Optikal (Potters Bar) Ltd - Abbreviated accounts 16.1

OPTIKAL (POTTERS BAR) LTD

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED

31 MARCH 2016

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

Chartered Accountants' Report

7

DIRECTOR:

Mrs S Tuli

REGISTERED OFFICE:

2nd Floor

201 Haverstock Hill

London

NW3 4QG

REGISTERED NUMBER:

06729964 (England and Wales)

ACCOUNTANTS:

AEL Markhams Ltd

Chartered Accountants

201 Haverstock Hill

London

NW3 4QG

FIXED ASSETS

Intangible assets

2

62,024

66,774

Tangible assets

3

58,691

87,997

120,715

154,771

CURRENT ASSETS

Stocks

37,405

35,562

Debtors

128,360

86,810

165,765

122,372

CREDITORS

Amounts falling due within one year

270,321

232,406

NET CURRENT LIABILITIES

(104,556

)

(110,034

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

16,159

44,737

CREDITORS

Amounts falling due after more than one year

4

12,742

23,900

NET ASSETS

3,417

20,837

CAPITAL AND RESERVES

Called up share capital

5

100

Profit and loss account

3,317

20,737

SHAREHOLDERS' FUNDS

3,417

20,837

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 23 November 2016 and were signed by:

Mrs S Tuli - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The accounts are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom

Generally Accepted Accounting Practice), which have been consistently applied (except as otherwise stated).

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective January 2015).

Going concern

The Company has sufficient access to financial resources which, together with internally generated cash flows, will

continue to provide sufficient sources of liquidity to fund its current operations including its contractual and

commercial commitments and the Company is well placed to manage its business risks successfully. The director has

formed the judgement, at the time of approving the financial statements, that there is a reasonable expectation that

the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason,

the director continues to adopt the going concern basis in preparing the financial statements.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

5% on reducing balance

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

and 31 March 2016

95,000

AMORTISATION

At 1 April 2015

28,226

Amortisation for year

4,750

At 31 March 2016

32,976

NET BOOK VALUE

At 31 March 2016

62,024

At 31 March 2015

66,774

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

204,862

Additions

1,600

Disposals

(38,500

)

At 31 March 2016

167,962

DEPRECIATION

At 1 April 2015

116,865

Charge for year

18,978

Eliminated on disposal

(26,572

)

At 31 March 2016

109,271

NET BOOK VALUE

At 31 March 2016

58,691

At 31 March 2015

87,997

4.

CREDITORS

Creditors include the following debts falling due in more than five years:

2016

2015

£

Repayable by instalments

12,742

23,900

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

100

Ordinary

£1

100

6.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2016 and

31 March 2015:

2016

2015

£

Mrs S Tuli

Balance outstanding at start of year

(50,000

)

(20,993

)

Amounts advanced

130,585

20,993

Amounts repaid

(80,585

)

(50,000

)

Balance outstanding at end of year

-

(50,000

)

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages two to six) have

been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial

statements of Optikal (Potters Bar) Ltd for the year ended 31 March 2016 which comprise the Profit and Loss Account, the

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 at icaew.com/membershandbook.

This report is made solely to the director of Optikal (Potters Bar) Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Optikal (Potters Bar) Ltd and state those matters that we have agreed to state to the director of Optikal (Potters Bar) Ltd in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Optikal (Potters Bar) Ltd 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 loss of Optikal (Potters Bar) Ltd. You consider that Optikal (Potters Bar) Ltd 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 Optikal (Potters Bar) Ltd. 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.

AEL Markhams Ltd

Chartered Accountants

201 Haverstock Hill

London

NW3 4QG

23 November 2016