Tombs And Allen Opticians Limited - Abbreviated accounts 16.3
Tombs And Allen Opticians Limited - Abbreviated accounts 16.3
| REGISTERED NUMBER: |
| ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2016 |
| FOR |
| TOMBS AND ALLEN OPTICIANS LIMITED |
| TOMBS AND ALLEN OPTICIANS LIMITED (REGISTERED NUMBER: 09154868) |
| CONTENTS OF THE ABBREVIATED ACCOUNTS |
| FOR THE YEAR ENDED 31 MARCH 2016 |
| Page |
| Company Information | 1 |
| Abbreviated Balance Sheet | 2 |
| Notes to the Abbreviated Accounts | 4 |
| TOMBS AND ALLEN OPTICIANS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MARCH 2016 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| TOMBS AND ALLEN OPTICIANS LIMITED (REGISTERED NUMBER: 09154868) |
| ABBREVIATED BALANCE SHEET |
| 31 MARCH 2016 |
| 2016 | 2015 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 2 |
| Tangible assets | 3 |
| CURRENT ASSETS |
| Stocks |
| Debtors |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET (LIABILITIES)/ASSETS | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 4 |
| Capital redemption reserve |
| Profit and loss account | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) |
| 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. |
| TOMBS AND ALLEN OPTICIANS LIMITED (REGISTERED NUMBER: 09154868) |
| ABBREVIATED BALANCE SHEET - continued |
| 31 MARCH 2016 |
| The financial statements were approved by the Board of Directors on |
| TOMBS AND ALLEN OPTICIANS LIMITED (REGISTERED NUMBER: 09154868) |
| NOTES TO THE ABBREVIATED ACCOUNTS |
| FOR THE YEAR ENDED 31 MARCH 2016 |
| 1. | ACCOUNTING POLICIES |
| 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). |
| Exemption from preparing a cash flow statement |
| Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a |
| small company. |
| Turnover |
| Turnover represents net invoiced sales of goods and services, excluding value added tax. |
| Goodwill |
| The Directors consider that goodwill has an indefinite useful economic life and consequently no amortisation is |
| provided in this respect, in accordance with Financial Reporting Standard (FRS) 10 "Goodwill and Intangible |
| Fixed Assets". The Companies Act 2006 requires goodwill to be written off over a finite period. However this |
| requirement conflicts with the alternative treatment laid out in FRS 10 which has been adopted in preparing these |
| financial statements. The objective of FRS 10 is to ensure that capitalised goodwill and intangible assets are |
| charged in the profit and loss account in the periods in which they are depleted. FRS 10 goes on to say that |
| goodwill can be charged over a useful economic life in excess of 20 years, or over and indefinite period if: |
| a) the durability of the asset can be demonstrated and justifies estimating the useful economic life to exceed 20 |
| years; and |
| b) the goodwill is capable of continued measurement (so that annual impairment reviews will be feasible). |
| As the Directors are capable of adopting a standard formulaic approach in undertaking annual impairment |
| reviews which is in line with that adopted in acquiring the asset at the outset, they believe this is the appropriate |
| method to adopt in assessing if any amortisation charge on the goodwill is appropriate. |
| Therefore, to amortise goodwill would not, in the Directors opinion, give a true and fair view, and consequently |
| the company has departed from this specific requirement of company legislation as permitted by the Companies |
| Act 2006. |
| If the departure had not been made the profit for the financial year would have been reduced by amortisation. |
| However the amount of amortisation cannot be reasonably quantified as the indefinite useful economic life of |
| goodwill inherently prohibits the calculation of an annual rate of amortisation. |
| Tangible fixed assets |
| Fixtures and fittings | - |
| Stocks |
| Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance |
| for obsolete and slow moving items. |
| Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
| sheet date. |
| TOMBS AND ALLEN OPTICIANS LIMITED (REGISTERED NUMBER: 09154868) |
| NOTES TO THE ABBREVIATED ACCOUNTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2016 |
| 1. | ACCOUNTING POLICIES - continued |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the |
| period of the lease. |
| 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 the profit and loss account in the period to which they relate. |
| 2. | INTANGIBLE FIXED ASSETS |
| Total |
| £ |
| COST |
| At 1 April 2015 |
| and 31 March 2016 |
| NET BOOK VALUE |
| At 31 March 2016 |
| At 31 March 2015 |
| 3. | TANGIBLE FIXED ASSETS |
| Total |
| £ |
| COST |
| At 1 April 2015 |
| Additions |
| At 31 March 2016 |
| DEPRECIATION |
| At 1 April 2015 |
| Charge for year |
| At 31 March 2016 |
| NET BOOK VALUE |
| At 31 March 2016 |
| At 31 March 2015 |
| 4. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2016 | 2015 |
| value: | £ | £ |
| Ordinary 'A' Shares | £1 |
| NIL | Ordinary 'B' Shares | £1 |
| Ordinary 'C' Shares | £1 |
| 200 | 400 |
| TOMBS AND ALLEN OPTICIANS LIMITED (REGISTERED NUMBER: 09154868) |
| NOTES TO THE ABBREVIATED ACCOUNTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2016 |
| 5. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the year ended 31 March 2016 and the period |
| ended 31 March 2015: |
| 2016 | 2015 |
| £ | £ |
| Balance outstanding at start of year | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Balance outstanding at end of year | ( |
) | ( |
) |
| Balance outstanding at start of year | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Balance outstanding at end of year | ( |
) | ( |
) |
| During the period dividends of £25,000 were paid to Mr P M Allen and dividends of £67,976 were paid to Ms J |
| Tombs who are both directors of the company. |
| 6. | ULTIMATE CONTROLLING PARTY |
| The controlling party is |