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Registration number: 4542784

Eyeol UK Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2024

 

Eyeol UK Ltd

Contents

Company Information

1

Abridged Balance Sheet

2

Notes to the Unaudited Abridged Financial Statements

3 to 6

 

Eyeol UK Ltd

Company Information

Chairman

J Dave

Directors

P Dave

A J Dave

Registered office

8 Apex Business Centre
Boscombe Road
Dunstable
Bedfordshire
LU5 4SB

 

Eyeol UK Ltd

(Registration number: 4542784)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

238,087

243,061

Current assets

 

Stocks

19,748

47,356

Debtors

1,430,795

1,495,889

Cash at bank and in hand

 

1,058,948

1,502,060

 

2,509,491

3,045,305

Creditors: Amounts falling due within one year

(301,153)

(800,611)

Net current assets

 

2,208,338

2,244,694

Total assets less current liabilities

 

2,446,425

2,487,755

Provisions for liabilities

(1,257)

(1,679)

Net assets

 

2,445,168

2,486,076

Capital and reserves

 

Called up share capital

100

100

Retained earnings

2,445,068

2,485,976

Shareholders' funds

 

2,445,168

2,486,076

For the financial year ending 31 March 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 11 November 2024 and signed on its behalf by:
 

.........................................
J Dave
Chairman

   
     
 

Eyeol UK Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
8 Apex Business Centre
Boscombe Road
Dunstable
Bedfordshire
LU5 4SB

These financial statements were authorised for issue by the Board on 11 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

The abridged financial statements have been prepared under the historical cost convention in accordance with the accounting policies set out below. These financial statements were 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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefit will flow to the entity; and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the 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. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Eyeol UK Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Tax

Taxation represents the sum of tax currently payable and deferred tax.

The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting date.

Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their estimated useful lives on the following basis:

Asset class

Depreciation method and rate

Freehold land and buildings

2% per annum on cost

Furniture and fittings

25% per annum of net book value

Motor vehicles

25% per annum of net book value

Warehouse equipment

25% per annum of net book value

Office equipment

25% per annum of net book value

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors 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 trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Eyeol UK Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors 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.

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of staff employed by the company (including directors) during the year was 5 (2023 : 7).

 

Eyeol UK Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

275,013

21,648

20,601

317,262

Additions

-

893

-

893

Disposals

-

(1,366)

(20,601)

(21,967)

At 31 March 2024

275,013

21,175

-

296,188

Depreciation

At 1 April 2023

40,792

13,702

19,707

74,201

Charge for the year

2,750

2,155

112

5,017

Eliminated on disposal

-

(1,298)

(19,819)

(21,117)

At 31 March 2024

43,542

14,559

-

58,101

Carrying amount

At 31 March 2024

231,471

6,616

-

238,087

At 31 March 2023

234,221

7,946

894

243,061

Included within the net book value of land and buildings above is £231,471 (2023 - £234,221) in respect of freehold land and buildings.