Parley Optometrists Limited - Filleted accounts

Registered number

07637859

Parley Optometrists Limited

Report and Accounts

31 May 2025

Parley Optometrists Limited
Registered number:		07637859
Balance Sheet
as at 31 May 2025
Restated
Notes			2025			2024
£				£
Fixed assets
Intangible assets	4		667			1,333
Tangible assets	5		173,224			185,451
			173,891			186,784

Current assets
Stocks		87,917			96,397
Debtors	6	148,999			145,088
Cash at bank and in hand		16,086			11,943
		253,002			253,428

Creditors: amounts falling due within one year	7	(130,643)			(136,667)

Net current assets			122,359			116,761

Total assets less current liabilities			296,250			303,545

Creditors: amounts falling due after more than one year	8		(32,752)			(42,987)



Net assets			263,498			260,558

Capital and reserves
Called up share capital			100			100
Profit and loss account			263,398			260,458

Shareholders' funds			263,498			260,558

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.



R S Jones
Director
Approved by the board on 19 May 2026

Parley Optometrists Limited
Notes to the Accounts
for the year ended 31 May 2025


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Intangible fixed assets
	Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Leasehold improvements			over 50 years
	Motor vehicles			25% reducing balance
	Plant and machinery			25% reducing balance
	Fixtures, fittings, tools and equipment			25% reducing balance

	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Previous Year Amendment

	The director identified a material error relating to the recognition of input and output VAT relating to partial exemption transactions in the financial statements for the years ended 31 May 2021, 31 May 2022, 31 May 2023 and 31 May 2024. The error arose as a result of miscalculation, which resulted in the understatement of profits and corporation tax provisions as well as the overstatement of VAT liabilities in earlier periods. The cumulative adjustment increased retained earnings by £106,518 as at 31 May 2024. In accordance with FRS 102 paragraph 10.21, the comparative figures for the prior period have been restated in these financial statements. The opening reserves at 1 June 2024 have also been adjusted to reflect the correction of the error. The impact of the restatement on the prior period financial statements is summarised below:
		As previously
		reported		Adjustment		Restated
	Profit for the year	£34,141		£13,442		£47,583
	Current assets	£123,075		£130,353		£253,428
	Current liabilities	£112,832		£23,835		£136,667
	Retained earnings	£153,940		£106,518		£260,458

3	Employees					2025		2024
Number							Number

	Average number of persons employed by the company					12		12


4	Intangible fixed assets							£
	Goodwill:

	Cost
	At 1 June 2024							10,000
	At 31 May 2025							10,000

	Amortisation
	At 1 June 2024							8,667
	Provided during the year							666
	At 31 May 2025							9,333

	Net book value
	At 31 May 2025							667
	At 31 May 2024							1,333

	Goodwill is being written off in equal annual instalments over its estimated economic life of 15 years.


5	Tangible fixed assets
		Leasehold improvements		Plant and machinery etc		Motor vehicles		Total
£			£		£		£
	Cost
	At 1 June 2024	148,549		90,499		1,800		240,848
	Additions	-		2,360		-		2,360
	At 31 May 2025	148,549		92,859		1,800		243,208

	Depreciation
	At 1 June 2024	8,913		44,864		1,620		55,397
	Charge for the year	2,971		11,571		45		14,587
	At 31 May 2025	11,884		56,435		1,665		69,984

	Net book value
	At 31 May 2025	136,665		36,424		135		173,224
	At 31 May 2024	139,636		45,635		180		185,451


6	Debtors					2025		2024
£							£

	Trade debtors					17,293		14,111
	Taxes and social securities debtor					131,706		130,353
	Other debtors					-		624
						148,999		145,088


7	Creditors: amounts falling due within one year					2025		2024
£							£

	Bank loans and overdrafts					15,053		23,609
	Obligations under finance lease and hire purchase contracts					4,680		4,680
	Trade creditors					64,424		64,481
	Taxation and social security costs					41,584		36,464
	Other creditors					4,902		7,433
						130,643		136,667


8	Creditors: amounts falling due after one year					2025		2024
£							£

	Bank loans					22,222		27,777
	Obligations under finance lease and hire purchase contracts					10,530		15,210
						32,752		42,987


9	Other information

	Parley Optometrists Limited is a private company limited by shares and incorporated in England. Its registered office is:
	127 New Road
	New Road
	West Parley
	BH22 8EB