COMPANY REGISTRATION NO. 06309454 (England and Wales)
KINGSTON EYECARE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
PAGES FOR FILING WITH REGISTRAR
KINGSTON EYECARE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
KINGSTON EYECARE LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2021
31 October 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
65,472
66,791
Current assets
Stocks
34,698
34,540
Debtors
5
15,431
44,945
Cash at bank and in hand
333,652
382,857
383,781
462,342
Creditors: amounts falling due within one year
6
(203,094)
(182,497)
Net current assets
180,687
279,845
Total assets less current liabilities
246,159
346,636
Creditors: amounts falling due after more than one year
7
(105,000)
(140,383)
Provisions for liabilities
(12,440)
(12,690)
Net assets
128,719
193,563
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
128,619
193,463
Total equity
128,719
193,563
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 October 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 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.
KINGSTON EYECARE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2021
31 October 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 5 April 2022 and are signed on its behalf by:
Mr P Patel
Director
Company Registration No. 06309454
KINGSTON EYECARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
- 3 -
1
Accounting policies
Company information
Kingston Eyecare Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
130 Aztec, Aztec West, Bristol, United Kingdom, BS32 4UB.
1.1
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.
1.2
Turnover
Turnover represents amounts receivable for goods and services
provided in the normal course of business, net of trade discounts, VAT and other sales-related taxes.
Turnover is recognised as earned when, and to the extent that, the company obtains the right to consideration in the exchange for goods and services provided.
Revenue from the sale of
spectacles, contact lenses and other related products
is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from the provision of
optometry
services is recognised
when the service is provided.
1.3
Intangible fixed assets other than goodwill
Intangible assets relate to a franchise fee paid and measured at cost less accumulated amortisation.
Amortisation 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:
Franchise
5 years on cost
1.4
Tangible fixed assets
Tangible fixed assets
are measured at
cost
n
et 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:
Improvement to property
20% on cost
Professional equipment
20% on cost
Fixtures & fittings
33% on cost
Computer equipment
33% on cost
Motor vehicles
20% reducing balance
KINGSTON EYECARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
1
Accounting policies
(Continued)
- 4 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses
.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Current tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted at the balance sheet.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
KINGSTON EYECARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
1
Accounting policies
(Continued)
- 5 -
1.9
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.10
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
14
16
3
Intangible fixed assets
Franchise
£
Cost
At 1 November 2020 and 31 October 2021
135,000
Amortisation and impairment
At 1 November 2020 and 31 October 2021
135,000
Carrying amount
At 31 October 2021
At 31 October 2020
KINGSTON EYECARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
- 6 -
4
Tangible fixed assets
Improvement to property
Professional equipment
Fixtures & fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 November 2020
37,717
47,286
1,205
24,825
79,180
190,213
Additions
6,803
14,000
1,668
22,471
At 31 October 2021
37,717
54,089
15,205
26,493
79,180
212,684
Depreciation and impairment
At 1 November 2020
19,868
38,610
1,205
24,423
39,316
123,422
Depreciation charged in the year
5,289
5,741
4,277
510
7,973
23,790
At 31 October 2021
25,157
44,351
5,482
24,933
47,289
147,212
Carrying amount
At 31 October 2021
12,560
9,738
9,723
1,560
31,891
65,472
At 31 October 2020
17,849
8,676
402
39,864
66,791
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
458
14,826
Other debtors
14,973
30,119
15,431
44,945
6
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
30,000
12,500
Trade creditors
101,897
89,650
Corporation tax
45,132
50,353
Other taxation and social security
14,213
11,410
Other creditors
11,852
18,584
203,094
182,497
Included in creditors are hire purchase liabilities totalling £2,882 (2020: £20,178 ) secured against the asset to which they relate.
KINGSTON EYECARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
- 7 -
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
105,000
137,500
Other creditors
2,883
105,000
140,383
8
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
265,784
332,230
10
Directors' transactions
Dividends totalling £255,000 (2020 - £160,500) were paid in the year in respect of shares held by the company's directors.