Registered number
NI610840
Rowena Optical Ltd
Filleted Accounts
for the period ended 30 June 2024
Rowena Optical Ltd
Filleted Accounts
for the period from 1 April 2024 to 30 June 2024
Contents
Page
Balance sheet 2
Notes to the accounts 3-6
Rowena Optical Ltd
Registered number: NI610840
Balance Sheet
as at 30 June 2024
Notes 30/6/24 31/3/24
£ £
Fixed assets
Tangible assets 3 24,459 27,502
Current assets
Stocks 46,621 74,663
Debtors 4 17,998 17,956
Cash at bank and in hand 276,681 218,346
341,300 310,965
Creditors: amounts falling due within one year 5 (57,241) (44,569)
Net current assets 284,059 266,396
Total assets less current liabilities 308,518 293,898
Creditors: amounts falling due after more than one year 6 (12,841) (13,882)
Provisions for liabilities (6,114) (6,050)
Net assets 289,563 273,966
Capital and reserves
Called up share capital 100 100
Profit and loss account 289,463 273,866
Shareholder's funds 289,563 273,966
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ms Eavan Kennedy
Director
Approved by the board on 25 July 2024
Rowena Optical Ltd
Notes to the Accounts
for the period from 1 April 2024 to 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and equipment 15% straight line
Leased equipment 25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 30/6/24 31/3/24
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Equipment Leased equipment Total
£ £ £
Cost
At 1 April 2024 166,505 29,500 196,005
At 30 June 2024 166,505 29,500 196,005
Depreciation
At 1 April 2024 146,378 22,125 168,503
Charge for the period 1,199 1,844 3,043
At 30 June 2024 147,577 23,969 171,546
Net book value
At 30 June 2024 18,928 5,531 24,459
At 31 March 2024 20,127 7,375 27,502
4 Debtors 30/6/24 31/3/24
£ £
Trade debtors 7,575 10,535
Other debtors 10,423 7,421
17,998 17,956
5 Creditors: amounts falling due within one year 30/6/24 31/3/24
£ £
Obligations under finance lease and hire purchase contracts 4,165 4,165
Trade creditors 19,734 17,662
Corporation tax 16,166 10,698
Other taxes and social security costs 6,368 4,973
Other creditors 10,808 7,071
57,241 44,569
6 Creditors: amounts falling due after one year 30/6/24 31/3/24
£ £
Obligations under finance lease and hire purchase contracts 12,841 13,882
7 Events after the reporting date
There were no events since the balance sheet date which would necessitate a revision of the above figures.
8 Capital commitments.
The company did not have any capital commitments at the year end not already provided for in the accounts.
9 Contingent liabilities
There were no contingent liabilities at the year end.
10 Related party transactions
The company owed £392 to the director at the period end (31/03/2024: £582).
11 Controlling party
The ultimate controlling party has been identified as the sole director and shareholder, Ms Eavan Kennedy.
12 Other information
Rowena Optical Ltd is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
370 Lisburn Road
Belfast
Co. Antrim
BT9 6GL
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