LENSTEC_LIMITED - Accounts
LENSTEC_LIMITED - Accounts
Lenstec Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 8, Bedwas Business Centre, Bedwas, Caerphilly, Mid Glamorgan, United Kingdom, CF83 8DU.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Lenstec Optical Group Limited. These consolidated financial statements are available from its registered office, Unit 8 Bedwas Business Centre, Bedwas, Caerphilly CF83 8DU.
Fixed asset investments are stated at cost less provision for diminution in value.
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
The average monthly number of persons (including directors) employed by the company during the period was 0 (2016 - 139).
Included in debtors is a balance of £nil (2019: £835,558) due from Lenstec Optical Group Limited, the ultimate parent company.
The ultimate parent company is Lenstec Optical Group Limited, a company registered in England & Wales.
The ultimate controlling party is considered to be Mr N Castle due to his shareholding in Lenstec Optical Group Limited.
The consolidated accounts of Lenstec Optical Group Limited are publicly available and can be obtained from Companies House, Crown Way Maindy, Cardiff.