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REGISTERED NUMBER: 06792249 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Fashion Eyewear Limited

Fashion Eyewear Limited (Registered number: 06792249)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Statement of Financial Position 1

Notes to the Financial Statements 3


Fashion Eyewear Limited (Registered number: 06792249)

Statement of Financial Position
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Property, plant and equipment 5 454,146 438,934
454,146 438,934

CURRENT ASSETS
Inventories 1,327,466 1,020,718
Debtors 6 2,137,598 1,731,835
Cash at bank 50,344 185,098
3,515,408 2,937,651
CREDITORS
Amounts falling due within one year 7 3,508,526 2,850,730
NET CURRENT ASSETS 6,882 86,921
TOTAL ASSETS LESS CURRENT
LIABILITIES

461,028

525,855

CREDITORS
Amounts falling due after more than one year 8 3,188,600 2,466,675
NET LIABILITIES (2,727,572 ) (1,940,820 )

CAPITAL AND RESERVES
Called up share capital 140 140
Share premium 1,226,960 1,226,960
Retained earnings (3,954,672 ) (3,167,920 )
SHAREHOLDERS' FUNDS (2,727,572 ) (1,940,820 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Fashion Eyewear Limited (Registered number: 06792249)

Statement of Financial Position - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 December 2024 and were signed on its behalf by:





Mr Tejinder Singh Johal - Director


Fashion Eyewear Limited (Registered number: 06792249)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Fashion Eyewear Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 06792249

Registered office: 150 Chiswick High Road
London
W4 1PR

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Fashion Eyewear Limited (Registered number: 06792249)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services
provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair
value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is
the present value of the future receipts. The difference between the fair value of the consideration and the
nominal amount received is recognised as interest income.

Revenue from the sale of goods 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 contracts for the provision of professional services is recognised by reference to the stage of
completion when the stage of completion, costs incurred and costs to complete can be estimated reliably.

The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of five years.

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 5 years

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit
from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at
least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable
amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is
allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets
of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Computer equipment - 25% on reducing balance

Fashion Eyewear Limited (Registered number: 06792249)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost
comprises direct materials and, where applicable, direct labour costs and those overheads that have been
incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement
cost, adjusted where applicable for any loss of service potential.

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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Going concern
The Directors have formed a judgement that, at the time of approving the financial statements, there is a
reasonable expectation that the Company has adequate resources to continue in operational existence for
the foreseeable future, and on that basis the Directors continue to adopt the going concern basis in preparing the financial statements. In reaching this conclusion the Directors have considered the loss for the reporting period, the net current liability position of the Company, the continued engagement and support of its shareholders and their trading forecasts with appropriate sensitivities. The Directors remain confident that the Company is well placed to benefit from increasingly positive long-term trends in global e-Commerce growth and the increasing propensity of consumers to look online for services as well as products.

Fashion Eyewear Limited (Registered number: 06792249)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use,
the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying
amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An
impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued
amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased
to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2022 - 30 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 100,000
AMORTISATION
At 1 January 2023
and 31 December 2023 100,000
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

Fashion Eyewear Limited (Registered number: 06792249)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2023 67,696 1,045,545 1,113,241
Additions 2,100 113,171 115,271
At 31 December 2023 69,796 1,158,716 1,228,512
DEPRECIATION
At 1 January 2023 48,839 625,468 674,307
Charge for year 2,820 97,239 100,059
At 31 December 2023 51,659 722,707 774,366
NET BOOK VALUE
At 31 December 2023 18,137 436,009 454,146
At 31 December 2022 18,857 420,077 438,934

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 27,849 88,213
Other debtors 2,109,749 1,643,622
2,137,598 1,731,835

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 305,413 473,689
Trade creditors 2,229,596 1,674,037
Taxation and social security 109,537 -
Other creditors 863,980 703,004
3,508,526 2,850,730

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans 415,555 2,466,675
Other creditors 2,773,045 -
3,188,600 2,466,675