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Registration number: 07284933

The Eyecare Centre (Brighton And Hove) Ltd

Unaudited Filleted Financial Statements

for the Period from 1 March 2022 to 31 March 2023

 

The Eyecare Centre (Brighton And Hove) Ltd

Contents

Company Information

1

Accountants' Report

2

Statement of Financial Position

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

The Eyecare Centre (Brighton And Hove) Ltd

Company Information

Directors

S Doshi

I Hakim

J C Aleong

Registered office

Unit 317 India Mill Business Centre
Darwen
Lancashire
BB3 1AE

Accountants

DSK Partners LLP
Chartered Accountants
163 Herne Hill
London
SE24 9LR

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
The Eyecare Centre (Brighton And Hove) Ltd
for the Period Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Eyecare Centre (Brighton And Hove) Ltd for the period ended 31 March 2023 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of The Eyecare Centre (Brighton And Hove) Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of The Eyecare Centre (Brighton And Hove) Ltd and state those matters that we have agreed to state to the Board of Directors of The Eyecare Centre (Brighton And Hove) Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Eyecare Centre (Brighton And Hove) Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that The Eyecare Centre (Brighton And Hove) Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of The Eyecare Centre (Brighton And Hove) Ltd. You consider that The Eyecare Centre (Brighton And Hove) Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of The Eyecare Centre (Brighton And Hove) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

DSK Partners LLP
Chartered Accountants
163 Herne Hill
London
SE24 9LR

26 October 2023

 

The Eyecare Centre (Brighton And Hove) Ltd

(Registration number: 07284933)
Statement of Financial Position as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

75,000

85,833

Tangible assets

5

26,903

34,232

 

101,903

120,065

Current assets

 

Stocks

6

28,754

43,019

Debtors

7

9,484

1,071

Cash at bank and in hand

 

611,830

553,863

 

650,068

597,953

Creditors: Amounts falling due within one year

8

(132,750)

(218,142)

Net current assets

 

517,318

379,811

Total assets less current liabilities

 

619,221

499,876

Creditors: Amounts falling due after more than one year

8

(130,359)

(163,984)

Net assets

 

488,862

335,892

Capital and reserves

 

Called up share capital

1

1

Retained earnings

488,861

335,891

Shareholders' funds

 

488,862

335,892

 

The Eyecare Centre (Brighton And Hove) Ltd

(Registration number: 07284933)
Statement of Financial Position as at 31 March 2023 (continued)

For the financial period ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 26 October 2023 and signed on its behalf by:
 

S Doshi
Director

   
     
 

The Eyecare Centre (Brighton And Hove) Ltd

Notes to the Unaudited Financial Statements for the Period from 1 March 2022 to 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 317 India Mill Business Centre
Darwen
Lancashire
BB3 1AE
England

The presentation currency of the financial statements is Pound Sterling (£) rounded to the nearest Pound.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

The Eyecare Centre (Brighton And Hove) Ltd

Notes to the Unaudited Financial Statements for the Period from 1 March 2022 to 31 March 2023 (continued)

2

Accounting policies (continued)

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture and fittings

15% Reducing balance

Optical equipments

25% Reducing balance

Office equipments

25% Reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

The Eyecare Centre (Brighton And Hove) Ltd

Notes to the Unaudited Financial Statements for the Period from 1 March 2022 to 31 March 2023 (continued)

2

Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

The Eyecare Centre (Brighton And Hove) Ltd

Notes to the Unaudited Financial Statements for the Period from 1 March 2022 to 31 March 2023 (continued)

2

Accounting policies (continued)

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 5 (2022 - 5).

 

The Eyecare Centre (Brighton And Hove) Ltd

Notes to the Unaudited Financial Statements for the Period from 1 March 2022 to 31 March 2023 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2022

200,000

200,000

At 31 March 2023

200,000

200,000

Amortisation

At 1 March 2022

114,167

114,167

Amortisation charge

10,833

10,833

At 31 March 2023

125,000

125,000

Carrying amount

At 31 March 2023

75,000

75,000

At 28 February 2022

85,833

85,833

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 March 2022

50,133

3,402

87,178

140,713

Additions

-

-

600

600

At 31 March 2023

50,133

3,402

87,778

141,313

Depreciation

At 1 March 2022

37,275

2,166

67,040

106,481

Charge for the period

2,090

335

5,504

7,929

At 31 March 2023

39,365

2,501

72,544

114,410

Carrying amount

At 31 March 2023

10,768

901

15,234

26,903

At 28 February 2022

12,858

1,236

20,138

34,232

 

The Eyecare Centre (Brighton And Hove) Ltd

Notes to the Unaudited Financial Statements for the Period from 1 March 2022 to 31 March 2023 (continued)

6

Stocks

2023
£

2022
£

Other inventories

28,754

43,019

7

Debtors

Current

2023
£

2022
£

Other debtors

9,484

1,071

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

21,927

36,912

Trade creditors

 

33,512

27,384

Amount due to related companies

22,773

72,119

Taxation and social security

 

50,350

55,484

Other creditors

 

4,188

26,243

 

132,750

218,142

 

The Eyecare Centre (Brighton And Hove) Ltd

Notes to the Unaudited Financial Statements for the Period from 1 March 2022 to 31 March 2023 (continued)

8

Creditors (continued)

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

130,359

163,984

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

130,359

163,984

2023
£

2022
£

Current loans and borrowings

Bank borrowings

21,927

26,148

Finance lease liabilities

-

10,764

21,927

36,912

11 Ultimate controlling party

The directors regard The Eyecare Centre and Barnard Associates Ltd, a company incorporated in England, as the company's ultimate parent undertaking. The parent undertaking registered office address is Unit 317 India Mill Business Centre, Darwen, Lancashire, England, BB3 1AE.

Group accounts have not been prepared as the group qualifies as a small group under Section 383 of the Companies Act 2006.