Direct Specs Limited Filleted accounts for Companies House (small and micro)

DIRECT SPECS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03373995

Direct Specs Limited

Filleted Unaudited Abridged Financial Statements

30 April 2018

Direct Specs Limited

Abridged Statement of Financial Position

30 April 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	5		47,635	50,863

Current assets

Stocks	28,507	33,257
Debtors	42,729	17,461
Cash at bank and in hand	18,693	5,487
	--------	--------
	89,929	56,205

Creditors: amounts falling due within one year	36,492		39,051
	--------		--------
Net current assets		53,437	17,154
		---------	--------
Total assets less current liabilities		101,072	68,017
		---------	--------
Net assets		101,072	68,017
		---------	--------

Capital and reserves

Called up share capital	300	300
Profit and loss account	100,772	67,717
	---------	--------
Shareholders funds	101,072	68,017
	---------	--------

These abridged 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 comprehensive income has not been delivered.

For the year ending 30 April 2018 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 abridged 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 abridged financial statements .

All of the members have consented to the preparation of the abridged statement of financial position for the year ending 30 April 2018 in accordance with Section 444(2A) of the Companies Act 2006.

Direct Specs Limited

Abridged Statement of Financial Position (continued)

30 April 2018

These abridged financial statements were approved by the board of directors and authorised for issue on 4 January 2019 , and are signed on behalf of the board by:

N E Atkinson
Director

Company registration number: 03373995

Direct Specs Limited

Notes to the Abridged Financial Statements

Year ended 30 April 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Eyecare House, Hollies Court, Hollies Park Road, Cannock, WS11 1DB.

2. Statement of compliance

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

3. Accounting policies

Basis of preparation

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

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.

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:

Plant and machinery	-	fully depreciated
Fixtures and fittings	-	20% straight line
Motor vehicles	-	25% straight line

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.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 14 (2017: 19 ).

5. Tangible assets

	£
Cost
At 1 May 2017	357,089
Additions	1,450
Disposals	( 7,172)
	---------
At 30 April 2018	351,367
	---------
Depreciation
At 1 May 2017	306,226
Charge for the year	4,678
Disposals	( 7,172)
	---------
At 30 April 2018	303,732
	---------
Carrying amount
At 30 April 2018	47,635
	---------
At 30 April 2017	50,863
	---------

6. Financial instruments at fair value

Financial instruments such as trade debtors, cash and trade creditors arise directly from the company's operations.

7. Related party transactions

Messrs. Atkinson and Mason are directors of 4 Sight. Eyecare Centres Limited and Optimax Limited with whom the company traded during the year. All transactions were carried out on an arms length basis.

8. Controlling party

The company's ultimate parent undertaking at the balance sheet date was 4 Sight. Eyecare Centres Holdings Limited, a company incorporated in England.