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Registered number: 11917103
The Close Eye Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Zenith Accounting & Business Solutions Ltd
Certified Accountants
DFO Consulting - Churchill House
120 Bunns Lane
Mill Hill
London
NW7 2AS
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 11917103
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 46,698 3,056
46,698 3,056
CURRENT ASSETS
Debtors 670 5,307
Cash at bank and in hand 88,625 21,601
89,295 26,908
Creditors: Amounts Falling Due Within One Year 4 (95,575 ) (25,403 )
NET CURRENT ASSETS (LIABILITIES) (6,280 ) 1,505
TOTAL ASSETS LESS CURRENT LIABILITIES 40,418 4,561
Creditors: Amounts Falling Due After More Than One Year (13,800 ) -
NET ASSETS 26,618 4,561
CAPITAL AND RESERVES
Called up share capital 6 1 1
Profit and Loss Account 26,617 4,560
SHAREHOLDERS' FUNDS 26,618 4,561
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For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Davide Mancinelli
Director
15 May 2024
The notes on pages 3 to 4 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
The Close Eye Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11917103 . The registered office is Flat 2, 45 Davisville Road, London, W12 9SH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.


2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.


2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 18% Straight Line
Fixtures & Fittings 15% Straight Line Method
Computer Equipment 20% Straight Line Method
-
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Current tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current tax is also recognised in other comprehensive income or directly in equity respectively.


2.7. 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.


3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 600 -
Corporation tax 20,081 9,088
VAT 19,133 1,365
Credit card account 2,665 753
Accruals and deferred income 3,300 -
Director's loan account 49,796 14,197
95,575 25,403
5. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 600 -
Later than one year and not later than five years 13,800 -
14,400 -
14,400 -
6. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
7. Ultimate Controlling Party
The company's ultimate controlling party is Mr Davide Mancinelli by virtue of his ownership of 100% of the issued share capital in the company.


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