Company registration number 07690016 (England and Wales)
AMAR'S EYES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
AMAR'S EYES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
AMAR'S EYES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
6,817
8,596
Tangible assets
4
30,427
46,664
37,244
55,260
Current assets
Stocks
34,325
30,283
Debtors
5
24,660
24,376
Cash at bank and in hand
125,752
87,904
184,737
142,563
Creditors: amounts falling due within one year
6
(111,307)
(103,724)
Net current assets
73,430
38,839
Total assets less current liabilities
110,674
94,099
Provisions for liabilities
(7,607)
(11,666)
Net assets
103,067
82,433
Capital and reserves
Called up share capital
7
100
11
Capital redemption reserve
1,100
1,100
Profit and loss reserves
101,867
81,322
Total equity
103,067
82,433

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 year ended 31 March 2024 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 year 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 and signed by the director and authorised for issue on 7 August 2024
Mr A Shah
Director
Company Registration No. 07690016
AMAR'S EYES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Amar's Eyes Limited is a private company limited by shares incorporated in England and Wales. The registered office is 17 High Street, Keynsham, Bristol, BS31 1DP.

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
Turnover

Turnover represents amounts receivable for goods and services provided in the normal course of business, net of trade discounts, VAT and other sales-related taxes.

Turnover is recognised as earned when, and to the extent that, the company obtains the right to consideration in the exchange for goods and services provided.

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.

Revenue from the provision of optometry services is recognised when the service is provided.

1.3
Intangible fixed assets other than goodwill

Intangible assets relate to a franchise fee paid and measured at cost less accumulated amortisation.

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:

Computer Software
5 Years
Patents & licences
5 years
1.4
Tangible fixed assets

Tangible fixed assets are measured at cost, 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
15% straight line
Professional equipment
20% straight line
Fixtures and fittings
20% straight line
Office equipment
20% straight line
AMAR'S EYES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Stocks

Stocks of spectacles, contact lenses and related products are stated at the lower of cost and estimated selling price less costs to complete and sell.

1.6
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 and 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.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

Current tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted at the balance sheet.

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.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.9
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.

AMAR'S EYES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
2
Employees

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

2024
2023
Number
Number
Total
11
10
3
Intangible fixed assets
Computer Software
Patents & licences
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
8,892
90,830
99,722
Amortisation and impairment
At 1 April 2023
296
90,830
91,126
Amortisation charged for the year
1,779
-
0
1,779
At 31 March 2024
2,075
90,830
92,905
Carrying amount
At 31 March 2024
6,817
-
0
6,817
At 31 March 2023
8,596
-
0
8,596
AMAR'S EYES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Tangible fixed assets
Leasehold improvements
Professional equipment
Fixtures and fittings
Office equipment
Total
£
£
£
£
£
Cost
At 1 April 2023
72,253
74,560
40,918
45,383
233,114
Additions
-
0
-
0
1,563
2,384
3,947
Disposals
-
0
-
0
-
0
(9,115)
(9,115)
At 31 March 2024
72,253
74,560
42,481
38,652
227,946
Depreciation and impairment
At 1 April 2023
60,737
56,637
39,369
29,707
186,450
Depreciation charged in the year
9,682
3,762
523
4,678
18,645
Eliminated in respect of disposals
-
0
-
0
-
0
(7,576)
(7,576)
At 31 March 2024
70,419
60,399
39,892
26,809
197,519
Carrying amount
At 31 March 2024
1,834
14,161
2,589
11,843
30,427
At 31 March 2023
11,516
17,923
1,549
15,676
46,664
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
13,653
14,036
Other debtors
11,007
10,340
24,660
24,376
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
63,984
56,483
Corporation tax
35,475
20,002
Other taxation and social security
-
0
499
Other creditors
11,848
26,740
111,307
103,724
AMAR'S EYES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
84
10
84
10
Ordinary B of £1 each
16
1
16
1
100
11
100
11

During the year 74 A shares and 15 B shares of £1 each were issued

8
Directors' transactions

Dividends totalling £70,300 (2023 - £72,000) were paid in the year in respect of shares held by the company's director.

The director operates a current loan account with the company, which is debited with payments made by the company on behalf of the director and credited with funds introduced and undrawn director's fees. At the year end, the amount outstanding to the director was £2,385 (2023 - £12,763). This amount being included in creditors: amounts falling due within one year.

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