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Company registration number: 04882871
Watney Eyecare Limited
Trading as Watney Eyecare Limited
Unaudited filleted financial statements
30 September 2024
Watney Eyecare Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Watney Eyecare Limited
Directors and other information
Directors Mr A M Patel
Mrs N A Patel
Secretary Mrs N A Patel
Company number 04882871
Registered office 34 Queensbury Station Parade
Edgware
Middlesex
HA8 5NN
Business address 31 Watney Market
Commercial Road
Stepney
London
E1 2PP
Accountants Hindocha Pandit & Co Limited
34 Queensbury Station Parade
Edgware
Middlesex
HA8 5NN
Bankers Santander
Business Banking
301 St.Vincent Street
Glasgow
G2 5NT
Watney Eyecare Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Watney Eyecare Limited
Year ended 30 September 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Watney Eyecare Limited for the year ended 30 September 2024 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm 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 solely to the board of directors of Watney Eyecare Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Watney Eyecare Limited and state those matters that we have agreed to state to the board of directors of Watney Eyecare Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/tf-163-jan-24.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Watney Eyecare Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Watney Eyecare Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Watney Eyecare Limited. You consider that Watney Eyecare 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 financial statements of Watney Eyecare 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 statutory financial statements.
Hindocha Pandit & Co Limited
Chartered Certified Accountants & Chartered Tax Advisors
34 Queensbury Station Parade
Edgware
Middlesex
HA8 5NN
28 April 2025
Watney Eyecare Limited
Statement of financial position
30 September 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 10 225,000 232,000
Tangible assets 11 756,310 715,942
_______ _______
981,310 947,942
Current assets
Stocks 35,000 35,000
Debtors 12 47,664 42,214
Cash at bank and in hand 705,614 727,871
_______ _______
788,278 805,085
Creditors: amounts falling due
within one year 13 ( 155,787) ( 166,004)
_______ _______
Net current assets 632,491 639,081
_______ _______
Total assets less current liabilities 1,613,801 1,587,023
_______ _______
Net assets 1,613,801 1,587,023
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 1,613,799 1,587,021
_______ _______
Shareholders funds 1,613,801 1,587,023
_______ _______
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.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 28 April 2025 , and are signed on behalf of the board by:
Mr A M Patel Mrs N A Patel
Director Director
Company registration number: 04882871
Watney Eyecare Limited
Statement of changes in equity
Year ended 30 September 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 October 2022 2 1,541,545 1,541,547
Profit for the year 96,476 96,476
_______ _______ _______
Total comprehensive income for the year - 96,476 96,476
Dividends paid and payable ( 51,000) ( 51,000)
_______ _______ _______
Total investments by and distributions to owners - ( 51,000) ( 51,000)
_______ _______ _______
At 30 September 2023 and 1 October 2023 2 1,587,021 1,587,023
Profit for the year 66,778 66,778
_______ _______ _______
Total comprehensive income for the year - 66,778 66,778
Dividends paid and payable ( 40,000) ( 40,000)
_______ _______ _______
Total investments by and distributions to owners - ( 40,000) ( 40,000)
_______ _______ _______
At 30 September 2024 2 1,613,799 1,613,801
_______ _______ _______
Watney Eyecare Limited
Notes to the financial statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 34 Queensbury Station Parade, Edgware, Middlesex, HA8 5NN.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Turnover
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Other operating income
2024 2023
£ £
Rental income 26,800 22,800
_______ _______
6. Operating profit
Operating profit is stated after charging/(crediting):
2024 2023
£ £
Amortisation of intangible assets 7,000 7,000
Depreciation of tangible assets 15,292 15,296
Operating lease rentals 4,147 3,987
_______ _______
7. Staff costs
The aggregate payroll costs incurred during the year were:
2024 2023
£ £
Wages and salaries 342,711 338,369
Social security costs 42,781 25,188
Other pension costs 57,623 45,728
_______ _______
443,115 409,285
_______ _______
8. Employee numbers
The average number of persons employed by the company during the year amounted to 18 (2023: 18 ).
9. Directors remuneration
The directors aggregate remuneration in respect of qualifying services was:
2024 2023
£ £
Remuneration 52,006 48,006
Company contributions to pension schemes in respect of qualifying services 52,000 40,000
_______ _______
104,006 88,006
_______ _______
During the year the highest paid director exercised share options.
10. Intangible assets
Goodwill Total
£ £
Cost
At 1 October 2023 and 30 September 2024 295,000 295,000
_______ _______
Amortisation
At 1 October 2023 63,000 63,000
Charge for the year 7,000 7,000
_______ _______
At 30 September 2024 70,000 70,000
_______ _______
Carrying amount
At 30 September 2024 225,000 225,000
_______ _______
At 30 September 2023 232,000 232,000
_______ _______
11. Tangible assets
Freehold property Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 October 2023 629,268 241,389 - 870,657
Additions - 8,759 46,900 55,659
_______ _______ _______ _______
At 30 September 2024 629,268 250,148 46,900 926,316
_______ _______ _______ _______
Depreciation
At 1 October 2023 - 154,714 - 154,714
Charge for the year - 14,315 977 15,292
_______ _______ _______ _______
At 30 September 2024 - 169,029 977 170,006
_______ _______ _______ _______
Carrying amount
At 30 September 2024 629,268 81,119 45,923 756,310
_______ _______ _______ _______
At 30 September 2023 629,268 86,675 - 715,943
_______ _______ _______ _______
No depreciation is provided on freehold buildings as the company follows a programme of regular maintenance of its buildings which includes the reintstatement of the fabric of the building where necessary. Therefore in the opinion of the directors the company's freehold buildings have a indefinite economic life and consequently any charge to depreciation would be immaterial. They also consider that this accounting policy is necessary for the financial statements to give a true and fair view.
12. Debtors
2024 2023
£ £
Trade debtors 45,706 40,127
Other debtors 1,958 2,087
_______ _______
47,664 42,214
_______ _______
13. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 17,019 14,303
Corporation tax 5,938 22,920
Social security and other taxes 7,944 6,015
Other creditors 124,886 122,766
_______ _______
155,787 166,004
_______ _______
14. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr A M Patel ( 95,020) ( 21,410) 23,055 ( 93,375)
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr A M Patel ( 95,876) ( 4,228) 5,084 ( 95,020)
_______ _______ _______ _______
15. Controlling party
During the year the company was under the control of Mr A M and Mrs N A Patel the shareholders and directors of the company.