Registered number
05580236
Concept Eye Clinic Limited
Filleted Accounts
30 September 2022
Concept Eye Clinic Limited
Registered number: 05580236
Balance Sheet
as at 30 September 2022
Notes 2022 2021
£ £
Fixed assets
Intangible assets 3 735,368 757,327
Tangible assets 4 4,071,505 3,984,652
Investments 6 500,000 -
5,306,873 4,741,979
Current assets
Stocks 489,808 445,280
Debtors 7 1,376,456 1,212,757
Cash at bank and in hand 90,605 83,639
1,956,869 1,741,676
Creditors: amounts falling due within one year 8 (1,820,853) (1,462,152)
Net current assets 136,016 279,524
Total assets less current liabilities 5,442,889 5,021,503
Creditors: amounts falling due after more than one year 9 (1,550,850) (1,409,046)
Provisions for liabilities (438,269) (411,243)
Net assets 3,453,770 3,201,214
Capital and reserves
Called up share capital 2 2
Revaluation reserve 11 1,773,902 1,773,902
Profit and loss account 1,679,866 1,427,310
Shareholder's funds 3,453,770 3,201,214
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Dr Helena Habibi
Director
Approved by the board on 29 September 2023
Concept Eye Clinic Limited
Notes to the Accounts
for the year ended 30 September 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings 2% Straight line
Leasehold land and buildings Over the lease term
Research & Developments 15% Reducing balance
Plant and Machinery 25% Reducing balance
Computer equipment 33% Straight line
Motor Vehicles 25% Reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 28 30
3 Intangible fixed assets £
Goodwill:
Cost
At 1 October 2021 867,633
At 30 September 2022 867,633
Amortisation
At 1 October 2021 123,617
Provided during the year 19,962
At 30 September 2022 143,579
Net book value
At 30 September 2022 724,054
At 30 September 2021 744,016
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 October 2021 3,900,000 456,375 30,991 4,387,366
Additions - 175,000 - 175,000
At 30 September 2022 3,900,000 631,375 30,991 4,562,366
Depreciation
At 1 October 2021 - 375,148 27,566 402,714
Charge for the year 54,600 32,132 1,415 88,147
At 30 September 2022 54,600 407,280 28,981 490,861
Net book value
At 30 September 2022 3,845,400 224,095 2,010 4,071,505
At 30 September 2021 3,900,000 81,227 3,425 3,984,652
Freehold land and buildings: 2022 2021
£ £
Historical cost 1,960,000 1,960,000
Cumulative depreciation based on historical cost 571,688 443,897
1,388,312 1,516,103
Land and buildings held at current value were revalued at the reporting date determined by the Directors of the company using recent market transactions on arm's length basis. Any surplus or deficit on revaluation is recognised in the revaluation reserve account.
5 Research and Development cost 2022 2021
£ £
Cost
At 1 October 2021 30,000 30,000
Additions
Disposals
At 30 September 2022 30,000 30,000
Depreciation
At 1 October 2021 (16,689) (14,340)
Charge for the year (1,997) (2,349)
Disposals
At 30 September 2022 (18,686) (16,689)
Net book value
At 30 September 2022 11,314 13,311
At 30 September 2021 13,311 15,660
6 Investments
Other
investments
£
Cost
Additions 500,000
At 30 September 2022 500,000
7 Debtors 2022 2021
£ £
Trade debtors 444,528 276,469
Other debtors 931,928 936,288
1,376,456 1,212,757
8 Creditors: amounts falling due within one year 2022 2021
£ £
Bank loans and overdrafts 217,460 254,097
Trade creditors 234,866 178,110
Amounts owed to group undertakings and undertakings in which the company has a participating interest 472,823 472,823
Taxation and social security costs 294,605 329,166
Other creditors 601,099 227,956
1,820,853 1,462,152
9 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 1,550,850 1,409,046
10 Loans 2022 2021
£ £
Creditors include:
Secured bank loans 1,738,529 1,596,725
Bank Loans are secured on company assets.
11 Revaluation reserve 2022 2021
£ £
At 1 October 2021 1,773,902 1,479,657
Gain on revaluation of land and buildings - 363,265
Deferred taxation arising on the revaluation of land and buildings - (69,020)
At 30 September 2022 1,773,902 1,773,902
12 Controlling party
The ultimate controlling party is the Mr Vikash Kumar -100% shareholder of the company.
13 Other information
Concept Eye Clinic Limited is a private company limited by shares and incorporated in England. Its registered office is:
110-112 Shields Road
Byker
Newcastle Upon Tyne
NE6 1DS
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