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Company No: 04591464 (England and Wales)

EYECARE (NORFOLK) LTD

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

EYECARE (NORFOLK) LTD

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

EYECARE (NORFOLK) LTD

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
EYECARE (NORFOLK) LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 55,607 61,783
55,607 61,783
Current assets
Stocks 55,687 50,019
Debtors 5 11,355 12,774
Cash at bank and in hand 103,582 112,820
170,624 175,613
Creditors: amounts falling due within one year 6 ( 44,681) ( 53,151)
Net current assets 125,943 122,462
Total assets less current liabilities 181,550 184,245
Creditors: amounts falling due after more than one year 7 ( 18,614) ( 32,614)
Provision for liabilities 8 ( 13,199) ( 15,094)
Net assets 149,737 136,537
Capital and reserves
Called-up share capital 2 2
Profit and loss account 149,735 136,535
Total shareholders' funds 149,737 136,537

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Eyecare (Norfolk) Ltd (registered number: 04591464) were approved and authorised for issue by the Director. They were signed on its behalf by:

Mrs B Leach
Secretary

30 August 2024

EYECARE (NORFOLK) LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
EYECARE (NORFOLK) LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Eyecare (Norfolk) Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 44 Church Street, Hunstanton, PE36 5HD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 - 12 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 10 years straight line
Plant and machinery 15 % reducing balance
Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 11 11

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2023 78,000 78,000
At 31 December 2023 78,000 78,000
Accumulated amortisation
At 01 January 2023 78,000 78,000
At 31 December 2023 78,000 78,000
Net book value
At 31 December 2023 0 0
At 31 December 2022 0 0

4. Tangible assets

Land and buildings Plant and machinery Office equipment Total
£ £ £ £
Cost
At 01 January 2023 86,792 173,929 0 260,721
Additions 0 0 6,175 6,175
At 31 December 2023 86,792 173,929 6,175 266,896
Accumulated depreciation
At 01 January 2023 83,638 115,300 0 198,938
Charge for the financial year 2,508 8,798 1,045 12,351
At 31 December 2023 86,146 124,098 1,045 211,289
Net book value
At 31 December 2023 646 49,831 5,130 55,607
At 31 December 2022 3,154 58,629 0 61,783

5. Debtors

2023 2022
£ £
Trade debtors 8,337 7,900
Other debtors 3,018 4,874
11,355 12,774

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 14,000 14,000
Trade creditors 13,122 15,786
Taxation and social security 9,851 16,526
Other creditors 7,708 6,839
44,681 53,151

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 18,614 32,614

There are no amounts included above in respect of which any security has been given by the small entity.

8. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 15,094) ( 16,987)
Credited to the Income Statement 1,895 1,893
At the end of financial year ( 13,199) ( 15,094)

9. Financial commitments

Commitments

Capital commitments are as follows:

2023 2022
£ £
Contracted for but not provided for:
Finance leases entered into 48,890 62,430

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the above periods.

Pensions

The Company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Contribution payable by the company to the fund 17,602 15,859
Outstanding contributions owing at the reporting date 1,875 1,201
19,477 17,060

10. Related party transactions

Transactions with the entity's director

The company was owed by the director £44 at the year end, and this shows within other debtors on the accounts.
At the prior year end of 31 December 2022, the company was owed £1,295 by the director.