Registered number
06096274
The Eyewear Company (London) Ltd
Filleted Accounts
31 December 2024
The Eyewear Company (London) Ltd
Registered number: 06096274
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 11,510 18,017
Current assets
Stocks 255,425 300,466
Debtors 4 342,897 378,039
Cash at bank and in hand 12,339 29,608
610,661 708,113
Creditors: amounts falling due within one year 5 (588,082) (556,205)
Net current assets 22,579 151,908
Total assets less current liabilities 34,089 169,925
Creditors: amounts falling due after more than one year 6 (14,246) (24,246)
Provisions for liabilities - (4,504)
Net assets 19,843 141,175
Capital and reserves
Called up share capital 4 4
Profit and loss account 19,839 141,171
Shareholders' funds 19,843 141,175
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R S Wilson
Director
Approved by the board on 30 September 2025
The Eyewear Company (London) Ltd
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures and fittings over 5 years (previously 25% reducing balance)
Office equipment over 5 years (previously 25% reducing balance)
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 7 8
3 Tangible fixed assets
Fixtures and fittings Office equipment Total
£ £ £
Cost
At 1 January 2024 6,323 56,645 62,968
Additions - 4,129 4,129
At 31 December 2024 6,323 60,774 67,097
Depreciation
At 1 January 2024 3,811 41,140 44,951
Charge for the year 1,397 9,239 10,636
At 31 December 2024 5,208 50,379 55,587
Net book value
At 31 December 2024 1,115 10,395 11,510
At 31 December 2023 2,512 15,505 18,017
4 Debtors 2024 2023
£ £
Trade debtors 312,677 337,698
Other debtors 30,220 40,341
342,897 378,039
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 87,012 57,918
Trade creditors 233,622 342,723
Taxation and social security costs 136,708 141,816
Other creditors 130,740 13,748
588,082 556,205
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 14,167 24,167
Directors loan 79 79
14,246 24,246
7 Controlling party
The company is controlled by the directors.
8 Other information
The Eyewear Company (London) Ltd is a private company limited by shares and incorporated in England. Its registered office is:
The Counting House Bonds Mill Estate
Bristol Road
Stonehouse
Glos
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