Company registration number 01421968 (England and Wales)
THE WRIGHT EYEWEAR COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
THE WRIGHT EYEWEAR COMPANY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
THE WRIGHT EYEWEAR COMPANY LIMITED (REGISTERED NUMBER: 01421968)
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
117,332
129,805
Current assets
Stocks
48,592
74,143
Debtors
4
32,955
21,547
Cash at bank and in hand
54,145
88,705
135,692
184,395
Creditors: amounts falling due within one year
5
(55,529)
(61,739)
Net current assets
80,163
122,656
Total assets less current liabilities
197,495
252,461
Creditors: amounts falling due after more than one year
6
(5,286)
(15,661)
Provisions for liabilities
(8,942)
(10,617)
Net assets
183,267
226,183
Capital and reserves
Called up share capital
120
120
Profit and loss reserves
183,147
226,063
Total equity
183,267
226,183
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
THE WRIGHT EYEWEAR COMPANY LIMITED (REGISTERED NUMBER: 01421968)
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 13 May 2025
Mrs K Wright
Director
THE WRIGHT EYEWEAR COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
The Wright Eyewear Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is 19/21 Swan Street, West Malling, Kent, ME19 6JU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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 from services is recognised in the period where work is completed at pre determined rates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Short Leasehold
Over 20 years
Leasehold improvements
Over 20 years
Plant and machinery
10% on reducing balance
Fixtures, fittings & equipment
25% on cost
Computer equipment
25% on cost
THE WRIGHT EYEWEAR COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
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.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
6
3
Tangible fixed assets
Short Leasehold
Leasehold improvements
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
£
£
Cost
At 1 January 2024
66,232
70,861
198,128
16,684
9,615
361,520
Additions
1,166
1,166
Disposals
(958)
(958)
At 31 December 2024
66,232
70,861
198,128
16,684
9,823
361,728
Depreciation and impairment
At 1 January 2024
30,359
25,338
154,275
15,853
5,890
231,715
Depreciation charged in the year
3,312
3,543
4,385
425
1,974
13,639
Eliminated in respect of disposals
(958)
(958)
At 31 December 2024
33,671
28,881
158,660
16,278
6,906
244,396
Carrying amount
At 31 December 2024
32,561
41,980
39,468
406
2,917
117,332
At 31 December 2023
35,873
45,523
43,853
831
3,725
129,805
THE WRIGHT EYEWEAR COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
23,815
14,019
Other debtors
9,140
7,528
32,955
21,547
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,375
10,119
Trade creditors
19,675
17,384
Amounts owed to group undertakings
10,053
346
Taxation and social security
9,001
23,948
Other creditors
6,425
9,942
55,529
61,739
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
5,286
15,661
7
Financial commitments, guarantees and contingent liabilities
As at the balance sheet date, there was a bounce back loan of £15,661 (2023 - £25,780) from its bankers.
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
474,206
333,772