Ythan Opticians Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC341061 (Scotland)

Financial Statements for the Year Ended 31 July 2019

for

Ythan Opticians Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Dr T Sahraie

Mrs F E Anderson

A Sahraie

SECRETARY:

A Sahraie

REGISTERED OFFICE:

Shiels Lodge

Whitecairns

Aberdeenshire

AB23 8UL

REGISTERED NUMBER:

SC341061 (Scotland)

ACCOUNTANTS:

J M Taylor

7 Ythan Terrace

Ellon

Aberdeenshire

AB41 9LJ

FIXED ASSETS

Intangible assets

4

29,250

32,500

Tangible assets

5

3,177

4,766

32,427

37,266

CURRENT ASSETS

Stocks

10,968

14,610

Debtors

6

5,909

7,457

Cash at bank and in hand

100

5,796

16,977

27,863

CREDITORS

Amounts falling due within one year

7

139,078

156,282

NET CURRENT LIABILITIES

(122,101

)

(128,419

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(89,674

)

(91,153

)

CREDITORS

Amounts falling due after more than one year

8

28,719

32,432

NET LIABILITIES

(118,393

)

(123,585

)

CAPITAL AND RESERVES

Called up share capital

100

100

Share premium

38,000

38,000

Retained earnings

(156,493

)

(161,685

)

SHAREHOLDERS' FUNDS

(118,393

)

(123,585

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors and authorised for issue on 15 April 2020 and were signed on its behalf by:

Dr T Sahraie - Director

1.	STATUTORY INFORMATION

Ythan Opticians Limited is a private company, limited by shares , registered in Scotland. 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 2008, is being amortised evenly over its estimated useful life of twenty 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.

Plant and machinery etc

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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 5 (2018 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 August 2018

and 31 July 2019

65,000

AMORTISATION

At 1 August 2018

32,500

Charge for year

3,250

At 31 July 2019

35,750

NET BOOK VALUE

At 31 July 2019

29,250

At 31 July 2018

32,500

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 August 2018

and 31 July 2019

27,041

DEPRECIATION

At 1 August 2018

22,275

Charge for year

1,589

At 31 July 2019

23,864

NET BOOK VALUE

At 31 July 2019

3,177

At 31 July 2018

4,766

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.19

31.7.18

£

£

Trade debtors

-

1,920

Other debtors

5,909

5,537

5,909

7,457

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.19

31.7.18

£

£

Bank loans and overdrafts

78,786

105,390

Trade creditors

19,651

36,055

Taxation and social security

1

593

Other creditors

40,640

14,244

139,078

156,282

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.7.19

31.7.18

£

£

Bank loans

28,719

32,432

9.	ULTIMATE CONTROLLING PARTY

During the year the company was controlled by the directors by virtue of their percentage holding in the ordinary

share capital of the company which is detailed below.

Mrs T Sahraie - 47%

Mr A Sahraie - 35%