Company registration number 08070361 (England and Wales)
SPECTO LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
SPECTO LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
SPECTO LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
35,771
53,530
Current assets
Stocks
83,212
83,452
Debtors
5
651,637
635,300
Cash at bank and in hand
316,997
295,081
1,051,846
1,013,833
Creditors: amounts falling due within one year
6
(400,106)
(349,657)
Net current assets
651,740
664,176
Total assets less current liabilities
687,511
717,706
Creditors: amounts falling due after more than one year
7
(21,771)
(37,136)
Provisions for liabilities
(9,726)
(14,123)
Net assets
656,014
666,447
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
655,914
666,347
Total equity
656,014
666,447

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved and signed by the director and authorised for issue on 27 February 2025
Mrs R R Hanif
Director
Company Registration No. 08070361
SPECTO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
1
Accounting policies
Company information

Specto Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O Boots Opticians, 25 High Street, Walton on Thames, Surrey, KT121DQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for goods and services provided in the normal course of business, net of trade discounts, VAT and other sales-related taxes. Turnover is recognised as earned when, and to the extent that, the company obtains the right to consideration in the exchange for goods and services provided.

Revenue from the sale of spectacles, contact lenses and other related products is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from the provision of optometry services is recognised when the service is provided.

1.3
Intangible fixed assets other than goodwill

Intangible assets relate to a franchise fee paid and measured at cost less accumulated amortisation.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Franchise
5 years
1.4
Tangible fixed assets

Tangible fixed assets are measured at cost net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Professional equipment
20% on cost
Fixtures & fittings
20% on cost
Computer equipment
20% on cost
1.5
Stocks

Stocks of spectacles, contact lenses and related products are stated at the lower of cost and estimated selling price less costs to complete and sell.

SPECTO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 3 -

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet 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 realise the asset and settle the liability simultaneously.

 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

Current tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted at the balance sheet.

Deferred tax

Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense,

 

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

 

 

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

SPECTO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
19
20
3
Intangible fixed assets
Franchise
£
Cost
At 1 September 2023 and 31 August 2024
8,000
Amortisation and impairment
At 1 September 2023 and 31 August 2024
8,000
Carrying amount
At 31 August 2024
-
0
At 31 August 2023
-
0
4
Tangible fixed assets
Professional equipment
Fixtures & fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 September 2023
65,780
67,990
46,320
180,090
Additions
-
0
-
0
178
178
At 31 August 2024
65,780
67,990
46,498
180,268
Depreciation and impairment
At 1 September 2023
35,474
67,724
23,362
126,560
Depreciation charged in the year
10,744
71
7,122
17,937
At 31 August 2024
46,218
67,795
30,484
144,497
Carrying amount
At 31 August 2024
19,562
195
16,014
35,771
At 31 August 2023
30,306
266
22,958
53,530
SPECTO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
27,586
16,865
Other debtors
624,051
618,435
651,637
635,300
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
9,722
9,723
Trade creditors
289,375
256,046
Taxation and social security
67,619
58,652
Other creditors
33,390
25,236
400,106
349,657
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
9,501
19,224
Other creditors
12,270
17,912
21,771
37,136
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
380,001
475,001
SPECTO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
10
Directors' transactions

Dividends totalling £70,000 (2023 - £137,000) were paid in the year in respect of shares held by the company's directors.

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