IRIS Accounts Production v24.3.2.46 06936175 Board of Directors 1.7.23 30.9.24 30.9.24 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh069361752023-06-30069361752024-09-30069361752023-07-012024-09-30069361752022-06-30069361752022-07-012023-06-30069361752023-06-3006936175ns14:PoundSterling2023-07-012024-09-3006936175ns10:Director12023-07-012024-09-3006936175ns10:PrivateLimitedCompanyLtd2023-07-012024-09-3006936175ns10:SmallEntities2023-07-012024-09-3006936175ns10:AuditExemptWithAccountantsReport2023-07-012024-09-3006936175ns10:SmallCompaniesRegimeForDirectorsReport2023-07-012024-09-3006936175ns10:SmallCompaniesRegimeForAccounts2023-07-012024-09-3006936175ns10:FullAccounts2023-07-012024-09-300693617512023-07-012024-09-3006936175ns10:Director22023-07-012024-09-3006936175ns10:Director32023-07-012024-09-3006936175ns10:RegisteredOffice2023-07-012024-09-3006936175ns5:CurrentFinancialInstruments2024-09-3006936175ns5:CurrentFinancialInstruments2023-06-3006936175ns5:Non-currentFinancialInstruments2024-09-3006936175ns5:Non-currentFinancialInstruments2023-06-3006936175ns5:ShareCapital2024-09-3006936175ns5:ShareCapital2023-06-3006936175ns5:RetainedEarningsAccumulatedLosses2024-09-3006936175ns5:RetainedEarningsAccumulatedLosses2023-06-3006936175ns5:NetGoodwill2023-07-012024-09-3006936175ns5:IntangibleAssetsOtherThanGoodwill2023-07-012024-09-3006936175ns5:LeaseholdImprovements2023-07-012024-09-3006936175ns5:PlantMachinery2023-07-012024-09-3006936175ns5:FurnitureFittings2023-07-012024-09-3006936175ns5:ComputerEquipment2023-07-012024-09-3006936175ns5:NetGoodwill2023-06-3006936175ns5:NetGoodwill2024-09-3006936175ns5:NetGoodwill2023-06-3006936175ns5:LeaseholdImprovements2023-06-3006936175ns5:PlantMachinery2023-06-3006936175ns5:FurnitureFittings2023-06-3006936175ns5:ComputerEquipment2023-06-3006936175ns5:LeaseholdImprovements2024-09-3006936175ns5:PlantMachinery2024-09-3006936175ns5:FurnitureFittings2024-09-3006936175ns5:ComputerEquipment2024-09-3006936175ns5:LeaseholdImprovements2023-06-3006936175ns5:PlantMachinery2023-06-3006936175ns5:FurnitureFittings2023-06-3006936175ns5:ComputerEquipment2023-06-3006936175ns5:WithinOneYearns5:CurrentFinancialInstruments2024-09-3006936175ns5:WithinOneYearns5:CurrentFinancialInstruments2023-06-3006936175ns5:Secured2024-09-3006936175ns5:Secured2023-06-30069361751ns10:Director12023-06-30069361751ns10:Director12022-06-30069361751ns10:Director12023-07-012024-09-30069361751ns10:Director12022-07-012023-06-30069361751ns10:Director12024-09-30069361751ns10:Director12023-06-30
















The Optic Shop (Abergavenny) Limited

Financial Statements for the Period 1 July 2023 to 30 September 2024






The Optic Shop (Abergavenny) Limited

Company Information
for the Period 1 July 2023 to 30 September 2024







DIRECTORS: J V Truscott
A L Powell
I Hakim





REGISTERED OFFICE: 11 St Johns Street
Abergavenny
NP7 5RT





REGISTERED NUMBER: 06936175





ACCOUNTANTS: BPU Limited
Chartered Accountants
Radnor House
Greenwood Close
Cardiff Gate Business Park
Cardiff
CF23 8AA

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
The Optic Shop (Abergavenny) Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Optic Shop (Abergavenny) Limited for the period ended 30 September 2024 which comprise the Profit and Loss Account, 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of The Optic Shop (Abergavenny) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of The Optic Shop (Abergavenny) Limited and state those matters that we have agreed to state to the Board of Directors of The Optic Shop (Abergavenny) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Optic Shop (Abergavenny) Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that The Optic Shop (Abergavenny) 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 The Optic Shop (Abergavenny) Limited. You consider that The Optic Shop (Abergavenny) Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of The Optic Shop (Abergavenny) 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.






BPU Limited
Chartered Accountants


31 March 2025

The Optic Shop (Abergavenny) Limited (Registered number: 06936175)

Balance Sheet
30 September 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 3 22,858 28,874
Tangible assets 4 158,308 210,031
181,166 238,905

CURRENT ASSETS
Stocks 75,956 49,364
Debtors 5 107,986 16,159
Cash at bank and in hand 111,449 60,378
295,391 125,901
CREDITORS
Amounts falling due within one year 6 206,244 158,984
NET CURRENT ASSETS/(LIABILITIES) 89,147 (33,083 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

270,313

205,822

CREDITORS
Amounts falling due after more than
one year

7

(50,582

)

(92,337

)

PROVISIONS FOR LIABILITIES (37,669 ) (51,000 )
NET ASSETS 182,062 62,485

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 181,962 62,385
SHAREHOLDERS' FUNDS 182,062 62,485

The Optic Shop (Abergavenny) Limited (Registered number: 06936175)

Balance Sheet - continued
30 September 2024


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

The members have not required the company to obtain an audit of its financial statements for the period ended 30 September 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 March 2025 and were signed on its behalf by:





J V Truscott - Director


The Optic Shop (Abergavenny) Limited (Registered number: 06936175)

Notes to the Financial Statements
for the Period 1 July 2023 to 30 September 2024


1. 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 represents net invoiced sales of goods and services, excluding value added tax.

Goodwill
Goodwill is being amortised over its expected useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - over the lease term
Plant and machinery - 20% reducing balance
Fixtures and fittings - 20% reducing balance
Computer equipment - 20% reducing balance

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 period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 balance sheet date.


The Optic Shop (Abergavenny) Limited (Registered number: 06936175)

Notes to the Financial Statements - continued
for the Period 1 July 2023 to 30 September 2024


1. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 period 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
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 8 (2023 - 9 ) .

3. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2023
and 30 September 2024 192,500
AMORTISATION
At 1 July 2023 163,626
Amortisation for period 6,016
At 30 September 2024 169,642
NET BOOK VALUE
At 30 September 2024 22,858
At 30 June 2023 28,874

The Optic Shop (Abergavenny) Limited (Registered number: 06936175)

Notes to the Financial Statements - continued
for the Period 1 July 2023 to 30 September 2024


4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 July 2023 93,845 286,258 19,562 12,669 412,334
Additions - 4,276 216 624 5,116
Disposals - (38,579 ) (4,800 ) (489 ) (43,868 )
At 30 September 2024 93,845 251,955 14,978 12,804 373,582
DEPRECIATION
At 1 July 2023 39,239 147,148 8,184 7,732 202,303
Charge for period 12,124 33,808 1,867 1,182 48,981
Eliminated on disposal - (31,218 ) (4,403 ) (389 ) (36,010 )
At 30 September 2024 51,363 149,738 5,648 8,525 215,274
NET BOOK VALUE
At 30 September 2024 42,482 102,217 9,330 4,279 158,308
At 30 June 2023 54,606 139,110 11,378 4,937 210,031

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 25,860 -
Other debtors & prepayments 82,126 16,159
107,986 16,159

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 9,738 13,954
Hire purchase contracts 23,489 30,546
Trade creditors 69,452 65,595
Taxes & social security costs 97,691 40,149
Other creditors & accruals 5,874 8,740
206,244 158,984

The Optic Shop (Abergavenny) Limited (Registered number: 06936175)

Notes to the Financial Statements - continued
for the Period 1 July 2023 to 30 September 2024


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans 24,001 33,726
Hire purchase contracts 26,581 58,611
50,582 92,337

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 33,739 47,680
Hire purchase contracts 50,070 89,157
83,809 136,837

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 30 September 2024 and the year ended 30 June 2023:

2024 2023
£    £   
J V Truscott
Balance outstanding at start of period - -
Amounts advanced 65,417 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 65,417 -