Moderneyes Limited 28/02/2019 iXBRL

Moderneyes Limited 28/02/2019 iXBRL

MODERNEYES LIMITED - Company Information

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Company registration number: 02355828
Moderneyes Limited
Unaudited filleted financial statements
28 February 2019
Moderneyes Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Moderneyes Limited
Directors and other information
Directors
Mr P Showman
Mrs A Pedder
Mrs D Leopold
Secretary Mr P Showman
Company number 02355828
Registered office Lookright House
17 The Birtles
Civic Centre
Wythenshawe
M22 5SA
Business address Lookright House
17 The Birtles
Civic Centre
Wythenshawe
M22 5SA
Accountants Langers
8-10 Gatley Road
Cheadle
Cheshire
SK8 1PY
Moderneyes Limited
Statement of financial position
28 February 2019
28/02/19 28/02/18
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 107,214 154,211
_______ _______
107,214 154,211
Current assets
Stocks 26,111 24,253
Debtors 7 78,639 89,308
Cash at bank and in hand 134,584 95,561
_______ _______
239,334 209,122
Creditors: amounts falling due
within one year 8 ( 258,932) ( 229,084)
_______ _______
Net current liabilities ( 19,598) ( 19,962)
_______ _______
Total assets less current liabilities 87,616 134,249
Creditors: amounts falling due
after more than one year 9 ( 26,789) ( 74,390)
Provisions for liabilities ( 8,216) ( 16,474)
_______ _______
Net assets 52,611 43,385
_______ _______
Capital and reserves
Called up share capital 10 100 100
Profit and loss account 52,511 43,285
_______ _______
Shareholders funds 52,611 43,385
_______ _______
For the year ending 28 February 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 27 November 2019 , and are signed on behalf of the board by:
Mr P Showman
Director
Company registration number: 02355828
Moderneyes Limited
Notes to the financial statements
Year ended 28 February 2019
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Lookright House, 17 The Birtles, Civic Centre, Wythenshawe, M22 5SA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 8 years straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property - 10 years straight line
Plant and machinery - 3 years straight line
Fittings fixtures and equipment - 4-7 years straight line
Optical Equipment - 7 years straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 28 (2018: 22 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 March 2018 and 28 February 2019 76,000 76,000
_______ _______
Amortisation
At 1 March 2018 and 28 February 2019 76,000 76,000
_______ _______
Carrying amount
At 28 February 2019 - -
_______ _______
At 28 February 2018 - -
_______ _______
6. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Optical equipment Total
£ £ £ £ £
Cost
At 1 March 2018 12,195 52,630 229,117 93,897 387,839
Additions - - - 6,070 6,070
_______ _______ _______ _______ _______
At 28 February 2019 12,195 52,630 229,117 99,967 393,909
_______ _______ _______ _______ _______
Depreciation
At 1 March 2018 3,150 46,773 112,400 71,304 233,627
Charge for the year 1,220 5,208 40,052 6,588 53,068
_______ _______ _______ _______ _______
At 28 February 2019 4,370 51,981 152,452 77,892 286,695
_______ _______ _______ _______ _______
Carrying amount
At 28 February 2019 7,825 649 76,665 22,075 107,214
_______ _______ _______ _______ _______
At 28 February 2018 9,045 5,857 116,717 22,593 154,212
_______ _______ _______ _______ _______
7. Debtors
28/02/19 28/02/18
£ £
Trade debtors 70,193 57,733
Amounts owed by group undertakings and undertakings in which the company has a participating interest 2,094 25,000
Other debtors 6,352 6,575
_______ _______
78,639 89,308
_______ _______
8. Creditors: amounts falling due within one year
28/02/19 28/02/18
£ £
Bank loans and overdrafts 41,758 41,758
Trade creditors 63,726 61,061
Corporation tax 15,367 3,114
Social security and other taxes 14,735 14,386
Other creditors 123,346 108,765
_______ _______
258,932 229,084
_______ _______
9. Creditors: amounts falling due after more than one year
28/02/19 28/02/18
£ £
Other creditors 26,789 74,390
_______ _______
10. Called up share capital
Issued, called up and fully paid
28/02/19 28/02/18
No £ No £
Ordinary shares shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
11. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Later than 5 years 259,779 295,779
_______ _______
12. Related party transactions
Within other debtors there is a balance of £5,000 due to Wythenshawe Specsavers Limited, a company controlled by the Directors (2018 £25,000).