REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 September 2022 |
for |
Q&K Optical Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 September 2022 |
for |
Q&K Optical Limited |
Q&K Optical Limited (Registered number: 06034329) |
Contents of the Financial Statements |
for the Year Ended 30 September 2022 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Q&K Optical Limited |
Company Information |
for the Year Ended 30 September 2022 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
18-19 Albion Street |
Hull |
East Yorkshire |
HU1 3TG |
Q&K Optical Limited (Registered number: 06034329) |
Abridged Balance Sheet |
30 September 2022 |
30/9/22 | 30/9/21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings |
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. |
Q&K Optical Limited (Registered number: 06034329) |
Abridged Balance Sheet - continued |
30 September 2022 |
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 |
Q&K Optical Limited (Registered number: 06034329) |
Notes to the Financial Statements |
for the Year Ended 30 September 2022 |
1. | STATUTORY INFORMATION |
Q&K Optical Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents amounts receivable for goods and services provided in the normal course of business , net of trade discounts, VAT and other sales-related taxes. |
Turnover is recognised as earned when, and to the extent that, the company obtains the right to consideration in the exchange for goods and services provided. |
Revenue from the sale of spectacles, contact lenses and other related products is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Revenue from the provision of optometry services is recognised when the service is provided. |
Goodwill |
Goodwill is being amortised evenly over its estimated useful life of 20 years. |
Intangible assets |
Intangible assets relate to a franchise fee paid and measured at cost less accumulated amortisation. |
Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases: |
Research & Development 5 years |
Tangible fixed assets |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
Depreciation is recognised so as to write off the cost of valuation of assets less their residual values over their useful lives on the following bases: |
Leasehold improvements 10 years on cost |
Professional equipment 15% on reducing balance |
Office equipment 15% on reducing balance |
The gain or loss on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset. and is credited or charged to profit or loss. |
Q&K Optical Limited (Registered number: 06034329) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2022 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks of spectacles, contact lenses and related products are stated at the lower of cost and estimated selling price less costs to complete and sell. |
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss. |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basis Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
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. |
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. |
Q&K Optical Limited (Registered number: 06034329) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2022 |
2. | ACCOUNTING POLICIES - continued |
Leases |
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownerhsip to the lessees. All other leases are classified as operating leases. |
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements, The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability. |
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant ;ease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed. |
Retirement benefits |
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 October 2021 |
and 30 September 2022 |
AMORTISATION |
At 1 October 2021 |
Amortisation for year |
At 30 September 2022 |
NET BOOK VALUE |
At 30 September 2022 |
At 30 September 2021 |
Q&K Optical Limited (Registered number: 06034329) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2022 |
5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 October 2021 |
Additions |
At 30 September 2022 |
DEPRECIATION |
At 1 October 2021 |
Charge for year |
At 30 September 2022 |
NET BOOK VALUE |
At 30 September 2022 |
At 30 September 2021 |
6. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST |
At 1 October 2021 |
and 30 September 2022 | 38,783 |
NET BOOK VALUE |
At 30 September 2022 | 38,783 |
At 30 September 2021 | 38,783 |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30/9/22 | 30/9/21 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
8. | ULTIMATE CONTROLLING PARTY |
In the opinion of the director the ultimate controlling party is Mr David Quirke. |
The Ultimate Parent Company is Q & K Optical Holdings Ltd. |