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Registered number: 05511221
Clear Vision Eyewear Limited
Financial Statements
For The Year Ended 31 July 2024
Mibsons Limited
Chartered Certified Accountants
51 Coopers Road
Handsworth Wood
Birmingham
B20 2JU
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05511221
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 71,327 56,720
71,327 56,720
CURRENT ASSETS
Stocks 5 203,392 233,044
Debtors 6 244,349 223,855
Cash at bank and in hand 372,442 338,638
820,183 795,537
Creditors: Amounts Falling Due Within One Year 7 (200,099 ) (261,780 )
NET CURRENT ASSETS (LIABILITIES) 620,084 533,757
TOTAL ASSETS LESS CURRENT LIABILITIES 691,411 590,477
NET ASSETS 691,411 590,477
CAPITAL AND RESERVES
Called up share capital 8 52 52
Profit and Loss Account 691,359 590,425
SHAREHOLDERS' FUNDS 691,411 590,477
Page 1
Page 2
For the year ending 31 July 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 Tariq Mahmood
Director
23rd April 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Clear Vision Eyewear Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05511221 . The registered office is 49 Grosvenor Road, Aston, BIRMINGHAM, B6 7LZ.
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 form the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover form 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 stated at cost less depreciation. 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:
Freehold N/A
Leasehold 10% Straight Line
Plant & Machinery 20% Straight Line
Motor Vehicles 20% Straight Line
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 year 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 asset reflects 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.
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3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 17 17
17 17
4. Tangible Assets
Land & Property
Freehold Leasehold Plant & Machinery Motor Vehicles Total
£ £ £ £ £
Cost
As at 1 August 2023 23,260 10,000 74,350 33,596 141,206
Additions - - 12,117 13,077 25,194
As at 31 July 2024 23,260 10,000 86,467 46,673 166,400
Depreciation
As at 1 August 2023 - 3,000 68,358 13,128 84,486
Provided during the period - 1,000 3,412 6,175 10,587
As at 31 July 2024 - 4,000 71,770 19,303 95,073
Net Book Value
As at 31 July 2024 23,260 6,000 14,697 27,370 71,327
As at 1 August 2023 23,260 7,000 5,992 20,468 56,720
5. Stocks
2024 2023
£ £
Materials 203,392 233,044
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 236,074 222,479
Prepayments and accrued income 4,824 1,376
Other debtors (1) 3,451 -
244,349 223,855
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 40,169 114,098
Bank loans and overdrafts 1,966 334
Corporation tax 72,408 63,733
Other taxes and social security 2,695 2,625
VAT 76,860 69,423
Other creditors- Nest 350 306
Accruals and deferred income 1,848 3,248
Director's loan account 3,803 8,013
200,099 261,780
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 52 52
9. Related Party Transactions
During the year company has paid £15,700 rent to the officers.
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