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Registration number: 07755897

Visual Eyecare Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2024

 

Visual Eyecare Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Visual Eyecare Ltd

(Registration number: 07755897)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

4,362

9,045

Current assets

 

Stocks

6

26,433

30,522

Debtors

7

7,813

8,893

Cash at bank and in hand

 

394,447

353,305

 

428,693

392,720

Creditors: Amounts falling due within one year

8

(270,814)

(246,145)

Net current assets

 

157,879

146,575

Total assets less current liabilities

 

162,241

155,620

Creditors: Amounts falling due after more than one year

8

(14,961)

(14,240)

Provisions for liabilities

(1,090)

(2,261)

Net assets

 

146,190

139,119

Capital and reserves

 

Called up share capital

100

100

Retained earnings

146,090

139,019

Shareholders' funds

 

146,190

139,119

 

Visual Eyecare Ltd

(Registration number: 07755897)
Balance Sheet as at 30 November 2024

For the financial year ending 30 November 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 his 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 23 May 2025
 

.........................................
Mr S Valand
Director

 

Visual Eyecare Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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:
103 High Street
Rickmansworth
Hertfordshire
WD3 1AN
United Kingdom

These financial statements were authorised for issue by the director on 23 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.

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 current and deferred 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.

 

Visual Eyecare Ltd

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

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

Fixtures & Fittings

25% Straight Line

Office Equipment

25% Straight Line

Professional Equipment

25% Straight Line

Shop Refit

20% Straight Line

Cycle to Work Scheme

25% Straight Line

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

20% Straight Line

 

Visual Eyecare Ltd

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

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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 7 (2023 - 7).

 

Visual Eyecare Ltd

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2023

149,500

149,500

At 30 November 2024

149,500

149,500

Amortisation

At 1 December 2023

149,500

149,500

At 30 November 2024

149,500

149,500

Carrying amount

At 30 November 2024

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Cycle to work scheme
£

Professional equipments
£

Shop refit
£

Total
£

Cost or valuation

At 1 December 2023

14,378

4,265

39,567

47,177

105,387

Additions

-

615

-

-

615

At 30 November 2024

14,378

4,880

39,567

47,177

106,002

Depreciation

At 1 December 2023

9,378

2,032

37,756

47,177

96,343

Charge for the year

2,510

976

1,811

-

5,297

At 30 November 2024

11,888

3,008

39,567

47,177

101,640

Carrying amount

At 30 November 2024

2,490

1,872

-

-

4,362

At 30 November 2023

5,001

2,233

1,811

-

9,045

There is a fixed and floating charge over the company from Lloyds TSB Bank PLC, delivered 12th November 2011.

 

Visual Eyecare Ltd

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

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

26,433

30,522

7

Debtors

Current

2024
£

2023
£

Trade debtors

1,678

2,938

Prepayments

6,135

5,955

 

7,813

8,893

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

5,302

10,760

Trade creditors

 

38,308

40,910

Taxation and social security

 

30,288

22,120

Accruals and deferred income

 

89,751

81,657

Other creditors

 

107,165

90,698

 

270,814

246,145

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

14,961

14,240

A debenture has been lodged at Companies House, in favour of Lloyds TSB bank, with fixed and floating charges over all assets, dated 9 November 2011.