Company registration number SC430456 (Scotland)
I2I OPTOMETRISTS GLASGOW LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
I2I OPTOMETRISTS GLASGOW LTD
COMPANY INFORMATION
Director
S McCauley
Company number
SC430456
Registered office
153 Howard Street
Glasgow
G1 4HF
Auditor
O'Haras Accountants Limited
Radleigh House
1 Golf Road
Clarkston
Glasgow
United Kingdom
G76 7HU
I2I OPTOMETRISTS GLASGOW LTD
CONTENTS
Page
Strategic report
1 - 3
Director's report
4
Director's responsibilities statement
5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 21
I2I OPTOMETRISTS GLASGOW LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 1 -

The director presents the strategic report for the year ended 30 November 2023.

Fair review of the business

Business Model

i2i Optometrists Glasgow Limited combines the expertise of traditional optometry with the efficiency and reach of e-commerce. Its online platform, Pretavoir, serves as the primary revenue driver, offering customers a curated selection of luxury and designer eyewear, prescription lenses, and related accessories. The business model focuses on:

•Providing high-quality, branded eyewear at competitive prices.

•Ensuring a seamless customer experience through advanced online tools, virtual try-ons, and robust customer support.

•Leveraging a global customer base while maintaining a physical presence in Glasgow for localised services.

 

Strategic Objectives

•Expansion of Online Market Share: Continue investing in digital marketing, SEO, and customer acquisition strategies to strengthen Pretavoir's global presence.

•Customer-Centric Innovation: Enhance personalisation options, including bespoke eyewear solutions and improved user interfaces on Pretavoir.co.uk.

•Operational Efficiency: Streamline inventory management and logistics to optimise stock levels and minimise costs.

•Physical Store Expansion: Relocate to a new store at 348 Argyle Street, Glasgow, providing a significant opportunity for growth and visibility.

•Introduction of House Brands including Seeing Society and BlueScreen

 

New Unit at 348 Argyle Street

i2i Optometrists Glasgow Limited is set to relocate to a new 14,000 sq ft unit at 348 Argyle Street, Glasgow. This move will establish i2i as one of the largest eyewear stores in the UK, enhancing its physical retail presence and positioning it as a leader in the eyewear industry. It is hoped the establishment of a true destination store will expand the local reach outside of Glasgow.

The spacious, state-of-the-art facility will support:

•A dedicated first-floor space for Pretavoir’s online operations, ensuring seamless integration of e-commerce and in-store activities.

•Expanded showroom areas for luxury eyewear, prescription lenses, and sunglasses.

•Enhanced customer experience with exclusive services such as shop in shop/ eyewear department store concept and personalised consultations.

•Dry Eye Clinic with installation of the state of the art diagnostic and treatment technology in a dedicated treatment space

 

Review of Performance and Financial Position

Operating Performance

•Revenue: Growth in online sales driven by demand for high-end eyewear.

•Customer Metrics: Increase in repeat purchases. Continued high performance feedback on platforms such as Trustpilot

•Operational Highlights: Implementation of new AI tools for content creation and analysis

 

Financial Position

The company maintained strong liquidity throughout the financial year, with healthy profit margins. Effective cost management in e-commerce operations contributed to a stable financial position despite challenges such as fluctuating supply chain costs.

I2I OPTOMETRISTS GLASGOW LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
Principal risks and uncertainties

1.E-Commerce Competition:

◦Risk: Increasing competition from established and emerging online eyewear retailers.

◦Mitigation: Strengthened brand positioning and improved customer loyalty programs including introduction of a Rewards/Loyalty program. The barrier to entry continues to rise with brands now looking to strengthen relationships with legacy partners.

 

2.Supply Chain Challenges:

◦Risk: Dependence on third-party suppliers for branded eyewear and lenses.

◦Mitigation: Introduction of two house brands with more to follow.

 

3.Economic Fluctuations:

◦Risk: Economic downturns affecting discretionary spending on luxury items.

◦Mitigation: Broadening product range to include affordable alternatives and promotions. The business supplies over 150 brands many of which are priced well under rrp and is therefore well placed to offer value.

 

4.Technological Dependency:

◦Risk: Over-reliance on digital infrastructure and in particular Shopify.

◦Mitigation: Regular updates to IT systems and enhanced cybersecurity measures. Continued consideration of alternatives whilst noting that Shopify is more aware of need to compete and offer better value.

 

5.Relocation Risks:

◦Risk: Disruption during the transition to the new premises.

◦Mitigation: Careful planning and phased implementation to minimise operational impact.

Anslysis based on Key Performance Indicators

The director has concluded that the detail given in the financial statements is sufficient and therefore have not provided any further analysis using key performance indicators.

Corporate Social Responsibility and Sustainability

•Eco-Friendly Packaging: Transitioned to biodegradable and recyclable materials for all Pretavoir orders and recycling of packaging when possible

•Community Engagement: Supported local charities in Glasgow.

•Employee Well-Being: Continue to offer free Gym membership to all staff. New premises will offer improved staff facilities, including shower, bike storage, large comfortable staff room and light and airy office space.

Stakeholder Engagement

i2i Optometrists Glasgow Limited actively engages with its stakeholders, including:

•Customers: Regular feedback mechanisms and improvements to Pretavoir’s user experience.

•Suppliers: Building long-term relationships with trusted suppliers.

•Employees: Ensuring a supportive workplace culture

•Shareholders: i2i continues to be a 100% family owned and run business.

Future Outlook

The company remains optimistic about future growth opportunities, focusing on:

•Integration of Inventory tools to reduce stock levels to an optimal level.

•Expansion into new international markets strategic partnerships with local businesses.

•Successful relocation to 348 Argyle Street, Glasgow, with plans to leverage the new flagship store to boost customer engagement and sales.

•Development of an in-house eyewear brands to complement the offering.

I2I OPTOMETRISTS GLASGOW LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -

On behalf of the board

S McCauley
Director
28 November 2024
I2I OPTOMETRISTS GLASGOW LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -

The director presents his annual report and financial statements for the year ended 30 November 2023.

Principal activities

The principal activity of the company continued to be that of sale of prescription glasses and optometrists related services.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £119,113. The director does not recommend payment of a further dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

S McCauley
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
S McCauley
Director
28 November 2024
I2I OPTOMETRISTS GLASGOW LTD
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

 

 

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

I2I OPTOMETRISTS GLASGOW LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF I2I OPTOMETRISTS GLASGOW LTD
- 6 -
Opinion

We have audited the financial statements of I2I Optometrists Glasgow Ltd (the 'company') for the year ended 30 November 2023 which comprise the Income Statement, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-    give a true and fair view of the state of the company's affairs as at 30 November 2023;

-    have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-    have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

 

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-    the information given in the Report of the Director for the financial year for which the financial statements     are prepared is consistent with the financial statements; and

-    the Report of the Director has been prepared in accordance with applicable legal requirements.

 

I2I OPTOMETRISTS GLASGOW LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF I2I OPTOMETRISTS GLASGOW LTD
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Director.

 

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-    adequate accounting records have not been kept, or returns adequate for our audit have not been received     from branches not visited by us; or

-    the financial statements are not in agreement with the accounting records and returns; or

-    certain disclosures of director's remuneration specified by law are not made; or

-    we have not received all the information and explanations we require for our audit; or

-    the director was not entitled to prepare the financial statements in accordance with the small companies     regime and take advantage of the small companies' exemption from the requirement to prepare a     Strategic Report or in preparing the Report of the Director.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

- We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates. We made enquiries of management as to whether there were any known or suspected instances of non-compliance with laws and regulations or fraud, and reviewed available board minutes for any indication of such matters.

- We gained an understanding of management's internal controls designed to prevent and detect irregularities in their day-to-day operations.

- We considered laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement components. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of relevant third parties.

- We considered how fraud might occur in this company and designed our tests accordingly.

- As in all audits, we also addressed the risk of management override of internal controls, including reviewing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

I2I OPTOMETRISTS GLASGOW LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF I2I OPTOMETRISTS GLASGOW LTD
- 8 -

Other matters which we are required to address

In the previous period the director of the company took advantage of audit exemption under s.477 of the Companies Act 2006. Therefore the prior period financial statements were not subject to audit.

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

John O'Hara CA (Senior Statutory Auditor)
For and on behalf of O'Haras Accountants Limited
28 November 2024
Chartered Accountants
Statutory Auditor
Radleigh House
1 Golf Road
Clarkston
Glasgow
United Kingdom
G76 7HU
I2I OPTOMETRISTS GLASGOW LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
14,917,475
11,340,425
Cost of sales
(10,421,843)
(7,606,051)
Gross profit
4,495,632
3,734,374
Administrative expenses
(3,133,164)
(2,373,764)
Operating profit
4
1,362,468
1,360,610
Interest receivable and similar income
7
1,977
5,870
Interest payable and similar expenses
8
(4,856)
-
0
Amounts written off investments
9
102,502
(274,324)
Profit before taxation
1,462,091
1,092,156
Tax on profit
10
(349,864)
(217,803)
Profit for the financial year
1,112,227
874,353

The profit and loss account has been prepared on the basis that all operations are continuing operations.

I2I OPTOMETRISTS GLASGOW LTD
BALANCE SHEET
AS AT 30 NOVEMBER 2023
30 November 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
12
137,652
149,449
Tangible assets
13
108,200
112,925
245,852
262,374
Current assets
Stocks
15
4,692,585
2,943,131
Debtors
16
472,223
678,033
Investments
1,827,355
1,724,853
Cash at bank and in hand
963,955
1,268,324
7,956,118
6,614,341
Creditors: amounts falling due within one year
17
(1,532,657)
(1,199,487)
Net current assets
6,423,461
5,414,854
Total assets less current liabilities
6,669,313
5,677,228
Provisions for liabilities
Deferred tax liability
24,665
25,694
(24,665)
(25,694)
Net assets
6,644,648
5,651,534
Capital and reserves
Called up share capital
19
200
200
Profit and loss reserves
6,644,448
5,651,334
Total equity
6,644,648
5,651,534
The financial statements were approved and signed by the director and authorised for issue on 28 November 2024
S McCauley
Director
Company Registration No. SC430456
I2I OPTOMETRISTS GLASGOW LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 December 2021
200
4,975,681
4,975,881
Year ended 30 November 2022:
Profit and total comprehensive income for the year
-
874,353
874,353
Dividends
11
-
(198,700)
(198,700)
Balance at 30 November 2022
200
5,651,334
5,651,534
Year ended 30 November 2023:
Profit and total comprehensive income for the year
-
1,112,227
1,112,227
Dividends
11
-
(119,113)
(119,113)
Balance at 30 November 2023
200
6,644,448
6,644,648
I2I OPTOMETRISTS GLASGOW LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 12 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
21
30,622
576,481
Interest paid
(4,856)
-
0
Income taxes refunded/(paid)
4,855
(367,409)
Net cash inflow from operating activities
30,621
209,072
Investing activities
Purchase of intangible assets
(11,451)
(27,239)
Purchase of tangible fixed assets
(24,279)
(48,339)
Purchase of investment
-
0
(600,000)
Receipts arising from loans made
(182,124)
-
0
Interest received
1,977
5,870
Net cash used in investing activities
(215,877)
(669,708)
Financing activities
Dividends paid
(119,113)
(198,700)
Net cash used in financing activities
(119,113)
(198,700)
Net decrease in cash and cash equivalents
(304,369)
(659,336)
Cash and cash equivalents at beginning of year
1,268,324
1,927,660
Cash and cash equivalents at end of year
963,955
1,268,324
I2I OPTOMETRISTS GLASGOW LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 13 -
1
Accounting policies
Company information

i2i Optometrists Glasgow Ltd is a private company limited by shares incorporated in Scotland. The registered office is 153 Howard Street, Glasgow, G1 4HF.

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.

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
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the sale of prescription glasses and optometrists related services, and is shown net of VAT and trade discounts.

1.4
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.

1.5
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:

Website development
15% reducing balance
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

I2I OPTOMETRISTS GLASGOW LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 14 -

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:

Land and buildings Leasehold
15% reducing balance
Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
15% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.8
Stocks

Stocks are stated at the lower of cost and net realisable value.

1.9
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

1.10
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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

I2I OPTOMETRISTS GLASGOW LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 15 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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.

I2I OPTOMETRISTS GLASGOW LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
8,502,960
6,464,042
North America
2,237,621
1,701,064
Middle East
1,640,923
1,247,447
Australia/New Zealand
1,118,811
850,532
Asia
745,874
567,021
Europe
671,286
510,319
14,917,475
11,340,425
2023
2022
£
£
Other revenue
Interest income
1,977
5,870
I2I OPTOMETRISTS GLASGOW LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 17 -
4
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
13,000
-
0
Depreciation of owned tangible fixed assets
29,004
19,403
Amortisation of intangible assets
23,248
75,685
Operating lease charges
58,000
56,500
5
Employees

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

2023
2022
Number
Number
45
40

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
1,143,024
765,843
Pension costs
20,945
12,719
1,163,969
778,562
6
Director's remuneration
2023
2022
£
£
Remuneration for qualifying services
7,956
7,956
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
-
0
5,764
Other interest income
1,977
106
Total income
1,977
5,870
I2I OPTOMETRISTS GLASGOW LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 18 -
8
Interest payable and similar expenses
2023
2022
£
£
Other finance costs:
Other interest
4,856
-
0
9
Amounts written off investments
2023
2022
£
£
Fair value gains/(losses) on financial instruments
Gain/(loss) on financial assets held at fair value through profit or loss
102,502
(274,324)
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
347,800
210,407
Adjustments in respect of prior periods
3,093
-
0
Total current tax
350,893
210,407
Deferred tax
Origination and reversal of timing differences
(1,029)
7,396
Total tax charge
349,864
217,803

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
1,462,091
1,092,156
Expected tax charge based on the standard rate of corporation tax in the UK of 23.00% (2022: 19.00%)
336,281
207,510
Tax effect of expenses that are not deductible in determining taxable profit
6,935
9,369
Adjustments in respect of prior years
3,093
-
0
Permanent capital allowances in excess of depreciation
(5,726)
(9,608)
Depreciation on assets not qualifying for tax allowances
10,310
3,687
Deferred tax adjustments in respect of prior years
-
0
7,395
-
0
(550)
Deferred tax timing differences
(1,029)
-
0
Taxation charge for the year
349,864
217,803
I2I OPTOMETRISTS GLASGOW LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 19 -
11
Dividends
2023
2022
£
£
Final paid
119,113
198,700
12
Intangible fixed assets
Goodwill
Website development
Total
£
£
£
Cost
At 1 December 2022
493,119
249,340
742,459
Additions
-
0
11,451
11,451
At 30 November 2023
493,119
260,791
753,910
Amortisation and impairment
At 1 December 2022
493,119
99,891
593,010
Amortisation charged for the year
-
0
23,248
23,248
At 30 November 2023
493,119
123,139
616,258
Carrying amount
At 30 November 2023
-
0
137,652
137,652
At 30 November 2022
-
0
149,449
149,449
13
Tangible fixed assets
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
Cost
At 1 December 2022
62,635
151,251
8,000
221,886
Additions
6,280
17,999
-
0
24,279
At 30 November 2023
68,915
169,250
8,000
246,165
Depreciation and impairment
At 1 December 2022
38,596
63,939
6,426
108,961
Depreciation charged in the year
4,185
24,583
236
29,004
At 30 November 2023
42,781
88,522
6,662
137,965
Carrying amount
At 30 November 2023
26,134
80,728
1,338
108,200
At 30 November 2022
24,039
87,312
1,574
112,925
I2I OPTOMETRISTS GLASGOW LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 20 -
14
Financial instruments
2023
2022
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
1,827,355
1,724,853
15
Stocks
2023
2022
£
£
Finished goods and goods for resale
4,692,585
2,943,131
16
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
20,811
17,209
Other debtors
451,221
660,650
Prepayments and accrued income
191
174
472,223
678,033
17
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
933,435
972,618
Corporation tax
563,049
207,301
Other taxation and social security
27,495
18,886
Other creditors
-
0
355
Accruals and deferred income
8,678
327
1,532,657
1,199,487
18
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
20,945
12,719

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

19
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
200
200
200
200
I2I OPTOMETRISTS GLASGOW LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
19
Share capital
(Continued)
- 21 -
20
Directors' transactions

Dividends totalling £62,534 (2022 - £104,318) were paid in the year in respect of shares held by the company's directors.

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Closing balance
£
£
£
£
Directors Loan
2.25
-
180,147
1,977
182,124
-
180,147
1,977
182,124
21
Cash generated from operations
2023
2022
£
£
Profit for the year after tax
1,112,227
874,353
Adjustments for:
Taxation charged
349,864
217,803
Finance costs
4,856
-
0
Investment income
(1,977)
(5,870)
Amortisation and impairment of intangible assets
23,248
75,685
Depreciation and impairment of tangible fixed assets
29,004
19,403
Other gains and losses
(102,502)
274,324
Movements in working capital:
Increase in stocks
(1,749,454)
(908,840)
Decrease/(increase) in debtors
387,934
(398,175)
(Decrease)/increase in creditors
(22,578)
427,798
Cash generated from operations
30,622
576,481

Receipts arising from loans made is a loan made to the director during the year.

22
Analysis of changes in net funds
1 December 2022
Cash flows
30 November 2023
£
£
£
Cash at bank and in hand
1,268,324
(304,369)
963,955
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