PA Spectacles Limited - Accounts to registrar (filleted) - small 18.2

PA Spectacles Limited - Accounts to registrar (filleted) - small 18.2

PA SPECTACLES LIMITED - Company Information

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REGISTERED NUMBER: 06873426 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 July 2020

for

PA Spectacles Limited
PA Spectacles Limited (Registered number: 06873426)






Contents of the Financial Statements
for the Year Ended 31 July 2020




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 6


PA Spectacles Limited

Company Information
for the Year Ended 31 July 2020







DIRECTORS: Mr P Abraham
Mr P J Potter





REGISTERED OFFICE: Marland House
13 Huddersfield Road
Barnsley
South Yorkshire
S70 2LW





REGISTERED NUMBER: 06873426 (England and Wales)





ACCOUNTANTS: Harris & Co Limited
Chartered Accountants
Marland House
13 Huddersfield Road
Barnsley
South Yorkshire
S70 2LW
Page 1
PA Spectacles Limited (Registered number: 06873426)

Balance Sheet
31 July 2020

2020 2019
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 8,568 10,079

CURRENT ASSETS
Stocks 88,802 79,360
Debtors 6 9,052 3,320
97,854 82,680
CREDITORS
Amounts falling due within one year 7 81,214 72,278
NET CURRENT ASSETS 16,640 10,402
TOTAL ASSETS LESS CURRENT
LIABILITIES
25,208
20,481

CREDITORS
Amounts falling due after more than one
year
8
-
(316
)

PROVISIONS FOR LIABILITIES (1,628 ) (1,916 )
NET ASSETS 23,580 18,249

CAPITAL AND RESERVES
Called up share capital 9 1 1
Retained earnings 23,579 18,248
SHAREHOLDERS' FUNDS 23,580 18,249

The notes form part of these financial statements

Page 2 continued...
PA Spectacles Limited (Registered number: 06873426)

Balance Sheet - continued
31 July 2020


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

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 July 2020 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 applicable to companies subject to the small companies regime.

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 Board of Directors and authorised for issue on 23 July 2021 and were signed on its behalf by:





Mr P J Potter - Director


The notes form part of these financial statements

Page 3
PA Spectacles Limited (Registered number: 06873426)

Notes to the Financial Statements
for the Year Ended 31 July 2020

1. STATUTORY INFORMATION

PA Spectacles 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.

The presentation and functional currency of the financial statements is the Pound Sterling (£).

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared on a going concern basis under the historical cost convention. The Covid-19 pandemic has adversely impacted on global and UK societies and economies, and this impact has continued into the 2020/2021 financial year. However in the directors' opinion there is no significant uncertainty as to the going concern basis.

Significant judgements and estimates
The principal accounting policies and significant judgements and estimates applied in the preparation of these financial statements are set out below. These policies, judgements and estimates have been consistently applied to all years presented unless otherwise stated.

Turnover
Turnover represents amounts earned on goods and services provided during the year and derives from the provision of goods and services falling within the company's ordinary activities.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance

All fixed assets are initially recorded at cost.

Government grants
Government grants are recognised in accordance with the accrual model of Section 24 of FRS 102.

Grants became receivable as compensation for expenses already incurred for the purpose of giving immediate financial support to the entity with no future related costs recognised in income in the period in which the grant became receivable.

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.


Page 4 continued...
PA Spectacles Limited (Registered number: 06873426)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2020

3. ACCOUNTING POLICIES - continued
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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 August 2019
and 31 July 2020 25,069
DEPRECIATION
At 1 August 2019 14,990
Charge for year 1,511
At 31 July 2020 16,501
NET BOOK VALUE
At 31 July 2020 8,568
At 31 July 2019 10,079

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Trade debtors 8,182 2,718
Other debtors 870 602
9,052 3,320

Page 5 continued...
PA Spectacles Limited (Registered number: 06873426)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2020

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Bank loans and overdrafts 3,525 8,985
Hire purchase contracts 672 1,656
Trade creditors 33,966 33,995
Taxation and social security 3,628 2,142
Other creditors 39,423 25,500
81,214 72,278

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2020 2019
£    £   
Hire purchase contracts - 316

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2020 2019
value: £    £   
1 Ordinary £1 1 1

Page 6