Company registration number 06809321 (England and Wales)
THE OPTOPLAST ACTMAN EYEWEAR CO LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
THE OPTOPLAST ACTMAN EYEWEAR CO LIMITED
COMPANY INFORMATION
Directors
Mr C McGuirk
Mr M J Carberry
Mr J G Conway
Mr D M Thorn
Mr L Johnston
Secretary
Mr C McGuirk
Company number
06809321
Registered office
83 Sefton Lane
Maghull
Liverpool
L31 8BU
Auditor
MHA
Exchange Station
Tithebarn Street
Liverpool
L2 2QP
Bankers
HSBC Bank Plc
99 - 101 Lord Street
Liverpool
L2 6PG
Solicitors
Hill Dickinson LLP
No. 1 St. Paul's Square
Liverpool
L3 9SJ
THE OPTOPLAST ACTMAN EYEWEAR CO LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 28
THE OPTOPLAST ACTMAN EYEWEAR CO LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -
The directors present the strategic report for the year ended 30 June 2024.
Review of the business
The principal business activity of the company is the design, manufacture and distribution of optical and sunglass frames, cases, and lenses.
The actions taken in the previous financial year, in response to the cost-of-living pressures has resulted in a significant performance improvement during the current financial year. This trend is forecast to continue into the next financial year with further growth expected for the year ending 30 June 2025.
Significant new business was secured during the current financial year resulting in 3% sales growth. Gross profit margins increased by 2% with a continued focus on supply chain management and the product mix being weighted toward higher end products. Sterling strengthened against the Dollar during the current financial year further contributing to improved gross profit.
The Board are pleased with the results for the current financial year because of the actions taken in the previous financial year, with results representing a significant improvement. The results ensure that the Company is well faced to take advantage of new opportunities as they arise and as a result of this, growth is also forecast for the next financial year.
The Directors constantly monitor the Company's funding position and forecast cash requirements, as detailed within the Going Concern section of note 1 of the financial statements, to ensure it has access to sufficient funds to meet its cash requirements.
Principal Risks and Uncertainties
The company's operations expose it to a variety of financial risks, the Directors deem the most significant risks as follows:
Credit Risks: The company's credit risk is primarily from its trade debtors. However, these are well spread and appropriate credit checks are performed before large contracts are entered in to, The company also insures many of the larger debts against default.
THE OPTOPLAST ACTMAN EYEWEAR CO LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Results and Dividends
The operating profit for the period is £1,016,209 (2023: £185,400) and when adjusted for exchange variances deriving from conversion of foreign currency is £886,556 (2023: £273,078).
Financial Highlights:
The Company’s operating profit improved significantly due to new business won and because of the actions taken during the previous financial year ensuring stringent cost controls.
Total fixed assets have decreased to £1,889,331 (2023: £1,980,652) as significant investment in tangible fixed assets was made in the previous years so limited investment was required in the current year. The decrease was partially offset by a new Investment arising from the transfer of ownership of a fellow subsidiary, Victoria Collection GmbH, following a group restructure. Stock levels decreased to £4,625,933 (2023: £5,876,951) as global freight disruption reduced, enabling us to reduce contingency stock levels. There has been a decrease in debtors to £2,749,058 (2023: £4,234,151) due to the settlement of an intercompany debtor. There has been a decrease in current liabilities to £7,267,903 (2023: £10,254,888) driven mainly by the repayment and reduction of intercompany creditor balances. Other borrowings were significantly reduced as the Company continued to reduce its total debt as detailed in note 18 of the financial statements, and trade creditors were lower due to timing.
Key Performance Indicators
The Directors use a number of key performance indicators to ensure that business activities are monitored and controlled effectively. Areas covered by the indicators include (but are not limited to) turnover, profitability, cash generation and working capital management. The Directors consider these measures ensure a high level of control over the company's operations and form an integral and effective measurement and reporting structure.
Strategy and Future Developments
The company has a highly regarded reputation in both domestic and global markets as one of the leading independent suppliers of high quality eyewear and eyewear related optical products.
The long term business objectives of the company are:
THE OPTOPLAST ACTMAN EYEWEAR CO LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
Summary and Outlook
As a result of the action taken by the board during the previous financial year along with new business won, the results for the current financial year show a significant improvement in trading. The upturn in performance has continued into the year ending 30 June 2025 with the company forecasting to achieve year on year sales growth.
As a result of previous investments, the Company is well positioned to take advantage of new opportunities with the view to further improving the trading results in future periods.
The Directors believe the Company has created a robust and long-term sustainable platform to deliver its long-term growth strategy. This is further backed by the Company’s ability to navigate external challenges in recent years and ensure that it is still able to take advantage of opportunities as they arise.
Mr C McGuirk
Director
28 March 2025
THE OPTOPLAST ACTMAN EYEWEAR CO LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
The directors present their annual report and financial statements for the year ended 30 June 2024.
Principal activities
The principal activity of the company continued to be the design, manufacture and distribution of optical and sunglass frames, cases and lenses.
Results and dividends
The results for the year are set out on page 9.
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 McGuirk
Mr M J Carberry
Mr J G Conway
Mr D M Thorn
Mr L Johnston
Post reporting date events
On 1 January 2025, the Company acquired business goodwill and intellectual property rights from a fellow group subsidiary for total consideration of £2,175,821. This asset was originally purchased by the subsidiary on 29 October 2024 from Unique Brands International (an unincorporated entity controlled by the directors D M Thorn and J G Conway) for consideration of £2,175,821.
Auditor
MHA were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of principal risks and uncertainties and future developments.
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
Mr C McGuirk
Director
28 March 2025
THE OPTOPLAST ACTMAN EYEWEAR CO LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
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.
THE OPTOPLAST ACTMAN EYEWEAR CO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE OPTOPLAST ACTMAN EYEWEAR CO LIMITED
- 6 -
Opinion
We have audited the financial statements of The Optoplast Actman Eyewear Co Limited (the 'company') for the year ended 30 June 2024 which comprise the statement of comprehensive income, the balance sheet, 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:
give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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.
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.
THE OPTOPLAST ACTMAN EYEWEAR CO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE OPTOPLAST ACTMAN EYEWEAR CO LIMITED (CONTINUED)
- 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:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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.
Matters on which we are required to report by exception
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:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
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 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.
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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below:
Enquiries with management about any known or suspected instances of fraud and non-compliance with laws and regulations;
Auditing the risk of fraud in revenue, including through the testing of the cut off of income at the year end and sales transaction testing to ensure revenue is complete in the financial statements and recognised in the correct accounting period;
Challenging the assumptions and judgements made by management in their accounting estimates;
Examination of journal entries and other adjustments to test for appropriateness and identify any instances of management override of controls; and
Review of legal and professional expenditure to identify any evidence of ongoing litigation or enquiries.
THE OPTOPLAST ACTMAN EYEWEAR CO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE OPTOPLAST ACTMAN EYEWEAR CO LIMITED (CONTINUED)
- 8 -
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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.
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.
Andrew Matthews BFP ACA FCCA
Senior Statutory Auditor
For and on behalf of MHA, Statutory Auditor
Liverpool, United Kingdom
28 March 2025
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
THE OPTOPLAST ACTMAN EYEWEAR CO LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
17,567,743
17,122,999
Cost of sales
(11,901,978)
(12,031,630)
Gross profit
5,665,765
5,091,369
Distribution costs
(221,663)
(247,548)
Administrative expenses (including exceptional items of £104,684 income (2023: £nil))
(4,427,893)
(4,658,421)
Operating profit
5
1,016,209
185,400
Interest receivable and similar income
8
5
150
Interest payable and similar expenses
9
(599,938)
(648,934)
Profit/(loss) before taxation
416,276
(463,384)
Tax on profit/(loss)
10
63,473
Profit/(loss) for the financial year
416,276
(399,911)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
The notes on pages 12 to 28 form part of these financial statements.
THE OPTOPLAST ACTMAN EYEWEAR CO LIMITED
BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
120,015
81,206
Other intangible assets
11
27,628
73,364
Total intangible assets
147,643
154,570
Tangible assets
12
1,400,615
1,826,080
Investments
13
341,073
2
1,889,331
1,980,652
Current assets
Stocks
15
4,625,933
5,876,951
Debtors
16
2,749,058
4,234,151
Cash at bank and in hand
275,552
18,829
7,650,543
10,129,931
Creditors: amounts falling due within one year
17
(7,267,903)
(10,254,888)
Net current assets/(liabilities)
382,640
(124,957)
Net assets
2,271,971
1,855,695
Capital and reserves
Called up share capital
20
101
101
Share premium account
21,099
21,099
Profit and loss reserves
2,250,771
1,834,495
Total equity
2,271,971
1,855,695
The notes on pages 12 to 28 form part of these financial statements.
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 28 March 2025 and are signed on its behalf by:
Mr C McGuirk
Director
Company registration number 06809321 (England and Wales)
THE OPTOPLAST ACTMAN EYEWEAR CO LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 July 2022
101
21,099
2,234,406
2,255,606
Year ended 30 June 2023:
Loss and total comprehensive income
-
-
(399,911)
(399,911)
Balance at 30 June 2023
101
21,099
1,834,495
1,855,695
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
416,276
416,276
Balance at 30 June 2024
101
21,099
2,250,771
2,271,971
The notes on pages 12 to 28 form part of these financial statements.
THE OPTOPLAST ACTMAN EYEWEAR CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
1
Accounting policies
Company information
The Optoplast Actman Eyewear Co Limited is a private company limited by shares incorporated in England and Wales. The registered office is 83 Sefton Lane, Maghull, Liverpool, L31 8BU.
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.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares 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 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.
The Optoplast Actman Eyewear Co Limited is a wholly owned subsidiary of Millmead Optical Group Ltd and the results of The Optoplast Actman Eyewear Co Limited are included in the consolidated financial statements of Millmead Optical Group Ltd which are available from 83 Sefton Lane, Liverpool, England, L31 8BU and at Companies House.
THE OPTOPLAST ACTMAN EYEWEAR CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 13 -
1.2
Going concern
The Company monitors its funding position and its liquidity risk throughout the year to ensure it has access to sufficient funds to meet forecast cash requirements. Cash forecasts are regularly produced and reviewed by the Board to ensure the Company can honour its cash commitments.true
The Company is a wholly owned subsidiary of Millmead Optical Group Ltd. The Group has provided written confirmation to the Company that support will be provided as required for a period of not less than twelve months from the date of approval of these financial statements, and that repayment of intercompany creditors will not be demanded by the Group unless the Company has sufficient funds to do so.
Forecasts have been prepared by the Directors that have been sensitised to only include known new business and incorporate all known/expected increases in its cost base. The forecasts demonstrate that the Company will have sufficient cash reserves to meet its obligations as they fall due for a period of at least 12 months from the date of signing these financial statements.
The Company achieved sales growth on improved margins with further growth forecast for the next financial year which should generate increased cash inflows from operating activities for the year ending 30 June 2025, supported by new business won during the current financial year and post year end.
As such, the directors are satisfied that the Company has adequate resources to operate for the foreseeable future. For this reason, they continue to adopt the going concern basis for preparing these financial statements.
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 and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is between 5 and 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
THE OPTOPLAST ACTMAN EYEWEAR CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 14 -
1.5
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
4 years straight line
Patents & licences
5 years straight line
1.6
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
10-20% per annum on a straight line basis
Plant and equipment
10-25% per annum on a straight line basis
Fixtures and fittings
10-20% per annum on a straight line basis
Computers
25% per annum on a straight line basis
Motor vehicles
25% per annum on a straight line basis
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.
1.7
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.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
THE OPTOPLAST ACTMAN EYEWEAR CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 15 -
1.8
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.
1.9
Stocks
Stocks 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 stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks 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.
1.10
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.
1.11
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.
THE OPTOPLAST ACTMAN EYEWEAR CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 16 -
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.
Other financial assets
All financial assets are considered basic financial assets.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, 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 profit or loss.
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 profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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.
THE OPTOPLAST ACTMAN EYEWEAR CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 17 -
Other financial liabilities
All financial liabilities are considered basic financial liabilities.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.12
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.
1.13
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.
1.14
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.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
THE OPTOPLAST ACTMAN EYEWEAR CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 18 -
1.16
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.
1.17
Foreign exchange
Transactions in currencies other than the functional currency (foreign currency) are initially recorded at the exchange rate prevailing on the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date or the transaction, or, if the asset or liability is measured at fair value, the rate when that fair value was determined.
All translation differences are taken to profit or loss, except to the extent that they relate to gains or losses on non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income.
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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Carrying value of intra-group balances
Management must consider the performance of entities within the group to assess whether inter-group balances are considered recoverable. The outcome of this judgement could have a material impact on the financial statements in the instance that group balances are not deemed to be recoverable.
THE OPTOPLAST ACTMAN EYEWEAR CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 19 -
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.
Valuation of stock
Stocks are valued at the lower of cost and net realisable value. Where necessary, provisions for slow moving and obsolete stocks are made. Calculation of these provisions require judgements to be made, the provisions are based on both the age and use of stock in the last 24 – 60 months, with provision made as a percentage of these values. Furthermore, the valuation of stock includes the absorption of overheads such as freight and duties to accordingly reflect the cost of acquiring stocks for resale. The Directors use estimation techniques to assess the value of overheads based upon historical average annual costs of freight and duties as a percentage of total stock purchases.
Recoverability of trade debtors
The company establishes a specific provision for debtors that are estimated not to be recoverable. When assessing recoverability, the directors have considered factors such as the aging of the debtors, past experience of recoverability, and the credit profile of individual or groups of customers.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Optical & sunglasses cases and frames
13,417,554
12,576,546
Jewellery boxes
979,240
1,507,957
Lenses
3,170,949
3,037,436
Other
-
1,060
17,567,743
17,122,999
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
13,836,704
13,670,219
Europe
699,425
702,981
Rest of World
3,031,614
2,749,799
17,567,743
17,122,999
2024
2023
£
£
Other revenue
Interest income
5
150
THE OPTOPLAST ACTMAN EYEWEAR CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 20 -
4
Exceptional item
2024
2023
£
£
Expenditure
Administrative costs
(104,684)
-
Exceptional items relate to the net amount of (gain)/losses on intercompany loan waivers that were not deemed to be recoverable within the financial year.
5
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(129,653)
87,679
Research and development costs
96,569
145,000
Fees payable to the company's auditor for the audit of the company's financial statements
32,650
65,448
Depreciation of owned tangible fixed assets
212,651
201,949
Depreciation of tangible fixed assets held under finance leases
260,253
226,665
Amortisation of intangible assets
92,148
126,212
Operating lease charges
456,549
460,474
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Management
10
12
Administrative
44
47
Production
42
34
Total
96
93
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
3,172,793
3,078,841
Social security costs
319,123
321,164
Pension costs
62,545
61,209
3,554,461
3,461,214
THE OPTOPLAST ACTMAN EYEWEAR CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 21 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
190,338
171,955
Company pension contributions to defined contribution schemes
2,642
1,321
192,980
173,276
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 1).
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
5
150
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
572,571
605,637
Interest on invoice finance arrangements
27,367
43,297
599,938
648,934
10
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
(20,462)
Other tax reliefs
(43,011)
Total current tax
(63,473)
THE OPTOPLAST ACTMAN EYEWEAR CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
10
Taxation
(Continued)
- 22 -
The actual charge/(credit) for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit/(loss) before taxation
416,276
(463,384)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
104,069
(94,994)
Tax effect of expenses that are not deductible in determining taxable profit
2,352
1,006
Change in unrecognised deferred tax assets
(99,067)
75,323
Adjustments in respect of prior years
(20,462)
Depreciation on assets not qualifying for tax allowances
2,152
485
Amortisation on assets not qualifying for tax allowances
9,451
Other permanent differences
1,805
716
Additional deduction for R&D expenditure
(20,762)
(35,366)
Surrender of tax losses for R&D tax credit refund
22,074
Adjust deferred tax to average rate
(12,255)
Taxation charge/(credit) for the year
-
(63,473)
On 1 April 2023 the government enacted changes to the corporation tax rate, increasing the main tax rate to 25%. The previous financial year end straddled two tax years, pre and post the increase of corporation tax to 25%. Profits were apportioned in the ratio to account for the number of months under the 19% taxation rate and 25% rate. The effective tax rate for the period ended 30 June 2023 was therefore 20.50%.
Deferred tax is not recognised in respect of tax losses of £2,806,965 (2023: £3,604,670) as it is not probable that they will be recovered in full against the reversal of deferred tax liabilities or future taxable profits over the next 12 months. The directors continue to monitor this situation annually and aim to make a provision for the deferred tax asset on unutilised losses as soon as the period in which future taxable profits can be measured more accurately.
THE OPTOPLAST ACTMAN EYEWEAR CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 23 -
11
Intangible fixed assets
Goodwill
Software
Patents & licences
Total
£
£
£
£
Cost
At 1 July 2023
423,268
568,096
13,672
1,005,036
Additions
76,611
8,610
85,221
At 30 June 2024
499,879
576,706
13,672
1,090,257
Amortisation and impairment
At 1 July 2023
342,062
494,732
13,672
850,466
Amortisation charged for the year
37,802
54,346
92,148
At 30 June 2024
379,864
549,078
13,672
942,614
Carrying amount
At 30 June 2024
120,015
27,628
147,643
At 30 June 2023
81,206
73,364
154,570
12
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 July 2023
853,150
1,930,208
575,809
272,829
40,115
3,672,111
Additions
9,200
22,037
6,731
9,471
47,439
Disposals
(2,912)
(2,912)
At 30 June 2024
862,350
1,952,245
582,540
279,388
40,115
3,716,638
Depreciation and impairment
At 1 July 2023
396,043
670,407
498,861
240,605
40,115
1,846,031
Depreciation charged in the year
84,983
334,662
37,435
15,824
472,904
Eliminated in respect of disposals
(2,912)
(2,912)
At 30 June 2024
481,026
1,005,069
536,296
253,517
40,115
2,316,023
Carrying amount
At 30 June 2024
381,324
947,176
46,244
25,871
1,400,615
At 30 June 2023
457,107
1,259,801
76,948
32,224
1,826,080
THE OPTOPLAST ACTMAN EYEWEAR CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
12
Tangible fixed assets
(Continued)
- 24 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2024
2023
£
£
Plant and equipment
727,637
1,009,493
Assets owned by The Optoplast Actman Eyewear Co Limited are leased under hire purchase by the parent company Millmead Optical Group Ltd. They were originally acquired and continue to be capitalised by the company. This differing ownership and financing of these assets has no impact on the group consolidated financial statements, as the company is a wholly-owned subsidiary of Millmead Optical Group Ltd.
13
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
14
341,073
2
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 July 2023
2
Additions
341,071
At 30 June 2024
341,073
Carrying amount
At 30 June 2024
341,073
At 30 June 2023
2
14
Subsidiaries
Details of the company's subsidiaries at 30 June 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Actman and Mico Limited
1
Dormant
Ordinary
100.00
Andrew Actman Limited
1
Dormant
Ordinary
100.00
Victoria Collection GmbH
2
Wholesaler of optical and sunglasses cases.
Ordinary
100.00
THE OPTOPLAST ACTMAN EYEWEAR CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
14
Subsidiaries
(Continued)
- 25 -
1 83 Sefton Lane, Liverpool, L31 8BU
2 Augustenstr 55, 70178 Stuttgart, Germany
On 3 August 2023, the investment in Victoria Collection GmbH, originally held by the fellow group subsidiaries, Optoplast Limited and Custom Fabrications (UK) Limited (as nominee), was formerly transferred over to The Optoplast Actman Eyewear Co Limited as part of a group reorganisation. This transaction was originally agreed via a sale and purchase agreement signed 5 August 2021; However the legal share transfer took until 3 August 2023 to complete. There was no change to beneficial ownership or ultimate control at any point during this group reorganisation.
15
Stocks
2024
2023
£
£
Finished goods and goods for resale
4,625,933
5,876,951
An increase has been made against the stock provision resulting in a debit to the Statement of Comprehensive Income of £150,380 (2022: £285,389)
16
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,516,819
2,648,495
Corporation tax recoverable
42,703
138,473
Amounts owed by group undertakings
1,153,084
Other debtors
1,386
57,258
Prepayments and accrued income
188,150
236,841
2,749,058
4,234,151
Amounts owed by group undertakings due in less than one year are unsecured, interest free and are repayable on demand.
There has been a decrease in the provision for bad debts resulting in a credit to the Statement of Comprehensive Income of £661 (2023: £87,176) during the period.
THE OPTOPLAST ACTMAN EYEWEAR CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 26 -
17
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
18
190,928
Other borrowings
18
3,401,913
3,921,328
Trade creditors
1,222,418
1,621,099
Amounts owed to group undertakings
1,638,428
3,579,340
Taxation and social security
393,648
314,364
Other creditors
25,043
11,558
Accruals and deferred income
586,453
616,271
7,267,903
10,254,888
Included within amounts owed to group undertakings are amounts owed to a fellow group subsidiary company which accrue interest at a rate of 1% per annum. The repayment dates for these loans ranges from 30 June 2026 to 30 June 2027. However, the fellow subsidiary company has the right to recall these loans with 6 months notice, and as such this balance is included within amounts due in less than 1 year.
All other amounts owed to group undertakings are unsecured, interest free and are repayable on demand.
Details of the security and other terms of bank loans, overdrafts and other loans are disclosed in note 18 of the financial statements.
18
Loans and overdrafts
2024
2023
£
£
Bank overdrafts
190,928
Other loans
3,401,913
3,921,328
3,401,913
4,112,256
Payable within one year
3,401,913
4,112,256
The bank loans, overdrafts and other borrowings, which include import loans and invoice discounting facilities, are secured by means of a fixed charge over the book debts and a floating charge over all other assets of the Company and all companies that constitute the Millmead Optical Group Ltd in favour of HSBC Bank Plc.
Import loans accrue interest at a rate of 2.975% over the Bank of England base rate and cover a maximum period of between 120 and 240 days.
THE OPTOPLAST ACTMAN EYEWEAR CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 27 -
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
62,545
61,209
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.
£24,297 (2023: £10,811) was due to the fund at the balance sheet date in respect of employee and employer contributions and can be found within Creditors: amounts falling due within one year, note 17 of the financial statements.
20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
101
101
101
101
Ordinary share rights
The Company's ordinary shares, which carry no right to fixed income, each carry the right to one vote at general meetings of the Company.
21
Financial commitments, guarantees and contingent liabilities
There is a debenture dated 11 September 2013, in favour of HSBC Bank Plc, secured by way of fixed and floating charges over all the assets of the company and its wider fellow group companies.
There is an unlimited composite company guarantee dated 6 October 2008 across all companies in the Millmead Optical Group Ltd over all bank borrowings. The total amount outstanding in relation to the associated group banking facilities at the year end was £4,336,696 (2023: £6,005,463).
22
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:
2024
2023
£
£
Within one year
371,091
430,333
Between two and five years
40,845
340,426
411,936
770,759
THE OPTOPLAST ACTMAN EYEWEAR CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 28 -
23
Events after the reporting date
On 1 January 2025, the Company acquired business goodwill and intellectual property rights from a fellow group subsidiary for total consideration of £2,175,821. This asset was originally purchased by the subsidiary on 29 October 2024 from Unique Brands International (an unincorporated entity controlled by the directors D M Thorn and J G Conway) for consideration of £2,175,821.
24
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Rent paid
Royalty payments
2024
2023
2024
2023
£
£
£
£
Directors
414,333
414,333
240,000
270,000
During the year £16,200 was received from Breeze international Designs Ltd, a company related through common directors, for facilitating the sale of stock to a third party company. No transactions of this nature took place in the period ended 30 June 2023.
During the year, wages and salaries of £18,000 (2023: £18,000) were paid to close family members of Directors.
No amounts were owed to or by Directors at the balance sheet date (2023: £nil)
The Company has taken advantage of the exemption within FRS 102 paragraph 33.1A regarding disclosing transactions with its ultimate parent company and other wholly owned group Companies, on the basis that its results are consolidated in the results of its Parent Company.
25
Ultimate controlling party
The immediate and ultimate parent company of The Optoplast Actman Eyewear Co Limited is Millmead Optical Group Ltd, a company incorporated and registered in England and Wales.
The consolidated financial statements of this group are available for public review from its registered office at 83 Sefton Lane, Liverpool, England, L31 8BU and at Companies House.
The ultimate controlling party of the Company is deemed to be the Directors and majority shareholders Mr D Thorn and Mr J Conway.
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