Showman Opticians Limited - Period Ending 2018-11-30

Registration number: 01418822

Showman Opticians Limited

Unaudited Financial Statements

for the Year Ended 30 November 2018

Showman Opticians Limited

Contents

Statement of Financial Position	1 to 2
Notes to the Financial Statements	3 to 5

Showman Opticians Limited

(Registration number: 01418822)
Statement of Financial Position as at 30 November 2018

	Note	2018 £	2017 £
Fixed assets
Investment property	5	135,000	135,000
Current assets
Debtors	6	199,911	199,814
Cash at bank and in hand		63,971	90,600
		263,882	290,414
Creditors: Amounts falling due within one year	7	(4,159)	(4,396)
Net current assets		259,723	286,018
Total assets less current liabilities		394,723	421,018
Provisions for liabilities		(10,638)	(10,638)
Net assets		384,085	410,380
Capital and reserves
Called up share capital		6	6
Fair value reserves		71,718	71,718
Profit and loss account		312,361	338,656
Total equity		384,085	410,380

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

Page 1

Showman Opticians Limited

(Registration number: 01418822)
Statement of Financial Position as at 30 November 2018

For the financial year ending 30 November 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the director on 23 August 2019
 

.........................................

Mr P T Showman
Director

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

Page 2

Showman Opticians Limited

Notes to the Financial Statements for the Year Ended 30 November 2018

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
17 The Birtles
Civic Centre
Wythenshawe
Manchester
M22 5RF

These financial statements were authorised for issue by the director on 23 August 2019.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Page 3

Showman Opticians Limited

Notes to the Financial Statements for the Year Ended 30 November 2018

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office Equipment	20% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assetsof the company after deducting all of its liabilities. Where shares are issued, any component that creates a finacial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the income statement.
 
 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2017 - 1).

Page 4

Showman Opticians Limited

Notes to the Financial Statements for the Year Ended 30 November 2018

4	Tangible assets

	Office Equipment  £	Total £
Cost or valuation
At 1 December 2017	1,009	1,009
At 30 November 2018	1,009	1,009
Depreciation
At 1 December 2017	1,009	1,009
At 30 November 2018	1,009	1,009
Carrying amount
At 30 November 2018	-	-

5	Investment properties

	2018 £
At 1 December	135,000

There has been no valuation of investment property by an independent valuer. The director is confident that this valuation is in line with current market values.

6

Debtors

	2018 £	2017 £
Other debtors	199,911	199,814
	199,911	199,814

7

Creditors

Creditors: amounts falling due within one year

	2018 £	2017 £
Due within one year
Accruals and deferred income	1,920	1,920
Other creditors	2,239	2,476
	4,159	4,396

Page 5