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REGISTERED NUMBER: SC283753 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024

FOR

CONTACTS & SPECS DIRECT LTD.

CONTACTS & SPECS DIRECT LTD. (REGISTERED NUMBER: SC283753)

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










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


CONTACTS & SPECS DIRECT LTD.

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTOR: Shazia Amir Yousaf





REGISTERED OFFICE: 4d Auchingramont Road
Hamilton
ML3 6JT





REGISTERED NUMBER: SC283753 (Scotland)





ACCOUNTANTS: William Duncan (UK) Limited
Chartered Accountants
4d Auchingramont Road
Hamilton
ML3 6JT

CONTACTS & SPECS DIRECT LTD. (REGISTERED NUMBER: SC283753)

STATEMENT OF FINANCIAL POSITION
30 APRIL 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 58,558 58,558

CURRENT ASSETS
Stocks 7,579 7,579
Debtors 5 311,237 311,237
Cash at bank and in hand 100,471 100,471
419,287 419,287
CREDITORS
Amounts falling due within one year 6 319,238 319,238
NET CURRENT ASSETS 100,049 100,049
TOTAL ASSETS LESS CURRENT
LIABILITIES

158,607

158,607

CREDITORS
Amounts falling due after more than one
year

7

(61,120

)

(61,120

)

PROVISIONS FOR LIABILITIES (442 ) (442 )
NET ASSETS 97,045 97,045

CAPITAL AND RESERVES
Called up share capital 23,650 23,650
Retained earnings 73,395 73,395
SHAREHOLDERS' FUNDS 97,045 97,045

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 director acknowledges her 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.

CONTACTS & SPECS DIRECT LTD. (REGISTERED NUMBER: SC283753)

STATEMENT OF FINANCIAL POSITION - 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 director and authorised for issue on 28 January 2025 and were signed by:





Shazia Amir Yousaf - Director


CONTACTS & SPECS DIRECT LTD. (REGISTERED NUMBER: SC283753)

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


1. STATUTORY INFORMATION

Contacts & Specs Direct Ltd. is a private company, limited by shares , registered in Scotland. 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rendering of services
Turnover from the rendering of services, namely the provision of optometry, is recognised by reference to the stage of completion of the service at the statement of financial position date.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Property improvements - 5% on reducing balance
Plant and machinery - 20% on reducing balance
Computer equipment - 20% on cost

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the income statement.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of impairment loss is recognised immediately in the income statement.

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

CONTACTS & SPECS DIRECT LTD. (REGISTERED NUMBER: SC283753)

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


2. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial instruments are recognised as follows:

(i) Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method less any impairment.

(ii) Cash and cash equivalents
Cash and cash equivalents include cash at bank and in hand.

Cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in liabilities on the statement of financial position.

(iii) Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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 the income statement in the period to which they relate.

Provision for liabilities
The company recognises a provision for annual leave accrued by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months. The provision is measured at the salary cost payable for the period of absence.

3. AVERAGE NUMBER OF EMPLOYEES

The average number of employees during the year was 2 (2023 - 2 ) .

CONTACTS & SPECS DIRECT LTD. (REGISTERED NUMBER: SC283753)

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


4. TANGIBLE FIXED ASSETS
Property Plant and Computer
improvements machinery equipment Totals
£    £    £    £   
COST
At 1 May 2023
and 30 April 2024 85,533 94,671 3,525 183,729
DEPRECIATION
At 1 May 2023
and 30 April 2024 42,680 78,967 3,524 125,171
NET BOOK VALUE
At 30 April 2024 42,853 15,704 1 58,558
At 30 April 2023 42,853 15,704 1 58,558

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 2,605 2,605
Other debtors 304,882 304,882
Prepaid charges 3,750 3,750
311,237 311,237

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Bank loans and overdrafts 32,783 32,783
Trade creditors 31,077 31,077
Corporation tax 1,893 1,893
PAYE and NIC 257 257
VAT 158 158
Other creditors 14,524 14,524
Director's loan 216,216 216,216
Accrued charges 22,330 22,330
319,238 319,238

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.4.24 30.4.23
£    £   
Bank loans 61,120 61,120

CONTACTS & SPECS DIRECT LTD. (REGISTERED NUMBER: SC283753)

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


8. SECURED DEBTS

The following secured debts are included within creditors:

30.4.24 30.4.23
£    £   
Bank loans 93,903 93,903

Bank loans are secured on the assets to which they relate.

9. RELATED PARTY DISCLOSURES

Included in the company's debtors at the balance sheet date is £300,000 due from the company's holding company, Contacts & Specs Holdings Limited.

During the year, the company received an interest free loan from the director amounting to £216,216 (2022 : £201,402).