United Kingdom, Oct. 17 -- Sir Elton John is facing major financial losses through his eyewear business.

The singer, 78, runs Elton John Optical Company Ltd -which oversees revenue from sales of the singer's glasses collection - and new filings show the company behind his glasses brand owes more than £3.7 million.

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 -...