London Eye Care Centre Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02193203 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2020

for

LONDON EYE CARE CENTRE LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

Director:

N Govindasami

Secretary:

Mrs J Govindasami

Registered office:

30 Knights Hill

London

SE27 0HY

Registered number:

02193203 (England and Wales)

Accountants:

Haines Watts

Chartered Accountants

Northside House

69 Tweedy Road

Bromley

Kent

BR1 3WA

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of London Eye Care Centre Limited for the year ended 31 December 2020 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of London Eye Care Centre Limited in accordance with the terms of our engagement letter dated 12 March 2013. Our work has been undertaken solely to prepare for your approval the financial statements of London Eye Care Centre Limited and state those matters that we have agreed to state to the director of London Eye Care Centre Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than London Eye Care Centre Limited and its director for our work or for this report.

It is your duty to ensure that London Eye Care Centre Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of London Eye Care Centre Limited. You consider that London Eye Care Centre Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of London Eye Care Centre Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Haines Watts

Chartered Accountants

Northside House

69 Tweedy Road

Bromley

Kent

BR1 3WA

1 July 2021

Fixed assets

Intangible assets

4

111,305

127,957

Tangible assets

5

68,854

65,496

180,159

193,453

Current assets

Stocks

26,000

21,000

Debtors

6

176,622

89,076

Investments

7

-

104,725

Cash at bank

423,128

139,831

625,750

354,632

Creditors

Amounts falling due within one year

8

192,846

61,266

Net current assets

432,904

293,366

Total assets less current liabilities

613,063

486,819

Creditors

Amounts falling due after more than one year

9

(147,034

)

(108,563

)

Provisions for liabilities

11

(11,812

)

-

Net assets

454,217

378,256

Capital and reserves

Called up share capital

12

2

2

Retained earnings

13

454,215

378,254

Shareholders' funds

454,217

378,256

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 1 July 2021 and were signed by:

N Govindasami - Director

1.	Statutory information

London Eye Care Centre Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Key source of estimation, uncertainty and judgement

The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed off.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being amount paid in connection with the acquisition of businesses in 2007, 2013 and 2019, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Long leasehold

-

Straight line over 15 years

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

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 profit or 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.

3.	Employees and directors

The average number of employees during the year was 7 (2019 - 6 ) .

4.	Intangible fixed assets

Goodwill

£

Cost

At 1 January 2020

and 31 December 2020

212,376

Amortisation

At 1 January 2020

84,419

Amortisation for year

16,652

At 31 December 2020

101,071

Net book value

At 31 December 2020

111,305

At 31 December 2019

127,957

5.	Tangible fixed assets

Fixtures

Long

Plant and

and

leasehold

machinery

fittings

Totals

£

£

£

£

Cost

At 1 January 2020

25,073

43,000

94,929

163,002

Additions

-

24,066

2,614

26,680

At 31 December 2020

25,073

67,066

97,543

189,682

Depreciation

At 1 January 2020

11,698

21,711

64,097

97,506

Charge for year

1,671

11,339

10,312

23,322

At 31 December 2020

13,369

33,050

74,409

120,828

Net book value

At 31 December 2020

11,704

34,016

23,134

68,854

At 31 December 2019

13,375

21,289

30,832

65,496

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Fixtures

and

fittings

£

Cost

At 1 January 2020

13,000

Transfer to ownership

(13,000

)

At 31 December 2020

-

Depreciation

At 1 January 2020

10,400

Charge for year

2,600

Transfer to ownership

(13,000

)

At 31 December 2020

-

Net book value

At 31 December 2020

-

At 31 December 2019

2,600

6.

Debtors: amounts falling due within one year

2020

2019

£

£

Trade debtors

17,168

12,159

Other debtors

159,454

76,917

176,622

89,076

7.	Current asset investments

2020

2019

£

£

Unlisted investments

-

104,725

8.

Creditors: amounts falling due within one year

2020

2019

£

£

Bank loans and overdrafts

16,034

8,955

Hire purchase contracts

-

3,433

Trade creditors

19,298

28,915

Taxation and social security

44,412

15,618

Other creditors

113,102

4,345

192,846

61,266

9.

Creditors: amounts falling due after more than one year

2020

2019

£

£

Bank loans

147,034

108,563

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

60,206

72,056

10.	Secured debts

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

163,068

-

The bank loan is secured by way of a fixed and floating charge over all the assets of the Company.

11.	Provisions for liabilities

2020

2019

£

£

Deferred tax

Accelerated capital allowances

11,812

-

Deferred

tax

£

Accelerated capital allowances

11,812

Balance at 31 December 2020

11,812

12.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

2

Ordinary

£1

2

2

13.

Reserves

Retained

earnings

£

At 1 January 2020

378,254

Profit for the year

125,961

Dividends

(50,000

)

At 31 December 2020

454,215