Sawsons Limited - Period Ending 2016-03-31

Registration number: 03909538

Sawsons Limited

trading as Boots Opticians

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2016
 

Paul Winston Limited
Chartered Accountants
23 Alleyn Place
Westcliff On Sea
Essex
SS0 8AT

Sawsons Limited
trading as Boots Opticians
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Sawsons Limited
trading as Boots Opticians
(Registration number: 03909538)
Abbreviated Balance Sheet at 31 March 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					583,080			481,603
Current assets
Stocks					13,500			13,500
Debtors					8,603			10,953
Cash at bank and in hand					508			2,188
					22,611			26,641
Creditors: Amounts falling due within one year					(162,257)			(145,742)
Net current liabilities					(139,646)			(119,101)
Total assets less current liabilities					443,434			362,502
Creditors: Amounts falling due after more than one year					(259,752)			(283,906)
Net assets					183,682			78,596
Capital and reserves
Called up share capital		4			1,100			1,100
Revaluation reserve					170,512			70,512
Profit and loss account					12,070			6,984
Shareholders' funds					183,682			78,596

For the year ending 31 March 2016 the company was entitled to exemption 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 director acknowledges his 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 .

Approved by the director on 30 November 2016

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 1

Sawsons Limited
trading as Boots Opticians
(Registration number: 03909538)
Abbreviated Balance Sheet at 31 March 2016
......... continued

.........................................
Sanjay Rajnikant Sawjani
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Sawsons Limited
trading as Boots Opticians
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	10% on cost

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	15% net book value

Investment properties

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with the FRSSE, as follows: No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year. This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Page 3

Sawsons Limited
trading as Boots Opticians
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

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, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 4

Sawsons Limited
trading as Boots Opticians
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 April 2015		132,755			565,842			698,597
Revaluations		-			100,000			100,000
Additions		-			7,315			7,315
At 31 March 2016		132,755			673,157			805,912
Depreciation
At 1 April 2015		132,755			84,239			216,994
Charge for the year		-			5,838			5,838
At 31 March 2016		132,755			90,077			222,832
Net book value
At 31 March 2016		-			583,080			583,080
At 31 March 2015		-			481,603			481,603

3

Creditors

Included in the creditors are the following amounts due after more than five years:

		2016 £			2015 £
After more than five years by instalments		259,752			281,554

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary A shares of £1 each		100			100			100			100
Ordinary B Shares of £1 each		500			500			500			500
Ordinary P Shares of £1 each		500			500			500			500
		1,100			1,100			1,100			1,100

Page 5