McQuade Eyecare Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07867015 (England and Wales)

McQuade Eyecare Limited

Unaudited Financial Statements

For The Year Ended 31 August 2020

Page

Company Information

1

Chartered Accountants' Report

2

Abridged Balance Sheet

3

Notes to the Financial Statements

5

DIRECTOR:

G A McQuade

SECRETARY:

C M McQuade

REGISTERED OFFICE:

108 Westborough

Scarborough

North Yorkshire

YO11 1LD

REGISTERED NUMBER:

07867015 (England and Wales)

ACCOUNTANTS:

Ingham & Co.

Chartered Accountants

George Stanley House

2 West Parade Road

Scarborough

North Yorkshire

YO12 5ED

The following reproduces the text of the report prepared for the director 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 Director 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 McQuade Eyecare Limited for the year ended 31 August 2020 which comprise the Income Statement, Abridged 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of McQuade Eyecare Limited in accordance with the terms of our engagement letter dated 15 May 2018. Our work has been undertaken solely to prepare for your approval the financial statements of McQuade Eyecare Limited and state those matters that we have agreed to state to the director of McQuade Eyecare Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than McQuade Eyecare Limited and its director for our work or for this report.

It is your duty to ensure that McQuade Eyecare 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 McQuade Eyecare Limited. You consider that McQuade Eyecare 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 McQuade Eyecare 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.

Ingham & Co.

Chartered Accountants

George Stanley House

2 West Parade Road

Scarborough

North Yorkshire

YO12 5ED

1 April 2021

FIXED ASSETS

Intangible assets

4

249,065

283,665

Tangible assets

5

106,795

130,031

355,860

413,696

CURRENT ASSETS

Stocks

47,448

66,368

Debtors

58,484

68,380

Cash at bank and in hand

49,369

127,184

155,301

261,932

CREDITORS

Amounts falling due within one year

373,081

598,779

NET CURRENT LIABILITIES

(217,780

)

(336,847

)

TOTAL ASSETS LESS CURRENT LIABILITIES

138,080

76,849

CREDITORS

Amounts falling due after more than one year

(32,284

)

(36,177

)

PROVISIONS FOR LIABILITIES

6

(20,212

)

(21,515

)

NET ASSETS

85,584

19,157

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

7

85,583

19,156

SHAREHOLDERS' FUNDS

85,584

19,157

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2020 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 31 August 2020 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director and authorised for issue on 1 April 2021 and were signed by:

G A McQuade - Director

1.	STATUTORY INFORMATION

McQuade Eyecare 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.

The financial statements have been prepared on the going concern basis. This basis assumes that the company will continue trading as a going concern for the foreseeable future. The outbreak of the Coronavirus in the United Kingdom and the resulting measures imposed by the Government have significantly affected the company's ability to continue its normal trading and consequently impact its ability to continue trading as a going concern. The directors are closely monitoring the position and will follow all the official guidance and take appropriate measures to mitigate the impact of this virus outbreak on the company and consequently consider that the going concern basis is appropriate.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of the businesses in 2012, is being amortised over its useful life of 15 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures, fittings & equipment

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 24 (2019 - 24 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 September 2019

526,919

Disposals

(21,787

)

At 31 August 2020

505,132

AMORTISATION

At 1 September 2019

243,254

Amortisation for year

34,600

Eliminated on disposal

(21,787

)

At 31 August 2020

256,067

NET BOOK VALUE

At 31 August 2020

249,065

At 31 August 2019

283,665

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 September 2019

249,864

Additions

10,943

Disposals

(19,033

)

At 31 August 2020

241,774

DEPRECIATION

At 1 September 2019

119,833

Charge for year

30,432

Eliminated on disposal

(15,286

)

At 31 August 2020

134,979

NET BOOK VALUE

At 31 August 2020

106,795

At 31 August 2019

130,031

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST

At 1 September 2019

and 31 August 2020

69,600

DEPRECIATION

At 1 September 2019

25,056

Charge for year

8,908

At 31 August 2020

33,964

NET BOOK VALUE

At 31 August 2020

35,636

At 31 August 2019

44,544

6.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

Accelerated capital allowances

20,212

21,515

Deferred

tax

£

Balance at 1 September 2019

21,515

Credit to Income Statement during year

(1,303

)

Balance at 31 August 2020

20,212

7.

RESERVES

Retained

earnings

£

At 1 September 2019

19,156

Profit for the year

66,427

At 31 August 2020

85,583

8.	ULTIMATE CONTROLLING PARTY

The controlling party is Pagan & McQuade Limited.

The ultimate controlling party is Mr & Mrs G A McQuade.