Company registration number 02862381 (England and Wales)
RAWLING & SONS OPTICIANS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
RAWLING & SONS OPTICIANS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 11
RAWLING & SONS OPTICIANS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
5
132,500
97,500
Tangible assets
6
1,754,170
1,877,075
Investment property
7
853,201
484,820
2,739,871
2,459,395
Current assets
Stocks
399,123
424,261
Debtors
8
283,965
265,742
Cash at bank and in hand
243,964
62,335
927,052
752,338
Creditors: amounts falling due within one year
9
(548,276)
(768,594)
Net current assets/(liabilities)
378,776
(16,256)
Total assets less current liabilities
3,118,647
2,443,139
Creditors: amounts falling due after more than one year
10
(1,563,249)
(743,357)
Provisions for liabilities
(235,628)
(188,427)
Net assets
1,319,770
1,511,355
Capital and reserves
Called up share capital
15,580
15,909
Share premium account
466,166
440,682
Revaluation reserve
109,185
109,185
Capital redemption reserve
43,926
43,326
Profit and loss reserves
684,913
902,253
Total equity
1,319,770
1,511,355
RAWLING & SONS OPTICIANS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 24 June 2025 and are signed on its behalf by:
Mrs C S E Shipway
Director
Company registration number 02862381 (England and Wales)
RAWLING & SONS OPTICIANS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

Rawling & Sons Opticians Limited is a private company limited by shares incorporated in England and Wales. The registered office is 946 Brighton Road, Purley, London, England, CR8 2LP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The company is financed by equity and banking facilities.true

 

At the year end, the company has net current assets of £378,776 (2023: £16,256 net current liabilities) and shareholders funds of £1,319,770 (2023: £1,511,355).

 

In accordance with their responsibilities, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements. For this basis they have reviewed the financial and cash flow projections for the next 12 months from the date of approval of the financial statements.

 

The company is financially supported by the bank and thus the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Based on this, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

Based on the above, we are satisfied that the application of going concern basis for the preparation of the financial statements continued to be appropriate.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account discounts and special promotions.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch 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.

RAWLING & SONS OPTICIANS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
nil
Leasehold land and buildings
Over the period of the lease
Leasehold improvements
Over the period of the lease
Plant and equipment
5 - 20 years straight line
Fixtures and fittings
5 - 10 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

RAWLING & SONS OPTICIANS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and those costs incurred in bringing the stocks to their present location and condition.

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.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

RAWLING & SONS OPTICIANS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

RAWLING & SONS OPTICIANS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
83
76
4
Directors' remuneration
2024
2023
£
£
Remuneration paid to directors
1,068,407
1,067,058
5
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2024
195,000
Additions
60,000
At 31 December 2024
255,000
Amortisation and impairment
At 1 January 2024
97,500
Amortisation charged for the year
25,000
At 31 December 2024
122,500
Carrying amount
At 31 December 2024
132,500
At 31 December 2023
97,500

During the year, the company acquired Solent Hearing practice in Lymington for £60,000.

RAWLING & SONS OPTICIANS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
6
Tangible fixed assets
Freehold land and buildings
Leasehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
£
£
Cost or valuation
At 1 January 2024
994,308
185,500
157,235
1,290,136
959,688
3,586,867
Additions
-
0
-
0
194,346
78,272
31,495
304,113
Disposals
-
0
(138,359)
-
0
(55,997)
-
0
(194,356)
Transfer to investment property
(144,404)
-
0
-
0
-
0
-
0
(144,404)
At 31 December 2024
849,904
47,141
351,581
1,312,411
991,183
3,552,220
Depreciation and impairment
At 1 January 2024
-
0
168,997
3,825
919,482
617,488
1,709,792
Depreciation charged in the year
-
0
3,084
20,852
80,049
61,263
165,248
Impairment losses
117,366
-
0
-
0
-
0
-
0
117,366
Eliminated in respect of disposals
-
0
(138,359)
-
0
(55,997)
-
0
(194,356)
At 31 December 2024
117,366
33,722
24,677
943,534
678,751
1,798,050
Carrying amount
At 31 December 2024
732,538
13,419
326,904
368,877
312,432
1,754,170
At 31 December 2023
994,308
16,503
153,410
370,654
342,200
1,877,075

Freehold land and buildings with a carrying amount of £732,538 were impaired on 18 December 2024 by SHW Chartered Surveyors, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

7
Investment property
2024
£
Fair value
At 1 January 2024
484,821
Additions
305,596
Transfers
144,404
Revaluations
(81,620)
At 31 December 2024
853,201

Investment property comprises valuation of property carried out at 946 Brighton Road, Purley for £403,201 and at 2-4 Croydon Road, Caterham valued at £450,000, totalling to £853,201. The fair value of the investment property has been arrived at on the basis of a valuation carried out on 18 December 2024 by SHW, Chartered Surveyors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties

 

RAWLING & SONS OPTICIANS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
168,838
129,041
Other debtors
115,127
136,701
283,965
265,742
9
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
199,727
99,639
Trade creditors
190,891
478,639
Corporation tax
6,764
83
Other taxation and social security
82,195
90,574
Other creditors
68,699
99,659
548,276
768,594
RAWLING & SONS OPTICIANS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
10
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,563,249
743,357

During the year, the company had three new loans from Natwest bank as follows:

 

A loan of £304,000 has been obtained for Croydon and Caterham developments. This loan bears an interest rate at 2.9% p.a. over Bank of England base rate. The terms of repayments is over 180 months (15 years).

 

A loan of £540,320 has been obtained for Croydon, Alton refit and purchase an audiology practice in Lymington. This loan bears a fixed interest rate at 6.75% p.a. for the first 60 months (5 years) and then 2.35% p.a. over Bank of England base rate for the remaining 120 months (10 years). The terms of repayments is over 180 months (15 years).

 

A loan of £131,500 has been obtained for Hedge End. This loan bears an interest rate at 2.9% p.a. over Bank of England base rate. The terms of repayments is over 180 months (15 years).

 

The other long term bank loans are secured by a debenture and freehold first legal charge over 946 Brighton Road, Purley, Surrey; 9 Church Road, Great Bookham, Surrey and 2-4 Croydon Road, Caterham, Surrey CR3 6QB and its associated assets. A personal guarantee of £540,000 and £223,000 have been provided by the directors named – Richard Rawling, David Barker, Claire Shipway, Rachael Ley-Smith, Sara Shipway, Timothy Shipway and Simon Callaghan, secures the loan.

 

11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

Senior Statutory Auditor:
Mr Marc Bennett
Statutory Auditor:
AEL Markhams Ltd
Date of audit report:
24 June 2025
RAWLING & SONS OPTICIANS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
12
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Total commitments
1,100,180
981,060
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