London Vision Clinic Partners Limited
Annual Report and Financial Statements
For the year ended 31 December 2023
Company Registration No. 09301158 (England and Wales)
London Vision Clinic Partners Limited
Company Information
Directors
Mr C T Engelfried
Dr G I Carp
Prof D Z Reinstein
Dr J S Joergensen
Company number
09301158
Registered office
138 Harley Street
London
W1G 7LA
Auditor
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
London Vision Clinic Partners Limited
Contents
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 9
Profit and loss account
10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 28
London Vision Clinic Partners Limited
Strategic Report
For the year ended 31 December 2023
Page 1

The directors present the strategic report for the year ended 31 December 2023.

Fair review of the business

The company acts as 100% owned subsidiary of EuroEyes UK Holding Limited, and a member of EuroEyes group worldwide. The financial statements provided in this report includes the result of London Vision Clinic Partners Limited only.

 

The company’s income comprises eye surgery fees, theatre rent received, research support to the related companies, and interest received on its bank deposit account. The principal activity of the company is to provide personalised laser treatment for eye surgeries. The company accounts reflect pre-tax profits of £657,051 (2022: £3,189,439) and balance sheet reserves of £6.6 million (2022: £5.9 million).

 

The business review of the directors contained in the financial statements of London Vision Clinic Partners Limited is as follows:

 

We aim to present a fair review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business, and is written in the context of the risks and uncertainties we face.

 

In spite of trading through unprecedented circumstances during the year arising from the high interest rate post the COVID-19 pandemic, the company’s results reflect fierce market competition and depressed economic climate. As with many businesses, the effects of historical high interest rate (highest since 2001), and high inflation have directly impacted on the company’s trading patterns in various ways. While a significant amount of the patients inevitably had to postpone their surgeries, the company has secured additional bookings, refurbished premises of the businesses, and updated machines and equipment to assist the businesses for the future development

 

Turnover has fallen slightly by 11.6% to £9.9 million compared with £11.3 million in 2022, with a continued high number of bookings being secured. The gross profit margin reflects an decrease of 13% since the previous year, resulting in operating profits of £0.6 million compared with £3.2 million in 2022.

 

Overheads have increased dramatically due to the additional surgery team, and marketing campaigns. The long-term rapid increased high interest rate has caused serious impacts to the business. On one hand, the company had to increase its marketing expenses to maintain the competitiveness in the industry. On the other, the weak market made the newly set surgery team unable to reach its full capacity.

 

The balance sheet continues to present a very solid position, with net assets increasing from £5.9 miliion to £6.6 million, and balances at the bank totalling £0.4 million.

 

The directors would like to thank all employees for their commitment and hard work over the last 12 months.

London Vision Clinic Partners Limited
Strategic Report (Continued)
For the year ended 31 December 2023
Page 2
Principal risks and uncertainties

The business environment in which the company operates continues to be very challenging and competitive pricing across the industry continues to put pressure on margins.

 

However, the company’s reputation for delivering high quality personalised service and meeting patients’ expectation where necessary has provided a crucial edge over competitors even under the depressive economic climate.

 

While the laser eye surgery market has been proved to be one of the rapid growing markets in the long-term, the UK market is suffering from the side effect of Brexit and high inflation caused by historical high interest rates. The priority of the business strategy will focus on cost management. This includes to match the clinic capacity with the growing of market share, and align with the budgeted costs for the overheads.

 

The longer-term impacts of both Brexit and the high interest rate remain unknown, and consequently future trading remains uncertain for all businesses. Restrictions on market costs, and fall in patients’ discretionary income may lead to further market challengers.

Future developments

Although trading conditions in the current climate remain challenging, the directors continue to investigate opportunities to grow the business and extend the range of services offered. While the Refractive and Presbyond surgeries are still in prominent position of the business structure, the managers are planning to provide additional efforts in Cataract and ICL for higher profit margin.

Financial statements

This section of the financial statements includes the Directors considerations and activities in discharging their duties under s172(1) of the Companies Act 2006, in promoting the success of the Company for the benefit of members as a whole.

 

Along with the information provided in the Strategic Report, the reports include considerations of the likely consequences of the decisions of the Directors in the longer term and how the Directors have taken wider stakeholders needs into account.

Engagement with suppliers, patients and other relationships

Delivering our strategy requires strong mutually beneficial relationships with suppliers, patients and other operational partners. London Vision Clinic Partners Limited seeks the promotion and application of certain general principles in such relationships. The ability to promote these principles effectively is an important factor in the decision to enter into or remain in such relationships.

 

The business continuously assesses the priorities related to patients and those with whom we provide services, and the Directors engage with the businesses on these topics, for example, within the context of working safely on site.

 

Moreover, the Directors receive information updates on a variety of topics that indicate and inform how these stakeholders have been engaged and are performing with and on behalf of the Company.

London Vision Clinic Partners Limited
Strategic Report (Continued)
For the year ended 31 December 2023
Page 3

On behalf of the board

Prof D Z Reinstein
Director
20 September 2024
London Vision Clinic Partners Limited
Directors' Report
For the year ended 31 December 2023
Page 4

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company is that of laser eye surgery.

Results and dividends

The results for the year are set out on page 10.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr C T Engelfried
Dr G I Carp
Prof D Z Reinstein
Dr J S Joergensen
Auditor

In accordance with the company's articles, a resolution proposing that Moore Kingston Smith LLP be reappointed as auditor of the company will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

London Vision Clinic Partners Limited
Directors' Report (Continued)
For the year ended 31 December 2023
Page 5
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Prof D Z Reinstein
Director
20 September 2024
London Vision Clinic Partners Limited
Independent Auditor's Report
To the Members of London Vision Clinic Partners Limited
Page 6
Opinion

We have audited the financial statements of London Vision Clinic Partners Limited (the 'company') for the year ended 31 December 2023 which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

London Vision Clinic Partners Limited
Independent Auditor's Report (Continued)
To the Members of London Vision Clinic Partners Limited
Page 7

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the directors' Report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

London Vision Clinic Partners Limited
Independent Auditor's Report (Continued)
To the Members of London Vision Clinic Partners Limited
Page 8
Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

 

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

 

 

London Vision Clinic Partners Limited
Independent Auditor's Report (Continued)
To the Members of London Vision Clinic Partners Limited
Page 9

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

 

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Paul Springfield
Senior Statutory Auditor
for and on behalf of Moore Kingston Smith LLP
24 September 2024
Chartered Accountants
Statutory Auditor
6th Floor
9 Appold Street
London
EC2A 2AP
London Vision Clinic Partners Limited
Profit and loss account
For the year ended 31 December 2023
Page 10
2023
2022
Notes
£
£
Turnover
3
9,955,466
11,314,283
Cost of sales
(1,093,405)
(1,112,534)
Gross profit
8,862,061
10,201,749
Administrative expenses
(8,233,218)
(7,003,939)
Other operating income
-
0
231
Operating profit
4
628,843
3,198,041
Interest receivable and similar income
7
30,856
-
0
Interest payable and similar expenses
8
(2,648)
(9,502)
Other gains and losses
9
-
900
Profit before taxation
657,051
3,189,439
Taxation
10
25,562
(530,756)
Profit for the financial year
682,613
2,658,683

The Profit and Loss Account has been prepared on the basis that all operations are continuing operations.

London Vision Clinic Partners Limited
Statement of Comprehensive Income
For the year ended 31 December 2023
Page 11
2023
2022
£
£
Profit for the year
682,613
2,658,683
Other comprehensive income
-
-
Total comprehensive income for the year
682,613
2,658,683
London Vision Clinic Partners Limited
Balance Sheet
As at 31 December 2023
Page 12
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
11
20,876
28,034
Tangible assets
12
433,559
625,415
Investments
13
100
100
454,535
653,549
Current assets
Stock
15
138,131
123,535
Debtors
16
6,710,532
1,321,250
Cash at bank and in hand
417,773
5,478,399
7,266,436
6,923,184
Creditors: amounts falling due within one year
17
(1,060,152)
(1,560,124)
Net current assets
6,206,284
5,363,060
Total assets less current liabilities
6,660,819
6,016,609
Creditors: amounts falling due after more than one year
18
(19,261)
(32,102)
Provisions for liabilities
Deferred tax liability
(42,633)
(68,195)
(42,633)
(68,195)
Net assets
6,598,925
5,916,312
Capital and reserves
Called up share capital
20
10,000
10,000
Profit and loss reserves
6,588,925
5,906,312
Total equity
6,598,925
5,916,312
The financial statements were approved by the board of directors and authorised for issue on 20 September 2024 and are signed on its behalf by:
Prof D Z Reinstein
Director
Company Registration No. 09301158
London Vision Clinic Partners Limited
Statement of Changes in Equity
For the year ended 31 December 2023
Page 13
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
10,000
3,247,629
3,257,629
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
2,658,683
2,658,683
Balance at 31 December 2022
10,000
5,906,312
5,916,312
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
682,613
682,613
Balance at 31 December 2023
10,000
6,588,925
6,598,925
London Vision Clinic Partners Limited
Statement of Cash Flows
For the year ended 31 December 2023
Page 14
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
24
(4,340,939)
2,349,677
Interest paid
(2,648)
(9,502)
Income taxes paid
(698,625)
(512,949)
Net cash (outflow)/inflow from operating activities
(5,042,212)
1,827,226
Investing activities
Purchase of tangible fixed assets
(35,017)
(75,917)
Proceeds from disposal of subsidiaries
-
0
(100)
Proceeds from disposal of investments
-
0
900
Repayment of loans
(1,427)
321,474
Interest received
30,856
-
0
Net cash (used in)/generated from investing activities
(5,588)
246,357
Financing activities
Payment of finance leases obligations
(12,841)
(48,170)
Net cash used in financing activities
(12,841)
(48,170)
Net (decrease)/increase in cash and cash equivalents
(5,060,641)
2,025,413
Cash and cash equivalents at beginning of year
5,478,399
3,452,986
Cash and cash equivalents at end of year
417,758
5,478,399
Relating to:
Cash at bank and in hand
417,773
5,478,399
Bank overdrafts included in creditors payable within one year
(15)
-
0
London Vision Clinic Partners Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 15
1
Accounting policies
Company information

London Vision Clinic Partners Limited is a private company limited by shares incorporated in England and Wales. The registered office is 138 Harley Street, London, W1G 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.

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.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

London Vision Clinic Partners Limited is a wholly owned subsidiary of Euroeyes UK Holding Limited which in turn is a wholly owned subsidiary of Euroeyes International Eye Clinic Limited and the results of London Vision Clinic Partners Limited are included in the consolidated financial statements of Euroeyes International Eye Clinic Limited which are available from the registered office of EuroEyes International Eye Clinic Limited, 4/F Harbour Place, 103 South Church Street, PO Box 10240, Grand Cayman KY1-1002, Cayman Islands.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and for a period of at least 12 months following the approval of these financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for surgical procedures and other goods and services, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account any provided discounts.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

London Vision Clinic Partners Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 16
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.

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:

Software
20% straight line
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 land and buildings
Straight line over 10 years
Plant and equipment
20% straight line
Fixtures and fittings
20% straight line
Computers
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Impairment of fixed assets

At each reporting end date, the company reviews the carrying amounts of its tangible 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 Partners Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 17

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
Stock

Stock are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to their present location and condition.

 

Stock held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
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.

1.10
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.

London Vision Clinic Partners Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 18
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.

Basic financial liabilities

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.

1.11
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.

1.12
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 Partners Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 19
1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

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.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

London Vision Clinic Partners Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
Page 20
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Useful economic lives of intangible assets

The annual amortisation charge for intangible assets is sensitive to changes in the estimated lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. Goodwill impairment reviews are also performed annually. These reviews require an estimation of the value in use of the cash generating units to which goodwill has been allocated. The value in use calculation requires the entity to estimate the future cash flows expected to arise for the cash generating unit and a suitable discount rate to calculate present value. See note 11 for the carrying amount of the intangible assets and notes 1.4 for the useful economic lives for each class of asset.

Useful economic lives of proerty, plant and equipment

The annual depreciation charge for property, plant and equipment is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 12 for the carrying amount of the property, plant and equipment and note 1.5 for the useful economic lives for each class of asset.

Stock

The level of stocks and the stock provision are set out in note 15. For each line of stock, a provision is made against the cost of the stock, where the Net Realisable Value is less than cost. Net Realisable Value is the estimated selling price for stocks less all estimated costs of completion and costs necessary to make the sale. The estimated selling price for each stock line is a judgement based mainly on recent selling patterns for that product.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
9,955,466
11,314,283
2023
2022
£
£
Other significant revenue
Interest income
30,856
-
London Vision Clinic Partners Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 21
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
12,664
(16,813)
Fees payable to the company's auditors for the audit of the company's financial statements
32,000
30,000
Depreciation of owned tangible fixed assets
218,040
235,123
Amortisation of intangible assets
7,158
7,158
Loss on disposal of tangible assets
1,130
-
Operating lease charges
552,207
545,190
5
Employees

The average monthly number of persons (including directors) employed by the company was:

2023
2022
Number
Number
Total
59
54

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
4,107,664
3,735,978
Social security costs
503,532
425,424
Pension costs
76,756
53,260
4,687,952
4,214,662
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
1,047,000
1,003,262
London Vision Clinic Partners Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 22
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
444
-
0
Other interest income
30,412
-
0
Total income
30,856
-
0
8
Interest payable and similar expenses
2023
2022
£
£
Interest on finance leases and hire purchase contracts
2,648
9,502
9
Fair value gains and losses
2023
2022
£
£
Gain on disposal of financial assets held at cost
-
900
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
-
0
558,899
Adjustments in respect of prior periods
-
0
728
Total current tax
-
0
559,627
Deferred tax
Origination and reversal of timing differences
(25,562)
(28,871)
Total tax (credit)/charge
(25,562)
530,756
London Vision Clinic Partners Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 23
11
Intangible fixed assets
Software
£
Cost
At 1 January 2023 and 31 December 2023
35,788
Amortisation and impairment
At 1 January 2023
7,754
Amortisation charged for the year
7,158
At 31 December 2023
14,912
Carrying amount
At 31 December 2023
20,876
At 31 December 2022
28,034
12
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 January 2023
180,176
1,333,854
37,455
314,387
1,865,872
Additions
-
0
11,209
-
0
23,808
35,017
Disposals
-
0
(1,474)
-
0
(7,703)
(9,177)
At 31 December 2023
180,176
1,343,589
37,455
330,492
1,891,712
Depreciation and impairment
At 1 January 2023
76,883
914,657
28,128
220,789
1,240,457
Depreciation charged in the year
17,287
164,481
4,985
31,287
218,040
Eliminated in respect of disposals
-
0
(344)
-
0
-
0
(344)
At 31 December 2023
94,170
1,078,794
33,113
252,076
1,458,153
Carrying amount
At 31 December 2023
86,006
264,795
4,342
78,416
433,559
At 31 December 2022
103,293
419,197
9,327
93,598
625,415
13
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
14
100
100
London Vision Clinic Partners Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 24
14
Subsidiaries

These financial statements are separate company financial statements for London Vision Clinic Partners Limited.

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
London Vision Clinic Training Limited
England and Wales
Training and education
Ordinary
100.00
15
Stock
2023
2022
£
£
Raw materials and consumables
138,131
123,535
16
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
115,350
156,911
Corporation tax recoverable
115,968
-
0
Amounts owed by group undertakings
6,119,761
855,346
Other debtors
111,011
49,538
Prepayments and accrued income
248,442
259,455
6,710,532
1,321,250
London Vision Clinic Partners Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 25
17
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans and overdrafts
15
-
0
Obligations under finance leases
12,841
12,841
Trade creditors
274,705
245,594
Amounts owed to group undertakings
22,040
84,193
Corporation tax
-
0
582,657
Other taxation and social security
139,718
128,818
Other creditors
18,581
11,047
Accruals and deferred income
592,252
494,974
1,060,152
1,560,124

An omnibus guarantee and offset agreement exists between Lloyds Bank Plc, London Vision Clinic Partners Limited and London Vision Clinic Limited. This is in the form of an unlimited debenture from the two companies. This is in relation to a Bank loan London Vision Clinic Limited has with Lloyds Bank. Two of the Directors of London Vision Clinic Partners Limited are also Directors of London Vision Clinic Limited.

18
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases
19,261
32,102
19
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
76,756
53,260

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

20
Share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
10,000 Ordinary shares of £1 each
10,000
10,000
10,000
10,000
London Vision Clinic Partners Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 26
21
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
510,000
464,431
Between two and five years
1,544,600
1,612,122
In over five years
1,007,166
1,336,940
3,061,766
3,413,493
London Vision Clinic Partners Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 27
22
Related party transactions

The company is a wholly owned subsidiary of Euroeyes UK Holding Limited which in turn is a wholly owned subsidiary of Euroeyes International Eye Clinic Limited. The company has elected to take advantage of the exemption from the requirements of FRS 102 to disclose transactions with other members of that group headed by Euroeyes UK Holding Limited.

 

The smallest and largest group under which consolidated financial statements are being produced is headed by EuroEyes International Eye Clinic Limited. Consolidated financial statements can be obtained from the registered office of EuroEyes International Eye Clinic Limited, 4/F Harbour Place, 103 South Church Street, PO Box 10240, Grand Cayman KY1-1002, Cayman Islands.

 

No guarantees have been given or received.

 

As at the year end, included within creditors is an amount of £8,333 (2022: £678) due to Craig Englefried, a director of the company.

 

As at the year end, included within debtors is an amount of £4 (2022: £49) owed from Dan Reinstein, a director of the company.

 

As at year end, included within other creditors is the amount £nil (2022: £60,941) due to London Vision Clinic Limited, which has Dan Reinstein as a mutual director.

 

During the year, London Vision Clinic Partners Limited paid £350,000 (2022: £126,000) to London Vision Clinic Limited in respect of rent and service charges. The company received £129,674 (2022: £145,831) from the same company in respect to management charges.

 

During the year, London Vision Clinic Partners Limited paid £7,993 (2022: £21,385) in respect of expenses on behalf of London Vision Clinic Limited. Expenses of £15,282 (2022: £nil) were paid by London Vision Clinic Limited on behalf of London Vision Clinic Partners Limited.

 

Included in other debtors is the amount £524,959 (2022: £700) owed by EuroEyes Deuschland Holding Limited, a wholly owned subsidiary of Euroeyes International Eye Clinic Limited.

 

Included in other debtors is the amount £138,128 (2022: £22,434) owed by The London Vision Clinic Partnership, a partnership in which some of the Directors' are partners.

 

All of the debtors above owed at the year-end by the Directors have been repaid within nine months of the year end.

23
Ultimate controlling party

The company's immediate controlling party is Euroeyes UK Holding Limited, a corporation organised and existing under the laws of the United Kingdom.

 

The ultimate controlling party is EuroEyes International Eye Clinic Limited, registered in the Cayman islands

London Vision Clinic Partners Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 28
24
Cash (absorbed by)/generated from operations
2023
2022
£
£
Profit for the year after tax
682,613
2,658,683
Adjustments for:
Taxation (credited)/charged
(25,562)
530,756
Finance costs
2,648
9,502
Investment income
(30,856)
-
0
Loss on disposal of intangible assets
1,130
-
Amortisation and impairment of intangible assets
7,158
7,158
Depreciation and impairment of tangible fixed assets
218,040
235,123
Other gains and losses
-
(900)
Movements in working capital:
(Increase)/decrease in stock
(14,596)
1,566
Increase in debtors
(5,271,887)
(543,906)
Increase/(decrease) in creditors
90,373
(548,305)
Cash (absorbed by)/generated from operations
(4,340,939)
2,349,677
25
Analysis of changes in net funds
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
5,478,399
(5,060,626)
417,773
Bank overdrafts
-
0
(15)
(15)
5,478,399
(5,060,641)
417,758
Obligations under finance leases
(44,943)
12,841
(32,102)
5,433,456
(5,047,800)
385,656
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.210Mr C T EngelfriedDr G I CarpProf D Z ReinsteinDr J S Joergensenfalsefalse093011582023-01-012023-12-3109301158bus:Director12023-01-012023-12-3109301158bus:Director22023-01-012023-12-3109301158bus:Director32023-01-012023-12-3109301158bus:Director42023-01-012023-12-3109301158bus:RegisteredOffice2023-01-012023-12-31093011582023-12-31093011582022-01-012022-12-3109301158core:RetainedEarningsAccumulatedLosses2022-01-012022-12-3109301158core:RetainedEarningsAccumulatedLosses2023-01-012023-12-31093011582022-12-3109301158core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-12-3109301158core:PlantMachinery2023-12-3109301158core:FurnitureFittings2023-12-3109301158core:ComputerEquipment2023-12-3109301158core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-12-3109301158core:PlantMachinery2022-12-3109301158core:FurnitureFittings2022-12-3109301158core:ComputerEquipment2022-12-3109301158core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3109301158core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3109301158core:ShareCapital2023-12-3109301158core:ShareCapital2022-12-3109301158core:RetainedEarningsAccumulatedLosses2023-12-3109301158core:RetainedEarningsAccumulatedLosses2022-12-3109301158core:ShareCapital2021-12-3109301158core:RetainedEarningsAccumulatedLosses2021-12-3109301158core:ShareCapitalOrdinaryShares2023-12-3109301158core:ShareCapitalOrdinaryShares2022-12-31093011582022-12-31093011582021-12-3109301158core:WithinOneYear2023-12-3109301158core:WithinOneYear2022-12-3109301158core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3109301158core:LeaseholdImprovementscore:LeasedAssetsHeldAsLessee2023-01-012023-12-3109301158core:PlantMachinery2023-01-012023-12-3109301158core:FurnitureFittings2023-01-012023-12-3109301158core:ComputerEquipment2023-01-012023-12-3109301158core:ComputerSoftware2023-01-012023-12-3109301158core:UKTax2023-01-012023-12-3109301158core:UKTax2022-01-012022-12-3109301158core:ComputerSoftware2022-12-3109301158core:ComputerSoftware2023-12-3109301158core:ComputerSoftware2022-12-3109301158core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-12-3109301158core:PlantMachinery2022-12-3109301158core:FurnitureFittings2022-12-3109301158core:ComputerEquipment2022-12-3109301158core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-01-012023-12-3109301158core:Non-currentFinancialInstruments2023-12-3109301158core:Non-currentFinancialInstruments2022-12-3109301158core:CurrentFinancialInstruments2023-12-3109301158core:CurrentFinancialInstruments2022-12-3109301158bus:OrdinaryShareClass12023-01-012023-12-3109301158bus:OrdinaryShareClass12023-12-3109301158core:BetweenTwoFiveYears2023-12-3109301158core:BetweenTwoFiveYears2022-12-3109301158core:MoreThanFiveYears2023-12-3109301158core:MoreThanFiveYears2022-12-3109301158bus:PrivateLimitedCompanyLtd2023-01-012023-12-3109301158bus:FRS1022023-01-012023-12-3109301158bus:Audited2023-01-012023-12-3109301158bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP