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Registration number: 08915353

Indian Eye (Plymouth) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 December 2024

 

Indian Eye (Plymouth) Ltd

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 7

 

Indian Eye (Plymouth) Ltd

(Registration number: 08915353)
Statement of Financial Position as at 30 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

14,837

332

Current assets

 

Stocks

5

16,993

16,993

Debtors

6

796

17,934

Cash at bank and in hand

 

3,585

5,880

 

21,374

40,807

Creditors: Amounts falling due within one year

7

(89,730)

(45,866)

Net current liabilities

 

(68,356)

(5,059)

Total assets less current liabilities

 

(53,519)

(4,727)

Provisions for liabilities

(731)

(63)

Net liabilities

 

(54,250)

(4,790)

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

(54,251)

(4,791)

Shareholders' deficit

 

(54,250)

(4,790)

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 14 March 2025
 


Mr A Kalam
Director

 

Indian Eye (Plymouth) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Plym House
3 Longbridge Road
Plymouth
Marsh Mills
Devon
PL6 8LT

Principal activity

The principal activity of the company is that of a licensed restaurant.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

 

Indian Eye (Plymouth) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 December 2024 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer Equipment

25% Reducing Balance

Fixtures & Fittings

15% Reducing Balance

 

Indian Eye (Plymouth) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 December 2024 (continued)

2

Accounting policies (continued)

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 9 (2023 - 9).

 

Indian Eye (Plymouth) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 December 2024 (continued)

4

Tangible assets

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 31 December 2023

359

-

359

Additions

16,526

221

16,747

At 30 December 2024

16,885

221

17,106

Depreciation

At 31 December 2023

27

-

27

Charge for the year

2,205

37

2,242

At 30 December 2024

2,232

37

2,269

Carrying amount

At 30 December 2024

14,653

184

14,837

At 30 December 2023

332

-

332

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

16,993

16,993

 

Indian Eye (Plymouth) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 December 2024 (continued)

6

Debtors

2024
£

2023
£

Other debtors

1

12,904

Prepayments

795

656

Income tax asset

-

4,374

796

17,934

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

35,248

27,283

Taxation and social security

13,224

14,718

Accruals and deferred income

2,377

3,865

Other creditors

38,881

-

89,730

45,866

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

9

Loans and borrowings

Natwest Bank Plc has a fixed and floating charge over the property, assets and stock of the entity dated 4 August 2017 which remains in place.

10

Related party transactions

Transactions with the director

Directors' loan is repayable on demand and subject to interest on overdrawn balances at the official rate.

 

Indian Eye (Plymouth) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 December 2024 (continued)

10

Related party transactions (continued)

2024

At 31 December 2023
£

Advances to director
£

Repayments by director
£

At 30 December 2024
£

Director

12,903

71,019

(122,364)

(38,442)

         
       

 

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 30 December 2023
£

Director

-

70,959

(58,056)

12,903