Company Registration No. 01421968 (England and Wales)
THE WRIGHT EYEWEAR COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
THE WRIGHT EYEWEAR COMPANY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
THE WRIGHT EYEWEAR COMPANY LIMITED (REGISTERED NUMBER: 01421968)
BALANCE SHEET
AS AT 31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
153,891
154,785
Current assets
Stocks
75,717
64,490
Debtors
4
45,935
42,141
Cash at bank and in hand
137,654
183,025
259,306
289,656
Creditors: amounts falling due within one year
5
(82,421)
(102,837)
Net current assets
176,885
186,819
Total assets less current liabilities
330,776
341,604
Creditors: amounts falling due after more than one year
6
(35,650)
(100,658)
Provisions for liabilities
(28,802)
(29,943)
Net assets
266,324
211,003
Capital and reserves
Called up share capital
120
120
Profit and loss reserves
266,204
210,883
Total equity
266,324
211,003
THE WRIGHT EYEWEAR COMPANY LIMITED (REGISTERED NUMBER: 01421968)
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021
31 December 2021
- 2 -
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 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he 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.
The financial statements were approved and signed by the director and authorised for issue on 7 April 2022
Mrs K Wright
Director
THE WRIGHT EYEWEAR COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information
The Wright Eyewear Company Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
19-21 Swan Street, West Malling, Kent, ME19 6JU.
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 a
mounts
in these financial statements are
rounded to the nearest £
1
.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
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.
1.3
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:
Short Leasehold
- Over 20 years
Leasehold improvements
- Over 20 years
Plant and machinery
- 10% on reducing balance
Fixtures, fittings & equipment
- 25% on cost
Computer equipment
- 25% on cost
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
.
1.4
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.
THE WRIGHT EYEWEAR COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
1.5
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
6
8
3
Tangible fixed assets
Short Leasehold
Leasehold improvements
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
£
£
Cost
At 1 January 2021
66,232
70,861
186,890
15,464
9,789
349,236
Additions
9,220
4,837
14,057
At 31 December 2021
66,232
70,861
196,110
15,464
14,626
363,293
Depreciation and impairment
At 1 January 2021
20,423
14,709
139,065
13,058
7,196
194,451
Depreciation charged in the year
3,312
3,543
5,268
1,326
1,502
14,951
At 31 December 2021
23,735
18,252
144,333
14,384
8,698
209,402
Carrying amount
At 31 December 2021
42,497
52,609
51,777
1,080
5,928
153,891
At 31 December 2020
45,809
56,152
47,825
2,406
2,593
154,785
THE WRIGHT EYEWEAR COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
42,356
41,209
Other debtors
3,579
932
45,935
42,141
5
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
9,626
13,767
Trade creditors
26,038
35,199
Amounts owed to group undertakings
2,166
2,166
Taxation and social security
39,104
46,530
Other creditors
5,487
5,175
82,421
102,837
6
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
35,650
100,658
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
389,896
390,000
8
Financial commitments, guarantees and contingent liabilities
As at the balance sheet date there was a bounce back loan of £45,276 from its bankers.