REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
for |
Fashion Eyewear Limited |
REGISTERED NUMBER: |
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 |
CURRENT ASSETS |
Inventories |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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 were approved by the Board of Directors and authorised for issue on |
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 |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 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 |
Fixtures and fittings | - |
Computer equipment | - |
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 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
and 31 December 2023 |
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 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans |
Other creditors |