Company registration number 06451747 (England and Wales)
RUGBY EYECARE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
RUGBY EYECARE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
RUGBY EYECARE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
19,677
29,515
Tangible assets
4
115,916
34,407
135,593
63,922
Current assets
Stocks
28,844
23,114
Debtors
5
26,736
14,536
Cash at bank and in hand
606,661
595,749
662,241
633,399
Creditors: amounts falling due within one year
6
(130,143)
(99,093)
Net current assets
532,098
534,306
Total assets less current liabilities
667,691
598,228
Provisions for liabilities
(18,765)
(8,602)
Net assets
648,926
589,626
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
648,826
589,526
Total equity
648,926
589,626

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 25 September 2024
Mr P W Astle
Director
Company Registration No. 06451747
RUGBY EYECARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Rugby Eyecare Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Ryngwell Close, Brixworth, Northampton, NN6 9XG.

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 goods 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 - 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 10 years.

1.4
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:

Franchise
10 years
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost, net of depreciation and any impairment losses.

RUGBY EYECARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -

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:

Professional equipment
20% on cost
Fixtures and fittings
20% on cost
IT equipment
20% on cost
1.6
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.

 

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.

1.7
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.

1.8
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.

RUGBY EYECARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
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.

 

1.9
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.

1.10
Retirement benefits

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

1.11
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.

2
Employees

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

2024
2023
Number
Number
Total
13
11
RUGBY EYECARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Intangible fixed assets
Goodwill
Franchise
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
98,383
35,000
133,383
Amortisation and impairment
At 1 April 2023
68,868
35,000
103,868
Amortisation charged for the year
9,838
-
0
9,838
At 31 March 2024
78,706
35,000
113,706
Carrying amount
At 31 March 2024
19,677
-
0
19,677
At 31 March 2023
29,515
-
0
29,515
4
Tangible fixed assets
Professional equipment
Fixtures and fittings
IT equipment
Total
£
£
£
£
Cost
At 1 April 2023
33,853
77,661
20,226
131,740
Additions
9,342
99,089
133
108,564
Disposals
-
0
(4,930)
-
0
(4,930)
At 31 March 2024
43,195
171,820
20,359
235,374
Depreciation and impairment
At 1 April 2023
17,697
72,339
7,297
97,333
Depreciation charged in the year
6,590
16,984
3,481
27,055
Eliminated in respect of disposals
-
0
(4,930)
-
0
(4,930)
At 31 March 2024
24,287
84,393
10,778
119,458
Carrying amount
At 31 March 2024
18,908
87,427
9,581
115,916
At 31 March 2023
16,156
5,322
12,929
34,407
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
17,644
11,012
Other debtors
9,092
3,524
26,736
14,536
RUGBY EYECARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
96,323
62,275
Corporation tax
25,243
24,625
Other taxation and social security
4,364
5,542
Other creditors
4,213
6,651
130,143
99,093
7
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
75 Ordinary A of £1 each
75
75
25 Ordinary B of £1 each
25
25
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:

2024
2023
£
£
45,375
61,875
9
Directors' transactions

Dividends totalling £40,000 (2023 - £40,000) were paid in the year in respect of shares held by the company's directors.

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 £1,416 (2023 - £2,195). This amount being included in creditors: amounts falling due within one year.

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