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Registration number: SC211557

Eyesupply Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Eyesupply Ltd

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Unaudited Financial Statements

3 to 7

 

Eyesupply Ltd

Company Information

Directors

D A Sinclair

K T R Clark

Registered office

Unit 55 Imex Business Centre
Bilston Glen Industrial Estate
Dryden Road
Loanhead
EH20 9LZ

Accountants

Shaw Gibbs Limited
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

 

Eyesupply Ltd

(Registration number: SC211557)
Statement of Financial Position as at 31 January 2024

Note

2024
£

2023
£

Non-current assets

 

Property, plant and equipment

4

1,034

2,063

Current assets

 

Inventories

5

252,056

147,324

Receivables

6

41,557

35,733

Cash at bank and in hand

 

51,607

156,469

 

345,220

339,526

Payables: Amounts falling due within one year

8

(88,755)

(68,609)

Net current assets

 

256,465

270,917

Net assets

 

257,499

272,980

Equity

 

Called up share capital

9

10,000

10,000

Share premium reserve

9

57,550

57,550

Retained earnings

9

189,949

205,430

Shareholders' funds

 

257,499

272,980

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements of Eyesupply Ltd were approved and authorised for issue by the Board on 15 October 2024 and signed on its behalf by:
 

.........................................

D A Sinclair
Director

 

Eyesupply Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 January 2024

1

General information

Eyesupply Ltd (the 'company') is a private company limited by share capital incorporated in Scotland under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.

2

Accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.

Going concern

The directors have considered financial projections for the company over the foreseeable future. The directors are satisfied that the company has sufficient resources to continue in operation for the foreseeable future, being at least 12 months from the date of signing the financial statements. Accordingly, the going concern basis is adopted in preparing the financial statements.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Judgements and key sources of estimation uncertainty

There are no critical judgements made by the directors in the process of applying the company’s accounting policies which have the most significant effect on the amounts recognised in the financial statements..

Revenue

Revenue represents the sale of goods during the period, net of value added tax, returns and discounts. Revenue 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 goods have been dispatched.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date.

 

Eyesupply Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

Taxation

The tax expense for the period comprises current tax. Tax is recognised in the income statement, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Property, plant and equipment

Property, plant and equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and property - Leasehold improvements

20% Straight line

Office equipment

20% Straight line

Computer equipment

33% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise of cash at bank.

Receivables

Receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of receivables is established when there is objective evidence that the company will not be able collect all amounts due according to the original terms of the receivables.

Inventories

Inventories are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Payables

Payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Eyesupply Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

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.

Defined contribution pension obligation

The company operates a defined contribution pension scheme. Contributions are recognised in the income statement in the period in which they become payable.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 4).

 

Eyesupply Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 January 2024 (continued)

4

Property, plant and equipment

Land and buildings - Leasehold Improvements
£

Office equipment
£

Computer equipment
 £

Total
£

Cost or valuation

At 1 February 2023

8,330

7,226

3,400

18,956

At 31 January 2024

8,330

7,226

3,400

18,956

Depreciation

At 1 February 2023

8,330

5,691

2,872

16,893

Charge for the year

-

617

412

1,029

At 31 January 2024

8,330

6,308

3,284

17,922

Carrying amount

At 31 January 2024

-

918

116

1,034

At 31 January 2023

-

1,535

528

2,063

5

Inventories

2024
£

2023
£

Finished goods

252,056

147,324

6

Receivables

2024
£

2023
£

Trade receivables

36,355

31,479

Prepayments

5,202

4,254

41,557

35,733

7

Cash and cash equivalent

2024
£

2023
£

Cash at bank

51,607

156,469

 

Eyesupply Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 January 2024 (continued)

8

Payables

Note

2024
£

2023
£

Due within one year

 

Trade payables

 

71,847

31,910

Social security and other taxes

 

9,974

24,196

Other payables

 

2,994

3,589

Accruals

 

2,604

3,301

Income tax liability

1,336

5,613

 

88,755

68,609

9

Share capital and reserves

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

10,000

10,000

10,000

10,000

         

The company has one class of share capital which carries no right to fixed income.

Reserves
The share premium reserve represents premium paid for new shares above their nominal value net of issue costs and bonus share issues. This reserve forms part of the company's non-distributable
reserves.

The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.

10

Events after the financial period

There have been no significant events between the year end and the date of approval of these accounts which would require a change to, or disclosure in, the financial statements.