Registration number:
Ego Eyewear Limited
for the Year Ended 31 December 2022
Ego Eyewear Limited
Contents
Company Information |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Statement of Comprehensive Income |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Financial Statements |
Ego Eyewear Limited
Company Information
Directors |
R H Gezang S Tulba R B C Totterman |
Registered office |
|
Auditors |
|
Ego Eyewear Limited
Directors' Report for the Year Ended 31 December 2022
The directors present their report and the financial statements for the year ended 31 December 2022.
Directors of the Company
The directors who held office during the year were as follows:
Small companies provision statement
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
Approved and authorised by the
......................................... |
Ego Eyewear Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors confirm that so far as they are aware, there is no relevant audit information (as defined by section 418(3) of the Companies Act 2006) of which the company’s auditors are unaware. They have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information
Ego Eyewear Limited
Independent Auditor's Report to the Members of Ego Eyewear Limited
Opinion
We have audited the financial statements of Ego Eyewear Limited (the 'Company') for the year ended 31 December 2022, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the Company's affairs as at 31 December 2022 and of its loss for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Without qualifying our opinion, we would like to draw to your attention the fact that the prior year figures are unaudited.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Ego Eyewear Limited
Independent Auditor's Report to the Members of Ego Eyewear Limited
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Directors' Report has been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
• the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.
Ego Eyewear Limited
Independent Auditor's Report to the Members of Ego Eyewear Limited
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 3], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Ego Eyewear Limited
Independent Auditor's Report to the Members of Ego Eyewear Limited
Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.
The following laws and regulations were identified as being of significance to the entity:
• Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting regulations, Company Law,Tax and distributable profits legislation.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
A further description of our responsibilities is available on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part our auditor's report.
Ego Eyewear Limited
Independent Auditor's Report to the Members of Ego Eyewear Limited
Use of our report
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
Chartered Accountants
114 St Martin's Lane
Covent Garden
WC2N 4BE
Ego Eyewear Limited
Profit and Loss Account for the Year Ended 31 December 2022
Note |
2022 |
2021 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating (loss)/profit |
(546,447) |
1,600,226 |
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar expenses |
( |
- |
|
15,138 |
10 |
||
(Loss)/profit before tax |
( |
|
|
Tax on (loss)/profit |
|
( |
|
(Loss)/profit for the financial year |
( |
|
The above results were derived from continuing operations.
Ego Eyewear Limited
Statement of Comprehensive Income for the Year Ended 31 December 2022
2022 |
2021 |
|
(Loss)/profit for the year |
( |
|
Foreign currency translation losses |
- |
( |
Total comprehensive income for the year |
( |
|
Ego Eyewear Limited
(Registration number: 09266443)
Balance Sheet as at 31 December 2022
Note |
2022 |
2021 |
|
Fixed assets |
|||
Tangible assets |
- |
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
133 |
133 |
|
Other reserves |
- |
(22,468) |
|
Retained earnings |
1,114,863 |
1,572,134 |
|
Shareholders' funds |
1,114,996 |
1,549,799 |
Approved and authorised by the
......................................... |
Ego Eyewear Limited
Statement of Changes in Equity for the Year Ended 31 December 2022
Share capital |
Foreign currency translation |
Retained earnings |
Total |
|
At 1 January 2022 |
|
( |
|
|
Loss for the year |
- |
- |
( |
( |
Total comprehensive income |
- |
- |
( |
( |
Transfers |
- |
22,468 |
(22,468) |
- |
At 31 December 2022 |
|
- |
|
|
Share capital |
Foreign currency translation |
Retained earnings |
Total |
|
At 1 January 2021 |
|
|
|
|
Profit for the year |
- |
- |
|
|
Other comprehensive income |
- |
( |
- |
( |
Total comprehensive income |
- |
( |
|
|
At 31 December 2021 |
|
( |
|
|
Ego Eyewear Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
General information |
The Company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
Principal activity
The principal activity of the company is the sale of spectacles.
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
The basis is that the financial statements are presented in USD dollars. For the year ended 31 December 2022 both the presentational and functional currencies are US Dollars. On the change of functional currency the foreign currency translation reserve has been released to retained earnings.
The company's functional currency for the year ended 31 December 2021 was in Pounds Sterling and the company's presentational currency was in US Dollars.
Summary of disclosure exemptions
As a Qualifying Entity, the individual company has taken advantage of the exemption, under Section 1.12 of FRS 102, not to prepare a Statement of Cash Flows, not to disclose key management personnel compensation, or the requirements to present financial instrument disclosures as required by paragraphs 11.39 to 11.48A, 12.26 and 12.29. It has also taken advantage of the exemption under Section 33.1A of FRS102 not to disclose related party transactions between the company and its parent company.
Ego Eyewear Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Name of parent of group
These financial statements are consolidated in the financial statements of Inspecs Group PLC.
The financial statements of Inspecs Group PLC may be obtained from 7-10 Kelso Place, Upper Bristol Road, Bath, BA1 3AU.
Group accounts not prepared
Going concern
The financial statements have been prepared on a going concern basis.
Turnover recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.
Foreign currency transactions and balances
date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated
into the respective functional currency of the entity at the rates prevailing on the reporting period date.
Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at
the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Ego Eyewear Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office Equipment |
25% Straight Line |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Financial instruments
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.
Ego Eyewear Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Significant judgements and estimation uncertainty |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Directors' opinion there are no significant judgements or key sources of estimation uncertainty.
Ego Eyewear Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Turnover |
The analysis of the company's turnover for the year from continuing operations is as follows:
2022 |
2021 |
|
Sale of goods |
|
|
Rendering of services |
- |
|
Commissions received |
|
|
|
|
The analysis of the Company's Turnover for the year by market is as follows:
2022 |
2021 |
|
UK |
|
|
Other gains and losses |
The analysis of the Company's other gains and losses for the year is as follows:
2022 |
2021 |
|
Loss from changes in provisions |
( |
- |
Loss from disposals of investments |
- |
( |
(23,255) |
(2,707) |
Auditors' remuneration |
2022 |
2021 |
|
Audit of the financial statements |
|
|
Ego Eyewear Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Operating (loss)/profit |
Arrived at after charging/(crediting)
2022 |
2021 |
|
Depreciation expense |
|
|
Other interest receivable and similar income |
2022 |
2021 |
|
Other finance income |
|
|
Interest payable and similar expenses |
2022 |
2021 |
|
Interest expense on other finance liabilities |
|
- |
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Ego Eyewear Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Taxation |
Tax charged/(credited) in the profit and loss account
2022 |
2021 |
|
Current taxation |
||
UK corporation tax |
- |
|
UK corporation tax adjustment to prior periods |
( |
- |
(96,506) |
284,948 |
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2021 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2022 |
2021 |
|
(Loss)/profit before tax |
( |
|
Corporation tax at standard rate |
( |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
- |
Effect of tax losses |
- |
( |
Decrease in UK and foreign current tax from adjustment for prior periods |
( |
- |
Tax increase from effect of capital allowances and depreciation |
|
|
Tax increase from effect of unrelieved tax losses carried forward |
|
- |
Total tax (credit)/charge |
( |
|
Ego Eyewear Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Tangible assets |
Furniture, fittings and equipment |
Total |
|
Cost or valuation |
||
At 1 January 2022 |
|
|
At 31 December 2022 |
|
|
Depreciation |
||
At 1 January 2022 |
|
|
Charge for the year |
|
|
At 31 December 2022 |
|
|
Carrying amount |
||
At 31 December 2022 |
- |
- |
At 31 December 2021 |
|
|
Ego Eyewear Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Investments |
2022 |
2021 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
$ |
Cost or valuation |
|
At 1 January 2022 |
|
At 31 December 2022 |
|
Provision |
|
At 1 January 2022 |
- |
Provision |
|
At 31 December 2022 |
|
Carrying amount |
|
At 31 December 2022 |
|
At 31 December 2021 |
|
Ego Eyewear Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Details of undertakings
Details of the investments in which the Company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
2022 |
2021 |
|||
Subsidiary undertakings |
||||
|
Ostermalmsgatan 87e BOX 5457 114 59 Stockholm Sweden |
|
|
|
|
PO Box 5457 Stockholm, 114 81 Sweden |
|
|
|
|
Unit 303 Mirror Tower, 61 Mody Road, Tsimshatsui East, Kowloon, HongKong Hongkong |
|
|
|
|
JOHANNESGRAND 1 11130 Stockholm, Stockholms Ian Sweden |
|
|
|
Ego Eyewear Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Debtors |
2022 |
2021 |
||
Trade debtors |
|
|
|
Amounts owed by related parties |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
Income tax asset |
|
- |
|
|
|
Cash and cash equivalents |
2022 |
2021 |
|
Cash at bank |
|
|
Ego Eyewear Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Creditors |
Note |
2022 |
2021 |
|
Due within one year |
|||
Trade creditors |
|
|
|
Amounts due to related parties |
|
|
|
Other payables |
|
|
|
Accruals |
|
|
|
Income tax liability |
- |
284,928 |
|
|
|
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
|||
No. |
$ |
No. |
$ |
|
|
|
133 |
|
133 |
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The most senior parent entity producing publicly available financial statements is