THE_VILLAGE_OPTICIAN_LTD - Accounts

THE VILLAGE OPTICIAN LIMITED - Company Information

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Company Registration No. 02692756 (England and Wales)

THE VILLAGE OPTICIAN LTD

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2016

THE VILLAGE OPTICIAN LTD

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

THE VILLAGE OPTICIAN LTD

ABBREVIATED BALANCE SHEET

AS AT

30 APRIL 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

56,602

63,955

Current assets

Stocks

72,127

53,365

Debtors

13,902

18,265

Cash at bank and in hand

83,970

90,827

169,999

162,457

Creditors: amounts falling due within one year

(104,596)

(111,845)

Net current assets

65,403

50,612

Total assets less current liabilities

122,005

114,567

Capital and reserves

Called up share capital

100

Profit and loss account

121,905

114,467

Shareholders' funds

122,005

114,567

For the financial year ended 30 April 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 28 October 2016

Mr M Greenberg

Director

Company Registration No. 02692756

THE VILLAGE OPTICIAN LTD

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 APRIL 2016

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Property improvements

15% reducing balance

Plant and machinery

15% reducing balance

Fixtures, fittings & equipment

15% reducing balance

1.5

Leasing

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.6

Stock and work in progress

Stock and work in progress are valued at the lower of cost and net realisable value.

1.7

Pensions

The company operates a defined contribution scheme. Contributions payable are charged to the profit and loss account in the year they are payable.

1.8

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

THE VILLAGE OPTICIAN LTD

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2016

- 3 -

Fixed assets

Tangible assets

Cost

At 1 May 2015

238,670

Additions

2,443

At 30 April 2016

241,113

Depreciation

At 1 May 2015

174,715

Charge for the year

9,796

At 30 April 2016

184,511

Net book value

At 30 April 2016

56,602

At 30 April 2015

63,955

Share capital

2016

2015

Allotted, called up and fully paid

100 Ordinary shares of £1 each

100