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Registration number: 09266443

Ego Eyewear Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2024

 

Ego Eyewear Limited

Contents

Company Information

1

Directors' Report

2

Statement of Directors' Responsibilities

3

Independent Auditor's Report

4 to 7

Profit and Loss Account

8

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12 to 22

 

Ego Eyewear Limited

Company Information

Directors

R H Gezang

S Tulba

R B C Totterman

Registered office

7-10 Kelso Place
Bath
Somerset
BA1 3AU

Auditors

Bourner Bullock Chartered Accountants
114 St Martin's Lane
Covent Garden
London
WC2N 4BE

 

Ego Eyewear Limited

Directors' Report for the Year Ended 31 December 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors of the Company

The directors who held office during the year were as follows:

R H Gezang

S Tulba

R B C Totterman

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the Company's auditors are aware of that information. The directors confirm that there is no relevant information (as defined by section 418(3) of the Companies Act 2006) that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 18 May 2025 and signed on its behalf by:
 

.........................................
R H Gezang
Director

 

Ego Eyewear Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Ego Eyewear Limited

Independent Auditor's Report to the Members of Ego Eyewear Limited

Opinion

We have audited the financial statements of Ego Eyewear Limited (the 'Company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its loss for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

 

Ego Eyewear Limited

Independent Auditor's Report to the Members of Ego Eyewear Limited

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

• the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 3], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

Ego Eyewear Limited

Independent Auditor's Report to the Members of Ego Eyewear Limited

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:
• Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting regulations, Company Law, Tax and distributable profits legislation.

• Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include compliance with brand agreements.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

Ego Eyewear Limited

Independent Auditor's Report to the Members of Ego Eyewear Limited

Use of our report

This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Hannah Fowlie (Senior Statutory Auditor)
For and on behalf of Bourner Bullock, Statutory Auditor
 Chartered Accountants
114 St Martin's Lane
Covent Garden
London
WC2N 4BE

18 May 2025

 

Ego Eyewear Limited

Profit and Loss Account for the Year Ended 31 December 2024

Note

2024
$

2023
$

Turnover

4

8,908,988

8,828,899

Cost of sales

 

(9,026,117)

(9,279,959)

Gross loss

 

(117,129)

(451,060)

Administrative expenses

 

(807,518)

(627,123)

Operating loss

(924,647)

(1,078,183)

Other interest receivable and similar income

6

22,129

23,990

Loss before tax

 

(902,518)

(1,054,193)

Loss for the financial year

 

(902,518)

(1,054,193)

The above results were derived from continuing operations.

 

Ego Eyewear Limited

Statement of Comprehensive Income for the Year Ended 31 December 2024

2024
$

2023
$

Loss for the year

(902,518)

(1,054,193)

Total comprehensive income for the year

(902,518)

(1,054,193)

 

Ego Eyewear Limited

(Registration number: 09266443)
Balance Sheet as at 31 December 2024

Note

2024
$

(As restated)

2023
$

Fixed assets

 

Investments

10

48,809

48,809

Current assets

 

Stocks

11

32,473

-

Debtors

12

3,301,232

5,168,369

Cash at bank and in hand

 

638,309

678,302

 

3,972,014

5,846,671

Creditors: Amounts falling due within one year

14

(4,862,538)

(5,834,677)

Net current (liabilities)/assets

 

(890,524)

11,994

Net (liabilities)/assets

 

(841,715)

60,803

Capital and reserves

 

Called up share capital

133

133

Retained earnings

(841,848)

60,670

Shareholders' (deficit)/funds

 

(841,715)

60,803

Approved and authorised by the Board on 18 May 2025 and signed on its behalf by:
 

.........................................
R H Gezang
Director

 

Ego Eyewear Limited

Statement of Changes in Equity for the Year Ended 31 December 2024

Share capital
$

Retained earnings
$

Total
$

At 1 January 2024

133

60,670

60,803

Loss for the year

-

(902,518)

(902,518)

At 31 December 2024

133

(841,848)

(841,715)

Share capital
$

Retained earnings
$

Total
$

At 1 January 2023

133

1,114,863

1,114,996

Loss for the year

-

(1,054,193)

(1,054,193)

At 31 December 2023

133

60,670

60,803

 

Ego Eyewear Limited

Notes to the Financial Statements for the Year Ended 31 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:
7-10 Kelso Place
Bath
Somerset
BA1 3AU
United Kingdom

Principal activity

The principal activity of the Company is the sale of spectacles.

These financial statements were authorised for issue by the Board on 18 May 2025.

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

The basis is that the financial statements are presented in US dollars. For the year ended 31 December 2024 both the presentational and functional currencies are US Dollars.

 

Ego Eyewear Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Prior period errors

During the year it was identified that intercompany debtors and creditors were offset in the company's prior year financial statements. A prior year reclassification adjustment was made to correct the comparatives in the current year financial statements.

The impact of this error results in an understatement of current assets and understatement of current liabilities. There is no impact on net assets, shareholder funds or comprehensive income.

Amounts owed to group undertakings and undertakings in which the company has a participating interest as at 31 December 2023 of $574,366 have been restated to $745,755.

Amounts due from group undertakings and undertakings in which the company has a participating interest as at 31 December 2023 of $99,907 have been restated to $271,296.

Relating to the current period disclosed in these financial statements
$

Relating to the prior period disclosed in these financial statements
$

Relating to periods before the prior period disclosed in these financial statements
$

Owed by/(from) group undertakings

-

(171,389)

-

Owed by/(from) group undertakings

-

171,389

-

   

Summary of disclosure exemptions

As a Qualifying Entity, the individual company has taken advantage of the exemption, under Section 1.12 of FRS 102, not to prepare a Statement of Cash Flows, not to disclose key management personnel compensation, or the requirements to present financial instrument disclosures as required by paragraphs 11.39 to 11.48A, 12.26 and 12.29. It has also taken advantage of the exemption under Section 33.1A of FRS102 not to disclose related party transactions between the company and its parent company.

Name of parent of group

These financial statements are consolidated in the financial statements of Inspecs Group PLC.

The financial statements of Inspecs Group PLC may be obtained from 7-10 Kelso Place, Upper Bristol Road, Bath, BA1 3AU.

Group accounts not prepared

The company is exempt from preparing consolidated financial statements under section 401 of the Companies Act 2006 because it is consolidated into the financial statements of its parent company, Inspecs Group PLC.

 

Ego Eyewear Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Going concern

The company has net current liabilities and have made a loss in the year. The company is dependent on the support from the shareholders to continue as a going concern.

The financial statements have been prepared on a going concern basis that assumes further funding will be obtained.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date.
Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises 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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Office Equipment

25% Straight Line

 

Ego Eyewear Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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.

Financial instruments

Classification
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

Trade debtors

Trade debtors are amounts due from customers for merchandise sold in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

 

Ego Eyewear Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Significant judgements and key sources of estimation uncertainty

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Directors' opinion there are no significant judgements or key sources of estimation uncertainty.

4

Turnover

The analysis of the Company's Turnover for the year from continuing operations is as follows:

2024
$

2023
$

Sale of goods

8,644,741

8,518,932

Royalties received

113,200

-

Commissions received

151,047

309,967

8,908,988

8,828,899

The analysis of the Company's Turnover for the year by market is as follows:

2024
$

2023
$

UK

8,908,988

8,828,899

5

Auditors' remuneration

2024
$

2023
$

Audit of the financial statements

13,665

12,605

 

Ego Eyewear Limited

Notes to the Financial Statements for the Year Ended 31 December 2024


 

6

Other interest receivable and similar income

2024
$

2023
$

Other finance income

22,129

23,990

7

Staff costs

The average number of persons employed by the Company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

-

-

-

-

8

Taxation

Tax charged/(credited) in the profit and loss account

2024
$

2023
$

Tax expense/(receipt) in the income statement

-

-

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 19%).

The differences are reconciled below:

2024
$

2023
$

Loss before tax

(902,518)

(1,054,193)

Corporation tax at standard rate

(165,956)

(200,297)

Tax increase from effect of unrelieved tax losses carried forward

165,956

200,297

Total tax charge/(credit)

-

-

 

Ego Eyewear Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

9

Tangible assets

Office equipment
$

Total
$

Cost or valuation

At 1 January 2024

1,956

1,956

Disposals

(1,956)

(1,956)

At 31 December 2024

-

-

Depreciation

At 1 January 2024

1,956

1,956

Eliminated on disposal

(1,956)

(1,956)

At 31 December 2024

-

-

Carrying amount

At 31 December 2024

-

-

 

Ego Eyewear Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

10

Investments

2024
$

2023
$

Investments in subsidiaries

48,809

48,809

Subsidiaries

$

Cost or valuation

At 1 January 2024

77,918

At 31 December 2024

77,918

Provision

At 1 January 2024

29,109

At 31 December 2024

29,109

Carrying amount

At 31 December 2024

48,809

At 31 December 2023

48,809

 

Ego Eyewear Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Details of undertakings

Details of the investments in which the Company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

EGOptiska AB

Ostermalmsgatan 87e BOX 5457 114 59 Stockholm

Sweden

ordinary shares

100%

100%

EGOptiska International AB

PO Box 5457 Stockholm, 114 81

Sweden

ordinary shares

100%

100%

Ego Eyewear (HK) Limited

Unit 303 Mirror Tower, 61 Mody Road, Tsimshatsui East, Kowloon, HongKong

Hongkong

ordinary shares

100%

100%

Ego Eyewear AB

JOHANNESGRAND 1 11130 Stockholm, Stockholms Ian

Sweden

ordinary shares

100%

100%

 

Ego Eyewear Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

11

Stocks

2024
$

2023
$

Other inventories

32,473

-

12

Debtors

Note

2024
$

(As restated)

2023
$

Trade debtors

 

1,127,900

3,581,293

Amounts owed by related parties

778,955

271,296

Other debtors

 

87,032

44,699

Prepayments

 

1,307,345

1,174,575

Income tax asset

8

-

96,506

 

3,301,232

5,168,369

13

Cash and cash equivalents

2024
$

2023
$

Cash at bank

638,309

678,302

14

Creditors

Note

2024
$

(As restated)

2023
$

Due within one year

 

Trade creditors

 

2,872,077

3,738,010

Amounts due to related parties

1,334,286

745,755

Accruals

 

435,785

610,224

Income tax liability

8

4,686

-

Deferred income

 

215,704

740,688

 

4,862,538

5,834,677

 

Ego Eyewear Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

15

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

$

No.

$

Ordinary shares of £1 each

100

133

100

133

       

16

Parent and ultimate parent undertaking

The company was acquired by Inspecs Limited with the completion of the share transfer taking place in January 2022.

 The Company's immediate parent is Inspecs Limited, incorporated in England and Wales.

 The ultimate parent is Inspecs Group PLC, incorporated in England and Wales.

 

The parent of the largest group in which these financial statements are consolidated is Inspecs Group PLC, incorporated in England.

The address of Inspecs Group PLC is:
7-10 Kelso Place, Upper Bristol Road, Bath BA1 3AU

The parent of the smallest group in which these financial statements are consolidated is Inspecs Group PLC, incorporated in England.