Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-310trueThe principal activity of the company continued to be that of optometry services.192024-02-01false19trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 06767319 2024-02-01 2024-12-31 06767319 2023-01-01 2024-01-31 06767319 2024-12-31 06767319 2024-01-31 06767319 c:Director1 2024-02-01 2024-12-31 06767319 c:Director2 2024-02-01 2024-12-31 06767319 d:Buildings 2024-02-01 2024-12-31 06767319 d:Buildings 2024-12-31 06767319 d:Buildings 2024-01-31 06767319 d:Buildings d:OwnedOrFreeholdAssets 2024-02-01 2024-12-31 06767319 d:Buildings d:LongLeaseholdAssets 2024-02-01 2024-12-31 06767319 d:Buildings d:LongLeaseholdAssets 2024-12-31 06767319 d:Buildings d:LongLeaseholdAssets 2024-01-31 06767319 d:PlantMachinery 2024-02-01 2024-12-31 06767319 d:PlantMachinery 2024-12-31 06767319 d:PlantMachinery 2024-01-31 06767319 d:PlantMachinery d:OwnedOrFreeholdAssets 2024-02-01 2024-12-31 06767319 d:MotorVehicles 2024-02-01 2024-12-31 06767319 d:MotorVehicles 2024-12-31 06767319 d:MotorVehicles 2024-01-31 06767319 d:MotorVehicles d:OwnedOrFreeholdAssets 2024-02-01 2024-12-31 06767319 d:FurnitureFittings 2024-02-01 2024-12-31 06767319 d:FurnitureFittings 2024-12-31 06767319 d:FurnitureFittings 2024-01-31 06767319 d:FurnitureFittings d:OwnedOrFreeholdAssets 2024-02-01 2024-12-31 06767319 d:OwnedOrFreeholdAssets 2024-02-01 2024-12-31 06767319 d:PatentsTrademarksLicencesConcessionsSimilar 2024-02-01 2024-12-31 06767319 d:Goodwill 2024-02-01 2024-12-31 06767319 d:Goodwill 2024-12-31 06767319 d:Goodwill 2024-01-31 06767319 d:CurrentFinancialInstruments 2024-12-31 06767319 d:CurrentFinancialInstruments 2024-01-31 06767319 d:Non-currentFinancialInstruments 2024-12-31 06767319 d:Non-currentFinancialInstruments 2024-01-31 06767319 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 06767319 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 06767319 d:Non-currentFinancialInstruments d:AfterOneYear 2024-12-31 06767319 d:Non-currentFinancialInstruments d:AfterOneYear 2024-01-31 06767319 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-12-31 06767319 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-01-31 06767319 d:ShareCapital 2024-12-31 06767319 d:ShareCapital 2024-01-31 06767319 d:SharePremium 2024-12-31 06767319 d:SharePremium 2024-01-31 06767319 d:RetainedEarningsAccumulatedLosses 2024-12-31 06767319 d:RetainedEarningsAccumulatedLosses 2024-01-31 06767319 c:FRS102 2024-02-01 2024-12-31 06767319 c:AuditExempt-NoAccountantsReport 2024-02-01 2024-12-31 06767319 c:FullAccounts 2024-02-01 2024-12-31 06767319 c:PrivateLimitedCompanyLtd 2024-02-01 2024-12-31 06767319 d:PlantEquipmentOtherAssetsUnderOperatingLeases 2024-12-31 06767319 d:PlantEquipmentOtherAssetsUnderOperatingLeases 2024-01-31 06767319 d:PlantEquipmentOtherAssetsUnderOperatingLeases d:WithinOneYear 2024-12-31 06767319 d:PlantEquipmentOtherAssetsUnderOperatingLeases d:WithinOneYear 2024-01-31 06767319 d:PlantEquipmentOtherAssetsUnderOperatingLeases d:BetweenOneFiveYears 2024-12-31 06767319 d:PlantEquipmentOtherAssetsUnderOperatingLeases d:BetweenOneFiveYears 2024-01-31 06767319 d:HirePurchaseContracts d:WithinOneYear 2024-12-31 06767319 d:HirePurchaseContracts d:WithinOneYear 2024-01-31 06767319 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-12-31 06767319 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-01-31 06767319 2 2024-02-01 2024-12-31 06767319 d:OtherDeferredTax 2024-12-31 06767319 d:OtherDeferredTax 2024-01-31 06767319 d:Goodwill d:OwnedIntangibleAssets 2024-02-01 2024-12-31 06767319 e:PoundSterling 2024-02-01 2024-12-31 iso4217:GBP xbrli:pure

Registered number: 06767319










LORDS OPTICIANS LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2024

 
LORDS OPTICIANS LTD
 

CONTENTS



Page
Statement of Financial Position
 
1 - 2
Notes to the Financial Statements
 
3 - 13


 
LORDS OPTICIANS LTD
REGISTERED NUMBER: 06767319

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

31 December
31 January
2024
2024
Note
£
£

Fixed assets
  

Intangible assets
 4 
41,418
50,909

Tangible assets
 5 
417,489
388,534

  
458,907
439,443

Current assets
  

Stocks
  
115,434
147,523

Debtors
 6 
139,420
139,328

Cash at bank and in hand
  
36,264
2,274

  
291,118
289,125

Creditors: amounts falling due within one year
 7 
(303,872)
(398,662)

Net current liabilities
  
 
 
(12,754)
 
 
(109,537)

Total assets less current liabilities
  
446,153
329,906

Creditors: amounts falling due after more than one year
 8 
(67,694)
(69,333)

Provisions for liabilities
  

Deferred tax
 11 
(23,571)
(12,715)

  
 
 
(23,571)
 
 
(12,715)

Net assets
  
354,888
247,858


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Share premium account
  
76,438
76,438

Profit and loss account
  
277,450
170,420

  
354,888
247,858


Page 1

 
LORDS OPTICIANS LTD
REGISTERED NUMBER: 06767319
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr A Hudson
................................................
Mr M Hunt
Director
Director


Date: 22 July 2025

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
LORDS OPTICIANS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

1.


General information

Lords Opticians Ltd is a company limited by shares, incorporated in England. The address of the registered office is Oakleigh House, 14 Garden Street, Cromer, Norfolk, NR27 9HN.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
LORDS OPTICIANS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Operating leases

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

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
LORDS OPTICIANS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

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

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.9

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Income Statement over its useful economic life.
 The estimated useful lives range as follows:

Goodwill
-
Over term of lease

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
LORDS OPTICIANS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line
L/Term leasehold property
-
Over remaining term of lease
Plant & machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures & fittings
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

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.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the period was 19 (2024 - 19).

Page 6

 
LORDS OPTICIANS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

4.


Intangible assets






Goodwill

£



Cost


At 1 February 2024
411,182



At 31 December 2024

411,182



Amortisation


At 1 February 2024
360,273


Charge for the period on owned assets
9,491



At 31 December 2024

369,764



Net book value



At 31 December 2024
41,418



At 31 January 2024
50,909



Page 7

 
LORDS OPTICIANS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

5.


Tangible fixed assets







Freehold property
L/Term Leasehold Property
Plant & machinery
Motor vehicles
Fixtures & fittings
Total

£
£
£
£
£
£



Cost or valuation


At 1 February 2024
284,902
112,762
234,619
2,000
133,271
767,554


Additions
-
-
3,060
54,590
170
57,820


Disposals
(857)
-
-
(2,000)
-
(2,857)



At 31 December 2024

284,045
112,762
237,679
54,590
133,441
822,517



Depreciation


At 1 February 2024
-
62,194
199,317
1,966
115,543
379,020


Charge for the period on owned assets
10,447
3,411
8,312
1,706
4,098
27,974


Disposals
-
-
-
(1,966)
-
(1,966)



At 31 December 2024

10,447
65,605
207,629
1,706
119,641
405,028



Net book value



At 31 December 2024
273,598
47,157
30,050
52,884
13,800
417,489



At 31 January 2024
284,902
50,568
35,302
34
17,728
388,534

Page 8

 
LORDS OPTICIANS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

6.


Debtors


31 December
31 January
2024
2024
£
£

Due after more than one year

Other debtors
5,460
7,100

5,460
7,100

Due within one year

Trade debtors
43,792
46,970

Other debtors
85,848
16,197

Prepayments and accrued income
4,320
9,245

Tax recoverable
-
59,816

139,420
139,328



7.


Creditors: Amounts falling due within one year

31 December
31 January
2024
2024
£
£

Bank overdrafts
33,231
44,282

Bank loans
32,000
32,000

Trade creditors
83,687
78,179

Corporation tax
86,587
123,171

Other taxation and social security
11,696
11,259

Obligations under finance lease and hire purchase contracts
6,365
-

Other creditors
42,536
87,233

Accruals and deferred income
7,770
22,538

303,872
398,662


Page 9

 
LORDS OPTICIANS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

8.


Creditors: Amounts falling due after more than one year

31 December
31 January
2024
2024
£
£

Bank loans
40,000
69,333

Net obligations under finance leases and hire purchase contracts
27,694
-

67,694
69,333



9.


Loans


Analysis of the maturity of loans is given below:


31 December
31 January
2024
2024
£
£

Amounts falling due within one year

Bank loans
32,000
32,000


32,000
32,000

Amounts falling due 1-2 years

Bank loans
40,000
69,333


40,000
69,333



72,000
101,333


Page 10

 
LORDS OPTICIANS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

31 December
31 January
2024
2024
£
£


Within one year
6,368
-

Over 1 year
27,692
-

34,060
-

Page 11

 
LORDS OPTICIANS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

11.


Deferred taxation






2024


£






At beginning of year
(12,715)


Charged to profit or loss
(10,856)



At end of year
(23,571)

The provision for deferred taxation is made up as follows:

31 December
31 January
2024
2024
£
£


Accelarated capital allowances
(23,571)
(12,715)

(23,571)
(12,715)


12.


Pension commitments

The company operates a defined contributions pension scheme for the benefit of its employees. Contributions payable are recognised in income statement when due. The assets of the scheme are held seperately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £13,383 (January 2024 - £9,981). Contributions totalling £2,449 (January 2024 - £2,205) were payable to the fund at the reporting date.


13.


Commitments under operating leases

At 31 December 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


31 December
31 January
2024
2024

£
£


Not later than 1 year
21,000
21,000

Later than 1 year and not later than 5 years
47,250
66,500

68,250
87,500

Page 12

 
LORDS OPTICIANS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

14.


Related party transactions

At the period end, one of the directors owed the company £52,447 (31 January 2024 - £8,174 owed by the company to the director) and this is included within other debtors due within one year (January 2024 - other creditors within one year). Interest has been charged to the director by the company, for the period in which the director owed money to the company, at the official loan interest rate.

 
Page 13