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Registration number: 5814814

Eye Xcel Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Eye Xcel Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Eye Xcel Limited

(Registration number: 5814814)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

67,882

73,104

Tangible assets

5

622,594

625,974

 

690,476

699,078

Current assets

 

Stocks

6

49,500

65,000

Debtors

7

34,137

12,231

Cash at bank and in hand

 

18,721

14,199

 

102,358

91,430

Creditors: Amounts falling due within one year

8

(328,771)

(218,608)

Net current liabilities

 

(226,413)

(127,178)

Total assets less current liabilities

 

464,063

571,900

Creditors: Amounts falling due after more than one year

8

(507,024)

(560,661)

Provisions for liabilities

(5,167)

(5,167)

Net (liabilities)/assets

 

(48,128)

6,072

Capital and reserves

 

Called up share capital

4

4

Retained earnings

(48,132)

6,068

Shareholders' (deficit)/funds

 

(48,128)

6,072

 

Eye Xcel Limited

(Registration number: 5814814)
Balance Sheet as at 30 September 2024

For the financial 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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 20 May 2025
 

.........................................
Mrs D Khagram
Director

 

Eye Xcel Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
Boots Opticians Stevenage
35 Queensway
Stevenage
Hertfordshire
SG1 1BS
United Kingdom

These financial statements were authorised for issue by the director on 20 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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurance from the shareholders that they will continue to give financial support to the company for twelve months from the date of signing these accounts.

On this basis, the directors consider it appropriate to prepare the accounts on a going concern basis. However, should the financial support mentioned above may not be forthcoming, the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and to provide for any further liabilities which might arise. The accounts do not include any adjustments to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate.

 

Eye Xcel Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services 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.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Plant and machinery

33% straight line

Office equipment

33% straight line

Shop fit

20% straight line

Freehold property

No depreciation

Motor Vehicles

25% straight line

 

Eye Xcel Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Franchise fee

Written off over 20 years

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Eye Xcel Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 11 (2023 - 12).

4

Intangible assets

Franchise
£

Total
£

Cost or valuation

At 1 October 2023

156,651

156,651

At 30 September 2024

156,651

156,651

Amortisation

At 1 October 2023

83,547

83,547

Amortisation charge

5,222

5,222

At 30 September 2024

88,769

88,769

Carrying amount

At 30 September 2024

67,882

67,882

At 30 September 2023

73,104

73,104

 

Eye Xcel Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

5

Tangible assets

Land and buildings
£

Office
equipment
£

Motor vehicles
 £

Plant and
machinery
£

Total
£

Cost or valuation

At 1 October 2023

701,725

59,731

52,935

64,106

878,497

Additions

-

-

-

25,674

25,674

At 30 September 2024

701,725

59,731

52,935

89,780

904,171

Depreciation

At 1 October 2023

102,946

48,805

39,701

61,071

252,523

Charge for the year

-

5,846

13,234

9,974

29,054

At 30 September 2024

102,946

54,651

52,935

71,045

281,577

Carrying amount

At 30 September 2024

598,779

5,080

-

18,735

622,594

At 30 September 2023

598,779

10,926

13,234

3,035

625,974

 

Eye Xcel Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

49,500

65,000

7

Debtors

Current

2024
£

2023
£

Trade debtors

9,798

5,888

Prepayments

14,726

3,279

Other debtors

9,613

3,064

 

34,137

12,231

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

98,734

65,327

Trade creditors

 

64,703

93,095

Taxation and social security

 

3,343

4,022

Accruals and deferred income

 

8,677

16,491

Other creditors

 

153,314

39,673

 

328,771

218,608


The bank loans secured against the freehold property - £37,032 in 2024 (£58,327 - 2023). Hire purchase liabilities are secured against the assets they financed - £17,146 in 2024 (£7,000 - 2023).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

507,024

560,661


The bank loans secured against the freehold property - £310,144 in 2024 (£396,138 - 2023). Hire purchase liabilities are secured against the assets they financed - £26,157 iin 2024 (£23,012 - 2023).