Eyecare-Plus Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC249898

EYECARE-PLUS LTD

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2019

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Intangible assets

4

21,098

26,373

Tangible assets

5

95,921

94,960

117,019

121,333

CURRENT ASSETS

Stocks

11,300

11,300

Debtors

6

11,396

11,910

Cash at bank and in hand

164,431

145,972

187,127

169,182

CREDITORS

Amounts falling due within one year

7

65,484

50,941

NET CURRENT ASSETS

121,643

118,241

TOTAL ASSETS LESS CURRENT LIABILITIES

238,662

239,574

PROVISIONS FOR LIABILITIES

1,835

1,270

NET ASSETS

236,827

238,304

CAPITAL AND RESERVES

Called up share capital

2

2

Profit and loss account

236,825

238,302

SHAREHOLDERS' FUNDS

236,827

238,304

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 2 June 2020 and were signed by:

D Crystal - Director

1.	STATUTORY INFORMATION

Eyecare-Plus Ltd is a private limited company, limited by shares, registered in Scotland. The registered office is

8 Rodney Street, Edinburgh, EH7 4EA.

The financial statements are presented in Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities"

of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of

Ireland" and the Companies Act 2006. There were no material departures from that standard. The financial

statements have been prepared under the historical cost convention.

Judgements

The company considers on an annual basis the judgements that are made by management when applying its

significant accounting policies that would have the most significant effect on amounts that are recognised in the

financial statements. The director considers there are no such significant judgements.

Turnover

Turnover in the profit and loss account represents the invoice value of goods sold and services rendered during

the year, exclusive of value added tax. The company's policy is to recognise a sale when substantively all the

risks and rewards in connection with the goods and services have been passed to the buyer.

Goodwill

Goodwill arising on business acquisitions is carried at cost less accumulated amortisation and impairment losses.

Amortisation is calculated on a straight line basis over the estimated useful life of 4 years and 20 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Land and buildings

-

2% on cost

Plant and machinery etc

-

50% on cost, 33.3% on cost, 20% on cost and straight line over life of lease

Tangible fixed assets are included at cost less accumulated depreciation and accumulated impairment losses.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and

equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an

indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value

less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the

carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised

immediately in profit and loss.

Stocks

Stock are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable

value).

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial

assets and liabilities like trade and other accounts receivable and payable and loans from related parties.

Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are

measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be

paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence

of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is

discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid

investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when

applicable, are shown within borrowings in current liabilities.

Taxation

Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is

calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the

treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in

respect of all timing differences that have originated but not reversed at the balance sheet date. However,

deferred tax assets are recognised only to the extent that the director considers that it is more likely than not that

there will be suitable taxable profits from which the future reversal of the underlying timing differences can be

deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in

the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted

at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is

presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the

transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss on a straight line basis over the period of

the lease.

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.

Provisions

Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a

result of a past event, it is probable that the company will be required to settle the obligation and the amount of

the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to

settle the obligation at the reporting date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2018 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2018

and 30 September 2019

110,485

AMORTISATION

At 1 October 2018

84,112

Charge for year

5,275

At 30 September 2019

89,387

NET BOOK VALUE

At 30 September 2019

21,098

At 30 September 2018

26,373

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 October 2018

100,691

111,690

212,381

Additions

-

6,526

6,526

Disposals

-

(215

)

(215

)

At 30 September 2019

100,691

118,001

218,692

DEPRECIATION

At 1 October 2018

12,414

105,007

117,421

Charge for year

2,014

3,551

5,565

Eliminated on disposal

-

(215

)

(215

)

At 30 September 2019

14,428

108,343

122,771

NET BOOK VALUE

At 30 September 2019

86,263

9,658

95,921

At 30 September 2018

88,277

6,683

94,960

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

10,847

11,910

Other debtors

549

-

11,396

11,910

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

12,706

11,752

Taxation and social security

27,980

27,812

Other creditors

24,798

11,377

65,484

50,941

8.	RELATED PARTY DISCLOSURES

During the year the company made advances of £112,479 (2018 £154,430) to the director and £125,909 (2018

£158,910) was repaid to the company.

The amount due at the year end to the director of £18,831 (2018 £5,401) is interest free, unsecured and has no

fixed terms of repayment.