Essex Eyewear Ltd 13579319 false 2022-09-01 2023-08-31 2023-08-31 The principal activity of the company is Eyewear sales Digita Accounts Production Advanced 6.30.9574.0 true true 13579319 2022-09-01 2023-08-31 13579319 2023-08-31 13579319 bus:OrdinaryShareClass1 2023-08-31 13579319 core:RetainedEarningsAccumulatedLosses 2023-08-31 13579319 core:ShareCapital 2023-08-31 13579319 core:CurrentFinancialInstruments 2023-08-31 13579319 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 13579319 core:FurnitureFittingsToolsEquipment 2023-08-31 13579319 bus:SmallEntities 2022-09-01 2023-08-31 13579319 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 13579319 bus:FullAccounts 2022-09-01 2023-08-31 13579319 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 13579319 bus:RegisteredOffice 2022-09-01 2023-08-31 13579319 bus:Director1 2022-09-01 2023-08-31 13579319 bus:Director2 2022-09-01 2023-08-31 13579319 bus:OrdinaryShareClass1 2022-09-01 2023-08-31 13579319 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 13579319 bus:Agent1 2022-09-01 2023-08-31 13579319 core:RetainedEarningsAccumulatedLosses 2022-09-01 2023-08-31 13579319 core:ShareCapital 2022-09-01 2023-08-31 13579319 core:ComputerEquipment 2022-09-01 2023-08-31 13579319 core:FurnitureFittings 2022-09-01 2023-08-31 13579319 core:FurnitureFittingsToolsEquipment 2022-09-01 2023-08-31 13579319 countries:AllCountries 2022-09-01 2023-08-31 13579319 2022-08-31 13579319 core:RetainedEarningsAccumulatedLosses 2022-08-31 13579319 core:ShareCapital 2022-08-31 13579319 core:FurnitureFittingsToolsEquipment 2022-08-31 13579319 2021-08-23 2022-08-31 13579319 2022-08-31 13579319 bus:OrdinaryShareClass1 2022-08-31 13579319 core:RetainedEarningsAccumulatedLosses 2022-08-31 13579319 core:ShareCapital 2022-08-31 13579319 core:CurrentFinancialInstruments 2022-08-31 13579319 core:CurrentFinancialInstruments core:WithinOneYear 2022-08-31 13579319 core:FurnitureFittingsToolsEquipment 2022-08-31 13579319 core:RetainedEarningsAccumulatedLosses 2021-08-23 2022-08-31 13579319 core:ShareCapital 2021-08-23 2022-08-31 13579319 2021-08-22 13579319 core:RetainedEarningsAccumulatedLosses 2021-08-22 13579319 core:ShareCapital 2021-08-22 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 13579319

Essex Eyewear Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

Essex Eyewear Ltd

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Balance Sheet

4 to 5

Statement of Changes in Equity

6

Notes to the Unaudited Financial Statements

7 to 11

 

Essex Eyewear Ltd

Company Information

Directors

Mr Alan Michael Price

Mrs Caroline Price

Registered office

60 Fleet Road
Benfleet
Essex
SS7 5JN

Accountants

Brian Nuttgens Accountants Ltd
Chartered Certified Accountants
1007 London Road
Leigh-On-Sea
Essex
SS9 3JY

 

Essex Eyewear Ltd

Directors' Report for the Year Ended 31 August 2023

The directors present their report and the financial statements for the year ended 31 August 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr Alan Michael Price

Mrs Caroline Price

Principal activity

The principal activity of the company is Eyewear sales

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 16 February 2024 and signed on its behalf by:
 

.........................................
Mr Alan Michael Price
Director

.........................................
Mrs Caroline Price
Director

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Essex Eyewear Ltd
for the Year Ended 31 August 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Essex Eyewear Ltd for the year ended 31 August 2023 as set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Essex Eyewear 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 Company and state those matters that we have agreed to state to the Board of Directors of the Company, as a body, in this report in accordance with
the requirements of the Association of Chartered Certified Accountants as detailed at
http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/october/factsheet
-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Essex Eyewear 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 Company. You consider that Essex Eyewear Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of the Company. 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.

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

Brian Nuttgens Accountants Ltd
Chartered Certified Accountants
1007 London Road
Leigh-On-Sea
Essex
SS9 3JY

16 February 2024

 

Essex Eyewear Ltd

(Registration number: 13579319)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

6,336

8,228

Current assets

 

Stocks

5

17,250

16,546

Debtors

6

730

-

Cash at bank and in hand

 

4,198

6,909

 

22,178

23,455

Creditors: Amounts falling due within one year

7

(27,585)

(31,225)

Net current liabilities

 

(5,407)

(7,770)

Net assets

 

929

458

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

829

358

Shareholders' funds

 

929

458

For the financial year ending 31 August 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 year 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 February 2024 and signed on its behalf by:
 

 

Essex Eyewear Ltd

(Registration number: 13579319)
Balance Sheet as at 31 August 2023

.........................................
Mr Alan Michael Price
Director

.........................................
Mrs Caroline Price
Director

 

Essex Eyewear Ltd

Statement of Changes in Equity for the Year Ended 31 August 2023

Share capital
£

Retained earnings
£

Total
£

At 1 September 2022

100

358

458

Profit for the year

-

2,471

2,471

Dividends

-

(2,000)

(2,000)

At 31 August 2023

100

829

929

Share capital
£

Retained earnings
£

Total
£

At 23 August 2021

100

-

100

Profit for the year

-

358

358

At 31 August 2022

100

358

458

 

Essex Eyewear Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

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

The address of its registered office is:
60 Fleet Road
Benfleet
Essex
SS7 5JN

These financial statements were authorised for issue by the Board on 16 February 2024.

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.

Tangible assets

Tangible assets are stated in the balance sheet 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:

 

Essex Eyewear Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Asset class

Depreciation method and rate

Fixtures and fittings

25% Reducing balance

Computer equipment

25% Reducing balance

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.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Essex Eyewear Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2022

10,972

10,972

Additions

(2,453)

(2,453)

At 31 August 2023

8,519

8,519

Depreciation

At 1 September 2022

72

72

Charge for the year

2,111

2,111

At 31 August 2023

2,183

2,183

Carrying amount

At 31 August 2023

6,336

6,336

At 31 August 2022

8,228

8,228

5

Stocks

2023
£

2022
£

Other inventories

17,250

16,546

6

Debtors

Current

2023
£

2022
£

Other debtors

730

-

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

304

-

Other creditors

27,281

31,225

27,585

31,225

 

Essex Eyewear Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         

9

Dividends

   

2023

 

2022

   

£

 

£

Final dividend of £20.00 (2022 - £Nil) per ordinary share

 

2,000

 

-

         

10

Related party transactions

 

Essex Eyewear Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

28,000

9,500