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Registration number: 03922579

International Lens Co. Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

International Lens Co. Ltd

Contents

Company Information

1

Statement Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

International Lens Co. Ltd

Company Information

Directors

PL Nossel

SC Nossel

Registered office

44-50 High Street
Rayleigh
Essex
SS6 7EA

Accountants

West-Webbe Consultancy
Chartered Certified Accountants
44-50 High Street
Rayleigh
Essex
SS6 7EA

 

International Lens Co. Ltd

(Registration number: 03922579)
Statement Financial Position as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

344,777

326,832

Current assets

 

Stocks

5

145,000

125,000

Debtors

6

433,278

422,088

Cash at bank and in hand

 

182,073

264,103

 

760,351

811,191

Creditors: Amounts falling due within one year

7

(450,098)

(333,697)

Net current assets

 

310,253

477,494

Total assets less current liabilities

 

655,030

804,326

Creditors: Amounts falling due after more than one year

7

(24,928)

(43,788)

Provisions for liabilities

(4,389)

(776)

Net assets

 

625,713

759,762

Capital and reserves

 

Called up share capital

8

107

107

Retained earnings

625,606

759,655

Shareholders' funds

 

625,713

759,762

For the financial year ending 28 February 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 Income Statement.

Approved and authorised by the Board on 9 April 2024 and signed on its behalf by:
 

 

International Lens Co. Ltd

(Registration number: 03922579)
Statement Financial Position as at 28 February 2023

.........................................
SC Nossel
Director

 

International Lens Co. Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 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:
44-50 High Street
Rayleigh
Essex
SS6 7EA

These financial statements were authorised for issue by the Board on 9 April 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.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

International Lens Co. Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Tax

The tax expense for the period comprises deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement 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

Plant and machinery

25% reducing balance

Furniture and fittings

25% reducing balance

Motor vehicles

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.

 

International Lens Co. Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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.

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.

 

International Lens Co. Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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 year, was 10 (2022 - 10).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2022

307,161

89,626

17,550

414,337

Additions

-

24,634

-

24,634

At 28 February 2023

307,161

114,260

17,550

438,971

Depreciation

At 1 March 2022

-

76,508

10,997

87,505

Charge for the year

-

5,050

1,639

6,689

At 28 February 2023

-

81,558

12,636

94,194

Carrying amount

At 28 February 2023

307,161

32,702

4,914

344,777

At 28 February 2022

307,161

13,118

6,553

326,832

Included within the net book value of land and buildings above is £296,661 (2022 - £296,661) in respect of freehold land and buildings and £10,500 (2022 - £10,500) in respect of long leasehold land and buildings.
 

5

Stocks

2023
£

2022
£

Raw materials and consumables

145,000

125,000

 

International Lens Co. Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

66,076

73,471

Amounts owed by related parties

11

157,778

158,787

Prepayments

 

10,566

1,171

Other debtors

 

198,858

188,659

   

433,278

422,088

 

International Lens Co. Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

10,000

-

Trade creditors

 

128,360

60,020

Taxation and social security

 

4,124

3,555

Accruals and deferred income

 

9,130

6,810

Other creditors

 

298,484

263,312

 

450,098

333,697

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

24,928

43,788

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary £1 A shares of £1 each

100

100

100

100

Ordinary £1 B shares of £1 each

1

1

1

1

Ordinary £1 C shares of £1 each

1

1

1

1

Ordinary £1 D shares of £1 each

1

1

1

1

Ordinary £1 E shares of £1 each

1

1

1

1

Ordinary £1 F shares of £1 each

1

1

1

1

Ordinary £1 G shares of £1 each

1

1

1

1

Ordinary £1 H shares of £1 each

1

1

1

1

 

107

107

107

107

 

International Lens Co. Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

24,928

43,788

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

-

10

Dividends

Final dividends paid

   

2023
£

 

2022
£

Final dividend of £Nil per each Ordinary £1 A shares

 

-

 

-

Final dividend of £30,000.00 per each Ordinary £1 G shares

 

30,000

 

30,000

Final dividend of 30,000.00 per each Ordinary £1 H shares

 

30,000

 

30,000

   

60,000

 

60,000

11

Related party transactions

Transactions with directors

2023

At 1 March 2022
£

Advances to director
£

At 28 February 2023
£

PL Nossel

(252,621)

(29,808)

(282,429)

       
     

 

2022

At 1 March 2021
£

Advances to director
£

At 28 February 2022
£

PL Nossel

(184,147)

(68,474)

(252,621)

       
     

 

 

International Lens Co. Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

24,000

24,000

Summary of transactions with associates

Allspecs Ltd is an associated company of which S. Nossel owns 100% of its share capital. As at 1st March 2022 International Lens Co Ltd was owed £158,787 by Allspecs Ltd. The balance owed by Allspecs Ltd on 28th February 2023 was £157,778.