Company Registration No. 8601892 (England and Wales)
Kirk Eyewear Ltd
Unaudited accounts
for the year ended 31 July 2022
Kirk Eyewear Ltd
Unaudited accounts
Contents
Kirk Eyewear Ltd
Company Information
for the year ended 31 July 2022
Directors
Mrs Karen Kirk
Mr Jason Kirk
Ms Li Chen
Mr Hugh Clark
Company Number
8601892 (England and Wales)
Registered Office
Knoll Business Centre
325-327 Old Shoreham Road
Hove
East Sussex
BN3 7GS
Accountants
Ian Sykes and Co Limited
1 Windlesham Gardens
Shoreham by Sea
West Sussex
BN43 5AD
Kirk Eyewear Ltd
Statement of financial position
as at
31 July 2022
Intangible assets
36,894
29,876
Tangible assets
2,333
5,278
Debtors
1,098,511
1,121,610
Cash at bank and in hand
59,526
32,376
Creditors: amounts falling due within one year
(396,486)
(737,621)
Net current assets
774,713
416,365
Total assets less current liabilities
818,220
455,858
Creditors: amounts falling due after more than one year
(155,907)
(88,741)
Net assets
662,313
367,117
Called up share capital
2,467
2,341
Share premium
970,826
786,432
Profit and loss account
(310,980)
(421,656)
Shareholders' funds
662,313
367,117
For the year ending 31 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 1 December 2022 and were signed on its behalf by
Mr Hugh Clark
Director
Company Registration No. 8601892
Kirk Eyewear Ltd
Notes to the Accounts
for the year ended 31 July 2022
Kirk Eyewear Ltd is a private company, limited by shares, registered in England and Wales, registration number 8601892. The registered office is Knoll Business Centre, 325-327 Old Shoreham Road, Hove, East Sussex, BN3 7GS.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention.
Intangible fixed assets comprise the costs to build the website which are amortised over its estimated economic life of 5 years.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% to 33.3% straight line basis
Computer equipment
33.3% straight line basis
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes any expenditure incurred in bringing the stock to its present condition. A "first in, first out" basis is used. Borrowing costs are not capitalised.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised on completion of each individual project.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Investments in shares are included at fair value.
Kirk Eyewear Ltd
Notes to the Accounts
for the year ended 31 July 2022
Government grants are recognised under the accrual model meaning that grants relating to revenue shall be recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.
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Intangible fixed assets
Other
Charge for the year
11,432
5
Tangible fixed assets
Plant & machinery
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 August 2021
63,544
10,997
74,541
At 31 July 2022
63,544
11,996
75,540
At 1 August 2021
61,224
8,039
69,263
Charge for the year
1,071
2,873
3,944
At 31 July 2022
62,295
10,912
73,207
At 31 July 2022
1,249
1,084
2,333
At 31 July 2021
2,320
2,958
5,278
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Investments
Other investments
Valuation at 1 August 2021
4,339
Fair value adjustments
(59)
Valuation at 31 July 2022
4,280
The investment represents 100% of the issued share capital of Kirk Eyewear Inc, a company registered and trading in the USA and 100% of the issued share capital of SAS Kirk & Kirk Europe , a company registered in France.
Kirk Eyewear Ltd
Notes to the Accounts
for the year ended 31 July 2022
Amounts falling due within one year
Trade debtors
80,533
1,069,086
Amounts due from group undertakings etc.
394,337
25,709
Accrued income and prepayments
622,211
2,211
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Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
82,334
50,000
Trade creditors
54,135
412,826
Amounts owed to group undertakings and other participating interests
-
25,940
Taxes and social security
67,651
73,296
Other creditors
57,092
46,476
Loans from directors
130,141
127,383
Included in "Other Creditors" are advances against future sales totalling £33,512. The fixed fee in respect of these advances has been charged in full to the Profit & Loss Account.
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Creditors: amounts falling due after more than one year
2022
2021
Bank loans
155,907
88,741
10
Operating lease commitments
2022
2021
At 31 July 2022 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
3,580
-
Later than one year and not later than five years
1,490
-
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Transactions with related parties
The loan from the directors has not been overdrawn at any time during the year. It is non-interest bearing and repayable on demand.
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Average number of employees
During the year the average number of employees was 6 (2021: 5).