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REGISTERED NUMBER: 04860028 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 August 2024

for

KSM Optical Limited

KSM Optical Limited (Registered number: 04860028)






Contents of the Financial Statements
for the Year Ended 31 August 2024




Page

Company Information 1

Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


KSM Optical Limited

Company Information
for the Year Ended 31 August 2024







DIRECTORS: Mr K Merali
Mrs F K Merali





SECRETARY: Mrs F K Merali





REGISTERED OFFICE: Scottish Provident House
76 - 80 College Road
Harrow
Middlesex
HA1 1BQ





REGISTERED NUMBER: 04860028 (England and Wales)





ACCOUNTANTS: Merali's Chartered Accountants
Scottish Provident House
76-80 College Road
Harrow
Middlesex
HA1 1BQ

Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
KSM Optical Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of KSM Optical Limited for the year ended 31 August 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of KSM Optical Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of KSM Optical Limited and state those matters that we have agreed to state to the Board of Directors of KSM Optical Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than KSM Optical Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that KSM Optical Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of KSM Optical Limited. You consider that KSM Optical Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of KSM Optical Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Merali's Chartered Accountants
Scottish Provident House
76-80 College Road
Harrow
Middlesex
HA1 1BQ


29 May 2025

KSM Optical Limited (Registered number: 04860028)

Balance Sheet
31 August 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 44,550 19,181
44,550 19,181

CURRENT ASSETS
Stocks 83,000 80,000
Debtors 6 730,729 624,004
Cash at bank 326,426 399,082
1,140,155 1,103,086
CREDITORS
Amounts falling due within one year 7 (344,512 ) (342,371 )
NET CURRENT ASSETS 795,643 760,715
TOTAL ASSETS LESS CURRENT
LIABILITIES

840,193

779,896

CREDITORS
Amounts falling due after more than one year 8 (37,046 ) (67,438 )

PROVISIONS FOR LIABILITIES (6,152 ) (2,285 )
NET ASSETS 796,995 710,173

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 796,895 710,073
SHAREHOLDERS' FUNDS 796,995 710,173

KSM Optical Limited (Registered number: 04860028)

Balance Sheet - continued
31 August 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 Board of Directors and authorised for issue on 29 May 2025 and were signed on its behalf by:





Mr K S Merali - Director


KSM Optical Limited (Registered number: 04860028)

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

1. STATUTORY INFORMATION

KSM Optical Limited is a private company, limited by shares , registered in England and Wales. 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.

Turnover includes net invoiced sale of lenses and frames, together with fees charged for eye tests.

Turnover is stated after trade discounts.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of the businesses:

- in 2008, has been amortised evenly over its estimated useful life of 3 years
- in 2015, has been amortised evenly over its estimated useful life of 5 years

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - Straight line over 15 years
Fixtures and fittings - 25% on cost
Computer equipment - 33% on cost

Tangible fixed assets are stated at cost less accumulated depreciation.

Stocks
Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable value represents estimated selling price less costs to complete the sale. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.

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.


KSM Optical Limited (Registered number: 04860028)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

2. ACCOUNTING POLICIES - continued
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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

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.

Going concern
The directors are satisfied that the Company has adequate reserves to meets its liabilities as they fall due for at least twelve months from the approval of the financial statements. In addition the company made a profit during the financial year, therefore the accounts are prepared on a going concern basis.

Government grants
Grants are accounted for under the accruals model permitted by FRS 102. Grants of revenue nature are recognised in the Profit and Loss statement in the same period as the related expenditure. Any accrued elements of grants is included in debtors as accrued income.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 10 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 September 2023
and 31 August 2024 285,000
AMORTISATION
At 1 September 2023
and 31 August 2024 285,000
NET BOOK VALUE
At 31 August 2024 -
At 31 August 2023 -

KSM Optical Limited (Registered number: 04860028)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Short Long and Computer
leasehold leasehold fittings equipment Totals
£    £    £    £    £   
COST
At 1 September 2023 23,589 100 315,467 18,236 357,392
Additions - - 39,510 1,660 41,170
At 31 August 2024 23,589 100 354,977 19,896 398,562
DEPRECIATION
At 1 September 2023 11,393 - 310,030 16,788 338,211
Charge for year 1,572 - 12,227 2,002 15,801
At 31 August 2024 12,965 - 322,257 18,790 354,012
NET BOOK VALUE
At 31 August 2024 10,624 100 32,720 1,106 44,550
At 31 August 2023 12,196 100 5,437 1,448 19,181

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fixtures
and
fittings
£   
COST
At 1 September 2023 55,876
Additions 26,000
At 31 August 2024 81,876
DEPRECIATION
At 1 September 2023 47,585
Charge for year 14,791
At 31 August 2024 62,376
NET BOOK VALUE
At 31 August 2024 19,500
At 31 August 2023 8,291

6. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 49,460 42,038
Other debtors 658,531 559,228
707,991 601,266

KSM Optical Limited (Registered number: 04860028)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

6. DEBTORS - continued
2024 2023
£    £   
Amounts falling due after more than one year:
Other debtors 22,738 22,738

Aggregate amounts 730,729 624,004

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 52,574 52,574
Hire purchase contracts 3,640 -
Trade creditors 220,349 189,907
Taxation and social security 48,959 85,376
Other creditors 18,990 14,514
344,512 342,371

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 9,026 67,438
Hire purchase contracts 28,020 -
37,046 67,438

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 August 2024 and 31 August 2023:

2024 2023
£    £   
Mr K S Merali and Mrs F K Merali
Balance outstanding at start of year 278,731 147,552
Amounts advanced 242,073 273,697
Amounts repaid (157,955 ) (142,518 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 362,849 278,731

10. RELATED PARTY DISCLOSURES

Included in other debtors is amount receivable of £171,772 (2023: £171,772) from KSM Optical Investment Ltd, a company under common control of directors and shareholders.The amount is interest free and repayable on demand..

Included in other debtors is amount receivable of £9,166 (2023: £9,166) from Ammar Merali, the son of the directors.The amount is interest free and repayable on demand.

11. ULTIMATE CONTROLLING PARTY

The company was controlled throughout the year its directors by virtue of holding the entire share capital.