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Registered Number:08948849 |
For the year ended 31 October 2020
England and Wales
Unaudited Financial Statements
2
For the year ended 31 October 2020
I O GLOSSOP LIMITED
Contents Page
1
Statement of Financial Position
2 to 6
Notes to the Financial Statements
3
I O GLOSSOP LIMITED
Statement of Financial Position
2019
2020
101,871
127,338
2
Property, plant and equipment |
77,671
88,371
3
179,542
215,709
43,841
32,026
4
Trade and other receivables |
19,892
12,304
5
2,634
Cash and cash equivalents |
80,184
124,514
66,367
Trade and other payables: amounts falling due within one |
year |
(247,120)
(208,666)
6
(180,753)
(84,152)
Net current liabilities
Total assets less current liabilities |
95,390
34,956
Trade and other payables: amounts falling due after more |
than one year |
(6,840)
(54,167)
7
(14,800)
(16,800)
Provisions for liabilities |
26,423
Net assets
11,316
100
100
26,323
11,216
26,423
11,316
Shareholders' funds
For the year ended 31 October 2020 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2020 in accordance with Section 476 of the Companies Act 2006 |
The directors acknowledge their responsibilities for:a) ensuring that the company keeps proper 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 Section |
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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. |
1 of 6
4
For the year ended 31 October 2020
I O GLOSSOP LIMITED
Statement of Financial Position Continued
These financial statements were approved and authorised for issue by the Board on 23 February 2021 and were signed by: |
The notes form part of these financial statements |
2 of 6
5
For the year ended 31 October 2020
I O GLOSSOP LIMITED
Notes to the Financial Statements
Statutory Information
I O GLOSSOP LIMITED is a private limited company, limited by shares, domiciled in England and Wales, registration |
number 08948849. |
55A Portland Square
Sutton in Ashfield
Nottinghamshire
NG17 1AZ
The presentation currency is £ sterling. |
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial |
Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the |
Companies Act 2006. The financial statements have been prepared under the historical costs convention as |
modified by the revaluation of certain assets. |
Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of 10 years. |
Property, plant and equipment
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis: |
Plant and machinery
33.33% and 10% Reducing balance |
Fixtures and fittings
Inventories
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. |
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
3 of 6
6
For the year ended 31 October 2020
I O GLOSSOP LIMITED
Notes to the Financial Statements Continued
2. Intangible fixed assets |
Goodwill
254,673
254,673
127,335
25,467
Charge for year
152,802
101,871
127,338
3. Property, plant and equipment |
150,318
84,480
65,838
65,838
84,480
150,318
Provision for depreciation and impairment |
61,947
30,541
31,406
Charge for year
10,700
5,535
5,165
72,647
36,076
36,571
29,267
48,404
77,671
34,432
53,939
88,371
2019
2020
32,026
43,841
4 of 6
7
For the year ended 31 October 2020
I O GLOSSOP LIMITED
Notes to the Financial Statements Continued
5. Trade and other receivables |
2019
2020
11,719
15,082
585
4,810
19,892
12,304
6. Trade and other payables: amounts falling due within one year |
2019
2020
Bank loans and overdraft (secured) |
12,367
32,971
5,000
-
23,374
26,774
Amounts owed to group undertaking and undertaking in which the |
company has a participating interest |
72,852
86,021
Taxation and social security |
34,764
24,707
60,309
76,647
208,666
247,120
7. Trade and other payables: amounts falling due after more than one year |
2019
2020
45,000
-
Bank loans and overdraft (secured) |
9,167
4,161
-
2,679
54,167
6,840
8. Related party transactions |
Mr M Woolhouse and Mr R I Blow are both directors of I O Glossop Ltd. I O Glossop Limited is 50% owned by Mr M |
Woolhouse and 50% owned by D I Blow Opticians Ltd, a company controlled by Mr R I Blow. |
At 31st October 2020 D I Blow Opticians Ltd are owed £72,852 (2019 : £86,021) by I O Glossop Limited. D I Blow |
Opticians Ltd had charged £41,958 (2019 : £42,293) for various costs incurred on behalf of I O Glossop Limited in |
the year. |
At 31st October 2020 Mr M Woolhouse is owed £52,167 (2019 : £63,359) by the Company. |
5 of 6
8
For the year ended 31 October 2020
I O GLOSSOP LIMITED
Notes to the Financial Statements Continued
9. Guarantees and other financial commitments |
Guarantees and contingent assets and liabilities |
Bank Loans and Overdrafts |
The bank loans are secured by charges on various assets and by personal guarantees of the directors up to the |
value of the loan. |
The hire purchase liability is secured on the specific assets held by a guarantee provided by D I Blow Opticians |
Limited. |
The total lease commitments which are not included in the balance sheet at 31 October 2020 amount to £6,971 |
(2019 £946). |
10. Average number of persons employed |
During the year the average number of employees was 8 (2019 : 9)
6 of 6