Kevin Tait Opticians Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 05218643 (England and Wales)

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 SEPTEMBER 2016

FOR

KEVIN TAIT OPTICIANS LIMITED

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

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

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 Kevin Tait Opticians Limited for the year ended 30 September 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Kevin Tait Opticians Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Kevin Tait Opticians Limited and state those matters that we have agreed to state to the Board of Directors of Kevin Tait Opticians Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Kevin Tait Opticians Limited 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 profit of Kevin Tait Opticians Limited. You consider that Kevin Tait Opticians Limited 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 Kevin Tait Opticians Limited. 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.

Smith Heath Limited

Brent House

382 Gloucester Road

Cheltenham

Gloucestershire

GL51 7AY

28 April 2017

Page

Chartered Certified Accountants' Report

1

Abbreviated Balance Sheet

2

to

3

Notes to the Abbreviated Accounts

4

to

5

FIXED ASSETS

Intangible assets

2

41,600

44,800

Tangible assets

3

7,187

9,064

48,787

53,864

CURRENT ASSETS

Stocks

15,385

17,120

Debtors

19,754

20,864

Cash at bank and in hand

6,621

10,194

41,760

48,178

CREDITORS

Amounts falling due within one year

52,431

71,840

NET CURRENT LIABILITIES

(10,671

)

(23,662

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

38,116

30,202

PROVISIONS FOR LIABILITIES

816

1,054

NET ASSETS

37,300

29,148

CAPITAL AND RESERVES

Called up share capital

4

2

Profit and loss account

37,298

29,146

SHAREHOLDERS' FUNDS

37,300

29,148

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2016 in accordance with Section 476 of the Companies Act 2006.

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.

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 Board of Directors on 28 April 2017 and were signed on its behalf by:

K Tait - Director

Mrs P A Tait - Director

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).

Turnover

The turnover represents the total invoice value, excluding value added tax, of sales made during the year.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of twenty five years.

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance

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.

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 October 2015

and 30 September 2016

80,000

AMORTISATION

At 1 October 2015

35,200

Amortisation for year

3,200

At 30 September 2016

38,400

NET BOOK VALUE

At 30 September 2016

41,600

At 30 September 2015

44,800

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 October 2015

49,705

Additions

486

Disposals

(1,395

)

At 30 September 2016

48,796

DEPRECIATION

At 1 October 2015

40,641

Charge for year

2,276

Eliminated on disposal

(1,308

)

At 30 September 2016

41,609

NET BOOK VALUE

At 30 September 2016

7,187

At 30 September 2015

9,064

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

2

Ordinary

£1

2

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At 30 September 2016 an amount of £17,647 (2015 : £33,158) was owed to K Tait and Mrs P Tait, company

directors. This loan is currently interest free with no fixed date for repayment.