Mytholmroyd Optical Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 07040880 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2017

for

Mytholmroyd Optical Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

9

DIRECTOR:

M A Valli

SECRETARIES:

Mrs R M Valli

K H A Valli

REGISTERED OFFICE:

29a Huddersfield Road

Meltham

Huddersfield

West Yorkshire

HD9 4AF

REGISTERED NUMBER:

07040880 (England and Wales)

FIXED ASSETS

Intangible assets

4

98,733

116,846

Tangible assets

5

324,252

369,655

Investments

6

1,192,923

1,192,923

1,615,908

1,679,424

CURRENT ASSETS

Stocks

32,726

33,034

Debtors

7

79,136

43,002

Cash at bank and in hand

32,406

122,785

144,268

198,821

CREDITORS

Amounts falling due within one year

8

606,397

637,279

NET CURRENT LIABILITIES

(462,129

)

(438,458

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,153,779

1,240,966

CREDITORS

Amounts falling due after more than one year

9

(643,728

)

(725,737

)

PROVISIONS FOR LIABILITIES

10

(29,439

)

(32,877

)

NET ASSETS

480,612

482,352

CAPITAL AND RESERVES

Called up share capital

3

3

Share premium

185,000

185,000

Retained earnings

295,609

297,349

SHAREHOLDERS' FUNDS

480,612

482,352

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 6 December 2017 and were signed by:

M A Valli - Director

1.	STATUTORY INFORMATION

Mytholmroyd Optical Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements

The financial statements contain information about Mytholmroyd Optical Limited as an individual company and

do not contain consolidated financial information as the parent of a group. The company has taken the option

under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Computer equipment

-

33% on cost

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 is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

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

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss 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 profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2016

and 31 March 2017

181,135

AMORTISATION

At 1 April 2016

64,289

Charge for year

18,113

At 31 March 2017

82,402

NET BOOK VALUE

At 31 March 2017

98,733

At 31 March 2016

116,846

5.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

property

property

machinery

£

£

£

COST

At 1 April 2016

110,000

63,635

181,750

At 31 March 2017

110,000

63,635

181,750

DEPRECIATION

At 1 April 2016

2,200

6,363

36,350

Charge for year

2,200

6,363

29,080

At 31 March 2017

4,400

12,726

65,430

NET BOOK VALUE

At 31 March 2017

105,600

50,909

116,320

At 31 March 2016

107,800

57,272

145,400

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2016

72,380

2,867

430,632

Additions

3,670

2,266

5,936

At 31 March 2017

76,050

5,133

436,568

DEPRECIATION

At 1 April 2016

14,476

1,588

60,977

Charge for year

12,315

1,381

51,339

At 31 March 2017

26,791

2,969

112,316

NET BOOK VALUE

At 31 March 2017

49,259

2,164

324,252

At 31 March 2016

57,904

1,279

369,655

Fixed assets, included in the above, which are held under finance leases are as follows:

Improvements

to

property

£

COST

At 1 April 2016

and 31 March 2017

63,635

DEPRECIATION

At 1 April 2016

6,363

Charge for year

6,363

At 31 March 2017

12,726

NET BOOK VALUE

At 31 March 2017

50,909

At 31 March 2016

57,272

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 April 2016

and 31 March 2017

1,192,923

NET BOOK VALUE

At 31 March 2017

1,192,923

At 31 March 2016

1,192,923

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

14,237

14,366

Amounts owed by associates

57,984

-

Other debtors

6,915

28,636

79,136

43,002

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

60,000

61,423

Finance leases

12,726

12,726

Trade creditors

8,706

11,978

Amounts owed to group undertakings

386,466

240,834

Taxation and social security

14,533

4,701

Other creditors

123,966

305,617

606,397

637,279

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

460,000

520,000

Finance leases

30,757

43,483

Other creditors

152,971

162,254

643,728

725,737

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

220,000

280,000

10.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

Accelerated capital allowances

29,439

32,877

Deferred

tax

£

Balance at 1 April 2016

32,877

Credit to Income Statement during year

(3,438

)

Balance at 31 March 2017

29,439

11.	RELATED PARTY DISCLOSURES

2017

2016

£

£

Amount due from/(to) related party at balance sheet date

Valli Optical Limited

A company under common control

9,194

6,983

Valli (Wakefield) Limited

A company under common control

38,390

5,646

Almondbury Optical Limited

A company under common control

10,400

(1,676

)

A H Mertons Limited

A subsidiary company

(386,466

)

(240,834

)

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

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Director are not required to be filed with the Registrar of Companies.

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

financial statements of Mytholmroyd Optical Limited for the year ended 31 March 2017 which comprise the Income

Statement, 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Mytholmroyd Optical Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Mytholmroyd Optical Limited and state those matters that we have agreed to state to the director of Mytholmroyd Optical Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mytholmroyd Optical Limited director for our work or for this report.

It is your duty to ensure that Mytholmroyd Optical 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 loss of Mytholmroyd Optical Limited. You consider that Mytholmroyd Optical 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 Mytholmroyd Optical 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.

Date: .............................................