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REGISTERED NUMBER: SC606620 (Scotland)












Financial Statements

for the Year Ended 31 October 2024

for

O'Callaghan Optical Ltd

O'Callaghan Optical Ltd (Registered number: SC606620)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


O'Callaghan Optical Ltd

Company Information
for the Year Ended 31 October 2024







DIRECTOR: M E F O'Callaghan





REGISTERED OFFICE: Radleigh House 1 Golf Road
Clarkston
Glasgow
G76 7HU





REGISTERED NUMBER: SC606620 (Scotland)





ACCOUNTANTS: O'Haras Chartered Accountants
Radleigh House
1 Golf Road
Clarkston
Glasgow
G76 7HU

O'Callaghan Optical Ltd (Registered number: SC606620)

Balance Sheet
31 October 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 3 25,600 32,000
Tangible assets 4 7,549 7,340
33,149 39,340

CURRENT ASSETS
Stocks 8,997 7,853
Debtors 5 2,612 1,599
Cash at bank and in hand 15,994 21,776
27,603 31,228
CREDITORS
Amounts falling due within one year 6 58,736 62,439
NET CURRENT LIABILITIES (31,133 ) (31,211 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,016

8,129

PROVISIONS FOR LIABILITIES 1,434 1,835
NET ASSETS 582 6,294

CAPITAL AND RESERVES
Called up share capital 7 100 100
Retained earnings 482 6,194
SHAREHOLDERS' FUNDS 582 6,294

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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.

O'Callaghan Optical Ltd (Registered number: SC606620)

Balance Sheet - continued
31 October 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 22 July 2025 and were signed by:





M E F O'Callaghan - Director


O'Callaghan Optical Ltd (Registered number: SC606620)

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

1. 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.

Going concern
The directors are satisfied that the Company will have access to sufficient funds to ensure that all liabilities will be met as they fall due over a period of at least 12 months from the approval date of these financial statements. Consequently, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Revenue
Revenue represents the amounts received from Eye Examinations and Eyecare sold.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of ten 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 the cost less estimated residual value of each asset of its estimated useful life:
Plant and machinery - 25% straight line
Fixtures and fittings - 25% straight line
Computer equipment - 33% straight line

Inventories
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.


O'Callaghan Optical Ltd (Registered number: SC606620)

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

1. 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
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.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

3. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 November 2023
and 31 October 2024 64,000
AMORTISATION
At 1 November 2023 32,000
Amortisation for year 6,400
At 31 October 2024 38,400
NET BOOK VALUE
At 31 October 2024 25,600
At 31 October 2023 32,000

O'Callaghan Optical Ltd (Registered number: SC606620)

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

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 November 2023 11,155 18,445 4,612 34,212
Additions 4,927 - - 4,927
At 31 October 2024 16,082 18,445 4,612 39,139
DEPRECIATION
At 1 November 2023 7,137 17,205 2,530 26,872
Charge for year 3,345 611 762 4,718
At 31 October 2024 10,482 17,816 3,292 31,590
NET BOOK VALUE
At 31 October 2024 5,600 629 1,320 7,549
At 31 October 2023 4,018 1,240 2,082 7,340

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 2,612 1,599

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1,750 1,888
Taxation and social security 9,534 10,619
Other creditors 47,452 49,932
58,736 62,439

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary 1 100 100