Company registration number 11114194 (England and Wales)
PORTISHEAD EYECARE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
PORTISHEAD EYECARE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
PORTISHEAD EYECARE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
14,821
37,700
Current assets
Stocks
23,350
23,850
Debtors
4
15,624
28,836
Cash at bank and in hand
21,084
17,755
60,058
70,441
Creditors: amounts falling due within one year
5
(119,077)
(136,613)
Net current liabilities
(59,019)
(66,172)
Total assets less current liabilities
(44,198)
(28,472)
Creditors: amounts falling due after more than one year
6
(89,608)
(111,094)
Net liabilities
(133,806)
(139,566)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(133,906)
(139,666)
Total equity
(133,806)
(139,566)

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

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.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 23 September 2024 and are signed on its behalf by:
Mr P C Rogers
Director
Company registration number 11114194 (England and Wales)
PORTISHEAD EYECARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Portishead Eyecare Limited is a private company limited by shares incorporated in England and Wales. The registered office is 41 High Street, Portishead, Bristol, BS20 6AA.

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
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:

Property improvements
20% on cost
Professional Equipment
20% on cost
Computer Equipment
20% on cost
1.4
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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

PORTISHEAD EYECARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
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.

1.6
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.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
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.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

2
Employees

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

2023
2022
Number
Number
Total
5
5
PORTISHEAD EYECARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
3
Tangible fixed assets
Property improvements
Professional Equipment
Computer Equipment
Total
£
£
£
£
Cost
At 1 January 2023
184,678
78,158
8,479
271,315
Additions
-
0
-
0
7,548
7,548
At 31 December 2023
184,678
78,158
16,027
278,863
Depreciation and impairment
At 1 January 2023
166,210
63,435
3,970
233,615
Depreciation charged in the year
18,468
9,131
2,828
30,427
At 31 December 2023
184,678
72,566
6,798
264,042
Carrying amount
At 31 December 2023
-
0
5,592
9,229
14,821
At 31 December 2022
18,468
14,723
4,509
37,700
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
10,210
20,771
Other debtors
5,414
8,065
15,624
28,836
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
23,215
24,568
Obligations under finance leases
-
0
13,174
Trade creditors
26,099
23,988
Taxation and social security
5,615
4,092
Other creditors
62,047
63,563
Accruals and deferred income
2,101
7,228
119,077
136,613
PORTISHEAD EYECARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
89,608
111,094

Included within creditors is a HP balance totalling £nil (2022; £13,174) secured against the assets of the company.

Amounts included above which fall due after five years are as follows:
Payable by instalments
-
24,801
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
84,000
108,000
9
Related party transactions

During the year, the company loaned money to Rogers Optical Limited. At the year end, the amount owed by Rogers Optical Limited was £807 this amount is included in other debtors. A company with a common director.

10
Directors' transactions

The company operates a current loan account with its directors. As at 31 December 2023 a balance of £60,638 (2022: £62,888) was owed from the company to its directors and is included within creditors: amounts falling due within one year.

2023-12-312023-01-01false23 September 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityMr P C RogersMiss E C Purchasefalsefalse111141942023-01-012023-12-31111141942023-12-31111141942022-12-3111114194core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-12-3111114194core:PlantMachinery2023-12-3111114194core:ComputerEquipment2023-12-3111114194core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-12-3111114194core:PlantMachinery2022-12-3111114194core:ComputerEquipment2022-12-3111114194core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3111114194core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3111114194core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3111114194core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3111114194core:CurrentFinancialInstruments2023-12-3111114194core:CurrentFinancialInstruments2022-12-3111114194core:ShareCapital2023-12-3111114194core:ShareCapital2022-12-3111114194core:RetainedEarningsAccumulatedLosses2023-12-3111114194core:RetainedEarningsAccumulatedLosses2022-12-3111114194bus:Director12023-01-012023-12-3111114194core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-01-012023-12-3111114194core:PlantMachinery2023-01-012023-12-3111114194core:ComputerEquipment2023-01-012023-12-31111141942022-01-012022-12-3111114194core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-12-3111114194core:PlantMachinery2022-12-3111114194core:ComputerEquipment2022-12-31111141942022-12-3111114194core:WithinOneYear2023-12-3111114194core:WithinOneYear2022-12-3111114194core:Non-currentFinancialInstruments2023-12-3111114194core:Non-currentFinancialInstruments2022-12-3111114194bus:PrivateLimitedCompanyLtd2023-01-012023-12-3111114194bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3111114194bus:FRS1022023-01-012023-12-3111114194bus:AuditExemptWithAccountantsReport2023-01-012023-12-3111114194bus:Director22023-01-012023-12-3111114194bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP