Walters Opticians Limited Filleted accounts for Companies House (small and micro)

Walters Opticians Limited

Unaudited financial statements

31 December 2024

Company Registration Number 04371147

Walters Opticians Limited

Financial statements

year ended 31 December 2024

Contents	Pages

Balance sheet	1 to 2

Notes to the financial statements	3 to 6

Walters Opticians Limited

Balance sheet

31 December 2024

	2024		2023
Note	£	£	£

Fixed assets

Tangible assets	6		123,865	143,110

Current assets

Stocks		172,391	165,777
Debtors	7	12,393	18,753
Cash at bank and in hand		1,144	16,948
		---------	---------
		185,928	201,478

Creditors: amounts falling due within one year	8	110,856		76,240
		---------		---------
Net current assets			75,072	125,238
			---------	---------
Total assets less current liabilities			198,937	268,348

Creditors: amounts falling due after more than one year	9		46,162	76,618

Provisions	30,356	35,348
	---------	---------
Net assets	122,419	156,382
	---------	---------

Capital and reserves

Called up share capital	544	544
Capital redemption reserve	456	456
Profit and loss account	121,419	155,382
	---------	---------
Shareholders funds	122,419	156,382
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.

For the 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.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Walters Opticians Limited

Balance sheet (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 25 September 2025 , and are signed on behalf of the board by:

R M Walters
Director

Company registration number: 04371147

Walters Opticians Limited

Notes to the financial statements

year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 34 Market Place, Gainsborough, Lincolnshire.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

3.1 Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

3.2 Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

3.3 Income tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exception: deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

3.4 Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

3.5 Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

3.6 Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

3.7 Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

3.8 Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

3.9 Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

3.10 Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 9 (2023: 9 ).

5. Intangible assets

	Goodwill
	£

Cost
At 1 January 2024 and 31 December 2024	30,000
	--------
Amortisation
At 1 January 2024 and 31 December 2024	30,000
	--------
Carrying amount
At 31 December 2024	–
	--------
At 31 December 2023	–
	--------

6. Tangible assets

Plant and machinery	Fixtures and fittings	Total
£	£	£

Cost
At 1 January 2024	246,865	59,864	306,729
Additions	–	3,049	3,049
Disposals	–	( 2,400)	( 2,400)
	---------	--------	---------
At 31 December 2024	246,865	60,513	307,378
	---------	--------	---------
Depreciation
At 1 January 2024	112,068	51,551	163,619
Charge for the year	20,219	1,891	22,110
Disposals	–	( 2,216)	( 2,216)
	---------	--------	---------
At 31 December 2024	132,287	51,226	183,513
	---------	--------	---------
Carrying amount
At 31 December 2024	114,578	9,287	123,865
	---------	--------	---------
At 31 December 2023	134,797	8,313	143,110
	---------	--------	---------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Plant and machinery
	£

At 31 December 2024	74,064
	--------
At 31 December 2023	86,891
	--------

7. Debtors

	2024	2023
	£	£

Trade debtors	7,073	8,933
Other debtors	5,320	9,820
	--------	--------
	12,393	18,753
	--------	--------

8. Creditors: amounts falling due within one year

	2024	2023
	£	£

Bank loans and overdrafts	36,343	10,000
Trade creditors	24,056	20,730
Corporation tax	20,241	15,404
Social security and other taxes	3,330	4,968
Other creditors	26,886	25,138
	---------	--------
	110,856	76,240
	---------	--------

9. Creditors: amounts falling due after more than one year

	2024	2023
	£	£

Bank loans and overdrafts	5,242	15,242
Other creditors	40,920	61,376
	--------	--------
	46,162	76,618
	--------	--------

The hire purchase contracts are secured on the assets concerned.

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2024	2023
	£	£

Not later than 1 year	–	4,795
	----	-------