Registration number: 09662476

Washington Eyecare Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 8

Washington Eyecare Limited

(Registration number: 09662476)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	5	30,007	47,997
Current assets
Stocks	6	30,798	27,413
Debtors	7	17,297	24,630
Cash at bank and in hand		224,227	203,473
		272,322	255,516
Creditors: Amounts falling due within one year	8	(149,209)	(108,591)
Net current assets		123,113	146,925
Total assets less current liabilities		153,120	194,922
Creditors: Amounts falling due after more than one year	8	(152,013)	(190,255)
Net assets		1,107	4,667
Capital and reserves
Called up share capital		50	60
Capital redemption reserve		(40)	-
Retained earnings		1,097	4,607
Shareholders' funds		1,107	4,667

Washington Eyecare Limited

(Registration number: 09662476)
Balance Sheet as at 31 December 2024

For the financial year ending 31 December 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 May 2025
 

......................................... Mr D Quinn Director

Washington Eyecare Limited

Notes to the Unaudited 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:
Washington Eyecare Limited
Unit 77 Albany Mall
The Galleries
Washington
Tyne & Wear
NE38 7SD

These financial statements were authorised for issue by the director on 28 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 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.

Washington Eyecare Limited

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

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 and fittings	20% Straight line
Office equipment	20% Straight line
Plant and machinery	33% straight line

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
Goodwill	10% Straight line

Washington Eyecare Limited

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

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 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.

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.

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.

Washington Eyecare Limited

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

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 8 (2023 - 9).

4	Intangible assets

	Franchise £	Total £
Cost or valuation
At 1 January 2024	5,000	5,000
At 31 December 2024	5,000	5,000
Amortisation
At 1 January 2024	5,000	5,000
At 31 December 2024	5,000	5,000
Carrying amount
At 31 December 2024	-	-

5	Tangible assets

	Furniture, fittings and equipment  £	Computer equipment £	Total £
Cost or valuation
At 1 January 2024	343,228	21,839	365,067
Additions	4,255	291	4,546
At 31 December 2024	347,483	22,130	369,613
Depreciation
At 1 January 2024	302,052	15,018	317,070
Charge for the year	19,080	3,456	22,536
At 31 December 2024	321,132	18,474	339,606
Carrying amount
At 31 December 2024	26,351	3,656	30,007
At 31 December 2023	41,176	6,821	47,997

Washington Eyecare Limited

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

6

Stocks

	2024 £	2023 £
Finished goods and goods for resale	30,798	27,413

7

Debtors

Current	Note	2024 £	2023 £
Trade debtors		8,693	12,907
Amounts owed by related parties		672	672
Prepayments		7,818	11,051
Other debtors		114	-
		17,297	24,630

8

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Loans and borrowings		39,001	27,889
Trade creditors		45,446	36,995
Taxation and social security		43,435	32,538
Accruals and deferred income		18,549	2,321
Other creditors		2,778	8,848
		149,209	108,591

There are two charges over the company at the year end date. The first from National Westminster Bank PLC was delivered 2nd February 2016 and is a fixed charge. The second again from National Westminster Bank PLC was delivered 29th February 2016 and is a fixed charge.

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £39,001 (2023 - £27,889).

Washington Eyecare Limited

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

Creditors: amounts falling due after more than one year

	Note	2024 £	2023 £
Due after one year
Loans and borrowings		152,013	190,255

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £152,013 (2023 - £190,255).