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REGISTERED NUMBER: SC032882 (Scotland)













Unaudited Financial Statements

for the Year Ended 30 June 2024

for

McGrath Opticians Limited

McGrath Opticians Limited (Registered number: SC032882)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


McGrath Opticians Limited

Company Information
for the Year Ended 30 June 2024







DIRECTOR: M McGrath





SECRETARY: M McGrath





REGISTERED OFFICE: 251 Byres Road
Glasgow
G12 8UB





REGISTERED NUMBER: SC032882 (Scotland)





ACCOUNTANTS: Gerber Landa & Gee
Chartered Accountants
Pavilion 1
Finnieston Business Park
Minerva Way
GLASGOW
G3 8AU

McGrath Opticians Limited (Registered number: SC032882)

Balance Sheet
30 June 2024

30.6.24 30.6.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 305,163 314,192
305,163 314,192

CURRENT ASSETS
Stocks 16,750 16,750
Debtors 6 15,914 12,540
Cash at bank and in hand 6,195 17,793
38,859 47,083
CREDITORS
Amounts falling due within one year 7 57,230 75,322
NET CURRENT LIABILITIES (18,371 ) (28,239 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

286,792

285,953

CREDITORS
Amounts falling due after more than one year 8 - (334 )

PROVISIONS FOR LIABILITIES (54,217 ) (54,242 )
NET ASSETS 232,575 231,377

CAPITAL AND RESERVES
Called up share capital 6,600 6,600
Share premium 9,150 9,150
Revaluation reserve 9 206,766 211,073
Retained earnings 10,059 4,554
232,575 231,377

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

McGrath Opticians Limited (Registered number: SC032882)

Balance Sheet - continued
30 June 2024


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 18 April 2025 and were signed by:





M McGrath - Director


McGrath Opticians Limited (Registered number: SC032882)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

McGrath Opticians Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost or valuation
Plant and machinery etc - 15% on 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 year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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 year 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

McGrath Opticians Limited (Registered number: SC032882)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2023
and 30 June 2024 60,000
AMORTISATION
At 1 July 2023
and 30 June 2024 60,000
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 -

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 July 2023
and 30 June 2024 300,000 104,335 404,335
DEPRECIATION
At 1 July 2023 6,000 84,143 90,143
Charge for year 6,000 3,029 9,029
At 30 June 2024 12,000 87,172 99,172
NET BOOK VALUE
At 30 June 2024 288,000 17,163 305,163
At 30 June 2023 294,000 20,192 314,192

McGrath Opticians Limited (Registered number: SC032882)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 5,324 3,584
Other debtors 1,287 -
VAT 7,302 7,190
Prepayments and accrued income 2,001 1,766
15,914 12,540

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans and overdrafts 3,667 4,000
Trade creditors 12,046 15,890
Tax 27,777 33,322
Social security and other taxes - 1,001
Directors' current accounts 5,116 10,385
Accrued expenses 8,624 10,724
57,230 75,322

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.24 30.6.23
£    £   
Bank loans - 1-2 years - 334

9. RESERVES
Revaluation
reserve
£   
At 1 July 2023 211,073
Transfer to profit and loss account (4,307 )

At 30 June 2024 206,766