Euroeyes London Knightsbridge Limited
Financial Statements
For the period ended 31 December 2022
For Filing with Registrar
Company Registration No. 14098570 (England and Wales)
Euroeyes London Knightsbridge Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 7
Euroeyes London Knightsbridge Limited
Balance Sheet
As at 31 December 2022
31 December 2022
Page 1
2022
Notes
£
£
Fixed assets
Tangible assets
4
423,354
Current assets
Debtors
5
378,908
Creditors: amounts falling due within one year
6
(1,005,498)
Net current liabilities
(626,590)
Net liabilities
(203,236)
Capital and reserves
Called up share capital
7
1
Profit and loss reserves
(203,237)
Total equity
(203,236)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 9 October 2023
Dr J S Joergensen
Director
Company Registration No. 14098570
Euroeyes London Knightsbridge Limited
Notes to the Financial Statements
For the period ended 31 December 2022
Page 2
1
Accounting policies
Company information
Euroeyes London Knightsbridge Limited is a private company limited by shares incorporated in England and Wales. The registered office is 163-169 Brompton Road, London, England, SW3 1PY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The ultimate controlling party, EuroEyes International Eye Clinic Limited,true has provided confirmation of financial support for a period of at least 12 months following the approval of these financial statements such that the company is able to meet its liabilities as they fall due and that they will not seek repayment of the net liabilities due to the group until such time that the company is in a position to do so.
The directors have at the time of approving these financial statements, a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least 12 months following the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Reporting period
The annual financial statements are presented for a period shorter than one year due to the company incorporating on 10 May 2022.
1.4
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 or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
Straight line over 10 years
Computers
20% straight line
The gain or loss arising 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.
1.5
Impairment of fixed assets
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
Euroeyes London Knightsbridge Limited
Notes to the Financial Statements (Continued)
For the period ended 31 December 2022
1
Accounting policies
(Continued)
Page 3
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Euroeyes London Knightsbridge Limited
Notes to the Financial Statements (Continued)
For the period ended 31 December 2022
1
Accounting policies
(Continued)
Page 4
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Leases
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 lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
Euroeyes London Knightsbridge Limited
Notes to the Financial Statements (Continued)
For the period ended 31 December 2022
Page 5
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2022
Number
Total
1
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 10 May 2022
Additions
422,605
802
423,407
At 31 December 2022
422,605
802
423,407
Depreciation and impairment
At 10 May 2022
Depreciation charged in the period
53
53
At 31 December 2022
53
53
Carrying amount
At 31 December 2022
422,605
749
423,354
5
Debtors
2022
Amounts falling due within one year:
£
Other debtors
378,908
Euroeyes London Knightsbridge Limited
Notes to the Financial Statements (Continued)
For the period ended 31 December 2022
Page 6
6
Creditors: amounts falling due within one year
2022
£
Trade creditors
171,661
Amounts owed to group undertakings
809,984
Other creditors
23,853
1,005,498
7
Called up share capital
2022
2022
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
1
1
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Paul Springfield and the auditor was Moore Kingston Smith LLP.
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
£
Total
6,817,972
10
Related party transactions
The company is a wholly owned subsidiary of Euroeyes UK Holding Limited which in turn is a wholly owned subsidiary of Euroeyes International Eye Clinic Limited. The company has elected to take advantage of the exemption from the requirements of FRS 102 to disclose transactions with other members of that group headed by Euroeyes UK Holding Limited.
The smallest and largest group under which consolidated financial statements are being produced is headed by EuroEyes International Eye Clinic Limited. Consolidated financial statements can be obtained from the registered office of EuroEyes International Eye Clinic Limited, 4/F Harbour Place, 103 South Church Street, PO Box 10240, Grand Cayman KY1-1002, Cayman Islands.
Euroeyes London Knightsbridge Limited
Notes to the Financial Statements (Continued)
For the period ended 31 December 2022
Page 7
11
Parent company
The company's immediate controlling party is Euroeyes UK Holding Limited, a corporation organised and existing under the laws of the United Kingdom.
The ultimate controlling party and parent undertaking is Euroeyes International Eye Clinic Limited, registered in the Cayman Islands.