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Financial Statements for the Year Ended 31 December 2020 |
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International Eyewear Limited |
REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 December 2020 |
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for |
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International Eyewear Limited |
International Eyewear Limited (Registered number: 02221216) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2020 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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International Eyewear Limited |
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Company Information |
for the Year Ended 31 December 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Certified Accountants |
Statutory Auditors |
Meriden House |
6 Great Cornbow |
Halesowen |
West Midlands |
B63 3AB |
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BANKERS: |
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1 Great Cornbow |
Halesowen |
West Midlands |
B63 3AD |
International Eyewear Limited (Registered number: 02221216) |
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Statement of Financial Position |
31 December 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
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CURRENT ASSETS |
Inventories | 5 |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 11 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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International Eyewear Limited (Registered number: 02221216) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2020 |
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1. | STATUTORY INFORMATION |
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International Eyewear Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The financial statements are presented in pound sterling which is the functional currency of the company and rounded to the nearest £. |
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These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
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The preparation of financial statements in compliance with FRS 102 - 1A requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the accounting policies. |
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Significant judgements and estimates |
Critical accounting judgements and estimation uncertainty |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
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Critical accounting estimates and assumptions |
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial period are addressed below: |
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Useful economic lives of tangible assets |
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. |
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Impairment of debtors |
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing of debtors and historical experience. |
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Turnover |
Turnover represents the total invoice value, excluding value added tax, of sales made during the period. |
International Eyewear Limited (Registered number: 02221216) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by the management. |
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The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred. |
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Depreciation is charged so as to allocate the cost of the assets less their residual value over their estimated useful lives, on a cost or reducing balance basis. |
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Depreciation is provided on the following basis: |
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Fixtures and fittings | - | 15% | reducing balance |
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Computer equipment |
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various |
15% on cost or 15-33% on reducing
balance |
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
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Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement. |
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Assets held under finance leases are depreciated over the life of the lease. |
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Stocks |
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
International Eyewear Limited (Registered number: 02221216) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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Going concern |
After making enquiries and preparing financial projections for one year from the date the accounts are signed, the Directors have formed a judgement that, as at the date of approving the financial statements, there is a reasonable expectation that the Company has adequate resources to continue in existence for the foreseeable future. |
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The Board acknowledges that, along with many other businesses, the Covid-19 Pandemic has had an impact upon trading of the Company. The Directors have considered the ongoing disruption to the wider economic environment and the consequential uncertainty for the Company. Accordingly, the generation of sufficient operating cash flows will remain a risk. |
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In making this assessment the Board has undertaken a thorough review of the Company's budgets and forecasts and has produced detailed and realistic cash flow projections. |
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The Directors remain of the view that the financial projections are achievable and that the headroom within the forecast should be sufficient to enable the Company to operate and meets its liabilities as they fall due for payment. |
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Support continues to be available from the group. Its financial indicators have been impacted to a lesser extent by the Covid-19 Pandemic than International Eyewear Limited. The groups financial position as at 31 December 2020 is stronger that at 31 December 2019, providing additional headroom for supporting its subsidiaries. |
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The financial statements have accordingly been prepared on a going concern basis. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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International Eyewear Limited (Registered number: 02221216) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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4. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2020 |
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Disposals | ( |
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At 31 December 2020 |
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DEPRECIATION |
At 1 January 2020 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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5. | INVENTORIES |
2020 | 2019 |
£ | £ |
Finished goods |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Tax |
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Deferred tax asset |
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Prepayments |
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Amounts owed from group undertakings are unsecured and repayable on demand. |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts |
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Finance leases |
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Trade creditors |
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Amounts owed to group undertakings |
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Social security and other taxes |
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Other creditors |
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Accruals and deferred income |
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Amounts owed to group undertakings are unsecured and repayable on demand. |
International Eyewear Limited (Registered number: 02221216) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2020 | 2019 |
£ | £ |
Bank loans - 1-2 years |
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Bank loans - 2-5 years |
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Bank loans more 5 yr by instal |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 4,167 | - |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2020 | 2019 |
£ | £ |
Finance leases | - | 16,065 |
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Obligations under finance lease contracts are secured on the assets to which they relate. |
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10. | DEFERRED TAX |
£ |
Balance at 1 January 2020 | ( |
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Movement in the year | (12,624 | ) |
Balance at 31 December 2020 | ( |
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A deferred tax asset has arisen as a result of corporation tax losses carried forward and the timing differences between depreciation and capital allowance claims on assets. |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary | £1 | 100 | 100 |
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12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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For and on behalf of
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International Eyewear Limited (Registered number: 02221216) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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13. | POST BALANCE SHEET EVENTS |
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On 5 January 2021 the UK Government announced a further national lockdown in order to stem the spread of the Covid-19 virus. Legislation remains in place until the next review date of 31 March 2021, but restrictions within the optical industry are likely to impact on the Company's trading ability in the current financial period. |
International Eyewear Limited is taking advantage of the flexible furlough scheme, although focus will be on maintaining the availability of products in order to meet the needs of customers as they arise. |
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14. | ULTIMATE CONTROLLING PARTY |
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The immediate parent undertaking of the company is Eschenbach UK Holdings Limited whose registered office address is Atelier House, 27 Blackberry Lane, Halesowen, West Midlands, B63 4NX . |
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The ultimate holding company is Inspecs Group PLC, a company registered in England and Wales. |