London Vision Clinic Limited
Unaudited Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 04516362 (England and Wales)
London Vision Clinic Limited
Company Information
Director
Prof D Z Reinstein
Secretary
Dr U Reinstein
Company number
04516362
Registered office
138 Harley Street
London
United Kingdom
WIG 7LA
Accountants
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
London Vision Clinic Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 11
London Vision Clinic Limited
Balance Sheet
As at 31 December 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
226,419
176,178
Tangible assets
5
23,745
24,426
Investment properties
6
8,130,000
10,714,962
Investments
7
59,147
8,380,164
10,974,713
Current assets
Debtors
8
508,501
164,696
Cash at bank and in hand
268,872
355,929
777,373
520,625
Creditors: amounts falling due within one year
10
(568,827)
(287,228)
Net current assets
208,546
233,397
Total assets less current liabilities
8,588,710
11,208,110
Creditors: amounts falling due after more than one year
9
(3,734,127)
(3,843,576)
Provisions for liabilities
(326,535)
Net assets
4,854,583
7,037,999
Capital and reserves
Called up share capital
11
2
2
Revaluation reserve
1,116,498
3,055,220
Profit and loss reserves
3,738,083
3,982,777
Total equity
4,854,583
7,037,999
London Vision Clinic Limited
Balance Sheet (Continued)
As at 31 December 2023
Page 2
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 11 September 2024
Prof D Z Reinstein
Director
Company Registration No. 04516362
London Vision Clinic Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 3
1
Accounting policies
Company information
London Vision Clinic Limited is a private company limited by shares incorporated in England and Wales. The registered office is 138 Harley Street, London, United Kingdom, WIG 7LA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements are prepared on a going concern basis which assumes the company will continue in operational existence for the foreseeable future. The directors have considered the impact of thetrue general economic conditions in the UK and are satisfied the company can continue in operation for at least twelve months from the date of approval of the financial statements and accordingly the financial statements continue to be prepared on the going concern basis.
1.3
Turnover
Turnover represents amounts receivable as rental and consultancy services. Turnover is recognised at the fair value of the consideration received or receivable for rent and consultancy services, and is shown net of VAT and other sales related taxes.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
London Vision Clinic Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 4
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same way unless the director are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Development Costs
Straight line over 5 years
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Straight line over 10 years
Plant and machinery
Straight line over 5 years
Fixtures, fittings & equipment
Straight line over 5 years
Computer equipment
Straight line over 5 years
1.6
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.7
Impairment of fixed assets
At each reporting end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.
London Vision Clinic Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 5
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include 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 assets classified as receivable within one year are not amortised.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity.
Classification of financial liabilities
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.
London Vision Clinic Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 6
Basic financial liabilities, including 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.10
Equity instruments
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
London Vision Clinic Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 7
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Foreign exchange
Transactions denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the end of the financial year. All exchange differences are dealt with in the profit and loss account.
2
Employees
The company had no employees during the year.
2023
2022
Number
Number
Total
1
3
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
58,370
57,264
Adjustments in respect of prior periods
16,894
Total current tax
75,264
57,264
Deferred tax
Origination and reversal of timing differences
(326,535)
Total tax (credit)/charge
(251,271)
57,264
London Vision Clinic Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 8
4
Intangible fixed assets
Development costs
£
Cost
At 1 January 2023
555,951
Additions
139,013
Disposals
(7,428)
At 31 December 2023
687,536
Amortisation and impairment
At 1 January 2023
379,771
Amortisation charged for the year
81,346
At 31 December 2023
461,117
Carrying amount
At 31 December 2023
226,419
At 31 December 2022
176,178
The original project was completed in April 2018. The development costs are to be amortised over 5 years as this is believed to be the useful economic life of the asset. During the year ended 31 December 2023 the additions related to follow up work in connection to the initial project and this ongoing and costs in relation to a new project.
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
21,922
6,228
28,150
Additions
3,663
3,663
At 31 December 2023
21,922
9,891
31,813
Depreciation and impairment
At 1 January 2023
1,461
2,263
3,724
Depreciation charged in the year
2,923
1,421
4,344
At 31 December 2023
4,384
3,684
8,068
Carrying amount
At 31 December 2023
17,538
6,207
23,745
At 31 December 2022
20,461
3,965
24,426
London Vision Clinic Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 9
6
Investment property
2023
£
Fair value
At 1 January 2023
10,714,962
Revaluations
(2,584,962)
At 31 December 2023
8,130,000
The fair value of the investment property had been originally arrived at on the basis of a valuation carried out at November 2023 by Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
At the year end, the director has reviewed the value of the investment property and based on his market knowledge he believed the fair value of the investment property should remain unchanged as at the professional valuation from November 2023.
7
Fixed asset investments
2023
2022
£
£
Other investments other than loans
59,147
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2023 & 31 December 2023
328,595
Impairment
At 1 January 2023
269,448
Impairment losses
59,147
At 31 December 2023
328,595
Carrying amount
At 31 December 2023
-
At 31 December 2022
59,147
London Vision Clinic Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 10
8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
347,661
40,285
Other debtors
11,364
79,667
Prepayments and accrued income
149,476
44,744
508,501
164,696
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
3,734,127
3,843,576
Amounts included above which fall due after five years are as follows:
Payable by instalments
3,477,770
3,160,163
The bank loan is due for repayment in full by 15 August 2035. Interest is charged at a rate of 2.5% (previously 2.3%) above the Lloyds Bank base rate.
The loan is secured by way of a fixed and floating charge over the assets of the company and an unlimited debenture from the company and London Vision Clinic Partners Limited (previously London Vision Clinic Associates LLP).
An omnibus guarantee and offset agreement exists among the bank, the company and London Vision Clinic Partners Limited.
10
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
125,609
140,317
Trade creditors
18,748
31,053
Corporation tax
58,370
57,264
Other creditors
206,691
-
Accruals and deferred income
159,409
58,594
568,827
287,228
London Vision Clinic Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 11
11
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
2
2
2
2
12
Related party transactions
No guarantees have been given or received.
At the balance sheet date the company was due £138,128 (2022: £61,156 owed to) by a company that has a mutual director. The company invoiced the same company £330,000 (2022: £330,000) in respect of rent and service charges for the year. The company had net expenses of £Nil (2022: £1,385) paid by the same company.
The company was also owed £Nil (2022: £18,135) by a company that has a mutual Partner and Director. In addition to this London Vision Clinic Limited paid £Nil (2022: £126,000 ) of research fees to this same company. The amount is included in Intangible fixed assets.
13
Parent company
The company is controlled equally by Prof D Z Reinstein and Dr U Reinstein.
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