Company registration number 06643565 (England and Wales)
RR OPTOMETRY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
RR OPTOMETRY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
RR OPTOMETRY LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
6,504
22,384
Tangible assets
4
15,674
26,338
22,178
48,722
Current assets
Stocks
25,355
25,228
Debtors
5
51,072
47,194
Cash at bank and in hand
9,438
8,911
85,865
81,333
Creditors: amounts falling due within one year
6
(170,216)
(142,793)
Net current liabilities
(84,351)
(61,460)
Total assets less current liabilities
(62,173)
(12,738)
Creditors: amounts falling due after more than one year
7
(6,511)
(17,248)
Provisions for liabilities
(885)
(4,942)
Net liabilities
(69,569)
(34,928)
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
(69,669)
(35,028)
Total equity
(69,569)
(34,928)
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 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has 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 15 April 2025
Mr R Randall
Director
Company Registration No. 06643565
RR OPTOMETRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
1
Accounting policies
Company information
RR Optometry Limited is a private company limited by shares incorporated in England and Wales. The registered office is Boots Opticians, 49 Lower Precinct, Coventry, CV1 1DS.
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 acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
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:
Software
20% on cost
Patents & licences
10% on cost
1.4
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.
RR OPTOMETRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 3 -
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:
Plant and equipment
20% on cost
Fixtures and fittings
20% on cost
Computers
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.
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
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
1.7
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.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.
RR OPTOMETRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 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
14
13
3
Intangible fixed assets
Software
Patents & licences
Total
£
£
£
Cost
At 1 November 2023 and 31 October 2024
14,400
130,000
144,400
Amortisation and impairment
At 1 November 2023
8,160
113,856
122,016
Amortisation charged for the year
2,880
13,000
15,880
At 31 October 2024
11,040
126,856
137,896
Carrying amount
At 31 October 2024
3,360
3,144
6,504
At 31 October 2023
6,240
16,144
22,384
RR OPTOMETRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 5 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 November 2023
18,817
91,914
53,149
163,880
Additions
2,053
2,053
Disposals
(1,466)
(1,466)
At 31 October 2024
19,404
91,914
53,149
164,467
Depreciation and impairment
At 1 November 2023
6,206
91,036
40,300
137,542
Depreciation charged in the year
3,542
390
7,896
11,828
Eliminated in respect of disposals
(577)
(577)
At 31 October 2024
9,171
91,426
48,196
148,793
Carrying amount
At 31 October 2024
10,233
488
4,953
15,674
At 31 October 2023
12,611
878
12,849
26,338
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
34,936
21,207
Corporation tax recoverable
468
Other debtors
16,136
25,519
51,072
47,194
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,980
9,368
Trade creditors
111,395
107,606
Taxation and social security
6,607
8,257
Other creditors
41,234
17,562
170,216
142,793
RR OPTOMETRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 6 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
6,511
17,248
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
100
100
100
100
9
Directors' transactions
The director operates a current loan amount with the company, which is debited with payments made by the company on behalf of the director and credited with funds introduced and undrawn director's fees. At the year end,
the amount outstanding to the director was £30,674 (2023:-£11,798) ; this amount being included in creditors amounts falling due within one year.