Registered number
SC364318
MJ Optical Ltd
Unaudited Filleted Accounts
29 August 2024
MJ Optical Ltd
Registered number: SC364318
Balance Sheet
as at 29 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 214,342 222,742
Current assets
Stocks 37,800 36,000
Debtors 5 59,829 55,770
Cash at bank and in hand 190,540 137,792
288,169 229,562
Creditors: amounts falling due within one year 6 (178,367) (134,877)
Net current assets 109,802 94,685
Total assets less current liabilities 324,144 317,427
Provisions for liabilities (52,639) (54,585)
Net assets 271,505 262,842
Capital and reserves
Called up share capital 6 6
Profit and loss account 271,499 262,836
Shareholders' funds 271,505 262,842
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
P.S. Bates
Director
Approved by the board on 22 April 2025
MJ Optical Ltd
Notes to the Accounts
for the year ended 29 August 2024
1 Accounting policies
The principal accounting policies applied in the preparation of these accounts are set out below. These policies have been consistently applied in the current and preceding financial year, unless otherwise stated.
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), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies' regime.

The accounts are prepared in Sterling, which is the functional currency of the company.
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.
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:
Land and buildings 10% straight line
Plant and machinery 15% reducing balance
Computer equipment 33% reducing balance
Motor vehicles 25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Impairment of fixed assets
At each balance sheet date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is immediately recognised in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of impairment loss is recognised immediately in profit or loss.
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.

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.
Financial instruments
Basic financial instruments, including trade and other debtors, trade and other payables and cash and bank balances are initially recognised at transaction price and are subsequently measured at amortised cost using the effective interest method less any impairment.
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.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not been previously recognised. The impairment reversal is recognised in profit or loss.
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.
Leased assets
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 Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Employees 2024 2023
Number Number
Average number of persons employed by the company 21 18
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 30 August 2023 6,153 396,236 40,742 443,131
Additions - 32,819 - 32,819
At 29 August 2024 6,153 429,055 40,742 475,950
Depreciation
At 30 August 2023 1,751 193,261 25,377 220,389
Charge for the year 616 36,762 3,841 41,219
At 29 August 2024 2,367 230,023 29,218 261,608
Net book value
At 29 August 2024 3,786 199,032 11,524 214,342
At 29 August 2023 4,402 202,975 15,365 222,742
5 Debtors 2024 2023
£ £
Trade debtors 34,500 33,750
Other debtors 25,329 22,020
59,829 55,770
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 11,650 8,000
Taxation and social security costs 54,015 41,120
Other creditors 112,702 85,757
178,367 134,877
7 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 19,230 57,689
8 Other information
MJ Optical Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
C/O Barclay & Co. CA, Waldie House
Mill Road Industrial Estate
Linlithgow
West Lothian
EH49 7SF
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