Company registration number 06466757 (England and Wales)
EYESIS OPTICS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
EYESIS OPTICS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
EYESIS OPTICS LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2024
28 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
78,056
104,206
Tangible assets
3
36,941
63,220
114,997
167,426
Current assets
Stocks
25,626
20,244
Debtors
5
310,734
12,855
Cash at bank and in hand
159,417
409,247
495,777
442,346
Creditors: amounts falling due within one year
6
(143,362)
(129,114)
Net current assets
352,415
313,232
Total assets less current liabilities
467,412
480,658
Creditors: amounts falling due after more than one year
7
(42,531)
(37,727)
Provisions for liabilities
(8,856)
(15,805)
Net assets
416,025
427,126
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
415,925
427,026
Total equity
416,025
427,126
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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 by the board of directors and authorised for issue on 2 October 2024 and are signed on its behalf by:
R A M Westwood
Director
Company Registration No. 06466757
EYESIS OPTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 2 -
1
Accounting policies
Company information
Eyesis Optics Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bradbury House, Mission Court, Newport, United Kingdom, NP20 2DW.
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
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 acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
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% on cost
EYESIS OPTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost, net of depreciation.
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:
Plant and equipment
20% on cost
Fixtures and fittings
20% on cost
Office 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
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.
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.
1.8
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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
EYESIS OPTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
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
8
7
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Office equipment
Total
£
£
£
£
Cost
At 1 March 2023 and 28 February 2024
24,970
93,042
14,869
132,881
Depreciation and impairment
At 1 March 2023
8,690
55,663
5,308
69,661
Depreciation charged in the year
4,994
18,608
2,677
26,279
At 28 February 2024
13,684
74,271
7,985
95,940
Carrying amount
At 28 February 2024
11,286
18,771
6,884
36,941
At 28 February 2023
16,280
37,379
9,561
63,220
4
Intangible fixed assets
Goodwill
Franchise
Total
£
£
£
Cost
At 1 March 2023 and 28 February 2024
14,000
247,497
261,497
Amortisation and impairment
At 1 March 2023
4,667
152,624
157,291
Amortisation charged for the year
1,400
24,750
26,150
At 28 February 2024
6,067
177,374
183,441
Carrying amount
At 28 February 2024
7,933
70,123
78,056
At 28 February 2023
9,333
94,873
104,206
EYESIS OPTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 5 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
5,591
9,529
Other debtors
305,143
3,326
310,734
12,855
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
2,921
10,529
Trade creditors
40,854
31,807
Corporation tax
37,305
28,358
Other taxation and social security
4,681
1,144
Other creditors
57,601
57,276
143,362
129,114
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
42,531
37,727
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
30,848
-
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
EYESIS OPTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 6 -
9
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
£
£
66,508
83,858
10
Related party transactions
During the year, the company loaned money to H&R Optics Limited. At the year end, the amount owed from H&R Optics Limited was £296,088 this amount is included in debtors: amounts falling due within one year. A company with a common director
11
Directors' transactions
Dividends totalling £84,000 (2023 - £80,000) were paid in the year in respect of shares held by the company's directors.
The directors operate current loan accounts with the company, which are debited with payments made by the company on behalf of the directors and credited with funds introduced and undrawn director's fees. At the year end, the amount outstanding to the directors was £51,528 (2023 - £50,283); this amount being included in creditors: amounts falling due within one year.