Kevin Tait Opticians Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05218643 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 September 2019

for

Kevin Tait Opticians Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTORS:

Mrs P A Tait

K Tait

SECRETARY:

Mrs P A Tait

REGISTERED OFFICE:

3 High Street

Moreton-In-Marsh

GL56 0AH

REGISTERED NUMBER:

05218643 (England and Wales)

ACCOUNTANTS:

ADM Accountancy Services Ltd

Unit 5 Tarlings Yard

Bishops Cleeve

Cheltenham

Gloucestershire

GL52 8RN

FIXED ASSETS

Intangible assets

4

16,640

24,960

Tangible assets

5

5,919

5,328

22,559

30,288

CURRENT ASSETS

Stocks

16,720

12,758

Debtors

6

20,636

18,701

Cash at bank and in hand

18,537

5,958

55,893

37,417

CREDITORS

Amounts falling due within one year

7

42,925

27,989

NET CURRENT ASSETS

12,968

9,428

TOTAL ASSETS LESS CURRENT LIABILITIES

35,527

39,716

PROVISIONS FOR LIABILITIES

789

615

NET ASSETS

34,738

39,101

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

34,736

39,099

34,738

39,101

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the Board of Directors on 2 March 2020 and were signed on its behalf by:

K Tait - Director

1.	STATUTORY INFORMATION

Kevin Tait Opticians Limited is a private company, limited by shares , registered in England and Wales. 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Plant and machinery etc

-

20% on cost

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 Income Statement, 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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 6 (2018 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2018

and 30 September 2019

80,000

AMORTISATION

At 1 October 2018

55,040

Charge for year

8,320

At 30 September 2019

63,360

NET BOOK VALUE

At 30 September 2019

16,640

At 30 September 2018

24,960

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 October 2018

48,424

Additions

4,918

Disposals

(2,948

)

At 30 September 2019

50,394

DEPRECIATION

At 1 October 2018

43,096

Charge for year

4,250

Eliminated on disposal

(2,871

)

At 30 September 2019

44,475

NET BOOK VALUE

At 30 September 2019

5,919

At 30 September 2018

5,328

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.19

30.9.18

£

£

Trade debtors

9,904

10,313

Other debtors

10,732

8,388

20,636

18,701

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.19

30.9.18

£

£

Trade creditors

18,255

7,416

Taxation and social security

18,070

12,470

Other creditors

6,600

8,103

42,925

27,989

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Kevin Tait Opticians Limited for the year ended 30 September 2019 which comprise the Income

Statement, Balance Sheet and the related notes from the company's accounting records and from information and

explanations you have given us.

As a practising member firm of the Chartered Institute of Management Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.cimaglobal.com.

This report is made solely to the Board of Directors of Kevin Tait Opticians Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Kevin Tait Opticians Limited and state those matters that we have agreed to state to the Board of Directors of Kevin Tait Opticians Limited, as a body, in this report in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Kevin Tait Opticians Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Kevin Tait Opticians Limited. You consider that Kevin Tait Opticians Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Kevin Tait Opticians Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

ADM Accountancy Services Ltd

Unit 5 Tarlings Yard

Bishops Cleeve

Cheltenham

Gloucestershire

GL52 8RN

Date: .............................................