Prospecs Eyewear Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07957070 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

FOR

PROSPECS EYEWEAR LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

T L Keily

M Keily

REGISTERED OFFICE:

Hamilton Office Park

31 High View Close

Leicester

Leicestershire

LE4 9LJ

REGISTERED NUMBER:

07957070 (England and Wales)

ACCOUNTANTS:

Fortus Midlands Limited

31 High View Close

Hamilton Office Park

Leicester

Leicestershire

LE4 9LJ

FIXED ASSETS

Tangible assets

4

34,515

63,412

CURRENT ASSETS

Stocks

21,675

22,300

Debtors

5

53,250

50,085

Cash at bank and in hand

114,244

99,427

189,169

171,812

CREDITORS

Amounts falling due within one year

6

58,967

98,753

NET CURRENT ASSETS

130,202

73,059

TOTAL ASSETS LESS CURRENT LIABILITIES

164,717

136,471

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

164,617

136,371

164,717

136,471

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 December 2021 and were signed on its behalf by:

M Keily - Director

1.	STATUTORY INFORMATION

Prospecs Eyewear 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.

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.

Turnover

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

Tangible fixed assets

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

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

Computer equipment

-

15% on cost

Stocks

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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 2 (2020 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2020

55,785

64,464

3,708

123,957

Additions

-

-

1,830

1,830

At 31 March 2021

55,785

64,464

5,538

125,787

DEPRECIATION

At 1 April 2020

25,630

32,678

2,237

60,545

Charge for year

13,946

16,106

675

30,727

At 31 March 2021

39,576

48,784

2,912

91,272

NET BOOK VALUE

At 31 March 2021

16,209

15,680

2,626

34,515

At 31 March 2020

30,155

31,786

1,471

63,412

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

44,889

41,335

Other debtors

8,361

8,750

53,250

50,085

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

30,042

28,694

Taxation and social security

21,492

22,628

Other creditors

7,433

47,431

58,967

98,753

7.	RELATED PARTY DISCLOSURES

Included in other debtors is a loan to the director of £6,611 (2020:£42,295).

This loan is interest free and repayable on demand.