P A Stockton Optician Limited - Period Ending 2016-04-30

Registration number: 05417275

P A Stockton Optician Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 April 2016
 

Fox Jennings Cullen
Accountants & Business Advisers
Tarn House
77 High Street
Yeadon
Leeds
West Yorkshire
LS19 7SP

P A Stockton Optician Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

P A Stockton Optician Limited
(Registration number: 05417275)
Abbreviated Balance Sheet at 30 April 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					2,766			3,380
Current assets
Stocks					4,540			4,540
Debtors					27,805			25,668
Cash at bank and in hand					166			307
					32,511			30,515
Creditors: Amounts falling due within one year					(34,654)			(32,782)
Net current liabilities					(2,143)			(2,267)
Total assets less current liabilities					623			1,113
Provisions for liabilities					(553)			(676)
Net assets					70			437
Capital and reserves
Called up share capital		3			1			1
Profit and loss account					69			436
Shareholders' funds					70			437

For the year ending 30 April 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 her 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 9 January 2017

.........................................
Mrs PA Hoyle
Director

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

P A Stockton Optician Limited
Notes to the Abbreviated Accounts for the Year Ended 30 April 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).

Going concern

The financial statements have been prepared on a going concern basis.

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% straight line

Depreciation

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

Asset class	Depreciation method and rate
Fixtures and fittings	15% on reducing balance
Office equipment	25% on reducing balance

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.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Page 2

P A Stockton Optician Limited
Notes to the Abbreviated Accounts for the Year Ended 30 April 2016
......... continued

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.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 May 2015		84,000			12,985			96,985
At 30 April 2016		84,000			12,985			96,985
Depreciation
At 1 May 2015		84,000			9,605			93,605
Charge for the year		-			614			614
At 30 April 2016		84,000			10,219			94,219
Net book value
At 30 April 2016		-			2,766			2,766
At 30 April 2015		-			3,380			3,380

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		1			1			1			1

Page 3

P A Stockton Optician Limited
Notes to the Abbreviated Accounts for the Year Ended 30 April 2016
......... continued

4	Related party transactions

Director's advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
Mrs PA Hoyle
Dividends paid to the director in her capacity as a shareholder	27,500	-	29,500	-
Rent of business premises paid to the director	-	-	-	-
Corporation tax paid by the director on behalf of the company	9,481	-	8,105	-
Amount owed by the director to the company	24,714	-	22,358	-
	61,695	-	59,963	-

Page 4