STRATHEARN OPTICAL LIMITED

STRATHEARN OPTICAL LIMITED - Company Information

2022-04-012023-03-312023-03-31falseSC621827STRATHEARN OPTICAL LIMITED2023-12-17iso4217:GBPxbrli:pureSC6218272022-04-01SC6218272023-03-31SC6218272022-04-012023-03-31SC6218272021-04-01SC6218272022-03-31SC6218272021-04-012022-03-31SC621827bus:SmallEntities2022-04-012023-03-31SC621827bus:AuditExempt-NoAccountantsReport2022-04-012023-03-31SC621827bus:FullAccounts2022-04-012023-03-31SC621827bus:PrivateLimitedCompanyLtd2022-04-012023-03-31SC621827core:WithinOneYear2023-03-31SC621827core:AfterOneYear2023-03-31SC621827core:WithinOneYear2022-03-31SC621827core:AfterOneYear2022-03-31SC621827core:ShareCapital2023-03-31SC621827core:SharePremium2023-03-31SC621827core:RevaluationReserve2023-03-31SC621827core:OtherReservesSubtotal2023-03-31SC621827core:RetainedEarningsAccumulatedLosses2023-03-31SC621827core:ShareCapital2022-03-31SC621827core:SharePremium2022-03-31SC621827core:RevaluationReserve2022-03-31SC621827core:OtherReservesSubtotal2022-03-31SC621827core:RetainedEarningsAccumulatedLosses2022-03-31SC621827core:LandBuildings2023-03-31SC621827core:PlantMachinery2023-03-31SC621827core:Vehicles2023-03-31SC621827core:FurnitureFittings2023-03-31SC621827core:OfficeEquipment2023-03-31SC621827core:NetGoodwill2023-03-31SC621827core:IntangibleAssetsOtherThanGoodwill2023-03-31SC621827core:ListedExchangeTraded2023-03-31SC621827core:UnlistedNon-exchangeTraded2023-03-31SC621827core:LandBuildings2022-03-31SC621827core:PlantMachinery2022-03-31SC621827core:Vehicles2022-03-31SC621827core:FurnitureFittings2022-03-31SC621827core:OfficeEquipment2022-03-31SC621827core:NetGoodwill2022-03-31SC621827core:IntangibleAssetsOtherThanGoodwill2022-03-31SC621827core:ListedExchangeTraded2022-03-31SC621827core:UnlistedNon-exchangeTraded2022-03-31SC621827core:LandBuildings2022-04-012023-03-31SC621827core:PlantMachinery2022-04-012023-03-31SC621827core:Vehicles2022-04-012023-03-31SC621827core:FurnitureFittings2022-04-012023-03-31SC621827core:OfficeEquipment2022-04-012023-03-31SC621827core:NetGoodwill2022-04-012023-03-31SC621827core:IntangibleAssetsOtherThanGoodwill2022-04-012023-03-31SC621827core:ListedExchangeTraded2022-04-012023-03-31SC621827core:UnlistedNon-exchangeTraded2022-04-012023-03-31SC621827core:MoreThanFiveYears2022-04-012023-03-31SC621827core:Non-currentFinancialInstruments2023-03-31SC621827core:Non-currentFinancialInstruments2022-03-31SC621827dpl:CostSales2022-04-012023-03-31SC621827dpl:DistributionCosts2022-04-012023-03-31SC621827core:LandBuildings2022-04-012023-03-31SC621827core:PlantMachinery2022-04-012023-03-31SC621827core:Vehicles2022-04-012023-03-31SC621827core:FurnitureFittings2022-04-012023-03-31SC621827core:OfficeEquipment2022-04-012023-03-31SC621827dpl:AdministrativeExpenses2022-04-012023-03-31SC621827core:NetGoodwill2022-04-012023-03-31SC621827core:IntangibleAssetsOtherThanGoodwill2022-04-012023-03-31SC621827dpl:GroupUndertakings2022-04-012023-03-31SC621827dpl:ParticipatingInterests2022-04-012023-03-31SC621827dpl:GroupUndertakingscore:ListedExchangeTraded2022-04-012023-03-31SC621827core:ListedExchangeTraded2022-04-012023-03-31SC621827dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2022-04-012023-03-31SC621827core:UnlistedNon-exchangeTraded2022-04-012023-03-31SC621827dpl:CostSales2021-04-012022-03-31SC621827dpl:DistributionCosts2021-04-012022-03-31SC621827core:LandBuildings2021-04-012022-03-31SC621827core:PlantMachinery2021-04-012022-03-31SC621827core:Vehicles2021-04-012022-03-31SC621827core:FurnitureFittings2021-04-012022-03-31SC621827core:OfficeEquipment2021-04-012022-03-31SC621827dpl:AdministrativeExpenses2021-04-012022-03-31SC621827core:NetGoodwill2021-04-012022-03-31SC621827core:IntangibleAssetsOtherThanGoodwill2021-04-012022-03-31SC621827dpl:GroupUndertakings2021-04-012022-03-31SC621827dpl:ParticipatingInterests2021-04-012022-03-31SC621827dpl:GroupUndertakingscore:ListedExchangeTraded2021-04-012022-03-31SC621827core:ListedExchangeTraded2021-04-012022-03-31SC621827dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2021-04-012022-03-31SC621827core:UnlistedNon-exchangeTraded2021-04-012022-03-31SC621827core:NetGoodwill2023-03-31SC621827core:IntangibleAssetsOtherThanGoodwill2023-03-31SC621827core:LandBuildings2023-03-31SC621827core:PlantMachinery2023-03-31SC621827core:Vehicles2023-03-31SC621827core:FurnitureFittings2023-03-31SC621827core:OfficeEquipment2023-03-31SC621827core:AfterOneYear2023-03-31SC621827core:WithinOneYear2023-03-31SC621827core:ListedExchangeTraded2023-03-31SC621827core:UnlistedNon-exchangeTraded2023-03-31SC621827core:ShareCapital2023-03-31SC621827core:SharePremium2023-03-31SC621827core:RevaluationReserve2023-03-31SC621827core:OtherReservesSubtotal2023-03-31SC621827core:RetainedEarningsAccumulatedLosses2023-03-31SC621827core:NetGoodwill2022-03-31SC621827core:IntangibleAssetsOtherThanGoodwill2022-03-31SC621827core:LandBuildings2022-03-31SC621827core:PlantMachinery2022-03-31SC621827core:Vehicles2022-03-31SC621827core:FurnitureFittings2022-03-31SC621827core:OfficeEquipment2022-03-31SC621827core:AfterOneYear2022-03-31SC621827core:WithinOneYear2022-03-31SC621827core:ListedExch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Registered Number
SC621827
(Scotland)

Unaudited Financial Statements for the Year ended
31 March 2023

STRATHEARN OPTICAL LIMITED

Company Information
for the year from 1 April 2022 to 31 March 2023


Directors	N K Khakhar-Michael
	D J Michael
	A Smith
	P K Soulsby


Registered Address	42 Comrie Street
	Crieff
	PH7 4AX


Registered Number	SC621827 (Scotland)

STRATHEARN OPTICAL LIMITED

Balance Sheet as at
31 March 2023

	Notes	2023		2022
		£	£	£	£
Fixed assets
Intangible assets	8		373,998		428,124
Tangible assets	9		138,888		131,877
			512,886		560,001
Current assets
Stocks	12	117,505		74,711
Debtors	13	20,408		38,725
Cash at bank and on hand		39,119		63,858
		177,032		177,294
Creditors amounts falling due within one year	14	(270,963)		(266,999)
Net current assets (liabilities)			(93,931)		(89,705)
Total assets less current liabilities			418,955		470,296
Creditors amounts falling due after one year	15		(388,769)		(423,080)
Provisions for liabilities	17		(28,102)		(37,484)
Net assets			2,084		9,732
Capital and reserves
Called up share capital			100		100
Profit and loss account			1,984		9,632
Shareholders' funds			2,084		9,732

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The directors have chosen to not file a copy of the company’s profit and loss account.

The financial statements were approved and authorised for issue by the Board of Directors on 17 December 2023, and are signed on its behalf by:

D J Michael
Director
Registered Company No. SC621827

STRATHEARN OPTICAL LIMITED

Notes to the Financial Statements
for the year ended 31 March 2023

1.	Statutory information
	The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	Compliance with applicable reporting framework
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

3.	First time adoption and other factors relevant to transition
	The company has adopted FRS102 section 1A for the first time with previous accounts being prepared under FRS105 'The Financial Reporting Standard applicable to the Micro-entities regime'. The prior year financial statements were restated for material adjustments on adoption of the FRS102 section 1A in the current year.

4.	Change in reporting period and impact on comparability
	Following the adoption of FRS102 Section 1A the Profit and loss reserve balance as at 1 April 2021 was reduced by £1,439 to reflect a deferred tax provision. In addition, the Profit and Loss account for the year to 31 March 2022 was restated to reflect a deferred tax charge for the year of £36,045.

5.	Principal activities
	The principal activity of the company is the operation of optometry practices and premium eyewear retailers.

6.	Accounting policies

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

	Property, plant and equipment policy
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:


	Reducing balance (%)	Straight line (years)
Plant and machinery	25	-
Fixtures and fittings	-	10
Office Equipment	-	25

	Intangible assets policy
	Goodwill arising on the acquisition of a business represents the excess of the cost of acquisition over the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets policy

Goodwill arising on the acquisition of a business represents the excess of the cost of acquisition over the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.  Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

	Stocks policy
	Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).

	Taxation policy
	Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	Deferred tax policy
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax policy

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Leases policy
	Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.

	Employee benefits policy
	Contributions to defined contribution plans are expensed in the period to which they relate.

	Going concern
	After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future. the company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.

7.	Employee information


		2023		2022
	Average number of employees during the year	10		9

8.	Intangible assets

	Other	Total
	£	£
Cost or valuation
At 01 April 22	541,260	541,260
At 31 March 23	541,260	541,260
Amortisation and impairment
At 01 April 22	113,136	113,136
Charge for year	54,126	54,126
At 31 March 23	167,262	167,262
Net book value
At 31 March 23	373,998	373,998
At 31 March 22	428,124	428,124

9.	Property, plant and equipment

	Plant & machinery	Fixtures & fittings	Office Equipment	Total
	£	£	£	£
Cost or valuation
At 01 April 22	137,509	-	10,118	147,627
Additions	1,660	41,601	1,176	44,437
At 31 March 23	139,169	41,601	11,294	192,064
Depreciation and impairment
At 01 April 22	13,540	-	2,210	15,750
Charge for year	31,368	3,298	2,760	37,426
At 31 March 23	44,908	3,298	4,970	53,176
Net book value
At 31 March 23	94,261	38,303	6,324	138,888
At 31 March 22	123,969	-	7,908	131,877

10.	Description of capital commitments
	The company has obligations under non-cancellable operating leases for properties totaling £298,500 (2022:£325,000).

11.	Directors advances, credits and guarantees

	Brought forward	Amount advanced	Amount repaid	Carried forward
	£	£	£	£
D J Michael	7,171	41,923	41,500	7,594
N K Khakhar-Michael	7,171	34,634	41,500	305
	14,342	76,557	83,000	7,899


	The loans to the directors are repayable on demand.

12.	Stocks

	2023	2022
	£	£
Other stocks	117,505	74,711
Total	117,505	74,711

13.	Debtors

	2023	2022
	£	£
Trade debtors / trade receivables	12,509	21,437
Other debtors	7,899	17,288
Total	20,408	38,725

14.	Creditors within one year

	2023	2022
	£	£
Trade creditors / trade payables	52,320	61,800
Bank borrowings and overdrafts	95,776	87,408
Amounts owed to related parties	74,851	61,869
Taxation and social security	48,016	55,922
Total	270,963	266,999

15.	Creditors after one year

	2023	2022
	£	£
Bank borrowings and overdrafts	388,769	423,080
Total	388,769	423,080


	Bank loans and borrowings comprise a Business Bounceback loan, a loan from Performance Finance in respect of Shopfitting costs and two loans from the Royal Bank of Scotland to fund the purchase of businesses. The Business Bounce back loan is guaranteed by the UK Government, bears interest at 2.5% and is repayable over a 5 year term. The loan from Performance Finance s repayable over 5 years, is guaranteed by the directors and is unsecured. It bears interest at 10.98%. The business purchase loans from the Royal Bank of Scotland are secured by a bond and floating charge over the assets of the company and are guaranteed by the directors. The first loan is for a period of 9 years and bears interest at 5.27% over base rate. The second loan is for a period of 15 years and bears interest at a fixed rate of 6.14%.

Bank loans and borrowings comprise a Business Bounceback loan, a loan from Performance Finance in respect of Shopfitting costs and two loans from the Royal Bank of Scotland to fund the purchase of businesses.

The Business Bounce back loan is guaranteed by the UK Government, bears interest at 2.5% and is repayable over a 5 year term.

The loan from Performance Finance s repayable over 5 years, is guaranteed by the directors and is unsecured.  It bears interest at 10.98%.

The business purchase loans from the Royal Bank of Scotland are secured by a bond and floating charge over the assets of the company and are guaranteed by the directors. The first loan is for a period of 9 years and bears interest at 5.27% over base rate. The second loan is for a period of 15 years and bears interest at a fixed rate of 6.14%.

16.	Finance lease and HP contracts after one year
	Hire Purchase loans totaling £45,067 (2022: £62,860) are secured over the assets and are repayable over terms between 3 and 5 years.

17.	Provisions for liabilities

	2023	2022
	£	£
Net deferred tax liability (asset)	28,102	37,484
Total	28,102	37,484