon & Company
Certified Public Accountants
35 Castor Bay Road
Lurgan
BT67 9LE
26 January 2025
Mackey Opticians Ltd
Abridged statement of comprehensive income
Year ended 30 April 2024
2024 2023
Note £ £
Gross profit 542,357 400,396
Staff costs 4 ( 202,568) ( 167,896)
Depreciation and other amounts written off tangible and intangible fixed assets ( 23,526) ( 13,737)
Other operating expenses ( 133,963) ( 113,403)
_______ _______
Operating profit 182,300 105,360
Interest payable and similar expenses ( 9,758) ( 7,271)
_______ _______
Profit before taxation 5 172,542 98,089
Tax on profit ( 26,983) ( 9,522)
_______ _______
Profit for the financial year and total comprehensive income 145,559 88,567
_______ _______
All the activities of the company are from continuing operations.
Mackey Opticians Ltd
Abridged statement of financial position
30 April 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 6 - -
Tangible assets 7 63,499 38,081
_______ _______
63,499 38,081
Current assets
Stocks 34,913 30,649
Debtors 1,178,167 1,170,381
Cash at bank and in hand 13,667 12,447
_______ _______
1,226,747 1,213,477
Creditors: amounts falling due
within one year ( 860,080) ( 815,616)
_______ _______
Net current assets 366,667 397,861
_______ _______
Total assets less current liabilities 430,166 435,942
Creditors: amounts falling due
after more than one year ( 93,198) ( 130,888)
Provisions for liabilities ( 15,875) ( 9,520)
_______ _______
Net assets 321,093 295,534
_______ _______
Capital and reserves
Called up share capital 5 5
Profit and loss account 321,088 295,529
_______ _______
Shareholders funds 321,093 295,534
_______ _______
For the 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 30 April 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 26 January 2025 , and are signed on behalf of the board by:
Mr Christopher Mackey
Director
Company registration number: NI002692
Mackey Opticians Ltd
Statement of changes in equity
Year ended 30 April 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 May 2022 5 326,962 326,967
Profit for the year 88,567 88,567
_______ _______ _______
Total comprehensive income for the year - 88,567 88,567
Dividends paid and payable ( 120,000) ( 120,000)
_______ _______ _______
Total investments by and distributions to owners - ( 120,000) ( 120,000)
_______ _______ _______
At 30 April 2023 and 1 May 2023 5 295,529 295,534
Profit for the year 145,559 145,559
_______ _______ _______
Total comprehensive income for the year - 145,559 145,559
Dividends paid and payable ( 120,000) ( 120,000)
_______ _______ _______
Total investments by and distributions to owners - ( 120,000) ( 120,000)
_______ _______ _______
At 30 April 2024 5 321,088 321,093
_______ _______ _______
Mackey Opticians Ltd
Notes to the financial statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Mackey Opticians Ltd, 422-426 Newtownards Road, Belfast, BT4 1HJ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 20 % straight line
Fittings fixtures and equipment - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to 10 (2023: 10 ).
The aggregate payroll costs incurred during the year were:
2024 2023
£ £
Wages and salaries 195,521 161,680
Other pension costs 7,047 6,216
_______ _______
202,568 167,896
_______ _______
5. Profit before taxation
Profit before taxation is stated after charging/(crediting):
2024 2023
£ £
Depreciation of tangible assets 23,526 13,737
_______ _______
6. Intangible assets
£
Cost
At 1 May 2023 and 30 April 2024 20,000
_______
Amortisation
At 1 May 2023 and 30 April 2024 20,000
_______
Carrying amount
At 30 April 2024 -
_______
At 30 April 2023 -
_______
7. Tangible assets
£
Cost
At 1 May 2023 417,789
Additions 48,944
_______
At 30 April 2024 466,733
_______
Depreciation
At 1 May 2023 379,708
Charge for the year 23,526
_______
At 30 April 2024 403,234
_______
Carrying amount
At 30 April 2024 63,499
_______
At 30 April 2023 38,081
_______
8. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2024 2023 2024 2023
£ £ £ £
Eyecare Cookstown Ltd - - 105,588 111,638
_______ _______ _______ _______
At the year end the above balances were owed to/by related parties. The amounts are interest free, unsecured and payable/repayable on