William Morris Eyewear Limited
Unaudited Financial Statements
For Filing with Registrar
For the year ended 31 December 2020
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
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 2020
Page 1
2020
2019
Notes
£
£
£
£
Fixed assets
Investments
3
450,007
450,007
Current assets
Debtors
5
22,544
41,058
Cash at bank and in hand
48,242
10,610
70,786
51,668
Creditors: amounts falling due within one year
6
(398,738)
(380,459)
Net current liabilities
(327,952)
(328,791)
Total assets less current liabilities
122,055
121,216
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
867
28
Total equity
122,055
121,216
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 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
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.
The financial statements were approved and signed by the director and authorised for issue on 15 September 2021
R. Morris
Director
William Morris Eyewear Limited
Balance Sheet (Continued)
As at 31 December 2020
Page 2
Company Registration No. 04253484
William Morris Eyewear Limited
Notes to the Financial Statements
For the year ended 31 December 2020
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
While the spread of the coronavirus has a negative impact on business activities, it is currently not possible to make a reliable estimate on the depth of the impact on business activities. 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 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.
1.5
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.
William Morris Eyewear Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2020
1
Accounting policies
(Continued)
Page 4
1.6
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
Employees
The average monthly number of persons (including directors) employed by the company during the year was 0
(2019: 0).
3
Fixed asset investments
2020
2019
£
£
Investments
450,007
450,007
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2020 & 31 December 2020
450,007
Carrying amount
At 31 December 2020
450,007
At 31 December 2019
450,007
William Morris Eyewear Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2020
Page 5
4
Subsidiaries
Details of the company's subsidiaries at 31 December 2020 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
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
589,357
1,081,812
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
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Amounts due from group undertakings
18,053
Other debtors
22,544
23,005
22,544
41,058
William Morris Eyewear Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2020
Page 6
6
Creditors: amounts falling due within one year
2020
2019
£
£
Amounts due to group undertakings
18,738
7
Other creditors
380,000
380,452
398,738
380,459
7
Called up share capital
2020
2019
£
£
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.
8
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.
William Morris Eyewear Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2020
Page 7
9
Related party transactions
Amounts due from / to group undertakings include the following balances:
2020
2019
Debtors:
£
£
William Morris London Limited
-
18,053
Creditors falling due within one year:
William Morris London Limited
18,731
-
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
18,738
7
During the year under review, the company received dividends amounting to £458,000 (2019: £437,000) from William Morris London Limited.
10
Directors' transactions
Dividends totalling £415,000 (2019: £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 (2019: £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 (2019: £42,000).
Included in other debtors is an amount of £22,544 owed from the directors (2019: £452 - owed to the directors).
11
Controlling party
The ultimate controlling party is R. Morris.