Company registration number 08399086 (England and Wales)
VISIONCARE RNK LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
VISIONCARE RNK LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
VISIONCARE RNK LTD
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
10,298
11,338
Tangible assets
4
68,913
77,014
79,211
88,352
Current assets
Stocks
51,620
45,985
Debtors
5
55,728
26,282
Cash at bank and in hand
129,173
156,638
236,521
228,905
Creditors: amounts falling due within one year
6
(166,575)
(141,375)
Net current assets
69,946
87,530
Total assets less current liabilities
149,157
175,882
Creditors: amounts falling due after more than one year
7
(68,608)
(87,082)
Provisions for liabilities
(16,374)
(18,231)
Net assets
64,175
70,569
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
64,075
70,469
Total equity
64,175
70,569

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

VISIONCARE RNK LTD
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2023
30 June 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 18 October 2023 and are signed on its behalf by:
Mr R Jogia
Director
Company Registration No. 08399086
VISIONCARE RNK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information

Visioncare Rnk Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Bradbury House, Mission Court, Newport, Gwent, NP20 2DW.

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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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. The principal accounting policies adopted are set out below.

1.2
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.

1.3
Intangible fixed assets other than goodwill

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 or valuation of assets less their residual values over their useful lives as follows:

Other intangibles
20 years
1.4
Tangible fixed assets

Tangible fixed assets are measured at cost, 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 improvement
20% straight line
Computer equipment
20% straight line
Fixtures, fittings & professional equipment
20% straight line
VISIONCARE RNK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
1.5
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.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in

the profit and loss account because it excludes items of income or expense that are taxable or deductible in other

years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is

calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to

the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future

taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from

the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the

accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the

asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items

charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets

and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities

and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
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.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

VISIONCARE RNK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
2
Employees
2023
2022
Number
Number
Total
10
11
3
Intangible fixed assets
Franchise
Other
Total
£
£
£
Cost
At 1 July 2022 and 30 June 2023
200,000
20,798
220,798
Amortisation and impairment
At 1 July 2022
200,000
9,460
209,460
Amortisation charged for the year
-
0
1,040
1,040
At 30 June 2023
200,000
10,500
210,500
Carrying amount
At 30 June 2023
-
0
10,298
10,298
At 30 June 2022
-
0
11,338
11,338
4
Tangible fixed assets
Leasehold improvement
Computer equipment
Fixtures, fittings & professional equipment
Total
£
£
£
£
Cost
At 1 July 2022
17,152
176,695
34,514
228,361
Additions
-
0
6,060
8,192
14,252
At 30 June 2023
17,152
182,755
42,706
242,613
Depreciation and impairment
At 1 July 2022
4,572
120,331
26,444
151,347
Depreciation charged in the year
3,431
14,901
4,021
22,353
At 30 June 2023
8,003
135,232
30,465
173,700
Carrying amount
At 30 June 2023
9,149
47,523
12,241
68,913
At 30 June 2022
12,580
56,364
8,070
77,014
VISIONCARE RNK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
21,785
18,359
Other debtors
33,943
7,923
55,728
26,282
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
18,747
18,747
Trade creditors
61,580
57,051
Taxation and social security
19,872
33,990
Other creditors
66,376
31,587
166,575
141,375
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
68,608
87,082
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
12,037
17,593
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
25
25
25
25
Ordinary B of £1 each
24
24
24
24
Ordinary C of £1 each
51
26
51
26
of 0p each
-
25
-
25
100
100
100
100

During the year, 25 Ordinary D shares were redesignated as Ordinary C shares.

VISIONCARE RNK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
9
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
-
0
4,750
10
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Dividends totalling £67,175 (2022 - £132,000) were paid in the year in respect of shares held by the company's directors.

The director operates a current loan account with the company, which is debited with payments made by the company on behalf of the director and credited with funds introduced and undrawn director’s fees. At the year end the amount outstanding to the director was £44,804 (2022 - £471): this amount being included in creditors: amounts falling due within one year.

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