Company registration number SC393596 (Scotland)
GB EYECARE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 AUGUST 2022
PAGES FOR FILING WITH REGISTRAR
GB EYECARE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
GB EYECARE LIMITED
BALANCE SHEET
AS AT
29 AUGUST 2022
29 August 2022
- 1 -
29 August 2022
31 August 2021
Notes
£
£
£
£
Fixed assets
Intangible assets
4
153,989
179,726
Tangible assets
3
183,386
168,993
337,375
348,719
Current assets
Stocks
91,957
63,960
Debtors
5
289,904
247,889
Investments
6
100
100
Cash at bank and in hand
293,452
348,307
675,413
660,256
Creditors: amounts falling due within one year
7
(410,419)
(459,613)
Net current assets
264,994
200,643
Total assets less current liabilities
602,369
549,362
Creditors: amounts falling due after more than one year
8
(149,158)
(177,840)
Provisions for liabilities
(45,507)
(42,105)
Net assets
407,704
329,417
Capital and reserves
Called up share capital
10
2
2
Share premium account
249,999
249,999
Profit and loss reserves
157,703
79,416
Total equity
407,704
329,417

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 period ended 29 August 2022 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 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.

GB EYECARE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
29 AUGUST 2022
29 August 2022
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 6 March 2024
Mr G Brown
Director
Company Registration No. SC393596
GB EYECARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 AUGUST 2022
- 3 -
1
Accounting policies
Company information

GB Eyecare Limited is a private company limited by shares incorporated in Scotland. The registered office is 214 Main Street, Bellshill, Lanarkshire, United Kingdom, ML4 1AB.

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
Reporting period

The current period is shortened to 363 days and thereby may not be directly comparable other financial years.

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.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is twenty and ten years retrospectively.

1.5
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.

Software
Amortised evenly over its estimated useful life of 4 years.
1.6
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 improvements
10% on cost
Plant and equipment
15% on cost
Fixtures and fittings
15% on cost
Computers
33% on cost
Motor vehicles
25 % on cost
GB EYECARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 AUGUST 2022
1
Accounting policies
(Continued)
- 4 -

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.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8
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.

1.9
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.

1.10
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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.

1.11
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.

 

1.12
Retirement benefits

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

GB EYECARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 AUGUST 2022
1
Accounting policies
(Continued)
- 5 -
1.13
Leases

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

 

 

1.14
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.

2
Employees

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

2022
2021
Number
Number
Total
15
16
3
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 September 2021
-
0
191,503
100,699
26,396
62,644
381,242
Additions
15,930
6,015
-
0
-
0
45,990
67,935
Disposals
-
0
-
0
-
0
-
0
(8,204)
(8,204)
At 29 August 2022
15,930
197,518
100,699
26,396
100,430
440,973
Depreciation and impairment
At 1 September 2021
-
0
102,564
78,609
24,380
6,696
212,249
Depreciation charged in the period
1,210
16,523
10,382
806
19,494
48,415
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(3,077)
(3,077)
At 29 August 2022
1,210
119,087
88,991
25,186
23,113
257,587
Carrying amount
At 29 August 2022
14,720
78,431
11,708
1,210
77,317
183,386
At 31 August 2021
-
0
88,939
22,090
2,016
55,948
168,993
GB EYECARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 AUGUST 2022
- 6 -
4
Intangible fixed assets
Goodwill
Software
Total
£
£
£
Cost
At 1 September 2021 and 29 August 2022
439,723
2,061
441,784
Amortisation and impairment
At 1 September 2021
259,998
2,061
262,059
Amortisation charged for the period
25,736
-
0
25,736
At 29 August 2022
285,734
2,061
287,795
Carrying amount
At 29 August 2022
153,989
-
0
153,989
At 31 August 2021
179,726
-
0
179,726
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
40,513
63,360
Other debtors
249,391
184,529
289,904
247,889
6
Current asset investments
2022
2021
£
£
Other investments
100
100
7
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
28,000
25,360
Trade creditors
11,512
175,656
Taxation and social security
200,118
103,964
Other creditors
170,789
154,633
410,419
459,613
GB EYECARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 AUGUST 2022
- 7 -
8
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
49,667
78,986
Other creditors
99,491
98,854
149,158
177,840
9
Loans and overdrafts
2022
2021
£
£
Bank loans
77,667
104,346
Payable within one year
28,000
25,360
Payable after one year
49,667
78,986

The Clydesdale bank Plc has a floating charge over all undertakings and all properties and assets of the company.

 

Hire purchase liabilities are secured over the assets to which they relate.

10
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A Shares of £1 each
1
1
1
1
Ordinary B Shares of £1 each
1
1
1
1
2
2
2
2
11
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:

2022
2021
£
£
888,000
962,000
GB EYECARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 AUGUST 2022
- 8 -
12
Directors' transactions

This loan is unsecured, interest free with no fixed date for repayment.

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Director's Loan
-
81,041
184,493
(81,041)
184,493
81,041
184,493
(81,041)
184,493
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