Company registration number 11105256 (England and Wales)
HUMMINGBIRD OPTICAL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
PAGES FOR FILING WITH REGISTRAR
HUMMINGBIRD OPTICAL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
HUMMINGBIRD OPTICAL LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2024
30 November 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
67,484
94,165
Current assets
Stocks
22,569
22,891
Debtors
5
13,858
10,503
Cash at bank and in hand
303,284
272,469
339,711
305,863
Creditors: amounts falling due within one year
6
(176,290)
(188,524)
Net current assets
163,421
117,339
Total assets less current liabilities
230,905
211,504
Creditors: amounts falling due after more than one year
7
(12,500)
Provisions for liabilities
(4,717)
(9,243)
Net assets
226,188
189,761
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
226,088
189,661
Total equity
226,188
189,761
For the financial year ended 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 23 April 2025
Mr D Oudit
Director
Company registration number 11105256 (England and Wales)
HUMMINGBIRD OPTICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 2 -
1
Accounting policies
Company information
Hummingbird Optical Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 The Lane, Addlestone, Surrey, KT15 2GN.
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 relate to a franchise fee paid and measured at cost less accumulated amortisation.
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:
Franchise fee
5 years
1.4
Tangible fixed assets
Tangible fixed assets are measured at, net of depreciation and any impairment losses.
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:
Office equipment
33% straight line
Professional equipment
20% straight line
Shop refit
10% straight line
HUMMINGBIRD OPTICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 3 -
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
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.7
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 liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
HUMMINGBIRD OPTICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.10
Leases
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
6
6
3
Intangible fixed assets
Franchise fee
£
Cost
At 1 December 2023 and 30 November 2024
10,000
Amortisation and impairment
At 1 December 2023 and 30 November 2024
10,000
Carrying amount
At 30 November 2024
At 30 November 2023
HUMMINGBIRD OPTICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 5 -
4
Tangible fixed assets
Office equipment
Professional equipment
Shop refit
Total
£
£
£
£
Cost
At 1 December 2023
64,124
46,310
236,990
347,424
Additions
1,659
1,659
At 30 November 2024
64,124
47,969
236,990
349,083
Depreciation and impairment
At 1 December 2023
57,579
37,687
157,993
253,259
Depreciation charged in the year
1,354
3,287
23,699
28,340
At 30 November 2024
58,933
40,974
181,692
281,599
Carrying amount
At 30 November 2024
5,191
6,995
55,298
67,484
At 30 November 2023
6,545
8,623
78,997
94,165
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
9,259
6,744
Other debtors
4,599
3,759
13,858
10,503
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
25,000
Trade creditors
35,255
45,625
Corporation tax
39,456
38,580
Other taxation and social security
4,914
4,558
Other creditors
96,665
74,761
176,290
188,524
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
12,500
HUMMINGBIRD OPTICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 6 -
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
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
187,500
225,000
10
Directors' transactions
Dividends totalling £65,000 (2023 - £65,000) were paid in the year in respect of shares held by the company's director.
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 £23,911 (2023 - £8,794); this amount being included in creditors: amounts falling due within one year.