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Financial Statements |
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for the Year Ended 30 June 2018 |
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Grafton Optical Company Limited |
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REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 30 June 2018 |
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for |
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Grafton Optical Company Limited |
Grafton Optical Company Limited (Registered number: 00527806) |
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Contents of the Financial Statements |
for the Year Ended 30 June 2018 |
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Page |
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Abridged Balance Sheet | 1 |
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Notes to the Financial Statements | 3 |
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Grafton Optical Company Limited (Registered number: 00527806) |
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Abridged Balance Sheet |
30 June 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Capital redemption reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
Grafton Optical Company Limited (Registered number: 00527806) |
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Abridged Balance Sheet - continued |
30 June 2018 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the director on
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Grafton Optical Company Limited (Registered number: 00527806) |
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Notes to the Financial Statements |
for the Year Ended 30 June 2018 |
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1. | STATUTORY INFORMATION |
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Grafton Optical Company Limited is a
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company's registered number and registered office address are as below: |
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Registered number: | 00527806 |
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Registered office: | Unit 7 |
River Park Industrial Estate |
Billet Lane |
Berkhamsted |
HP4 1HL |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Revenue recognition |
Sales comprise the fair value of the consideration received or receivable for the sale of ophthalmic instruments in |
the ordinary course of the company's activities. Sales are presented, net of value-added tax, rebates and |
discounts. |
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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 when specific criteria have been met for each of the |
company's activities as follows: |
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Revenue from the sale of ophthalmic instruments is recognised at the point at which the goods have been |
delivered to the customer. |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling |
at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Grafton Optical Company Limited (Registered number: 00527806) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2018 |
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3. | ACCOUNTING POLICIES - continued |
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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. |
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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. |
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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. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 July 2017 |
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Additions |
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Disposals | ( |
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At 30 June 2018 |
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DEPRECIATION |
At 1 July 2017 |
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Charge for year |
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Eliminated on disposal | ( |
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At 30 June 2018 |
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NET BOOK VALUE |
At 30 June 2018 |
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At 30 June 2017 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
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Totals |
£ |
COST |
At 1 July 2017 | 11,345 |
Disposals | (11,345 | ) |
At 30 June 2018 | - |
DEPRECIATION |
At 1 July 2017 | 2,836 |
Eliminated on disposal | (2,836 | ) |
At 30 June 2018 | - |
NET BOOK VALUE |
At 30 June 2018 | - |
At 30 June 2017 | 8,509 |