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Registered number: 02649779
Eyelevel Optometrists Limited
Unaudited Financial Statements
For The Year Ended 30 September 2024
Ascendis Group
Chartered Certified Accountants, Taxation and Business Advisors
Unit 3, Building 2, The Colony Wilmslow
Altrincham Road
Wilmslow
Cheshire
SK9 4LY
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Accountant's Report
Report to the director on the preparation of the unaudited statutory accounts of Eyelevel Optometrists Limited for the year ended 30 September 2024
To assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Eyelevel Optometrists Limited which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the director of Eyelevel Optometrists Limited , as a body, in accordance with the terms of our engagement letter dated 22 June 2023. Our work has been undertaken solely to prepare for your approval the accounts of Eyelevel Optometrists Limited and state those matters that we have agreed to state to the director of Eyelevel Optometrists Limited , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Eyelevel Optometrists Limited and its director as a body for our work or for this report.
It is your duty to ensure that Eyelevel Optometrists Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Eyelevel Optometrists Limited . You consider that Eyelevel Optometrists Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Eyelevel Optometrists Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
12th December 2024
Ascendis Group
Chartered Certified Accountants, Taxation and Business Advisors
Unit 3, Building 2, The Colony Wilmslow
Altrincham Road
Wilmslow
Cheshire
SK9 4LY
Page 1
Page 2
Balance Sheet
Registered number: 02649779
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 27,024 28,323
27,024 28,323
CURRENT ASSETS
Stocks 5 78,405 84,000
Debtors 6 22,783 26,063
Cash at bank and in hand 6,555 23,210
107,743 133,273
Creditors: Amounts Falling Due Within One Year 7 (108,299 ) (150,768 )
NET CURRENT ASSETS (LIABILITIES) (556 ) (17,495 )
TOTAL ASSETS LESS CURRENT LIABILITIES 26,468 10,828
Creditors: Amounts Falling Due After More Than One Year 8 (4,000 ) (9,605 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 (1,221 ) (836 )
NET ASSETS 21,247 387
CAPITAL AND RESERVES
Called up share capital 10 45 45
Profit and Loss Account 21,202 342
SHAREHOLDERS' FUNDS 21,247 387
Page 2
Page 3
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Fuad Mohammadi
Director
12th December 2024
The notes on pages 4 to 6 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Eyelevel Optometrists Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02649779 . The registered office is 37 Upper Street, London, Islington, N1 0PN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10% Reducing balance method
Plant & Machinery 20% Reducing balance method
Fixtures & Fittings 20% Reducing balance method
Computer Equipment 33.33% Reducing balance method
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on 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. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. 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. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Page 4
Page 5
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 3)
4 3
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 October 2023 79,877 14,084 49,336 2,915 146,212
Additions - - - 2,581 2,581
As at 30 September 2024 79,877 14,084 49,336 5,496 148,793
Depreciation
As at 1 October 2023 55,278 13,703 48,555 353 117,889
Provided during the period 2,460 76 157 1,187 3,880
As at 30 September 2024 57,738 13,779 48,712 1,540 121,769
Net Book Value
As at 30 September 2024 22,139 305 624 3,956 27,024
As at 1 October 2023 24,599 381 781 2,562 28,323
5. Stocks
2024 2023
£ £
Stock 78,405 84,000
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 15,449 18,938
Other debtors 7,334 7,125
22,783 26,063
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 65,015 54,487
Bank loans and overdrafts 6,000 6,395
Other creditors 4,218 10,822
Taxation and social security 33,066 79,064
108,299 150,768
Page 5
Page 6
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 4,000 9,605
9. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 1,221 836
10. Share Capital
2024 2023
Allotted, called up and fully paid £ £
45 Ordinary B shares of £ 1.00 each 45 45
Page 6