McQuade Eyecare Limited - Accounts to registrar (filleted) - small 18.2
McQuade Eyecare Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
McQuade Eyecare Limited |
Unaudited Financial Statements |
For The Year Ended 31 August 2019 |
McQuade Eyecare Limited (Registered number: 07867015) |
Contents of the Financial Statements |
For The Year Ended 31 August 2019 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Abridged Balance Sheet | 3 |
Notes to the Financial Statements | 5 |
McQuade Eyecare Limited |
Company Information |
For The Year Ended 31 August 2019 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
George Stanley House |
2 West Parade Road |
Scarborough |
North Yorkshire |
YO12 5ED |
Chartered Accountants' Report to the Director |
on the Unaudited Financial Statements of |
McQuade Eyecare Limited |
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 McQuade Eyecare Limited for the year ended 31 August 2019 which comprise the Income |
Statement, Abridged 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 McQuade Eyecare Limited in accordance with the terms of our engagement letter dated 15 May 2018. Our work has been undertaken solely to prepare for your approval the financial statements of McQuade Eyecare Limited and state those matters that we have agreed to state to the director of McQuade Eyecare 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 McQuade Eyecare Limited and its director for our work or for this report. |
It is your duty to ensure that McQuade Eyecare 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 McQuade Eyecare Limited. You consider that McQuade Eyecare 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 McQuade Eyecare 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. |
Chartered Accountants |
George Stanley House |
2 West Parade Road |
Scarborough |
North Yorkshire |
YO12 5ED |
McQuade Eyecare Limited (Registered number: 07867015) |
Abridged Balance Sheet |
31 August 2019 |
2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 6 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 7 |
SHAREHOLDERS' FUNDS |
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. |
McQuade Eyecare Limited (Registered number: 07867015) |
Abridged Balance Sheet - continued |
31 August 2019 |
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 and authorised for issue on |
McQuade Eyecare Limited (Registered number: 07867015) |
Notes to the Financial Statements |
For The Year Ended 31 August 2019 |
1. | STATUTORY INFORMATION |
McQuade Eyecare Limited is a |
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 |
The financial statements have been prepared on the going concern basis. This basis assumes that the company |
will continue trading as a going concern for the foreseeable future. The outbreak of the Coronavirus in the United |
Kingdom and the resulting measures imposed by the Government have significantly affected the company's |
ability to continue its normal trading and consequently impact its ability to continue trading as a going concern. |
The directors are closely monitoring the position and will follow all the official guidance and take appropriate |
measures to mitigate the impact of this virus outbreak on the company and consequently consider that the going |
concern basis is appropriate. |
Turnover |
Turnover represents net invoiced sales of goods and services, excluding value added tax. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of the businesses in 2012, is being amortised |
over its useful life of 15 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 |
Fixtures, fittings & equipment | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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. |
McQuade Eyecare Limited (Registered number: 07867015) |
Notes to the Financial Statements - continued |
For The Year Ended 31 August 2019 |
2. | ACCOUNTING POLICIES - continued |
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. |
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 |
4. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 September 2018 |
and 31 August 2019 |
AMORTISATION |
At 1 September 2018 |
Amortisation for year |
At 31 August 2019 |
NET BOOK VALUE |
At 31 August 2019 |
At 31 August 2018 |
McQuade Eyecare Limited (Registered number: 07867015) |
Notes to the Financial Statements - continued |
For The Year Ended 31 August 2019 |
5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 September 2018 |
Additions |
Disposals | ( |
) |
At 31 August 2019 |
DEPRECIATION |
At 1 September 2018 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 August 2019 |
NET BOOK VALUE |
At 31 August 2019 |
At 31 August 2018 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Totals |
£ |
COST |
At 1 September 2018 |
and 31 August 2019 | 69,600 |
DEPRECIATION |
At 1 September 2018 | 13,920 |
Charge for year | 11,136 |
At 31 August 2019 | 25,056 |
NET BOOK VALUE |
At 31 August 2019 | 44,544 |
At 31 August 2018 | 55,680 |
6. | PROVISIONS FOR LIABILITIES |
2019 | 2018 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 21,515 | 20,340 |
McQuade Eyecare Limited (Registered number: 07867015) |
Notes to the Financial Statements - continued |
For The Year Ended 31 August 2019 |
6. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 September 2018 |
Charge to Income Statement during year |
Balance at 31 August 2019 |
7. | RESERVES |
Retained |
earnings |
£ |
At 1 September 2018 |
Deficit for the year | ( |
) |
At 31 August 2019 |
8. | POST BALANCE SHEET EVENTS |
On 1 October 2019 the company disposed of the goodwill and assets of one of the branches for £100,000. |
9. | ULTIMATE CONTROLLING PARTY |
The controlling party is Pagan & McQuade Limited. |
The ultimate controlling party is |