Company Registration No. 11281098 (England and Wales)
Xsighted Eyewear Limited
Unaudited
Financial Statements
for the year ended 31 March 2021
PAGES FOR FILING WITH REGISTRAR
Xsighted Eyewear Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
Xsighted Eyewear Limited
Statement Of Financial Position
as at 31 March 2021
31 March 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
9,818
13,092
Current assets
Stocks
1,500
1,250
Debtors
4
6,287
7,787
1,250
Creditors: amounts falling due within one year
5
(14,925)
(11,942)
Net current liabilities
(7,138)
(10,692)
Net assets
2,680
2,400
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
2,580
2,300
Total equity
2,680
2,400
The director of the company has elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has 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 29 March 2022
J P Hardcastle
Director
Company Registration No. 11281098
Xsighted Eyewear Limited
Notes to the financial statements
for the year ended 31 March 2021
- 2 -
1
Accounting policies
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 £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
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
.
Turnover is recognised on the supply of goods and services to the customer.
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:
Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Computers
25% reducing balance
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
income statement
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Government grants
Government grants are recognised at the fair value of the asset received and are recognised over the same period in which related costs are incurred.
Xsighted Eyewear Limited
Notes to the financial statements (continued)
for the year ended 31 March 2021
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
1
1
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 April 2020 and 31 March 2021
15,941
174
227
16,342
Depreciation and impairment
At 1 April 2020
2,849
174
227
3,250
Depreciation charged in the year
3,274
3,274
At 31 March 2021
6,123
174
227
6,524
Carrying amount
At 31 March 2021
9,818
9,818
At 31 March 2020
13,092
13,092
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
6,287
5
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
3,100
7,000
Taxation and social security
10,825
2,477
Other creditors
1,000
2,465
14,925
11,942
Xsighted Eyewear Limited
Notes to the financial statements (continued)
for the year ended 31 March 2021
- 4 -
6
Company information
Xsighted Eyewear Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Foxhills, Church Lane, Wentbridge, Pontefract, West Yorkshire, United Kingdom, WF8 3JH.