Company registration number 14146177 (England and Wales)
RAYLEIGH EYECARE LTD
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
RAYLEIGH EYECARE LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
RAYLEIGH EYECARE LTD
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 1 -
2023
Notes
£
£
Fixed assets
Intangible assets
3
4,875
Tangible assets
4
26,144
31,019
Current assets
Stocks
32,307
Debtors
5
41,213
Cash at bank and in hand
327,253
400,773
Creditors: amounts falling due within one year
6
(325,559)
Net current assets
75,214
Total assets less current liabilities
106,233
Provisions for liabilities
(4,547)
Net assets
101,686
Capital and reserves
Called up share capital
7
50
Capital redemption reserve
50
Profit and loss reserves
101,586
Total equity
101,686

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

For the financial period 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 directors acknowledge their 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 period 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.

The financial statements were approved by the board of directors and authorised for issue on 29 March 2024 and are signed on its behalf by:
Mr B Gallagher
Director
Company registration number 14146177 (England and Wales)
RAYLEIGH EYECARE LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2023
- 2 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 June 2022
-
0
-
0
-
0
-
Period ended 30 June 2023:
Profit and total comprehensive income
-
-
166,586
166,586
Issue of share capital
7
100
-
-
100
Dividends
-
-
(65,000)
(65,000)
Redemption of shares
7
(50)
50
-
0
-
0
Balance at 30 June 2023
50
50
101,586
101,686
RAYLEIGH EYECARE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information

Rayleigh Eyecare Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 85 High Street, Rayleigh, SS6 7EJ.

1.1
Reporting period

The period covered by these financial statements is 56 weeks due to this being the period of incorporation.

1.2
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.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Patents & licences
5% on cost
1.5
Tangible fixed assets

Tangible fixed assets are measured at cost net of depreciation.

RAYLEIGH EYECARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -

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:

Plant and equipment
20% reducing balance
Fixtures and fittings
20% reducing balance
Computers
20% reducing balance
1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

1.7
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.

 

Debtors and creditors with no stated interest rate an receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.8
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.

RAYLEIGH EYECARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
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.

1.9
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.

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.

 

Rental income from operating lease is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2023
Number
Total
16
RAYLEIGH EYECARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 6 -
3
Intangible fixed assets
Patents & licences
£
Cost
At 1 June 2022
-
0
Additions
5,000
At 30 June 2023
5,000
Amortisation and impairment
At 1 June 2022
-
0
Amortisation charged for the period
125
At 30 June 2023
125
Carrying amount
At 30 June 2023
4,875
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 June 2022
-
0
-
0
-
0
-
0
Additions
5,472
2,698
19,796
27,966
At 30 June 2023
5,472
2,698
19,796
27,966
Depreciation and impairment
At 1 June 2022
-
0
-
0
-
0
-
0
Depreciation charged in the period
456
230
1,136
1,822
At 30 June 2023
456
230
1,136
1,822
Carrying amount
At 30 June 2023
5,016
2,468
18,660
26,144
5
Debtors
2023
Amounts falling due within one year:
£
Trade debtors
10,387
Other debtors
30,826
41,213
RAYLEIGH EYECARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
£
Trade creditors
234,662
Corporation tax
37,917
Other taxation and social security
4,043
Other creditors
48,937
325,559
7
Called up share capital
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
Ordinary of £1 each of £1 each
50
50

During the year 50 ordinary shares of £1 each were issued and fully paid.

8
Related party transactions

During the year, the company loaned money from Square Eyecare limited. At the year end, the amount owed to Square Eyecare limited was £30,268 this amount is included in creditors: amounts falling due within one year. A company with a common director.

9
Directors' transactions

Dividends totalling £65,000 were paid in the period in respect of shares held by the company's directors.

Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Director
-
-
10,000
10,000
-
10,000
10,000
2023-06-302022-06-01false29 March 2024CCH SoftwareCCH Accounts Production 2023.200No description of principal activityMr B GallagherMr Satiajit Mahal141461772022-06-012023-06-30141461772023-06-3014146177core:PatentsTrademarksLicencesConcessionsSimilar2023-06-3014146177core:PlantMachinery2023-06-3014146177core:FurnitureFittings2023-06-3014146177core:ComputerEquipment2023-06-3014146177core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3014146177core:CurrentFinancialInstruments2023-06-3014146177core:ShareCapital2023-06-3014146177core:CapitalRedemptionReserve2023-06-3014146177core:RetainedEarningsAccumulatedLosses2023-06-3014146177core:ShareCapital2022-05-3114146177core:CapitalRedemptionReserve2022-05-3114146177core:RetainedEarningsAccumulatedLosses2022-05-3114146177bus:Director12022-06-012023-06-3014146177core:RetainedEarningsAccumulatedLosses2022-06-012023-06-3014146177core:ShareCapital2022-06-012023-06-3014146177core:IntangibleAssetsOtherThanGoodwill2022-06-012023-06-3014146177core:PatentsTrademarksLicencesConcessionsSimilar2022-06-012023-06-3014146177core:PlantMachinery2022-06-012023-06-3014146177core:FurnitureFittings2022-06-012023-06-3014146177core:ComputerEquipment2022-06-012023-06-3014146177core:PatentsTrademarksLicencesConcessionsSimilar2022-05-3114146177core:PatentsTrademarksLicencesConcessionsSimilarcore:ExternallyAcquiredIntangibleAssets2022-06-012023-06-3014146177core:PlantMachinery2022-05-3114146177core:FurnitureFittings2022-05-3114146177core:ComputerEquipment2022-05-31141461772022-05-3114146177core:WithinOneYear2023-06-3014146177bus:PrivateLimitedCompanyLtd2022-06-012023-06-3014146177bus:SmallCompaniesRegimeForAccounts2022-06-012023-06-3014146177bus:FRS1022022-06-012023-06-3014146177bus:AuditExemptWithAccountantsReport2022-06-012023-06-3014146177bus:Director22022-06-012023-06-3014146177bus:FullAccounts2022-06-012023-06-30xbrli:purexbrli:sharesiso4217:GBP