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Registration number: 13075988

Scotts Opticians (Bury St Edmunds) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Scotts Opticians (Bury St Edmunds) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

Scotts Opticians (Bury St Edmunds) Limited

Company Information

Directors

Mr Andrew Spiers

Ms Alison Alexandra Mary Blake

Ms Susan Gold

Registered office

58 Abbeygate Street
Bury St. Edmunds
Suffolk
IP33 1LB

Accountants

Scrutton Bland Limited
Chartered AccountantsThe Long Barn
Fornham Business Court
Fornham St Martin
Bury St Edmunds
Suffolk
IP31 1SL

 

Scotts Opticians (Bury St Edmunds) Limited

(Registration number: 13075988)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

686,441

785,685

Tangible assets

5

14,266

14,804

 

700,707

800,489

Current assets

 

Stocks

59,363

60,218

Debtors

6

25,941

22,181

Cash at bank and in hand

 

160,663

159,862

 

245,967

242,261

Creditors: Amounts falling due within one year

7

(239,001)

(259,307)

Net current assets/(liabilities)

 

6,966

(17,046)

Total assets less current liabilities

 

707,673

783,443

Creditors: Amounts falling due after more than one year

7

(562,500)

(659,005)

Provisions for liabilities

(970)

(534)

Net assets

 

144,203

123,904

Capital and reserves

 

Called up share capital

8

11

11

Share premium reserve

49,999

49,999

Retained earnings

94,193

73,894

Shareholders' funds

 

144,203

123,904

 

Scotts Opticians (Bury St Edmunds) Limited

(Registration number: 13075988)
Balance Sheet as at 31 December 2024

For the financial year ending 31 December 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.

Approved and authorised by the Board on 4 April 2025 and signed on its behalf by:
 

.........................................
Mr Andrew Spiers
Director

 

Scotts Opticians (Bury St Edmunds) Limited

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

1

General information

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

The address of its registered office is:
58 Abbeygate Street
Bury St. Edmunds
Suffolk
IP33 1LB
England

These financial statements were authorised for issue by the Board on 4 April 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

 

Scotts Opticians (Bury St Edmunds) Limited

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

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

Office equipment

4 years straight line

Computer & Testing Equipment

4 years straight line

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

10 years straight line

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Scotts Opticians (Bury St Edmunds) Limited

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the weighted average method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately 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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Scotts Opticians (Bury St Edmunds) Limited

Notes to the Financial Statements for the Year Ended 31 December 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 17 (2023 - 16).

 

Scotts Opticians (Bury St Edmunds) Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2024

992,444

992,444

At 31 December 2024

992,444

992,444

Amortisation

At 1 January 2024

206,759

206,759

Amortisation charge

99,244

99,244

At 31 December 2024

306,003

306,003

Carrying amount

At 31 December 2024

686,441

686,441

At 31 December 2023

785,685

785,685

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2024

12,694

15,501

28,195

Additions

834

7,847

8,681

At 31 December 2024

13,528

23,348

36,876

Depreciation

At 1 January 2024

6,166

7,225

13,391

Charge for the year

3,382

5,837

9,219

At 31 December 2024

9,548

13,062

22,610

Carrying amount

At 31 December 2024

3,980

10,286

14,266

At 31 December 2023

6,528

8,276

14,804

 

Scotts Opticians (Bury St Edmunds) Limited

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

6

Debtors

Current

2024
£

2023
£

Trade debtors

25,385

18,644

Prepayments

373

373

Other debtors

183

3,164

 

25,941

22,181

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

124,402

135,099

Trade creditors

 

28,491

45,022

Taxation and social security

 

72,715

63,385

Accruals and deferred income

 

13,393

15,568

Other creditors

 

-

233

 

239,001

259,307

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

562,500

659,005

Creditors include loans repayable by instalments of £202,500 ( 2023 - £297,500) due after more than five years.

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary Shares A of £0.01 each

500

5

500

5

Ordinary Shares B of £0.01 each

500

5

500

5

Ordinary Shares of £0.01 each

50

1

50

1

 

1,050

11

1,050

11

 

Scotts Opticians (Bury St Edmunds) Limited

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

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Redeemable preference shares

562,500

659,005

Current loans and borrowings

2024
£

2023
£

Redeemable preference shares

96,505

108,600

Other borrowings

27,897

26,499

124,402

135,099

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £352,199 (2023 - £416,932). The company has operating lease commitments in respect of property and equipment.

11

Related party transactions

Other transactions with directors

The director's have provided the company with interest free loans repayable upon demand of £27,897 (2023 - £26,499).