STRATHEARN OPTICAL LIMITED


Directors	N K Khakhar-Michael
	D J Michael
	A Smith
	P K Soulsby


Registered Address	42 Comrie Street
	Crieff
	PH7 4AX


Registered Number	SC621827 (Scotland)

Notes to the Financial Statements
for the year ended 31 March 2026

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in compliance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including the provisions of Section 1A 'Small Entities' (FRS 102 section 1A) and the Companies Act 2006. The financial statement have been prepared under the historical cost convention.

	Going concern
	After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future. the company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.

	Turnover policy
	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.

	Revenue from sale of goods
	Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.

Revenue from sale of goods

Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.

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

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Current taxation
	Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	Deferred tax
	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.

Deferred tax

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.

	Intangible assets
	Goodwill arising on the acquisition of a business represents the excess of the cost of acquisition over 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 amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Goodwill arising on the acquisition of a business represents the excess of the cost of acquisition over 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 amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

	Finance leases and hire purchase contracts
	Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease. Payments under operating lease contracts are expensed through the profit and loss account in the period in which payments are made.

Finance leases and hire purchase contracts

Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.  Payments under operating lease contracts are expensed through the profit and loss account in the period in which payments are made.

	Stocks and work in progress
	Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).

2.	Average number of employees


		2026		2025
	Average number of employees during the year	10		12

3.	Intangible assets

	Other	Total
	£	£
Cost or valuation
At 01 April 25	541,260	541,260
Disposals	(143,760)	(143,760)
At 31 March 26	397,500	397,500
Amortisation and impairment
At 01 April 25	275,514	275,514
Charge for year	46,367	46,367
On disposals	(51,123)	(51,123)
At 31 March 26	270,758	270,758
Net book value
At 31 March 26	126,742	126,742
At 31 March 25	265,746	265,746

4.	Tangible fixed assets

	Plant & machinery	Fixtures & fittings	Office Equipment	Total
	£	£	£	£
Cost or valuation
At 01 April 25	139,169	41,601	11,911	192,681
Additions	-	-	16,019	16,019
Disposals	(60,000)	(41,601)	-	(101,601)
At 31 March 26	79,169	-	27,930	107,099
Depreciation and impairment
At 01 April 25	86,147	11,618	10,306	108,071
Charge for year	7,079	1,915	1,523	10,517
On disposals	(35,294)	(13,533)	-	(48,827)
At 31 March 26	57,932	-	11,829	69,761
Net book value
At 31 March 26	21,237	-	16,101	37,338
At 31 March 25	53,022	29,983	1,605	84,610

5.	Stocks

	2026	2025
	£	£
Other stocks	74,108	112,116
Total	74,108	112,116

6.	Creditors: amounts due within one year

	2026	2025
	£	£
Trade creditors / trade payables	42,222	57,038
Bank borrowings and overdrafts	31,178	98,521
Amounts owed to related parties	57,060	56,880
Taxation and social security	66,856	96,590
Other creditors	-	882
Total	197,316	309,911

7.	Creditors: amounts due after one year

	2026	2025
	£	£
Bank borrowings and overdrafts	139,132	252,561
Total	139,132	252,561


	Bank loans and borrowings comprise a Business Bounceback loan, a loan from Performance Finance in respect of Shopfitting costs and two loans from the Royal Bank of Scotland to fund the purchase of businesses. The Business Bounce back loan is guaranteed by the UK Government, bears interest at 2.5% and is repayable over a 5 year term. The business purchase loans from the Royal Bank of Scotland are secured by a bond and floating charge over the assets of the company and are guaranteed by the directors. The first loan is for a period of 9 years and bears interest at 5.27% over base rate. The second loan is for a period of 15 years and bears interest at a fixed rate of 6.14%.

Bank loans and borrowings comprise a Business Bounceback loan, a loan from Performance Finance in respect of Shopfitting costs and two loans from the Royal Bank of Scotland to fund the purchase of businesses.

The Business Bounce back loan is guaranteed by the UK Government, bears interest at 2.5% and is repayable over a 5 year term.

The business purchase loans from the Royal Bank of Scotland are secured by a bond and floating charge over the assets of the company and are guaranteed by the directors. The first loan is for a period of 9 years and bears interest at 5.27% over base rate. The second loan is for a period of 15 years and bears interest at a fixed rate of 6.14%.

8.	Obligations under finance leases
	Hire Purchase loans totalling £7,428 (2025: £16,020) are secured over the assets and are repayable over terms between 3 and 5 years.

9.	Provisions for liabilities

	2026	2025
	£	£
Net deferred tax liability (asset)	10,774	23,140
Total	10,774	23,140

10.	Capital commitments
	The company has obligations under non-cancellable operating leases for properties totalling £54,375 (2025:£245,500).

11.	Directors advances, credits and guarantees

	Brought forward	Amount advanced	Amount repaid	Carried forward
	£	£	£	£
D J Michael	0	12,017	0	12,017
N K Khakhar-Michael	0	10,444	0	10,444
	0	22,461	0	22,461


	The loans to the directors are repayable on demand.

	Notes	2026		2025
		£	£	£	£
Fixed assets
Intangible assets	3		126,742		265,746
Tangible assets	4		37,338		84,610
			164,080		350,356
Current assets
Stocks	5	74,108		112,116
Debtors		137,934		102,214
Cash at bank and on hand		22,282		45,125
		234,324		259,455
Creditors amounts falling due within one year	6	(197,316)		(309,911)
Net current assets (liabilities)			37,008		(50,456)
Total assets less current liabilities			201,088		299,900
Creditors amounts falling due after one year	7		(139,132)		(252,561)
Provisions for liabilities	9		(10,774)		(23,140)
Net assets			51,182		24,199
Capital and reserves
Called up share capital			100		100
Profit and loss account			51,082		24,099
Shareholders' funds			51,182		24,199