14 2 May 2025 false false false false false false false false false false true false false false false false false No description of principal activity 2024-01-01 Sage Accounts Production Advanced 2024 - FRS102_2024 24,315 11,534 200 35,649 16,280 3,490 19,770 15,879 8,035 xbrli:pure xbrli:shares iso4217:GBP 00368950 2024-01-01 2024-12-31 00368950 2024-12-31 00368950 2023-12-31 00368950 2023-01-01 2023-12-31 00368950 2023-12-31 00368950 2022-12-31 00368950 bus:Director1 2024-01-01 2024-12-31 00368950 bus:Director2 2024-01-01 2024-12-31 00368950 core:WithinOneYear 2024-12-31 00368950 core:WithinOneYear 2023-12-31 00368950 core:RetainedEarningsAccumulatedLosses 2024-12-31 00368950 core:RetainedEarningsAccumulatedLosses 2023-12-31 00368950 bus:SmallEntities 2024-01-01 2024-12-31 00368950 bus:Audited 2024-01-01 2024-12-31 00368950 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 00368950 bus:CompanyLimitedByGuarantee 2024-01-01 2024-12-31 00368950 bus:FullAccounts 2024-01-01 2024-12-31 00368950 core:OfficeEquipment 2024-01-01 2024-12-31 00368950 core:OfficeEquipment 2023-12-31 00368950 core:OfficeEquipment 2024-12-31
COMPANY REGISTRATION NUMBER: 00368950
Federation of Optometrists and Dispensing Opticians
Company Limited by Guarantee
Filleted Financial Statements
31 December 2024
Federation of Optometrists and Dispensing Opticians
Company Limited by Guarantee
Financial Statements
Year ended 31 December 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
Federation of Optometrists and Dispensing Opticians
Company Limited by Guarantee
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
6
15,879
8,035
Current assets
Debtors
7
351,941
483,983
Cash at bank
2,104,293
1,865,283
------------
------------
2,456,234
2,349,266
Creditors: amounts falling due within one year
8
757,863
666,952
------------
------------
Net current assets
1,698,371
1,682,314
------------
------------
Total assets less current liabilities
1,714,250
1,690,349
------------
------------
Net assets
1,714,250
1,690,349
------------
------------
Capital and reserves
Income and expenditure account
1,714,250
1,690,349
------------
------------
Members funds
1,714,250
1,690,349
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their 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 were approved by the board of directors and authorised for issue on 2 May 2025 , and are signed on behalf of the board by:
P J Ormerod H Sandhu
Group chair Group chief executive
Company registration number: 00368950
Federation of Optometrists and Dispensing Opticians
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is 16 Upper Woburn Place, London, WC1H 0BS, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. 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. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Company limited by guarantee
The company is limited by guarantee, not having share capital. In the event of the winding-up of the company each member of the Association undertakes to contribute such amount as may be required, not exceeding £10, either whilst a member or within one year of their membership ceasing.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2023: 12 ).
6. Tangible assets
Equipment
£
Cost
At 1 January 2024
24,315
Additions
11,534
Disposals
( 200)
--------
At 31 December 2024
35,649
--------
Depreciation
At 1 January 2024
16,280
Charge for the year
3,490
--------
At 31 December 2024
19,770
--------
Carrying amount
At 31 December 2024
15,879
--------
At 31 December 2023
8,035
--------
7. Debtors
2024
2023
£
£
Trade debtors
323,631
477,893
Other debtors
28,310
6,090
---------
---------
351,941
483,983
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
53,435
9,566
Corporation tax
7,739
4,435
Social security and other taxes
35,378
28,384
Other creditors
661,311
624,567
---------
---------
757,863
666,952
---------
---------
9. Summary audit opinion
The auditor's report dated 2 May 2025 was unqualified .
The senior statutory auditor was Dominic Wood , for and on behalf of Burgess Hodgson LLP .