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Company No: SC301414 (Scotland)

CAMPBELL EYECARE LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH THE REGISTRAR

CAMPBELL EYECARE LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024

Contents

CAMPBELL EYECARE LTD

BALANCE SHEET

AS AT 30 APRIL 2024
CAMPBELL EYECARE LTD

BALANCE SHEET (continued)

AS AT 30 APRIL 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 33,183 39,039
33,183 39,039
Current assets
Stocks 49,083 45,682
Debtors 5 41,834 54,701
Cash at bank and in hand 4,185 24,576
95,102 124,959
Creditors: amounts falling due within one year 6 ( 96,513) ( 97,743)
Net current (liabilities)/assets (1,411) 27,216
Total assets less current liabilities 31,772 66,255
Creditors: amounts falling due after more than one year 7 ( 23,354) ( 29,352)
Provision for liabilities 8 ( 6,181) ( 7,326)
Net assets 2,237 29,577
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account 2,137 29,477
Total shareholders' funds 2,237 29,577

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Campbell Eyecare Ltd (registered number: SC301414) were approved and authorised for issue by the Board of Directors on 30 January 2025. They were signed on its behalf by:

Hugh MacArthur Campbell
Director
CAMPBELL EYECARE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
CAMPBELL EYECARE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Campbell Eyecare Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 36 High Street, Alness, IV17 0PS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

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

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

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill not amortised
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, and has been fully amortised.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 10 years straight line
Plant and machinery 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. At each reporting date, an assessment is made for impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 10 10

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 May 2023 108,868 108,868
At 30 April 2024 108,868 108,868
Accumulated amortisation
At 01 May 2023 108,868 108,868
At 30 April 2024 108,868 108,868
Net book value
At 30 April 2024 0 0
At 30 April 2023 0 0

4. Tangible assets

Land and buildings Plant and machinery Total
£ £ £
Cost
At 01 May 2023 1,275 55,193 56,468
At 30 April 2024 1,275 55,193 56,468
Accumulated depreciation
At 01 May 2023 1,275 16,154 17,429
Charge for the financial year 0 5,856 5,856
At 30 April 2024 1,275 22,010 23,285
Net book value
At 30 April 2024 0 33,183 33,183
At 30 April 2023 0 39,039 39,039

5. Debtors

2024 2023
£ £
Trade debtors 797 1,393
Corporation tax 5,905 4,138
Other debtors 35,132 49,170
41,834 54,701

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 60,217 38,788
Trade creditors 16,798 34,434
Taxation and social security 8,877 5,713
Other creditors 10,621 18,808
96,513 97,743

The bank overdraft is secured by way of a charge over the assets of the company and at the year end totalled £50,291 (2023 - £28,788).

The bank loan consists of a coronavirus bounce back loan of £10,000 (2023 - £10,000) which is guaranteed by the UK government.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 23,354 29,352

The bank loan consists of a coronavirus bounce back loan of £23,354 (2023 - £29,352) which is guaranteed by the UK government.

8. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 7,326) ( 12,847)
Credited to the Statement of Income and Retained Earnings 1,145 5,521
At the end of financial year ( 6,181) ( 7,326)

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

10. Financial commitments

Other financial commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating leases 57,383 81,585

11. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Director loan account (debtor balance) 17,496 22,411

At the beginning of the year the directors owed the business £22,411. During the year £24,000 was advanced and £29,500 repaid. They incurred interest at the rate of 2% of £585 resulting in a closing balance of £17,496. The loans are unsecured and have no fixed terms of repayment.