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Registration number: 06034329

Q&K Optical Limited

trading as Q&K Optical Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Q&K Optical Limited

trading as Q&K Optical Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Q&K Optical Limited

trading as Q&K Optical Limited

(Registration number: 06034329)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

129,438

146,142

Tangible assets

5

294,063

345,423

Investments

6

38,783

38,783

 

462,284

530,348

Current assets

 

Stocks

7

98,231

89,921

Debtors

8

414,995

491,360

Cash at bank and in hand

 

304,415

314,403

 

817,641

895,684

Creditors: Amounts falling due within one year

9

(624,197)

(647,045)

Net current assets

 

193,444

248,639

Total assets less current liabilities

 

655,728

778,987

Creditors: Amounts falling due after more than one year

9

(283,380)

(365,040)

Provisions for liabilities

(73,516)

(86,355)

Net assets

 

298,832

327,592

Capital and reserves

 

Called up share capital

100

100

Retained earnings

298,732

327,492

Shareholders' funds

 

298,832

327,592

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Q&K Optical Limited

trading as Q&K Optical Limited

(Registration number: 06034329)
Balance Sheet as at 31 August 2024

Approved and authorised by the Board on 22 May 2025 and signed on its behalf by:
 

.........................................
Mr D Quirke
Director

 

Q&K Optical Limited

trading as Q&K Optical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Suite 11
Dunston House
Livingstone Road
Hessle
HU13 0EG
England

These financial statements were authorised for issue by the Board on 22 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

 

Q&K Optical Limited

trading as Q&K Optical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Revenue recognition

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 despatch 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.
 

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

15%/20% Straight line

Plant and machinery

15%/20% Straight line

 

Q&K Optical Limited

trading as Q&K Optical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Improvements to property

Over 20 years

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 20 years

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Q&K Optical Limited

trading as Q&K Optical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

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.
 

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Q&K Optical Limited

trading as Q&K Optical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 36 (2023 - 37).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2023

334,083

334,083

At 31 August 2024

334,083

334,083

Amortisation

At 1 September 2023

187,941

187,941

Amortisation charge

16,704

16,704

At 31 August 2024

204,645

204,645

Carrying amount

At 31 August 2024

129,438

129,438

At 31 August 2023

146,142

146,142

 

Q&K Optical Limited

trading as Q&K Optical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 September 2023

197,375

300,898

203,103

701,376

Additions

-

34,702

-

34,702

At 31 August 2024

197,375

335,600

203,103

736,078

Depreciation

At 1 September 2023

161,616

105,484

88,853

355,953

Charge for the year

9,869

40,044

36,149

86,062

At 31 August 2024

171,485

145,528

125,002

442,015

Carrying amount

At 31 August 2024

25,890

190,072

78,101

294,063

At 31 August 2023

35,759

195,414

114,250

345,423

Included within the net book value of land and buildings above is £25,890 (2023 - £35,759) in respect of long leasehold land and buildings.
 

6

Investments

2024
£

2023
£

Investments in subsidiaries

38,783

38,783

Subsidiaries

£

Cost or valuation

At 1 September 2023

38,783

Provision

Carrying amount

At 31 August 2024

38,783

At 31 August 2023

38,783

 

Q&K Optical Limited

trading as Q&K Optical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

7

Stocks

2024
£

2023
£

Other inventories

98,231

89,921

8

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

65,058

126,315

Amounts owed by related parties

169,524

238,810

Prepayments

 

79,507

72,738

Other debtors

 

100,906

53,497

   

414,995

491,360

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

132,824

161,618

Trade creditors

 

361,374

365,947

Taxation and social security

 

87,009

103,942

Accruals and deferred income

 

33,283

4,775

Other creditors

 

9,707

10,763

 

624,197

647,045

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

283,380

365,040