HENDERSON OPTOMETRISTS LTD Company Accounts

HENDERSON OPTOMETRISTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04714290

HENDERSON OPTOMETRISTS LTD

Unaudited Financial Statements

31 March 2017

BALDWINS (GUISBOROUGH) LIMITED

Accountants

New Garth House

Upper Garth Gardens

Guisborough

TS14 6HA

HENDERSON OPTOMETRISTS LTD

Financial Statements

Year ended 31 March 2017

Contents	Page

Accountants report to the board of directors on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Notes to the financial statements	4

HENDERSON OPTOMETRISTS LTD

Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of HENDERSON OPTOMETRISTS LTD

Year ended 31 March 2017

As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 March 2017, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

BALDWINS (GUISBOROUGH) LIMITED Accountants

New Garth House Upper Garth Gardens Guisborough TS14 6HA

25 September 2017

HENDERSON OPTOMETRISTS LTD

Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	7		77,480	81,141

Current assets

Stocks	8	57,792	67,712
Debtors	9	25,463	26,000
Cash at bank and in hand		51,739	77,715
		---------	---------
		134,994	171,427

Creditors: amounts falling due within one year	10	113,446		150,865
		---------		---------
Net current assets			21,548	20,562
			--------	---------
Total assets less current liabilities			99,028	101,703

Provisions

Taxation including deferred tax	8,183	8,198
	--------	---------
Net assets	90,845	93,505
	--------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	90,745	93,405
	--------	--------
Members funds	90,845	93,505
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

HENDERSON OPTOMETRISTS LTD

Statement of Financial Position (continued)

31 March 2017

These financial statements were approved by the board of directors and authorised for issue on 25 September 2017 , and are signed on behalf of the board by:

F A Stephens	R A Stokeld
Director	Director

Company registration number: 04714290

HENDERSON OPTOMETRISTS LTD

Notes to the Financial Statements

Year ended 31 March 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4 Bishopton Lane, Stockton on Tees, TS18 2AA.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 13.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Corporation tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold Property	-	5% straight line
Equipment	-	10% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.

4. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to 12 (2016: 12).

5. Profit before taxation

Profit before taxation is stated after charging:

	2017	2016
	£	£
Depreciation of tangible assets	7,710	7,812
	-------	-------

6. Intangible assets

	Goodwill
	£
Cost
At 1 Apr 2016 and 31 Mar 2017	67,000
	--------
Amortisation
At 1 Apr 2016 and 31 Mar 2017	67,000
	--------
Carrying amount
At 31 March 2017	–
	--------

7. Tangible assets

	Leasehold property alterations	Equipment	Total
	£	£	£
Cost
At 1 April 2016	54,512	141,955	196,467
Additions	–	4,049	4,049
	--------	---------	---------
At 31 March 2017	54,512	146,004	200,516
	--------	---------	---------
Depreciation
At 1 April 2016	19,138	96,188	115,326
Charge for the year	2,726	4,984	7,710
	--------	---------	---------
At 31 March 2017	21,864	101,172	123,036
	--------	---------	---------
Carrying amount
At 31 March 2017	32,648	44,832	77,480
	--------	---------	---------
At 31 March 2016	35,374	45,767	81,141
	--------	---------	---------

8. Stocks

	2017	2016
	£	£
Raw materials and consumables	57,792	67,712
	--------	--------

9. Debtors

	2017	2016
	£	£
Trade debtors	15,368	16,575
Other debtors	10,095	9,425
	--------	--------
	25,463	26,000
	--------	--------

10. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	11,890	14,316
Corporation tax	20,985	24,165
Social security and other taxes	1,647	1,668
Other creditors	78,924	110,716
	---------	---------
	113,446	150,865
	---------	---------

11. Directors' advances, credits and guarantees

There were no loans to directors during the period

12. Related party transactions

The company was under the control of Mr F.A.Stephens and Mr R.A.Stokeld throughout the current year. No transactions with related parties were undertaken such as are required to be disclosed under FRS102

13. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

No transitional adjustments were required in equity or profit or loss for the year.

14.