William Morris Eyewear Limited
Unaudited Financial Statements
For the year ended 31 December 2021
For Filing with Registrar
Company Registration No. 04253484 (England and Wales)
William Morris Eyewear Limited
Company Information
Directors
R. Herrmann
(Appointed 22 September 2022)
L. Flyvholm
(Appointed 22 September 2022)
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
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 2021
Page 1
2021
2020
Notes
£
£
£
£
Fixed assets
Investments
3
450,002
450,007
Current assets
Debtors
5
22,544
Cash at bank and in hand
57,064
48,242
57,064
70,786
Creditors: amounts falling due within one year
6
(385,797)
(398,738)
Net current liabilities
(328,733)
(327,952)
Net assets
121,269
122,055
Capital and reserves
Called up share capital
7
806
806
Share premium account
119,988
119,988
Capital redemption reserve
394
394
Profit and loss reserves
81
867
Total equity
121,269
122,055
The directors 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 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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.
William Morris Eyewear Limited
Balance Sheet (Continued)
As at 31 December 2021
Page 2
The financial statements were approved by the board of directors and authorised for issue on 30 September 2022 and are signed on its behalf by:
R. Herrmann
Director
Company Registration No. 04253484
William Morris Eyewear Limited
Notes to the Financial Statements
For the year ended 31 December 2021
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 £.
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
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the
true
foreseeable future and for a period of at least twelve months following the approval of these financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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.
1.4
Cash and cash equivalents
Cash and cash equivalents
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.
1.5
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.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
William Morris Eyewear Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
Page 4
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 0
(20
20
: 0).
3
Fixed asset investments
2021
2020
£
£
Shares in group undertakings and participating interests
450,002
450,007
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2021
450,007
Disposals
(5)
At 31 December 2021
450,002
Carrying amount
At 31 December 2021
450,002
At 31 December 2020
450,007
4
Subsidiaries
Details of the company's subsidiaries at 31 December 2021 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
Registered Office addresses:
1
The Mill, Stortford Road, Hatfield Heath, Essex, CM22 7DL
William Morris Eyewear Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
4
Subsidiaries
(Continued)
Page 5
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
642,538
1,439,352
William Morris UK Direct Limited
-
1
William Morris Global Limited
-
1
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
22,544
6
Creditors: amounts falling due within one year
2021
2020
£
£
Amounts owed to group undertakings
5,797
18,738
Other creditors
380,000
380,000
385,797
398,738
William Morris Eyewear Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
Page 6
7
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
90 Ordinary Class A shares of £1 each
90
90
666 Ordinary Class B shares of £1 each
666
666
50 Ordinary Class C shares of £1 each
50
50
806
806
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.
William Morris Eyewear Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
Page 7
8
Related party transactions
Amounts due from / to group undertakings include the following balances:
2021
2020
£
£
Creditors falling due within one year:
William Morris London Limited
5,795
18,731
William Morris UK Direct Limited
1
1
William Morris Global Limited
1
1
William Morris Direct Limited
-
1
William Morris Online Limited
-
1
William Morris Private Label Limited
-
1
Oriental Express Eyewear Limited
-
2
5,797
18,738
During the year under review, the company received dividends amounting to £
285
,000 (20
20
: £4
58
,000) from William Morris London Limited.
9
Directors' transactions
Dividends totalling £
243,548
(20
20
: £
415
,000) were paid in the year in respect of shares held by the company's director.
Other creditors includes a debenture of £380,000 (20
20
: £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 (20
20
: £42,000).
Included in other debtors is an amount of
£nil (2020:
£22,544
)
owed from the directors
.
10
Controlling party
As at 31 December 2021, t
he ultimate controlling party is
considered to be
R. Morris.
2021-12-31
2021-01-01
false
30 September 2022
CCH Software
CCH Accounts Production 2022.100
No description of principal activity
R. Morris
R. Herrmann
R. Herrmann
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