Registration number:
Eyesupply Ltd
for the Year Ended 31 January 2024
Eyesupply Ltd
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Eyesupply Ltd
Company Information
Directors |
D A Sinclair K T R Clark |
Registered office |
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Accountants |
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Eyesupply Ltd
(Registration number: SC211557)
Statement of Financial Position as at 31 January 2024
Note |
2024 |
2023 |
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Non-current assets |
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Property, plant and equipment |
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Current assets |
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Inventories |
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Receivables |
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Cash at bank and in hand |
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Payables: Amounts falling due within one year |
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Net current assets |
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Net assets |
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Equity |
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Called up share capital |
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Share premium reserve |
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Retained earnings |
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Shareholders' funds |
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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:
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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
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Director
Eyesupply Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 31 January 2024
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.
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
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
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Eyesupply Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 31 January 2024 (continued)
Property, plant and equipment |
Land and buildings - Leasehold Improvements |
Office equipment |
Computer equipment |
Total |
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Cost or valuation |
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At 1 February 2023 |
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At 31 January 2024 |
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Depreciation |
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At 1 February 2023 |
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Charge for the year |
- |
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At 31 January 2024 |
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Carrying amount |
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At 31 January 2024 |
- |
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At 31 January 2023 |
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Inventories |
2024 |
2023 |
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Finished goods |
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Receivables |
2024 |
2023 |
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Trade receivables |
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Prepayments |
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Cash and cash equivalent |
2024 |
2023 |
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Cash at bank |
51,607 |
156,469 |
Eyesupply Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 31 January 2024 (continued)
Payables |
Note |
2024 |
2023 |
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Due within one year |
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Trade payables |
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Social security and other taxes |
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Other payables |
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Accruals |
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Income tax liability |
1,336 |
5,613 |
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Share capital and reserves |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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10,000 |
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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.
Events after the financial period |
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