1 false false false false false false false false false true false false false false false false No description of principal activity 2023-02-01 Sage Accounts Production Advanced 2023 - FRS102_2023 5,000 2,000 1,000 3,000 2,000 3,000 4,948 3,796 576 4,372 576 1,152 xbrli:pure xbrli:shares iso4217:GBP 08847381 2023-02-01 2024-01-31 08847381 2024-01-31 08847381 2023-01-31 08847381 2022-02-01 2023-01-31 08847381 2023-01-31 08847381 2022-01-31 08847381 core:NetGoodwill 2023-02-01 2024-01-31 08847381 bus:LeadAgentIfApplicable 2023-02-01 2024-01-31 08847381 bus:Director1 2023-02-01 2024-01-31 08847381 bus:Director2 2023-02-01 2024-01-31 08847381 core:NetGoodwill 2023-01-31 08847381 core:NetGoodwill 2024-01-31 08847381 core:WithinOneYear 2024-01-31 08847381 core:WithinOneYear 2023-01-31 08847381 core:ShareCapital 2024-01-31 08847381 core:ShareCapital 2023-01-31 08847381 core:RetainedEarningsAccumulatedLosses 2024-01-31 08847381 core:RetainedEarningsAccumulatedLosses 2023-01-31 08847381 core:NetGoodwill 2023-01-31 08847381 bus:Director1 2023-01-31 08847381 bus:Director1 2024-01-31 08847381 bus:Director1 2022-01-31 08847381 bus:Director1 2023-01-31 08847381 bus:Director1 2022-02-01 2023-01-31 08847381 bus:SmallEntities 2023-02-01 2024-01-31 08847381 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 08847381 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 08847381 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 08847381 bus:FullAccounts 2023-02-01 2024-01-31 08847381 core:OfficeEquipment 2023-02-01 2024-01-31 08847381 core:OfficeEquipment 2024-01-31 08847381 core:OfficeEquipment 2023-01-31
COMPANY REGISTRATION NUMBER: 08847381
Parekh Optical Limited
Filleted Unaudited Financial Statements
31 January 2024
Parekh Optical Limited
Financial Statements
Year ended 31 January 2024
Contents
Pages
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Balance sheet
2 to 3
Notes to the financial statements
4 to 7
Parekh Optical Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Parekh Optical Limited
Year ended 31 January 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Parekh Optical Limited for the year ended 31 January 2024, which comprise the balance sheet and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Parekh Optical Limited, as a body, in accordance with the terms of our engagement letter dated 21 December 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Parekh Optical Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Parekh Optical Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Parekh Optical Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Parekh Optical Limited. You consider that Parekh Optical Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Parekh Optical Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
MILLER DAVIES LLP Chartered Accountants
A3 Broomsleigh Business Park Worsley Bridge Road London SE26 5BN
17 January 2025
Parekh Optical Limited
Balance Sheet
31 January 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
5
2,000
3,000
Tangible assets
6
576
1,152
-------
-------
2,576
4,152
Current assets
Debtors
7
43,572
31,434
Cash at bank and in hand
44,905
6,169
--------
--------
88,477
37,603
Creditors: amounts falling due within one year
8
89,982
38,802
--------
--------
Net current liabilities
1,505
1,199
-------
-------
Total assets less current liabilities
1,071
2,953
-------
-------
Net assets
1,071
2,953
-------
-------
Capital and reserves
Called up share capital
4
4
Profit and loss account
1,067
2,949
-------
-------
Shareholders funds
1,071
2,953
-------
-------
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 January 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 .
Parekh Optical Limited
Balance Sheet (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 17 January 2025 , and are signed on behalf of the board by:
Mr K Parekh
Mrs K Parekh
Director
Director
Company registration number: 08847381
Parekh Optical Limited
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is A3 Broomsleigh Business Park, Worsley Bridge Road, London, SE26 5BN, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed five years.
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:
Goodwill
-
20% straight line
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 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Equipment
-
20% straight line
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
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 entity after deducting all of its financial liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 2 ).
5. Intangible assets
Goodwill
£
Cost
At 1 February 2023 and 31 January 2024
5,000
-------
Amortisation
At 1 February 2023
2,000
Charge for the year
1,000
-------
At 31 January 2024
3,000
-------
Carrying amount
At 31 January 2024
2,000
-------
At 31 January 2023
3,000
-------
6. Tangible assets
Equipment
£
Cost
At 1 February 2023 and 31 January 2024
4,948
-------
Depreciation
At 1 February 2023
3,796
Charge for the year
576
-------
At 31 January 2024
4,372
-------
Carrying amount
At 31 January 2024
576
-------
At 31 January 2023
1,152
-------
7. Debtors
2024
2023
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
25,534
25,534
Other debtors
18,038
5,900
--------
--------
43,572
31,434
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
42,515
8,000
Trade creditors
82
Amounts owed to group undertakings and undertakings in which the company has a participating interest
4,809
2,104
Corporation tax
35,578
17,973
Social security and other taxes
1,316
1,118
Other creditors
5,764
9,525
--------
--------
89,982
38,802
--------
--------
9. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2024
2023
£
£
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss
88,477
37,603
--------
--------
Financial liabilities measured at fair value through profit or loss
Financial liabilities measured at fair value through profit or loss
49,241
16,747
--------
--------
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr K Parekh
( 5,057)
16,595
11,538
-------
--------
--------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr K Parekh
( 3,397)
( 1,660)
( 5,057)
-------
-------
-------
11. Related party transactions
Parekh Optical Limited is owed £25,534 (2024 = £25,534) by KK UK Investment Limited, which is a company with the same directors and shareholders. Parekh Optical Limited owes £4,809 (2024 = £4,634) to VH Care Limited, which is a company where Mr K Parekh is a sole director and shareholder. During the year Parekh Optical Limited invoiced £152,250 (2024 = £180,973) to VH Care Limited. Parekh Optical Limited owes £630 (2023 = £175) to VH Care 1 Limited, which is a company where Mr K Parekh is a sole director and shareholder. During the year Parekh Optical Limited invoiced £112,250 (2024 = £17,500) to VH Care 1 Limited.