Eyebright Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: SC367108 (Scotland)

Unaudited Financial Statements for the Year Ended 31 October 2022

for

EYEBRIGHT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

10

DIRECTORS:

Mr J R S Newall

Mrs E Newall

Mr J Reeves

REGISTERED OFFICE:

44 Speirs Wharf

Glasgow

G4 9TH

REGISTERED NUMBER:

SC367108 (Scotland)

ACCOUNTANTS:

McAllisters

Paxton House

11 Woodside Crescent

Charing Cross

Glasgow

G3 7UL

FIXED ASSETS

Tangible assets

4

80,276

59,550

CURRENT ASSETS

Debtors

5

509,026

482,571

Cash at bank

495,742

154,014

1,004,768

636,585

CREDITORS

Amounts falling due within one year

6

444,687

420,215

NET CURRENT ASSETS

560,081

216,370

TOTAL ASSETS LESS CURRENT LIABILITIES

640,357

275,920

CREDITORS

Amounts falling due after more than one year

7

(75,275

)

(99,440

)

PROVISIONS FOR LIABILITIES

10

(17,126

)

(9,501

)

NET ASSETS

547,956

166,979

CAPITAL AND RESERVES

Called up share capital

11

100

100

Share premium

12

19,951

19,951

Retained earnings

12

527,905

146,928

SHAREHOLDERS' FUNDS

547,956

166,979

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2022 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 December 2022 and were signed on its behalf by:

Mr J R S Newall - Director

1.	STATUTORY INFORMATION

Eyebright Limited is a private company, limited by shares , registered in Scotland. 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.

Significant judgements and estimates

The preparation of the financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. The directors are of the opinion that due to the nature of the business, there are no critical accounting estimates or judgements used in the preparation of these financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discount and value added taxes. Turnover includes revenue earned from the rendering of brokering services primarily in the energy and utilities sector.

Turnover from the rendering of its services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation and any impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged to profit or loss over the estimated useful economic lives, as follows:

Plant & Machinery - 15% reducing balance

Fixtures & Fittings - 20% straight line

Motor Vehicles - 25% reducing balance

Computer Equipment - 15% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined, which is the higher of its fair value less costs to sell and its value in use.

Any impairment loss is recognised immediately as an expense within profit or loss.

Financial instruments

Trade and other debtors/creditors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised within profit or loss.

For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows discounted at the assets original effective interest rate. If a financial asset has a variable interest rate, the discount rate of measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the assets carrying amount and the best estimate of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments

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.

Provisions

A provision is recognised when the company has a legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation.

Grant income

Grant income of £14,500 was received during the year from Digital Boost.

The grant income is treated as revenue in the year and recognised in the income statement in which it is received.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2021 - 17 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 November 2021

53,626

800

53,990

17,855

126,271

Additions

6,976

-

59,090

6,643

72,709

Disposals

-

-

(53,990

)

-

(53,990

)

At 31 October 2022

60,602

800

59,090

24,498

144,990

DEPRECIATION

At 1 November 2021

39,426

800

20,245

6,250

66,721

Charge for year

3,176

-

2,462

2,737

8,375

Eliminated on disposal

-

-

(20,246

)

-

(20,246

)

Impairments

-

-

-

9,864

9,864

At 31 October 2022

42,602

800

2,461

18,851

64,714

NET BOOK VALUE

At 31 October 2022

18,000

-

56,629

5,647

80,276

At 31 October 2021

14,200

-

33,745

11,605

59,550

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.22

31.10.21

£

£

Trade debtors

263,797

41,503

Other debtors

18,500

18,000

Accrued income

214,646

423,068

Prepayments

12,083

-

509,026

482,571

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.22

31.10.21

£

£

Bank loans and overdrafts

20,000

20,000

Other loans

5,832

14,908

Trade creditors

49,862

27,588

Tax

102,486

33,383

Social security and other taxes

16,948

13,426

VAT

118,061

44,507

Other creditors

5,648

4,910

Directors' current accounts

23,477

10,277

Deferred income

16,296

98,737

Accrued expenses

86,077

152,479

444,687

420,215

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.22

31.10.21

£

£

Bank loans - 1-2 years

40,000

40,000

Bank loans - 2-5 years

21,667

40,000

Other loans - 1-2 years

5,832

5,832

Other loans - 2-5 years

7,776

13,608

75,275

99,440

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.10.22

31.10.21

£

£

Within one year

25,803

8,124

Between one and five years

40,389

2,030

66,192

10,154

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.10.22

31.10.21

£

£

Other loans

19,440

34,348

The other loan represents an Energy Savings Trust loan and is secured over the asset to which it relates.

10.	PROVISIONS FOR LIABILITIES

31.10.22

31.10.21

£

£

Deferred tax

17,126

9,501

Deferred

tax

£

Balance at 1 November 2021

9,501

Provided during year

7,625

Balance at 31 October 2022

17,126

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.10.22

31.10.21

value:

£

£

7,400

A Ordinary

£0.01

74

74

1,850

B Ordinary

£0.01

19

19

750

C Ordinary

£0.01

7

7

100

100

12.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 November 2021

146,928

19,951

166,879

Profit for the year

528,977

528,977

Dividends

(148,000

)

(148,000

)

At 31 October 2022

527,905

19,951

547,856

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2022 and 31 October 2021:

31.10.22

31.10.21

£

£

Mr J R S Newall

Balance outstanding at start of year

(700

)

899

Amounts advanced

14,000

13,062

Amounts repaid

(25,203

)

(14,661

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(11,903

)

(700

)

Mrs E Newall

Balance outstanding at start of year

(6,000

)

8,050

Amounts advanced

15,000

2,800

Amounts repaid

(18,600

)

(16,850

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(9,600

)

(6,000

)

Mr J Reeves

Balance outstanding at start of year

(3,577

)

(8,099

)

Amounts advanced

1,936

6,458

Amounts repaid

(333

)

(1,936

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(1,974

)

(3,577

)

14.	RELATED PARTY DISCLOSURES

During the year remuneration costs totalling £104,996 were paid to the directors. Pensions costs totalling £1,305 were paid for the directors.

Dividends totalling £148,000 were proposed and became payable to the directors.

The following reproduces the text of the report prepared for the directors 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 Income Statement and certain other primary statements and the Report of the Directors 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 Eyebright Limited for the year ended 31 October 2022 which comprise the Statement of Income and Retained Earnings, Balance Sheet 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Eyebright Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Eyebright Limited and state those matters that we have agreed to state to the Board of Directors of Eyebright Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Eyebright 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 Eyebright Limited. You consider that Eyebright 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 Eyebright 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.

McAllisters

Paxton House

11 Woodside Crescent

Charing Cross

Glasgow

G3 7UL

15 December 2022