Company registration number 10340998 (England and Wales)
EKK VISION LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
EKK VISION LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
EKK VISION LTD
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
30,000
40,000
Tangible assets
4
31,290
46,815
61,290
86,815
Current assets
Stocks
28,497
27,481
Debtors
5
32,136
25,112
Cash at bank and in hand
84,739
108,972
145,372
161,565
Creditors: amounts falling due within one year
6
(80,913)
(123,143)
Net current assets
64,459
38,422
Total assets less current liabilities
125,749
125,237
Creditors: amounts falling due after more than one year
7
(88,348)
(104,102)
Provisions for liabilities
6,899
6,249
Net assets
44,300
27,384
Capital and reserves
Called up share capital
8
2
2
Profit and loss reserves
44,298
27,382
Total equity
44,300
27,384

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 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her 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 1 November 2024
Mrs S K Khurl
Director
Company Registration No. 10340998
EKK VISION LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information

EKK Vision Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 17 King Street, Twickenham, Middlesex, TW1 3SP.

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 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:

Patents & licences
10% on cost
1.4
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:

Plant and equipment
20% on cost
Fixtures and fittings
20% on cost
1.5
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.

EKK VISION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -

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.

1.6
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.

1.7
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

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 except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

EKK VISION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
2
Employees

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

2024
2023
Number
Number
Total
6
7
3
Intangible fixed assets
Other
£
Cost
At 1 May 2023 and 30 April 2024
100,000
Amortisation and impairment
At 1 May 2023
60,000
Amortisation charged for the year
10,000
At 30 April 2024
70,000
Carrying amount
At 30 April 2024
30,000
At 30 April 2023
40,000
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 May 2023
150,125
19,274
169,399
Additions
-
0
266
266
At 30 April 2024
150,125
19,540
169,665
Depreciation and impairment
At 1 May 2023
114,851
7,733
122,584
Depreciation charged in the year
12,025
3,766
15,791
At 30 April 2024
126,876
11,499
138,375
Carrying amount
At 30 April 2024
23,249
8,041
31,290
At 30 April 2023
35,274
11,541
46,815
EKK VISION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
14,255
8,239
Other debtors
17,881
16,873
32,136
25,112
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
21,131
18,397
Trade creditors
38,529
49,224
Corporation tax
10,019
3,428
Other taxation and social security
2,911
3,269
Other creditors
8,323
48,825
80,913
123,143
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
88,348
104,102
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
19,157
40,521
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
9
Related party transactions

During the year the company loaned money to Vision Elite Limited, a company with a director in common. At the year end the amount owed from Vision Elite Limited was £7,057 (2023: £6,458), this amount is included in debtors: amounts falling due within one year.

EKK VISION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
10
Directors' transactions

Dividends totalling £6,000 (2023 - £4,000) were paid in the year in respect of shares held by the company's director.

During the year the director operated current loan accounts with the company. At the yearend a balance of £1,129 (2023: £40,796) was owed to the director and is included in creditors; amounts due within one year.

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