Registered Number 04602002

DRAGON OPTICAL LIMITED

Abbreviated Accounts

31 March 2013

DRAGON OPTICAL LIMITED Registered Number 04602002

Abbreviated Balance Sheet as at 31 March 2013

Notes 2013 2012
£ £
Fixed assets
Tangible assets 2 217,197 211,958
217,197 211,958
Current assets
Stocks 24,318 16,512
Debtors 114,084 144,815
Investments 40,000 -
Cash at bank and in hand 136,915 85,434
315,317 246,761
Creditors: amounts falling due within one year (300,898) (235,708)
Net current assets (liabilities) 14,419 11,053
Total assets less current liabilities 231,616 223,011
Total net assets (liabilities) 231,616 223,011
Capital and reserves
Called up share capital 3 100 100
Profit and loss account 231,516 222,911
Shareholders' funds 231,616 223,011
  • For the year ending 31 March 2013 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
  • The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
  • These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 31 December 2013

And signed on their behalf by:
Peter Alton Murphy, Director

DRAGON OPTICAL LIMITED Registered Number 04602002

Notes to the Abbreviated Accounts for the period ended 31 March 2013

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
Turnover represents the total invoice value, excluding value added tax, of sales made during the year.

Tangible assets depreciation policy
Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:
Land and buildings - straight line over 20 years when applied
Fixtures, fittings and equipment - 25% straight line
Laboratory extension - straight line over 20 years when applied.

Other accounting policies
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

Investments
Current asset investments are at the lower of cost and net realisable value.

Stock
Stock is valued at the lower of cost and net realisable value.

2 Tangible fixed assets
£
Cost
At 1 April 2012 245,689
Additions 8,283
Disposals -
Revaluations -
Transfers -
At 31 March 2013 253,972
Depreciation
At 1 April 2012 33,731
Charge for the year 3,044
On disposals -
At 31 March 2013 36,775
Net book values
At 31 March 2013 217,197
At 31 March 2012 211,958
3 Called Up Share Capital
Allotted, called up and fully paid:
2013
£
2012
£
100 Ordinary shares of £1 each 100 100

4Transactions with directors

Name of director receiving advance or credit: Peter Alton Murphy
Description of the transaction: Transactions with directors.
Balance at 1 April 2012: £ 0
Advances or credits made: £ 4,068
Advances or credits repaid: -
Balance at 31 March 2013: £ 4,068

Sales in the period were to two associated companies, being Alton Murphy (Opticians) Limited and Alton Murphy and Leanne Murphy Optometrists Limited. All three directors are also directors of Alton Murphy (Opticians) Limited, and both Mr.P.A.Murphy and Mrs.L.S.Gadsby (maiden name Murphy) are directors of Alton Murphy and Leanne Murphy Optometrists Limited. At the balance sheet date, retrospective discounts amounting to £141,661 are included in trade creditors, in respect of sales to both companies. During the year, a half share in a plot of land was purchased from two of the directors, Mr. & Mrs. P.A. Murphy. This is a short term investment with view to resale and is therefore included as a current asset at the year end. During the year a payment of £55,000 was made to a partnership between Mr.& Mrs. P.A. Murphy as a contribution toward repair work done on a laboratory which will be available for use by the company rent free for a period of 10 years.


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