William Morris Eyewear Limited
Unaudited Financial Statements
For Filing with Registrar
For the year ended 31 December 2019
Company Registration No. 04253484 (England and Wales)
William Morris Eyewear Limited
Company Information
Director
R. Morris
Company number
04253484
Registered office
The Mill
Stortford Road
Hatfield Heath
Essex
United Kingdom
CM22 7DL
Accountants
Moore Kingston Smith LLP
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Business address
The Mill
Stortford Road
Hatfield Heath
Essex
United Kingdom
CM22 7DL
William Morris Eyewear Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
William Morris Eyewear Limited
Balance Sheet
As at 31 December 2019
31 December 2019
Page 1
2019
2018
Notes
£
£
£
£
Fixed assets
Investments
2
450,007
450,007
Current assets
Debtors
4
41,058
-
Cash at bank and in hand
10,610
39,959
51,668
39,959
Creditors: amounts falling due within one year
5
(380,459)
(395,992)
Net current liabilities
(328,791)
(356,033)
Total assets less current liabilities
121,216
93,974
Capital and reserves
Called up share capital
6
806
1,200
Share premium account
119,988
119,988
Capital redemption reserve
394
-
Profit and loss reserves
28
(27,214)
Total equity
121,216
93,974
The director of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he director acknowledges his responsibilities for complying with the requirements of the Act 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.
William Morris Eyewear Limited
Balance Sheet (Continued)
As at 31 December 2019
31 December 2019
Page 2
The financial statements were approved by the board of directors and authorised for issue on 18 September 2020 and are signed on its behalf by:
R. Morris
Director
Company Registration No. 04253484
William Morris Eyewear Limited
Notes to the Financial Statements
For the year ended 31 December 2019
Page 3
1
Accounting policies
Company information
William Morris Eyewear Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Mill, Stortford Road, Hatfield Heath, Essex, United Kingdom, CM22 7DL.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of 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 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 pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he director has a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for
management
services provided in the normal course of business.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.5
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
William Morris Eyewear Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2019
1
Accounting policies
(Continued)
Page 4
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Fixed asset investments
2019
2018
£
£
Investments
450,007
450,007
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2019 & 31 December 2019
450,007
Carrying amount
At 31 December 2019
450,007
At 31 December 2018
450,007
3
Subsidiaries
Details of the company's subsidiaries at 31 December 2019 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office key
shares held
Direct
Indirect
William Morris London Limited
1
Distributor of designer eyewear
Ordinary
100.00
0
William Morris UK Direct Limited
1
Distributor of designer eyewear
Ordinary
100.00
0
William Morris Global Limited
1
Distributor of designer eyewear
Ordinary
100.00
0
William Morris Direct Limited
1
Dormant
Ordinary
100.00
0
William Morris Online Limited
1
Dormant
Ordinary
100.00
0
William Morris Private Label Limited
1
Dormant
Ordinary
100.00
0
Oriental Express Eyewear Limited
1
Dormant
Ordinary
100.00
0
William Morris Eyewear Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2019
3
Subsidiaries
(Continued)
Page 5
Registered Office addresses:
1
The Mill, Stortford Road, Hatfield Heath, Essex, CM22 7DL
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
William Morris London Limited
308,773
950,457
William Morris UK Direct Limited
1
William Morris Global Limited
1
William Morris Direct Limited
1
William Morris Online Limited
1
William Morris Private Label Limited
1
Oriental Express Eyewear Limited
2
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Amounts due from group undertakings
18,053
-
Other debtors
23,005
-
41,058
-
5
Creditors: amounts falling due within one year
2019
2018
£
£
Amounts due to group undertakings
7
2,975
Other creditors
380,452
393,017
380,459
395,992
William Morris Eyewear Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2019
Page 6
6
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
90 Ordinary Class A shares of £1 each
90
100
666 Ordinary Class B shares of £1 each
666
1,000
50 Ordinary Class C shares of £1 each
50
100
806
1,200
Holders of Class A ordinary shares are entitled to receive notice of and to vote at meetings and on written resolutions of the company. On winding up, or other repayment of capital, the shares are entitles are entitled to distribution of profits or assets of the company. The shares are entitled to participate in dividends independently of other share classes at the discretion of the directors.
Holders of Class B and Class C ordinary shares are not entitled to receive notice of or to vote at meetings or on written resolutions of the company. On winding up, or other repayment of capital, the shares do not carry any right to participate in the profits or assets of the company. The shares are entitled to dividends at the discretion of the directors.
Reconciliation of movements during the year:
Class A
Class B
Class C
Number
Number
Number
At 1 January 2019
100
1,000
100
Share buy-back
(10)
(334)
(50)
At 31 December 2019
90
666
50
During the year under review, the company successfully completed a share buy back transaction. Following the purchase of the shares by the company the shares have been cancelled.
7
Financial commitments, guarantees and contingent liabilities
The company is subject to a cross guarantee and debenture to provide security for inventory and invoice discounting facilities being provided to the William Morris Group. The cross guarantee and debenture has been established between the provider of the facilities, the company and its subsidiary entities. The director, R. Morris, has provided a guarantee to the provider of the facilities.
8
Events after the reporting date
The occurrence of the coronavirus which has expanded post year end is a global threat, however in the director's opinion it is not considered an event subsequent to the balance sheet date with a material effect on these financial statements to 31 December 2019.
There are no further events after the balance sheet date that require disclosure.
William Morris Eyewear Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2019
Page 7
9
Related party transactions
Amounts due from / to group undertakings include the following balances:
2019
2018
Debtors:
£
£
William Morris London Limited
18,053
-
Creditors falling due within one year:
William Morris London Limited
-
2,968
William Morris UK Direct Limited
1
1
William Morris Global Limited
1
1
William Morris Direct Limited
1
1
William Morris Online Limited
1
1
William Morris Private Label Limited
1
1
Oriental Express Eyewear Limited
2
2
7
2,975
During the year under review, the company charged a management fee of £nil (£2018: £42,166) to William Morris London Limited.
During the year under review, the company received dividends amounting to £437,000 (2018: £339,678) from William Morris London Limited.
10
Directors' transactions
Dividends totalling £149,000 were paid in the year in respect of shares held by the company's director.
Other creditors includes a debenture of £380,000 (2018: £380,000) provided to the company by R. Morris, a director and shareholder of the company, and A. Morris, a shareholder of the company. The debenture is repayable on demand and is secured by a fixed and floating charge over the assets of the company. Interest is charged at a rate of 11% per annum and during the year under review, the company incurred an interest charge of £42,000 (2018: £42,000).
11
Controlling party
The ultimate controlling party is R. Morris.
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CCH Software
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