Company registration number 08460426 (England and Wales)
ULTRALASE EYE CLINICS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
ULTRALASE EYE CLINICS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 8
ULTRALASE EYE CLINICS LIMITED
STATEMENT OF FINANCIAL POSITION
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
27,491
34,541
Current assets
Debtors
4
2,033,656
460,345
Cash at bank and in hand
124,292
108,589
2,157,948
568,934
Creditors: amounts falling due within one year
5
(616,296)
(986,523)
Net current assets/(liabilities)
1,541,652
(417,589)
Total assets less current liabilities
1,569,143
(383,048)
Creditors: amounts falling due after more than one year
6
(1,637,000)
Provisions for liabilities
7
(65,722)
(90,816)
Net liabilities
(133,579)
(473,864)
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
(133,580)
(473,865)
Total equity
(133,579)
(473,864)
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
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 by the board of directors and authorised for issue on 20 January 2025 and are signed on its behalf by:
Mr V Leal Espi
Director
Company registration number 08460426 (England and Wales)
ULTRALASE EYE CLINICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information
Ultralase Eye Clinics Limited is a private company limited by shares incorporated in England and Wales. The registered office is 96 Bristol Road, Birmingham, B5 7XJ.
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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
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 £.
1.2
Going concern
The company had net liabilities amounting to £133,579 (2023: £473,864) at the balance sheet date and consequently, is reliant on the ongoing financial support of the group.true
Following its acquisition of the company, Clinica Baviera has put in place a new management team and formulated a clear and feasible turnaround plan for the business. Clinica Baviera is committing financial and management resources into improving Ultralase's operations and financial performance, as well as ensuring sufficient funding during the turnaround period.
With this support, the directors are confident the company remains a going concern and have prepared the accounts on the going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.
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.
Turnover represents amounts receivable for medical services rendered net of trade discounts. Turnover is recognised at the time when the medical services are performed.
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:
Land and buildings Leasehold
Over the life of the lease
Plant and machinery
25% - 33% 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.
ULTRALASE EYE CLINICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets
At each reporting period 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
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 (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) 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 (or cash-generating unit) 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 (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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.
Basic financial assets
Basic financial assets, which include debtors, 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.
ULTRALASE EYE CLINICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors, 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 receipts 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.
1.7
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.
1.8
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Following patient treatments, there are a number of additional costs to be incurred once the results of the treatments have been reassessed.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision in measured at present value the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
The provision is expected to be fully utilised over a period of time in accordance with the age profile of the patients.
1.9
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.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
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.
ULTRALASE EYE CLINICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
21
21
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2023
37,539
267,668
305,207
Additions
2,462
2,462
At 30 June 2024
37,539
270,130
307,669
Depreciation and impairment
At 1 July 2023
33,518
237,148
270,666
Depreciation charged in the year
503
9,009
9,512
At 30 June 2024
34,021
246,157
280,178
Carrying amount
At 30 June 2024
3,518
23,973
27,491
At 30 June 2023
4,021
30,520
34,541
ULTRALASE EYE CLINICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
163,465
143,979
Amounts owed by group undertakings
1,638,863
65,795
Other debtors
231,328
250,571
2,033,656
460,345
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
503,754
350,018
Taxation and social security
10,710
14,740
Other creditors
101,832
621,765
616,296
986,523
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
1,637,000
Included within Other Creditors is a loan balance of £1,637,000 (2023: £nil) owed to a fellow group company. The loan is unsecured, accrues interest at a rate of 5% per annum, and is repayable in full on the maturity date of 25 June 2027.
ULTRALASE EYE CLINICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
7
Provisions for liabilities
2024
2023
£
£
Patient costs
65,722
90,816
Movements on provisions:
£
At 1 July 2023
90,816
Utilisation of provision
(25,094)
At 30 June 2024
65,722
Patient Costs
Following patient treatments, there are a number of additional costs to be incurred once the results of the treatments have been reassessed. The provision is expected to be fully utilised over a period of time in accordance with the age profile of the patients.
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1
1
1
1
There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and repayment of capital.
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Sarah Wilson FCA
Statutory Auditor:
Gravita II LLP
Date of audit report:
21 January 2025
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
1,680,334
1,858,743
ULTRALASE EYE CLINICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
11
Related party transactions
The company has taken advantage of the exemptions from disclosure available to subsidiary undertakings under section 33 of FRS102 in connection with intra group transactions.
2024
2023
Amounts due to related parties
£
£
Key management personnel
-
500,000
12
Parent company
The company is a wholly owned subsidiary of Eye Hospitals Group Limited, a company incorporated in England and Wales. The registered office is 96 Bristol Road, Birmingham, B5 7XJ.
The ultimate controlling party is Aier Eye Hospital Co Limited (registered number 91430000745928604G), a company incorporated in China. They have control by virtue of their 100% shareholding in Clinica Baviera UK, S.L. (former Castellana Intermediación Sanitaria S.L.) (registered in Spain, number B87195855) which in turn owns 100% of Eye Hospitals Group Limited, an acquisition that completed on 25 June 2024.