Sir Elton John is facing major financial losses through his eyewear business

According to company records, was in debt for the huge amount of cash in the 12 months ending March this year.

Elton's company reported cash reserves of £308,173 and paid just £1,020 in Corporation Tax on taxable income during the most recent financial period.

The filings, seen by Companies House and reported by The Sun, show most of the money owed is to three related entities within Elton's business network - William A Bong Ltd, J Bondi Inc and J Bondi LLP.

All are understood to form part of the pop icon's wider commercial empire.

Elton's signature eyewear line, Elton John Eyewear, is sold both on his official website and through high street retailer Specsavers, where fans can purchase two pairs for £130.

Marketing materials for the range state: "Introducing the Elton John Eyewear glasses collection. Designed by the man himself, the Elton John Eyewear range is bursting with his love of individualism and flamboyant style. Inspired by Elton's journey, you'll find pops of colour, smatterings of glitter and twists on classic designs."

The collection, launched in partnership with Specsavers in 2021, has been promoted as an extension of Elton's flamboyant onstage persona, with frames inspired by his career milestones and personal style.

Elton recently spoke candidly about his deteriorating eyesight, revealing he now struggles to read or watch television and can only sign autographs with his initials.

He recently lost vision in his right eye after developing an infection while on holiday in the south of France, and said his left eye is "not the greatest".

Speaking about the impact of his condition, Elton said in December: "I haven't been able to come to many of the previews because, as you know, I have lost my eyesight. But I love to hear it."

Discussing his experience on Good Morning America, he added: "It kind of floored me, and I can't see anything. I can't read anything, I can't watch anything."