Company registration number 00920009 (England and Wales)
CONTACT LENS PRECISION LABORATORIES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
CONTACT LENS PRECISION LABORATORIES LIMITED
COMPANY INFORMATION
Directors
S Cross
N Shinjo
T Sugiyama
S Kubota
Secretary
S Cross
Company number
00920009
Registered office
Dolphin House
Commerce Way
Leighton Buzzard
Bedfordshire
LU7 4RW
Auditor
Mercer & Hole LLP
The Pinnacle
170 Midsummer Boulevard
Milton Keynes
Buckinghamshire
MK9 1BP
CONTACT LENS PRECISION LABORATORIES LIMITED
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 5
Group statement of comprehensive income
6
Group balance sheet
7
Company balance sheet
8
Group statement of changes in equity
9
Company statement of changes in equity
10
Group statement of cash flows
11
Notes to the financial statements
12 - 28
CONTACT LENS PRECISION LABORATORIES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company and group during the year continued to be that of the development, manufacture and sale of specialist contact lenses.

Directors

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

S Cross
N Shinjo
T Sugiyama
M Urakabe
(Resigned 24 June 2025)
S Kubota
M Kumasaka
(Resigned 24 June 2025)
Auditor

In accordance with the company's articles, a resolution proposing that Mercer & Hole LLP be reappointed as auditor of the group will be put at a General Meeting.

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 auditor of the company 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 auditor of the company is aware of that information.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
S Cross
Director
18 July 2025
CONTACT LENS PRECISION LABORATORIES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

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 group and company, and of the profit or loss of the group 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 group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CONTACT LENS PRECISION LABORATORIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CONTACT LENS PRECISION LABORATORIES LIMITED
- 3 -
Opinion

We have audited the financial statements of Contact Lens Precision Laboratories Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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 group and parent 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 group's and parent 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:

CONTACT LENS PRECISION LABORATORIES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CONTACT LENS PRECISION LABORATORIES LIMITED
- 4 -
Matters on which we are required to report by exception

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

 

We have nothing to report in respect of the following matters where 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 parent 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 parent 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, is detailed below.

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

We gained an understanding of the legal and regulatory framework applicable to the group and the industry in which it operates and considered the risk of acts by the group that were contrary to applicable laws and regulations, including fraud. These included, but were not limited to, the Companies Act 2006 and tax legislation.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate entries including journals to overstate revenue or understate expenditure and management bias in accounting estimates.

Audit procedures performed by the engagement team included:

CONTACT LENS PRECISION LABORATORIES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CONTACT LENS PRECISION LABORATORIES LIMITED
- 5 -

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non- compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

Andrew Lawes MA MSc FCA (Senior Statutory Auditor)
For and on behalf of Mercer & Hole LLP
18 July 2025
Chartered Accountants
Statutory Auditor
The Pinnacle
170 Midsummer Boulevard
Milton Keynes
Buckinghamshire
MK9 1BP
CONTACT LENS PRECISION LABORATORIES LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
2024
2023
Notes
£
£
Turnover
3
3,135,809
2,954,453
Cost of sales
(1,031,377)
(1,038,496)
Gross profit
2,104,432
1,915,957
Distribution costs
(684,062)
(616,375)
Administrative expenses
(1,606,278)
(1,681,864)
Other operating income
236,105
434,351
Profit before taxation
50,197
52,069
Tax on profit
8
(85,888)
(13,267)
(Loss)/profit for the financial year
19
(35,691)
38,802
(Loss)/profit for the financial year is all attributable to the owners of the parent company.
CONTACT LENS PRECISION LABORATORIES LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 7 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
9
80,392
-
0
Tangible assets
10
2,146,124
1,927,849
2,226,516
1,927,849
Current assets
Stocks
13
549,164
384,783
Debtors
14
1,123,423
826,520
Cash at bank and in hand
924,050
1,516,595
2,596,637
2,727,898
Creditors: amounts falling due within one year
15
(334,031)
(151,033)
Net current assets
2,262,606
2,576,865
Total assets less current liabilities
4,489,122
4,504,714
Provisions for liabilities
Deferred tax liability
16
20,099
-
0
(20,099)
-
Net assets
4,469,023
4,504,714
Capital and reserves
Called up share capital
18
111
111
Share premium account
19
17,982
17,982
Revaluation reserve
19
260,166
269,119
Capital redemption reserve
19
16
16
Profit and loss reserves
19
4,190,748
4,217,486
Total equity
4,469,023
4,504,714
The financial statements were approved by the board of directors and authorised for issue on 18 July 2025 and are signed on its behalf by:
18 July 2025
S Cross
Director
Company registration number 00920009 (England and Wales)
CONTACT LENS PRECISION LABORATORIES LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
9
80,392
-
Tangible assets
10
635,322
654,722
Investments
11
50
50
715,764
654,772
Current assets
Debtors
14
2,824,874
1,788,875
Cash at bank and in hand
572,143
1,263,804
3,397,017
3,052,679
Creditors: amounts falling due within one year
15
(168,247)
(22,944)
Net current assets
3,228,770
3,029,735
Total assets less current liabilities
3,944,534
3,684,507
Provisions for liabilities
16
(20,099)
-
0
Net assets
3,924,435
3,684,507
Capital and reserves
Called up share capital
18
111
111
Share premium account
19
17,982
17,982
Revaluation reserve
19
244,891
252,147
Capital redemption reserve
19
16
16
Profit and loss reserves
19
3,661,435
3,414,251
Total equity
3,924,435
3,684,507

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £239,928 (2023 - £181,192 profit).

The financial statements were approved by the board of directors and authorised for issue on 18 July 2025 and are signed on its behalf by:
18 July 2025
S Cross
Director
Company Registration No. 00920009
CONTACT LENS PRECISION LABORATORIES LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
£
£
Balance at 1 January 2023
111
17,982
278,261
16
4,169,542
4,465,912
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
-
38,802
38,802
Transfers
-
-
(9,142)
-
9,142
-
Balance at 31 December 2023
111
17,982
269,119
16
4,217,486
4,504,714
Year ended 31 December 2024:
Loss and total comprehensive income
-
-
-
-
(35,691)
(35,691)
Transfers
-
-
(8,953)
-
8,953
-
Balance at 31 December 2024
111
17,982
260,166
16
4,190,748
4,469,023
CONTACT LENS PRECISION LABORATORIES LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
£
£
Balance at 1 January 2023
111
17,982
259,403
16
3,225,803
3,503,315
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
-
-
181,192
181,192
Transfers
-
-
(7,256)
-
7,256
-
Balance at 31 December 2023
111
17,982
252,147
16
3,414,251
3,684,507
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
-
239,928
239,928
Transfers
-
-
(7,256)
-
7,256
-
Balance at 31 December 2024
111
17,982
244,891
16
3,661,435
3,924,435
CONTACT LENS PRECISION LABORATORIES LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
23
(106,839)
113,600
Income taxes refunded/(paid)
15,915
(5,240)
Net cash (outflow)/inflow from operating activities
(90,924)
108,360
Investing activities
Purchase of intangible assets
(81,068)
-
Purchase of tangible fixed assets
(420,553)
(123,321)
Proceeds on disposal of tangible fixed assets
-
12,500
Net cash used in investing activities
(501,621)
(110,821)
Net decrease in cash and cash equivalents
(592,545)
(2,461)
Cash and cash equivalents at beginning of year
1,516,595
1,519,056
Cash and cash equivalents at end of year
924,050
1,516,595
CONTACT LENS PRECISION LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
1
Accounting policies
Company information

Contact Lens Precision Laboratories Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Dolphin House, Commerce Way, Leighton Buzzard, Bedfordshire, LU7 4RW.

 

The group consists of Contact Lens Precision Laboratories Limited and all of its subsidiaries.

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 modified to include the revaluation of freehold properties and certain plant and equipment. The principal accounting policies adopted are set out below.

The 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 for parent company information presented within the consolidated financial statements:

 

The consolidated group financial statements consist of the financial statements of the parent company Contact Lens Precision Laboratories Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.2
Going concern

The financial statements have been prepared on a going concern basis.  In making this assessment, the directors have prepared detailed trading and cash flow forecasts to August 2026 and have obtained a signed letter of support from the ultimate controlling company. On this basis, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence over this period and have therefore adopted the going concern basis of accounting in preparing the financial statements.

CONTACT LENS PRECISION LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
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.

Revenue from royalties is recognised as they are earned.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

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.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Development costs
10% 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:

Freehold land and buildings
2% straight line
Plant and machinery
10% & 20% reducing balance
Fixtures, fittings & equipment
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 recognised in the profit and loss account.

On 1 October 2015 the group adopted the transitional provisions of FRS 102 with the previous valuations being treated as deemed cost.

CONTACT LENS PRECISION LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

1.8
Impairment of fixed assets

At each reporting period end date, the group 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

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 at bank and in hand

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.

CONTACT LENS PRECISION LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.11
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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 group 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 group after deducting all of its liabilities.

CONTACT LENS PRECISION LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group 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 group.

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 group’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 if, and only if, there is 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.

CONTACT LENS PRECISION LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.14
Employee benefits

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

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the group 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.

1.16
Foreign exchange

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

2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of specialist lenses
2,425,847
2,311,721
Royalty income
709,962
642,732
3,135,809
2,954,453
CONTACT LENS PRECISION LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Turnover and other revenue
(Continued)
- 18 -
Research and development tax credits
34,271
34,766
Recharges made to group undertakings
201,834
399,585
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
1,479,143
1,475,013
Europe
944,419
1,013,197
Rest of the World
712,247
466,243
3,135,809
2,954,453
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
689
6,848
Research and development costs
171,355
190,497
Depreciation of owned tangible fixed assets
181,701
163,380
Loss/(profit) on disposal of tangible fixed assets
20,577
(12,500)
Amortisation of intangible assets
676
-

 

5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
7,875
7,500
Audit of the financial statements of the company's subsidiaries
15,750
15,000
23,625
22,500
For other services
Taxation compliance services
9,000
9,000
All other non-audit services
5,305
5,150
14,305
14,150
CONTACT LENS PRECISION LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Direct labour
45
45
-
-
Administration
6
6
6
7
Total
51
51
6
7

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,645,111
1,699,592
139,615
259,103
Social security costs
154,222
173,428
13,363
49,328
Pension costs
45,902
41,974
8,827
7,069
1,845,235
1,914,994
161,805
315,500
Redundancy payments made or committed
-
100,000
-
100,000
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
141,161
262,644
Company pension contributions to defined contribution schemes
6,000
7,069
Compensation for loss of office
-
100,000
147,161
369,713

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 2).

CONTACT LENS PRECISION LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
7
Directors' remuneration
(Continued)
- 20 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
n/a
239,923
Compensation for loss of office
n/a
100,000

As total directors' remuneration was less than £200,000 in the current year, no disclosure is provided for that year.

8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
49,249
23,706
Adjustments in respect of prior periods
-
0
(10,737)
Total UK current tax
49,249
12,969
Adjustments in foreign tax in respect of prior periods
4,286
4,184
Total current tax
53,535
17,153
Deferred tax
Origination and reversal of timing differences
32,353
(3,886)
Total tax charge
85,888
13,267
CONTACT LENS PRECISION LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8
Taxation
(Continued)
- 21 -

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:

2024
2023
£
£
Profit before taxation
50,197
52,069
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
12,549
12,247
Tax effect of expenses that are not deductible in determining taxable profit
1,350
714
Change in unrecognised deferred tax assets
62,853
-
0
Effect of change in corporation tax rate
-
12,395
Depreciation on assets not qualifying for tax allowances
4,850
4,562
Other non-reversing timing differences
-
(10,098)
Under/(over) provided in prior years
-
0
(10,737)
Foreign tax
4,286
4,184
Taxation charge
85,888
13,267
9
Intangible fixed assets
Group
Development costs
£
Cost
At 1 January 2024
-
0
Additions
81,068
At 31 December 2024
81,068
Amortisation and impairment
At 1 January 2024
-
0
Amortisation charged for the year
676
At 31 December 2024
676
Carrying amount
At 31 December 2024
80,392
At 31 December 2023
-
0
CONTACT LENS PRECISION LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Intangible fixed assets
(Continued)
- 22 -
Company
Development costs
£
Cost
At 1 January 2024
-
0
Additions
81,068
At 31 December 2024
81,068
Amortisation and impairment
At 1 January 2024
-
0
Amortisation charged for the year
676
At 31 December 2024
676
Carrying amount
At 31 December 2024
80,392
At 31 December 2023
-
0
10
Tangible fixed assets
Group
Freehold land and buildings
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
Cost
At 1 January 2024
1,232,947
1,780,381
610,352
3,623,680
Additions
-
0
258,660
161,893
420,553
Disposals
-
0
(65,750)
(14,098)
(79,848)
At 31 December 2024
1,232,947
1,973,291
758,147
3,964,385
Depreciation and impairment
At 1 January 2024
355,688
1,079,438
260,705
1,695,831
Depreciation charged in the year
25,120
79,996
76,585
181,701
Eliminated in respect of disposals
-
0
(46,137)
(13,134)
(59,271)
At 31 December 2024
380,808
1,113,297
324,156
1,818,261
Carrying amount
At 31 December 2024
852,139
859,994
433,991
2,146,124
At 31 December 2023
877,259
700,943
349,647
1,927,849
CONTACT LENS PRECISION LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Tangible fixed assets
(Continued)
- 23 -
Company
Freehold land and buildings
£
Cost
At 1 January 2024 and 31 December 2024
970,000
Depreciation and impairment
At 1 January 2024
315,278
Depreciation charged in the year
19,400
At 31 December 2024
334,678
Carrying amount
At 31 December 2024
635,322
At 31 December 2023
654,722
11
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
50
50
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 January 2024
12
Disposals
(12)
At 31 December 2024
-
Impairment
At 1 January 2024
12
Disposals
(12)
At 31 December 2024
-
Carrying amount
At 31 December 2024
-
At 31 December 2023
-
CONTACT LENS PRECISION LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Fixed asset investments
(Continued)
- 24 -
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2024
50
12
62
Disposals
-
(12)
(12)
At 31 December 2024
50
-
50
Impairment
At 1 January 2024
-
12
12
Disposals
-
(12)
(12)
At 31 December 2024
-
-
-
Carrying amount
At 31 December 2024
50
-
50
At 31 December 2023
50
-
50
12
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Country of
Nature of business
Class of
% Held
incorporation
shares held
Direct
Indirect
Ultravision International Limited
England and Wales
Manufacture and supply of contact lenses
Ordinary
100.00
0
13
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
549,164
384,783
-
0
-
0
CONTACT LENS PRECISION LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
14
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
387,977
364,125
14,984
58,487
Corporation tax recoverable
25,703
95,153
25,703
95,153
Amounts owed by group undertakings
320,221
18,245
2,646,911
1,571,169
Other debtors
9,155
14,454
9,155
-
0
Prepayments and accrued income
292,635
234,557
128,121
58,859
1,035,691
726,534
2,824,874
1,783,668
Deferred tax asset (note 16)
87,732
99,986
-
0
5,207
1,123,423
826,520
2,824,874
1,788,875
15
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
89,054
45,751
49,080
900
Amounts owed to group undertakings
7,985
-
0
-
0
-
0
Other taxation and social security
165,252
51,859
108,384
9,601
Other creditors
32,011
21,153
-
0
-
0
Accruals and deferred income
39,729
32,270
10,783
12,443
334,031
151,033
168,247
22,944
16
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
20,099
-
(350,556)
(233,165)
Tax losses
-
-
430,565
320,677
Other timing differences
-
-
7,723
12,474
20,099
-
87,732
99,986
CONTACT LENS PRECISION LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
16
Deferred taxation
(Continued)
- 26 -
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Accelerated capital allowances
20,099
-
-
-
Tax losses
-
-
-
5,207
20,099
-
-
5,207
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 1 January 2024
(99,986)
(5,207)
Charge to profit or loss
32,353
25,306
Liability/(Asset) at 31 December 2024
(67,633)
20,099

The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period. The deferred tax liability set out above is expected to reverse within 48 months and relates to accelerated capital allowances that are expected to mature within the same period.

17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
45,902
41,974

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

18
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
10,200
10,200
102
102
A ordinary shares of 1p each
867
867
9
9
11,067
11,067
111
111
CONTACT LENS PRECISION LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
19
Reserves
Share premium

This reserve records the amount above the nominal value received for shares issued less transaction costs.

Revaluation reserve

This reserve represents the increase in the carrying value of tangible fixed assets to their revalued amount.

Capital redemption reserve

This reserve records the nominal value of shares repurchased by the company.

Profit and loss reserves

This reserve records the amount of profit after tax retained by the company and not paid out as dividends.

20
Events after the reporting date

On 1st April 2025, Contact Lens Precision Laboratories Limited acquired 100% of the share capital of Scotlens Holdings Limited for a total consideration of £3.2m plus associated costs.

21
Related party transactions

As a wholly owned subsidiary of Seed Co. Ltd, the company is exempt from the requirements of FRS 102 (S.33.1A) to disclose transactions with other wholly owned members of the group headed by Seed Co. Ltd as consolidated financial statements are publicly available.

22
Controlling party

The company is controlled by Seed Co. Ltd by virtue of their majority shareholding.

The company's ultimate parent undertaking is Seed Co. Ltd, a company registered on the Tokyo Stock Exchange.

23
Cash (absorbed by)/generated from group operations
2024
2023
£
£
(Loss)/profit for the year after tax
(35,691)
38,802
Adjustments for:
Taxation charged
85,888
13,267
Loss/(gain) on disposal of tangible fixed assets
20,577
(12,500)
Amortisation and impairment of intangible assets
676
-
Depreciation and impairment of tangible fixed assets
181,701
163,380
Movements in working capital:
Increase in stocks
(164,381)
(20,334)
Increase in debtors
(378,607)
(7,294)
Increase/(decrease) in creditors
182,998
(61,721)
Cash (absorbed by)/generated from operations
(106,839)
113,600
CONTACT LENS PRECISION LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
24
Analysis of changes in net funds - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
1,516,595
(592,545)
924,050
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