Company registration number 05632363 (England and Wales)
ANGLIA COMMUNITY EYE SERVICE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023
ANGLIA COMMUNITY EYE SERVICE LIMITED
COMPANY INFORMATION
Directors
D Moulsdale
S Mein
S Hannan
Company number
05632363
Registered office
32 Cromwell Road
Wisbech
Cambridge
PE14 0SN
Auditor
RSM UK Audit LLP
Third Floor
Centenary House
69 Wellington Street
Glasgow
G2 6HG
ANGLIA COMMUNITY EYE SERVICE LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Notes to the financial statements
12 - 21
ANGLIA COMMUNITY EYE SERVICE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 30 December 2023.

Review of the business

The company is a leading independent provider of NHS eye care services in the community offering exceptional and timely routine and emergency ophthalmology outpatient services. Using the latest in ophthalmic technology, we consistently provide excellent clinical outcomes for all patients while allowing them to enjoy a better quality of life.

 

The directors’ strategy is to grow turnover, market share and profitability whilst being committed to delivering the highest level of clinical outcomes, patient satisfaction and safety.

 

To do this, the directors employ a number of KPI’s to monitor the performance of the company on a daily, weekly and monthly basis. The principle KPI’s employed by the company is turnover and EBITDA before exceptional items.

 

 

2023

2022

Change

 

£’000

£’000

£’000

Turnover

13,373

11,793

1,580

 

 

 

 

EBITDA (before exceptional items)

6,723

5,345

1,378

 

The directors are pleased to report that the business continues to trade strongly in a competitive market and at the same time control its cost base to allow the company to generate significant profit.

Principal risks and uncertainties

The management of the business and the execution of the company’s strategy are subject to a number of risks. Risks are reviewed by management and the board and appropriate processes are put in place to monitor and mitigate them.

 

The principal risks and uncertainties facing the company are:

 

Operational risk

 

The company’s revenues are generated from contracts with the NHS Integrated Care Boards (ICBs) and any reduction in the revenue from the contracts would have a negative impact on the company. The company continues to work closely with the ICBs to ensure that our service provision matches their requirements to minimise this risk.

 

Competition

 

The markets in which the company operates in are highly competitive and the actions of competitors could adversely affect the company. The company’s strategy is to continue to capitalise on our strong brand and the relationships that we have with the ICBs due to our exceptional levels of patient care and clinical outcomes.

 

Other risks

 

Further to the above principal risks, the Board of Directors has also considered the exposure of the company to financial price, credit, liquidity and cash flow risk. The board of directors has determined that the exposure of the company to these risks is such that they are not considered principal risks for the purpose of this strategic report.

Outlook

The company and the wider group has continued to generate significant profit from trading in 2023. The group has prepared forecasts and these show that the group has more than sufficient reserves going forward to withstand any future downturn in trading.

ANGLIA COMMUNITY EYE SERVICE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
- 2 -

On behalf of the board

S Mein
Director
27 June 2024
ANGLIA COMMUNITY EYE SERVICE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 DECEMBER 2023
- 3 -

The directors present their annual report and financial statements of Anglia Community Eye Service Limited for the year ended 30 December 2023.

Principal activities

The principal activity of the company continued to be that of the provision of NHS ophthalmic care in the community.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £9,858,190. The directors do not recommend payment of a further dividend.

Directors

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

D Moulsdale
S Mein
S Hannan
C Jakeman
(Resigned 7 April 2023)
Qualifying third party indemnity provisions

The company has granted an indemnity to its directors against liability in respect of proceedings brought by third parties, subject to the conditions set out in the Companies Act 2006. Such qualifying third party indemnity provision remains in force as at the date of approving the Report of Directors.

Future developments

The company does not envisage any significant changes to the nature or scope of its future operations.

 

Going concern

 

The company and the wider group has continued to generate significant profit from trading in 2023. The group has prepared forecasts and these show that the group has more than sufficient reserves going forward to withstand any future downturn in trading and will remain profitable and cash positive for at least a period of twelve months from the date of signing these financial statements.

 

As a result of this the directors consider that there will be appropriate cash within the company to pay all liabilities as they fall due.

Auditor

The auditor, RSM UK Audit LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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.

ANGLIA COMMUNITY EYE SERVICE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
- 4 -
On behalf of the board
S Mein
Director
27 June 2024
ANGLIA COMMUNITY EYE SERVICE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 DECEMBER 2023
- 5 -

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.

ANGLIA COMMUNITY EYE SERVICE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ANGLIA COMMUNITY EYE SERVICE LIMITED
- 6 -
Opinion

We have audited the financial statements of Anglia Community Eye Service Limited (the 'company') for the year ended 30 December 2023 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity 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 Financial Reporting Standard 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.

Opinions on other matters prescribed by the Companies Act 2006

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

ANGLIA COMMUNITY EYE SERVICE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ANGLIA COMMUNITY EYE SERVICE LIMITED
- 7 -
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 or 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.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

 

In relation to fraud, the objectives of our audit are to identify and assess the risk 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 and to respond appropriately to fraud or suspected fraud identified during the audit.

 

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

 

ANGLIA COMMUNITY EYE SERVICE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ANGLIA COMMUNITY EYE SERVICE LIMITED
- 8 -

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

 

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102 and the Companies Act 2006 and tax compliance regulations. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing financial statement disclosures and engaging an internal tax specialist to review the tax computations.

 

The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to GDPR, government regulatory standards for healthcare providers and General Optical and Medical Council requirements. We performed audit procedures to inquire of management whether the company is in compliance with these law and regulations, we documented management’s processes to ensure compliance, including the work of the internal compliance team, and reviewed the results of inspections by regulatory authorities.

 

The audit engagement team identified the risk of management override of controls and completeness and cut-off of revenue as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed in relation to management override of internal controls included but were not limited to testing manual journal entries and other adjustments and evaluating the business rationale in relation to any significant, unusual transactions and transactions entered into outside the normal course of business. Audit procedures performed in relation to completeness and cut-off of revenue included but were not limited to the use of data analytics to analyse store income by day and completed surgery listings to ensure revenue was appropriately recognised and test of detail work to test revenue near and subsequent to the year end to ensure recorded in the correct period.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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.

Linda Gray (Senior Statutory Auditor)
For and on behalf of RSM UK Audit LLP, Statutory Auditor
28 June 2024
Chartered Accountants
Third Floor
Centenary House
69 Wellington Street
Glasgow
G2 6HG
ANGLIA COMMUNITY EYE SERVICE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 DECEMBER 2023
- 9 -
2023
2022
Notes
£'000
£'000
Turnover
3
13,373
11,793
Cost of sales
(2,013)
(1,754)
Gross profit
11,360
10,039
Administrative expenses
(4,987)
(4,810)
Other operating income
203
9
Profit before taxation
6,576
5,238
Tax on profit
7
(1,514)
(999)
Profit for the financial year
5,062
4,239

The income statement has been prepared on the basis that all operations are continuing operations.

ANGLIA COMMUNITY EYE SERVICE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 DECEMBER 2023
30 December 2023
- 10 -
30 December 2023
31 December 2022
Notes
£'000
£'000
£'000
£'000
Fixed assets
Tangible assets
9
2,642
2,619
Current assets
Stocks
10
147
135
Debtors
11
1,605
5,431
Cash at bank and in hand
1,877
3,331
3,629
8,897
Creditors: amounts falling due within one year
12
(603)
(1,069)
Net current assets
3,026
7,828
Total assets less current liabilities
5,668
10,447
Provisions for liabilities
Deferred tax liability
13
109
92
(109)
(92)
Net assets
5,559
10,355
Capital and reserves
Called up share capital
15
1
1
Profit and loss reserves
5,558
10,354
Total equity
5,559
10,355
The financial statements were approved by the board of directors and authorised for issue on 27 June 2024 and are signed on its behalf by:
S Mein
Director
Company Registration No. 05632363
ANGLIA COMMUNITY EYE SERVICE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 DECEMBER 2023
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£'000
£'000
£'000
Balance at 2 January 2022
1
6,187
6,188
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
4,239
4,239
Dividends
8
-
(72)
(72)
Balance at 31 December 2022
1
10,354
10,355
Year ended 30 December 2023:
Profit and total comprehensive income for the year
-
5,062
5,062
Dividends
8
-
(9,858)
(9,858)
Balance at 30 December 2023
1
5,558
5,559
ANGLIA COMMUNITY EYE SERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023
- 12 -
1
Accounting policies
Company information

Anglia Community Eye Service Limited is a private company limited by shares incorporated in England and Wales. The registered office is 32 Cromwell Road, Wisbech, Cambridge, PE14 0SN.

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, including the provisions of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.

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 £'000, except where otherwise indicated.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group preparestrue publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Lorena Investments Limited. These consolidated financial statements are available from its registered office, 200 St Vincent Street, Glasgow, Scotland, G2 5SG.

1.2
Going concern

The company and the wider group have traded profitably during the year and this is expected to continue in the foreseeable future.true

 

The group have prepared forecasts and these show that the group has more than sufficient reserves going forward to withstand any future downturn in trading and will remain profitable and cash positive for at least a period of twelve months from the date of signing these financial statements.

 

As a result of this the directors consider that there will be appropriate cash within the group to pay all liabilities as they fall due.

 

Consequently, these financial statements have been prepared on a going concern basis.

1.3
Turnover

Turnover represents the fair value of consideration received or receivable for services rendered.

ANGLIA COMMUNITY EYE SERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
1.4
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:

Freehold property
Not depreciated
Long leasehold property
15% reducing balance
Equipment
10 - 15% reducing balance
Fixtures and fittings
15% reducing balance
Motor vehicles
20% reducing balance

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.

The directors consider the residual value of the Freehold Property to be equal to the current book value and therefore have not depreciated it during the year.

1.5
Impairment of fixed assets

Financial assets, other than those held at fair value through the statement of comprehensive income, are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the statement of comprehensive income.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not

exceed what the carrying amount would have been, had the impairment not previously been recognised.

 

The impairment reversal is recognised in the statement of comprehensive income.

1.6
Stocks

Stocks are valued at the lower of cost and net realisable value. Cost is computed on an average cost basis. Net realisable value is based on estimated selling price less the estimated cost of disposal.

1.7
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.

1.8
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 statement of financial position 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.

ANGLIA COMMUNITY EYE SERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
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.

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.

1.9
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.

1.10
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 income statement 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.

ANGLIA COMMUNITY EYE SERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
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 income statement, 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.

1.11
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.

1.12
Retirement benefits

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable is charged to the income statement.

1.13
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.

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.

ANGLIA COMMUNITY EYE SERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 16 -
Key sources of estimation uncertainty

The items in the financial statements where the judgements and estimations have been made include:

In categorising leases as finance leases or operating leases, management makes judgements as to whether significant risks and rewards of ownership have transferred to the company as lessee.

 

In determining depreciation rates, management must consider and make judgements on the residual value of the asset and their useful life to set depreciation rates.

 

Management make judgements on whether there is significant changes in valuation of leasehold property.

3
Turnover
2023
2022
£'000
£'000
Turnover analysed by class of business
Ophthalmic services
13,373
11,793
2023
2022
£'000
£'000
Turnover analysed by geographical market
United Kingdom
13,373
11,793
4
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£'000
£'000
Exchange losses
2
7
Fees payable to the company's auditor for the audit of the company's financial statements
10
11
Depreciation of owned tangible fixed assets
147
107
(Profit)/loss on disposal of tangible fixed assets
-
0
17
Operating lease charges
315
345
5
Employees

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

2023
2022
Number
Number
Office and management
1
2
Other
64
61
Total
65
63
ANGLIA COMMUNITY EYE SERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
5
Employees
(Continued)
- 17 -

Their aggregate remuneration comprised:

2023
2022
£'000
£'000
Wages and salaries
1,608
1,626
Social security costs
134
138
Pension costs
116
161
1,858
1,925
6
Directors' remuneration
2023
2022
£'000
£'000
Remuneration for qualifying services
-
0
9

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 0 (2022 - 0).

7
Taxation
2023
2022
£'000
£'000
Current tax
UK corporation tax on profits for the current period
1,494
918
Adjustments in respect of prior periods
3
5
Total current tax
1,497
923
Deferred tax
Origination and reversal of timing differences
17
76
Total tax charge
1,514
999

The tax assessed for the year is lower (2022 - higher) than the standard rate of corporation tax in the UK of 23.52% (2022 - 19%).

ANGLIA COMMUNITY EYE SERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
7
Taxation
(Continued)
- 18 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£'000
£'000
Profit before taxation
6,576
5,238
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
1,546
995
Tax effect of income not taxable in determining taxable profit
(42)
-
0
Adjustments in respect of prior years
6
(1)
Effect of change in corporation tax rate
2
20
Fixed asset differences
2
(15)
Taxation charge for the year
1,514
999
8
Dividends
2023
2022
£'000
£'000
Final paid
9,858
72
9
Tangible fixed assets
Freehold property
Long leasehold property
Equipment
Fixtures and fittings
Motor vehicles
Total
£'000
£'000
£'000
£'000
£'000
£'000
Cost
At 1 January 2023
1,515
130
2,233
141
132
4,151
Additions
-
0
-
0
122
-
0
48
170
At 30 December 2023
1,515
130
2,355
141
180
4,321
Depreciation and impairment
At 1 January 2023
-
0
50
1,335
103
44
1,532
Depreciation charged in the year
-
0
12
105
5
25
147
At 30 December 2023
-
0
62
1,440
108
69
1,679
Carrying amount
At 30 December 2023
1,515
68
915
33
111
2,642
At 31 December 2022
1,515
80
898
38
88
2,619
ANGLIA COMMUNITY EYE SERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
- 19 -
10
Stocks
2023
2022
£'000
£'000
Finished goods and goods for resale
147
135

The amount of stock recognised as an expense during the year was £2,013K (2022: £1,740K).

11
Debtors
2023
2022
Amounts falling due within one year:
£'000
£'000
Trade debtors
1,388
1,228
Corporation tax recoverable
6
60
Amounts owed by group undertakings
-
0
3,900
Prepayments and accrued income
211
243
1,605
5,431
12
Creditors: amounts falling due within one year
2023
2022
£'000
£'000
Trade creditors
385
292
Amounts owed to group undertakings
-
0
225
Taxation and social security
29
29
Other creditors
54
14
Accruals and deferred income
135
509
603
1,069
13
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£'000
£'000
Accelerated capital allowances
111
96
Short term timing differences
(2)
(4)
109
92
ANGLIA COMMUNITY EYE SERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
13
Deferred taxation
(Continued)
- 20 -
2023
Movements in the year:
£'000
Liability at 1 January 2023
92
Charge to profit or loss
17
Liability at 30 December 2023
109
14
Retirement benefit schemes
2023
2022
Defined contribution schemes
£'000
£'000
Charge to profit or loss in respect of defined contribution schemes
116
161

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.

Contributions totalling £11K (2022: £15K) were payable to the fund at the year end and are included in creditors.

15
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£'000
£'000
Issued and fully paid
Ordinary A shares of £1 each
644
644
1
1
Ordinary B shares of £1 each
354
354
-
0
-
Ordinary C shares of £1 each
2
2
-
0
-

The company’s ordinary shares carry no rights to fixed dividends. Each ordinary share carries the right to one vote at General Meetings of the company.

16
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
£'000
£'000
Within one year
51
39
Between two and five years
124
136
In over five years
-
0
13
175
188
ANGLIA COMMUNITY EYE SERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
- 21 -
17
Related party transactions

The company has taken advantage of the exemption granted by paragraph 33.1A of Financial Reporting Standard 102 not to disclose transactions with other wholly owned group companies.true

 

The company has no other related party transactions during the period.

18
Ultimate controlling party

The ultimate parent company is Lorena Investments Limited, a company incorporated in Scotland. Group financial statements are available at 200 St. Vincent Street, Glasgow, G2 5SG.

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