EKK Vision Ltd - Period Ending 2020-04-30
EKK Vision Ltd - Period Ending 2020-04-30
Registration number:
EKK Vision Ltd
trading as
for the Year Ended 30 April 2020
1 Pavilion Square
Westhoughton
Bolton
BL5 3AJ
EKK Vision Ltd
trading as Boots Twickenham
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
EKK Vision Ltd
trading as Boots Twickenham
Company Information
Director |
Mrs S K Khurl |
Company secretary |
Mr J S Khurl |
Registered office |
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Accountants |
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Page 1 |
EKK Vision Ltd
trading as Boots Twickenham
(Registration number: 10340998)
Balance Sheet as at 30 April 2020
Note |
2020 |
2019 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
- |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
2 |
2 |
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Profit and loss account |
(45,379) |
(30,940) |
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Total equity |
(45,377) |
(30,938) |
Page 2 |
EKK Vision Ltd
trading as Boots Twickenham
(Registration number: 10340998)
Balance Sheet as at 30 April 2020
For the financial year ending 30 April 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Page 3 |
EKK Vision Ltd
trading as Boots Twickenham
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurance from the directors that they will continue to give financial support to the company for twelve months from the date of signing these accounts.
On this basis, the directors consider it appropriate to prepare the accounts on a going concern basis. However, should the financial support mentioned above may not be forthcoming, the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and to provide for any further liabilities which might arise. The accounts do not include any adjustments to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate.
Revenue 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.
Page 4 |
EKK Vision Ltd
trading as Boots Twickenham
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2020
Tax
The tax expense for the period comprises current and deferred 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.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
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 |
20% Straight line |
Franchise Fee
Franchise Fee arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Franchise Fee is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Franchise Fee is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Franchise Fee is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Franchise fee |
10% straight line |
Page 5 |
EKK Vision Ltd
trading as Boots Twickenham
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2020
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Page 6 |
EKK Vision Ltd
trading as Boots Twickenham
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2020
Intangible assets |
Franchise Fee |
Total |
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Cost or valuation |
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At 1 May 2019 |
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At 30 April 2020 |
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Amortisation |
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At 1 May 2019 |
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Amortisation charge |
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At 30 April 2020 |
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Carrying amount |
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At 30 April 2020 |
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At 30 April 2019 |
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Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 May 2019 |
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At 30 April 2020 |
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Depreciation |
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At 1 May 2019 |
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Charge for the year |
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At 30 April 2020 |
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Carrying amount |
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At 30 April 2020 |
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At 30 April 2019 |
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Stocks |
2020 |
2019 |
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Finished goods and goods for resale |
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Page 7 |
EKK Vision Ltd
trading as Boots Twickenham
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2020
Debtors |
2020 |
2019 |
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Trade debtors |
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Prepayments |
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Other debtors |
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- |
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Creditors |
Creditors: amounts falling due within one year
Note |
2020 |
2019 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2020 |
2019 |
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Due after one year |
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Loans and borrowings |
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National Westminster Bank PLC holds a fixed and floating charge over the company in relation to the loan outstanding.
Page 8 |
EKK Vision Ltd
trading as Boots Twickenham
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2020
Loans and borrowings |
2020 |
2019 |
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Non-current loans and borrowings |
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Bank borrowings |
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2020 |
2019 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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Page 9 |