Company registration number SC393596 (Scotland)
GB EYECARE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
GB EYECARE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
GB EYECARE LIMITED
BALANCE SHEET
AS AT
28 AUGUST 2024
28 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
102,517
128,253
Tangible assets
3
92,821
138,654
195,338
266,907
Current assets
Stocks
90,944
127,618
Debtors
5
264,912
432,224
Cash at bank and in hand
202,685
26,049
558,541
585,891
Creditors: amounts falling due within one year
6
(457,898)
(377,892)
Net current assets
100,643
207,999
Total assets less current liabilities
295,981
474,906
Creditors: amounts falling due after more than one year
7
(35,750)
(90,860)
Provisions for liabilities
(23,206)
(34,567)
Net assets
237,025
349,479
Capital and reserves
Called up share capital
8
2
2
Share premium account
249,999
249,999
Profit and loss reserves
(12,976)
99,478
Total equity
237,025
349,479

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 28 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his 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.

GB EYECARE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 AUGUST 2024
28 August 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 28 May 2025
Mr G Brown
Director
Company Registration No. SC393596
GB EYECARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 AUGUST 2024
- 3 -
1
Accounting policies
Company information

GB Eyecare Limited is a private company limited by shares incorporated in Scotland. The registered office is 214 Main Street, Bellshill, Lanarkshire, United Kingdom, ML4 1AB.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements are prepared on the going concern basis. The director has a reasonable expectation that the company will continue in operational existence for the foreseeable future.

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.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is twenty and ten years retrospectively.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Computer software
Amortised evenly over its estimated useful life of 4 years.
1.6
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:

Leasehold improvements
10% on cost
Plant and equipment
15% on cost
Fixtures and fittings
15% on cost
Computers
33% on cost
Motor vehicles
25 % on cost
GB EYECARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 AUGUST 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.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8
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.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

GB EYECARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 AUGUST 2024
1
Accounting policies
(Continued)
- 5 -
1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

 

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
17
17
3
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 29 August 2023 and 28 August 2024
19,078
198,055
100,699
26,396
100,430
444,658
Depreciation and impairment
At 29 August 2023
2,987
135,794
93,152
25,851
48,220
306,004
Depreciation charged in the year
1,908
16,419
1,853
545
25,108
45,833
At 28 August 2024
4,895
152,213
95,005
26,396
73,328
351,837
Carrying amount
At 28 August 2024
14,183
45,842
5,694
-
0
27,102
92,821
At 28 August 2023
16,091
62,261
7,547
545
52,210
138,654
GB EYECARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 AUGUST 2024
- 6 -
4
Intangible fixed assets
Goodwill
Computer software
Total
£
£
£
Cost
At 29 August 2023 and 28 August 2024
439,723
2,061
441,784
Amortisation and impairment
At 29 August 2023
311,470
2,061
313,531
Amortisation charged for the year
25,736
-
0
25,736
At 28 August 2024
337,206
2,061
339,267
Carrying amount
At 28 August 2024
102,517
-
0
102,517
At 28 August 2023
128,253
-
0
128,253
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
64,375
51,145
Other debtors
200,537
381,079
264,912
432,224
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
24,428
32,211
Trade creditors
11,441
2,220
Taxation and social security
224,359
144,574
Other creditors
197,670
198,887
457,898
377,892
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
11,667
21,667
Other creditors
24,083
69,193
35,750
90,860
GB EYECARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 AUGUST 2024
- 7 -
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A Shares of £1 each
1
1
1
1
Ordinary B Shares of £1 each
1
1
1
1
2
2
2
2
9
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
852,152
938,305
GB EYECARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 AUGUST 2024
- 8 -
10
Directors' transactions

This loan is unsecured, interest free with no fixed date for repayment.

Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Mr G Brown -
-
285,541
(193,027)
92,514
285,541
(193,027)
92,514
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