Company registration number SC393596 (Scotland)
GB EYECARE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 AUGUST 2023
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
28 AUGUST 2023
28 August 2023
- 1 -
28 August 2023
29 August 2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
128,253
153,989
Tangible assets
3
138,654
183,386
266,907
337,375
Current assets
Stocks
127,618
91,957
Debtors
5
432,224
289,904
Investments
6
100
Cash at bank and in hand
26,049
293,452
585,891
675,413
Creditors: amounts falling due within one year
7
(377,892)
(410,419)
Net current assets
207,999
264,994
Total assets less current liabilities
474,906
602,369
Creditors: amounts falling due after more than one year
8
(90,860)
(149,158)
Provisions for liabilities
(34,567)
(45,507)
Net assets
349,479
407,704
Capital and reserves
Called up share capital
10
2
2
Share premium account
249,999
249,999
Profit and loss reserves
99,478
157,703
Total equity
349,479
407,704
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 28 August 2023 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
28 AUGUST 2023
28 August 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 29 August 2024
Mr G Brown
Director
Company Registration No. SC393596
GB EYECARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 AUGUST 2023
- 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
Reporting period
The current reporting period is shortened to 364 days and therefore may not be directly comparable to other financial periods.
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.
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 28 AUGUST 2023
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.
GB EYECARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 AUGUST 2023
1
Accounting policies
(Continued)
- 5 -
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
2022
Number
Number
Total
17
15
3
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 30 August 2022
15,930
197,518
100,699
26,396
100,430
440,973
Additions
3,148
537
3,685
At 28 August 2023
19,078
198,055
100,699
26,396
100,430
444,658
Depreciation and impairment
At 30 August 2022
1,210
119,087
88,991
25,186
23,113
257,587
Depreciation charged in the period
1,777
16,707
4,161
665
25,107
48,417
At 28 August 2023
2,987
135,794
93,152
25,851
48,220
306,004
Carrying amount
At 28 August 2023
16,091
62,261
7,547
545
52,210
138,654
At 29 August 2022
14,720
78,431
11,708
1,210
77,317
183,386
GB EYECARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 AUGUST 2023
- 6 -
4
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 30 August 2022 and 28 August 2023
439,723
2,061
441,784
Amortisation and impairment
At 30 August 2022
285,734
2,061
287,795
Amortisation charged for the period
25,736
25,736
At 28 August 2023
311,470
2,061
313,531
Carrying amount
At 28 August 2023
128,253
128,253
At 29 August 2022
153,989
153,989
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
51,145
40,513
Other debtors
381,079
249,391
432,224
289,904
6
Current asset investments
2023
2022
£
£
Other investments
100
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
32,211
28,000
Trade creditors
2,220
11,512
Taxation and social security
144,574
200,118
Other creditors
198,887
170,789
377,892
410,419
GB EYECARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 AUGUST 2023
- 7 -
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
21,667
49,667
Other creditors
69,193
99,491
90,860
149,158
9
Loans and overdrafts
2023
2022
£
£
Bank loans
49,667
77,667
Bank overdrafts
4,211
53,878
77,667
Payable within one year
32,211
28,000
Payable after one year
21,667
49,667
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
2023
2022
2023
2022
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:
2023
2022
£
£
938,305
888,000
GB EYECARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 AUGUST 2023
- 8 -
12
Directors' transactions
This loan is unsecured, interest free with no fixed date for repayment.
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Director Loan
-
184,493
101,048
285,541
184,493
101,048
285,541