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Registration number: 06600123

Barnsley Optical Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2014
 

Steve Hunt ACA
48 Round Hill
Darton
BARNSLEY
South Yorkshire
S75 5QJ

 

Barnsley Optical Ltd
Contents

Abbreviated Balance Sheet

1 to 2

Notes to the Abbreviated Accounts

3 to 5

 

Barnsley Optical Ltd
(Registration number: 06600123)
Abbreviated Balance Sheet at 31 December 2014

   

Note

   

2014
£

   

2013
£

 

Fixed assets

 

             

Intangible fixed assets

 

   

4,000

   

5,000

 

Tangible fixed assets

 

   

21,612

   

19,115

 
   

   

25,612

   

24,115

 

Current assets

 

             

Stocks

 

   

2,745

   

2,880

 

Debtors

 

   

17,917

   

10,964

 

Cash at bank and in hand

 

   

24,657

   

26,615

 
   

   

45,319

   

40,459

 

Creditors: Amounts falling due within one year

 

   

(24,097)

   

(22,624)

 

Net current assets

 

   

21,222

   

17,835

 

Total assets less current liabilities

 

   

46,834

   

41,950

 

Creditors: Amounts falling due after more than one year

 

   

(7,700)

   

(13,300)

 

Provisions for liabilities

 

   

(3,653)

   

(2,961)

 

Net assets

 

   

35,481

   

25,689

 

Capital and reserves

 

             

Called up share capital

 

4

   

100

   

100

 

Profit and loss account

 

   

35,381

   

25,589

 

Shareholders' funds

 

   

35,481

   

25,689

 

For the year ending 31 December 2014 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 directors acknowledge their 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 Board on 7 August 2015 and signed on its behalf by:

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 1

 

Barnsley Optical Ltd
(Registration number: 06600123)
Abbreviated Balance Sheet at 31 December 2014
......... continued

.........................................
Mr S Graham
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

 

Barnsley Optical Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... 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 April 2008).

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

Amortised evenly over its estimated useful life of ten years.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Other tangibles

20% straight line basis

Plant and machinery

25% reducing balance basis

Motor vehicles

25% reducing balance basis

Office equipment

25% reducing balance basis

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.

 

Barnsley Optical Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors.

2

Fixed assets

   

Intangible assets
£

   

Tangible assets
£

   

Total
£

 

Cost

                 

At 1 January 2014

 

10,000

   

48,535

   

58,535

 

Additions

 

-

   

9,923

   

9,923

 

At 31 December 2014

 

10,000

   

58,458

   

68,458

 

Depreciation

                 

At 1 January 2014

 

5,000

   

29,420

   

34,420

 

Charge for the year

 

1,000

   

7,426

   

8,426

 

At 31 December 2014

 

6,000

   

36,846

   

42,846

 

Net book value

                 

At 31 December 2014

 

4,000

   

21,612

   

25,612

 

At 31 December 2013

 

5,000

   

19,115

   

24,115

 

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

 

2014
£

   

2013
£

 

 

   

 

Amounts falling due within one year

 

5,600

   

5,600

 

Amounts falling due after more than one year

 

7,700

   

13,300

 

Total secured creditors

 

13,300

   

18,900

 
 

Barnsley Optical Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

4

Share capital

Allotted, called up and fully paid shares

 

2014

2013

   

No.

   

£

   

No.

   

£

 

Ordinary of £1 each

 

100

   

100

   

100

   

100