Company registration number 10399372 (England and Wales)
Wallwork & McGrail Opticians Limited
Unaudited Financial Statements
For the year ended 31 January 2026
Wallwork & McGrail Opticians Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
Wallwork & McGrail Opticians Limited
Balance sheet
As at 31 January 2026
- 1 -
2026
2025
Notes
£
£
£
£
Fixed assets
Intangible assets
3
138,014
150,561
Tangible assets
4
46,561
51,367
184,575
201,928
Current assets
Stocks
60,156
67,605
Debtors
5
30,895
22,133
Cash at bank and in hand
343,328
360,170
434,379
449,908
Creditors: amounts falling due within one year
6
(85,590)
(88,972)
Net current assets
348,789
360,936
Total assets less current liabilities
533,364
562,864
Provisions for liabilities
(11,304)
(12,432)
Net assets
522,060
550,432
Capital and reserves
Called up share capital
200
200
Share premium account
334,900
334,900
Profit and loss reserves
186,960
215,332
Total equity
522,060
550,432
Wallwork & McGrail Opticians Limited
Balance sheet (continued)
As at 31 January 2026
- 2 -

For the financial year ended 31 January 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he 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 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.

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 11 March 2026 and are signed on its behalf by:
Mr I G Wallwork
Mrs J McGrail
Director
Director
Mr A M McGrail
Mr N R Wallwork
Director
Director
Mr A J McGrail
Director
Company registration number 10399372 (England and Wales)
Wallwork & McGrail Opticians Limited
Notes to the financial statements
For the year ended 31 January 2026
- 3 -
1
Accounting policies
Company information

Wallwork & McGrail Opticians Limited is a private company limited by shares incorporated in England and Wales. The registered office is 308 Worsley Road, Swinton, Manchester, England, M27 0AG.

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 a mounts 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
Turnover

Turnover represents net invoiced sales of services, excluding VAT, except in respect of service contracts where turnover is recognised when the company obtains the right to consideration.

1.3
Intangible fixed assets - goodwill

The goodwill was generated on the acquisition of the business and is being written off over its estimated useful life of 20 years.

1.4
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:

Plant and equipment
10% straight line
Fixtures and fittings
15% straight line and 20% straight line
Computers
25% 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.

1.5
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.

Wallwork & McGrail Opticians Limited
Notes to the financial statements (continued)
For the year ended 31 January 2026
1
Accounting policies
(Continued)
- 4 -

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.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials.

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.

1.7
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.

1.8
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. As all financial assets are classified within one year, they are not amortised but carried at face value.

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.

Wallwork & McGrail Opticians Limited
Notes to the financial statements (continued)
For the year ended 31 January 2026
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price. Financial liabilities classified as payable within one year are carried at face value.

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 continue to be measured at face value.

1.9
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.

1.10
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.

1.11
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.

1.12
Retirement benefits

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

Wallwork & McGrail Opticians Limited
Notes to the financial statements (continued)
For the year ended 31 January 2026
1
Accounting policies
(Continued)
- 6 -
1.13
Leases

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 lease s asset are consumed.

2
Employees

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

2026
2025
Number
Number
Total
9
8
3
Intangible fixed assets
Goodwill
£
Cost
At 1 February 2025 and 31 January 2026
250,937
Amortisation and impairment
At 1 February 2025
100,376
Amortisation charged for the year
12,547
At 31 January 2026
112,923
Carrying amount
At 31 January 2026
138,014
At 31 January 2025
150,561
Wallwork & McGrail Opticians Limited
Notes to the financial statements (continued)
For the year ended 31 January 2026
- 7 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2025
120,282
Additions
7,010
At 31 January 2026
127,292
Depreciation and impairment
At 1 February 2025
68,915
Depreciation charged in the year
11,816
At 31 January 2026
80,731
Carrying amount
At 31 January 2026
46,561
At 31 January 2025
51,367
5
Debtors
2026
2025
Amounts falling due within one year:
£
£
Trade debtors
20,441
17,883
Other debtors
10,454
4,250
30,895
22,133
6
Creditors: amounts falling due within one year
2026
2025
£
£
Trade creditors
28,076
25,975
Taxation and social security
51,975
58,713
Other creditors
5,539
4,284
85,590
88,972
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