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REGISTERED NUMBER: SC269264 (Scotland)















Unaudited Financial Statements for the Year Ended 30 June 2024

for

Lothian Optical Ltd.

Lothian Optical Ltd. (Registered number: SC269264)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Lothian Optical Ltd.

Company Information
for the Year Ended 30 June 2024







DIRECTORS: Mrs M A Bieniowski
I Bieniowski
Ms S Bieniowski





REGISTERED OFFICE: 22 Market Street
Mid Calder
Livingston
West Lothian
EH53 0AA





REGISTERED NUMBER: SC269264 (Scotland)





ACCOUNTANTS: Gibson McKerrell Burrows Limited
28 Rutland Square
Edinburgh
EH1 2BW

Lothian Optical Ltd. (Registered number: SC269264)

Statement of Financial Position
30 June 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 40,694 31,490

CURRENT ASSETS
Stocks 9,421 10,226
Cash at bank and in hand 79,604 77,684
89,025 87,910
CREDITORS
Amounts falling due within one year 5 22,371 21,735
NET CURRENT ASSETS 66,654 66,175
TOTAL ASSETS LESS CURRENT
LIABILITIES

107,348

97,665

PROVISIONS FOR LIABILITIES 1,233 1,233
NET ASSETS 106,115 96,432

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 106,114 96,431
106,115 96,432

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 February 2025 and were signed on its behalf by:





Mrs M A Bieniowski - Director


Lothian Optical Ltd. (Registered number: SC269264)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Lothian Optical 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.

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.

Tangible fixed 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:

Fixtures & fittings - 25% reducing balance
Equipment - 25% reducing balance

No depreciation is provided on land and buildings as it is the company's policy to maintain them so as to extend their useful lives. Costs of repairs and renewals are charged against revenue in the year in which they are incurred.

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.

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 Statement of Income and Retained Earnings, 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.


Lothian Optical Ltd. (Registered number: SC269264)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 July 2023 25,000 58,247 83,247
Additions - 14,438 14,438
At 30 June 2024 25,000 72,685 97,685
DEPRECIATION
At 1 July 2023 - 51,757 51,757
Charge for year - 5,234 5,234
At 30 June 2024 - 56,991 56,991
NET BOOK VALUE
At 30 June 2024 25,000 15,694 40,694
At 30 June 2023 25,000 6,490 31,490

There is a standard security over the assets of the company registered on 16th February 2006 in favour of Mrs Bieniowski.

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade creditors 7,974 8,900
Taxation and social security 11,290 10,877
Other creditors 3,107 1,958
22,371 21,735

6. RELATED PARTY DISCLOSURES

The company has been under the control of Mrs M Bieniowski throughout the existence of the company. Mrs M Bieniowski is the managing director and sole shareholder.

At 30 June 2024 Mrs Bieniowski's directors current account was in credit in the sum of £1,407 (2023 £358). This balance is interest free and repayable on demand.