Registered number |
Registered number: | |||||||
Balance Sheet | |||||||
as at |
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Notes | 2024 | 2023 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Tangible assets | 4 | ||||||
Current assets | |||||||
Stocks | |||||||
Debtors | 5 | ||||||
Cash at bank and in hand | |||||||
Creditors: amounts falling due within one year | 6 | ( |
( |
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Net current assets | |||||||
Total assets less current liabilities | |||||||
Provisions for liabilities | ( |
( |
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Net assets | |||||||
Capital and reserves | |||||||
Called up share capital | |||||||
Profit and loss account | |||||||
Shareholders' funds | |||||||
P.S. Bates | |||||||
Director | |||||||
Approved by the board on |
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Notes to the Accounts | ||||||||
for the year ended |
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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 are prepared in Sterling, which is the functional currency of the company. |
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Turnover | ||||||||
Tangible fixed assets | ||||||||
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. |
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Stocks | ||||||||
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. |
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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 | ||||||||
Creditors | ||||||||
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. |
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Taxation | ||||||||
Leased assets | ||||||||
Pensions | ||||||||
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. |
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3 | Employees | 2024 | 2023 | |||||
Number | Number | |||||||
Average number of persons employed by the company | ||||||||
4 | Tangible fixed assets | |||||||
Land and buildings | Plant and machinery etc | Motor vehicles | Total | |||||
£ | £ | £ | £ | |||||
Cost | ||||||||
At 30 August 2023 | ||||||||
Additions | - | - | ||||||
At 29 August 2024 | ||||||||
Depreciation | ||||||||
At 30 August 2023 | ||||||||
Charge for the year | ||||||||
At 29 August 2024 | ||||||||
Net book value | ||||||||
At 29 August 2024 | ||||||||
At 29 August 2023 | ||||||||
5 | Debtors | 2024 | 2023 | |||||
£ | £ | |||||||
Trade debtors | ||||||||
Other debtors | ||||||||
6 | Creditors: amounts falling due within one year | 2024 | 2023 | |||||
£ | £ | |||||||
Trade creditors | ||||||||
Taxation and social security costs | ||||||||
Other creditors | ||||||||
7 | Other financial commitments | 2024 | 2023 | |||||
£ | £ | |||||||
Total future minimum payments under non-cancellable operating leases | ||||||||
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 |