Shepshed Optics Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05715312

FINANCIAL STATEMENTS FOR THE YEAR ENDED 28TH FEBRUARY 2019

FOR

SHEPSHED OPTICS LTD

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

C P Austen

SECRETARY:

Miss T A Giles

REGISTERED OFFICE:

The Old Drill Hall

10 Arnot Hill Road

Arnold

NOTTINGHAM

Nottinghamshire

NG5 6LJ

REGISTERED NUMBER:

05715312

ACCOUNTANTS:

Atkinson Evans Limited

Chartered Certified Accountants

The Old Drill Hall

10 Arnot Hill Road

Arnold

Nottingham

Nottinghamshire

NG5 6LJ

FIXED ASSETS

Tangible assets

4

54,884

47,238

CURRENT ASSETS

Stocks

13,500

13,500

Debtors

76,094

101,406

Cash at bank

70,690

109,408

160,284

224,314

CREDITORS

Amounts falling due within one year

66,809

88,713

NET CURRENT ASSETS

93,475

135,601

TOTAL ASSETS LESS CURRENT LIABILITIES

148,359

182,839

PROVISIONS FOR LIABILITIES

10,093

8,206

NET ASSETS

138,266

174,633

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

138,264

174,631

SHAREHOLDERS' FUNDS

138,266

174,633

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th February 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th February 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 28th February 2019 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director on 23rd October 2019 and were signed by:

C P Austen - Director

1.	STATUTORY INFORMATION

Shepshed Optics Ltd is a private company, limited by shares , registered in Not specified/Other. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and

Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or

directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2018 - 14 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1st March 2018

162,982

Additions

22,249

Disposals

(23,432

)

At 28th February 2019

161,799

DEPRECIATION

At 1st March 2018

115,744

Charge for year

12,703

Eliminated on disposal

(21,532

)

At 28th February 2019

106,915

NET BOOK VALUE

At 28th February 2019

54,884

At 28th February 2018

47,238

5.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 28th February 2019 and

28th February 2018:

2019

2018

£

£

C P Austen

Balance outstanding at start of year

-

36,049

Amounts advanced

4,000

-

Amounts repaid

-

(36,049

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

4,000

-

The above loan has been repaid since the balance sheet date.