TLC Ophthalmology LLP
A limited liability partnership registered in England and Wales no. OC449926
Annual report and financial statements
31 December 2024
TLC Ophthalmology LLP
Members' report and financial statements
31 December 2024
Contents
Members' Report
3
Statement of Members' Responsibility                                                                             4
Independent Auditor's report
5-7
Profit and loss account
8
Balance sheet
9
Notes
10-12
Limited Liability Partnership number:
OC449926
Advisers and principal addresses
Designated Members:           Georgina Holtby (appointed 13 November 2024)
                                              TLC OPCO Ltd (appointed 13 November 2024)
Other Members:                      Hugo William Alexander Henderson
                                               C J Hammond Limited
                                               Hamilton Eye Practice Ltd.
                                               Maple Leaf Limited
                                               Mark Westcott Limited
                                               MD Management Ltd
                                               Mr M Mohamed and Dr R J Magnall Ltd.
                                               Roger Wong Ltd
                                               TL Jackson Private Practice Ltd
                                               Visual Health Ltd
Principal Address:
TLC Ophthalmology LLP
20 Devonshire Place
London W1G 6BW
Auditor:
RSM UK Audit LLP
25 Farringdon Street
London
EC4A 4AB
1
TLC Ophthalmology LLP
Members' report and financial statements
31 December 2024
Members' Report
The board presents the annual report and financial statements for the period from incorporation on 13 November 2023 to 31 December 2024.
Principal activities and financial results
The principal activity of the limited liability partnership is that of Eye Care Services.
After making enquiries, the members have a reasonable expectation that the limited liability partnership is able to continue in operational existence for the foreseeable future. The members are adopting the going concern basis in preparing the members' report and annual accounts.
This members' report has been prepared in accordance with the provisions applicable to companies entitled to the small companies' exemptions including the exemption from preparing a strategic report.
Future developments
The members do not envisage any significant change in the activities of the limited liability partnership.
Designated members' interests
The designated members, who held office during the period, and since the period end are:
Georgina Holtby (appointed 13 November 2023)
TLC OPCO Ltd (appointed 13 November 2023)
Management liability insurance on industry standard terms is provided for the designated members as part of the parent limited liability partnership's policy.
Members' contributions and drawings
The Supervising Board shall decide to allocate the Profits of the LLP between the Members in proportion to their Member Interest and credit each Members' Current Account after the accounts for the relevant accounting period have been approved by the supervisory board.
During the year, new members were admitted and contributed £3.4m in aggregate to acquire their profit-sharing interests. This amount was withdrawn by an existing member shortly thereafter. All transactions were conducted in accordance with the LLP Members Agreement.
The members at the date of approval of this report confirm that:
so far as the members are aware, there is no relevant audit information of which the limited liability partnership's auditor is unaware; and
the members have taken all the steps that they ought to have taken as a member in order to make them self aware of any relevant audit information and to establish that the limited liability partnership's auditor is aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of paragraph 3 section 418 of the Companies Act 2006.
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TLC Ophthalmology LLP
Members' report and financial statements
31 December 2024
Auditor
RSM UK Audit LLP were appointed auditors to the limited liability partnership in the period.
For and on behalf of the Board by:
Georgina Holtby
Designated Member
Date: 06 August 2025
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TLC Ophthalmology LLP
Members' report and financial statements
31 December 2024
Statement of Members' responsibilities
The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 (the 2008 Regulations) requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).  Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 (the 2008 Regulations) requires the members 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 limited liability partnership and of the profit or loss of the partnership for that period. In preparing those financial statements, the members are required to:
select suitable accounting policies and then apply them consistently;
make judgments and estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the limited liability partnership will continue in business.
Under the 2008 Regulations the members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership 's transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the requirements of those Regulations.
The members are responsible for the maintenance and integrity of the corporate and financial information included on the partnership's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
These responsibilities are exercised by the designated members on behalf of other members.
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TLC Ophthalmology LLP
Members' report and financial statements
31 December 2024
Independent auditor's Report to the members of TLC Ophthalmology LLP
Opinion
We have audited the financial statements of TLC Ophthalmology LLP (the ‘limited liability partnership') for the period ended 31 December 2024 which comprise Profit and Loss Account, Balance Sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
give a true and fair view of the state of the limited liability partnership's affairs as at 31 December 2024 and of its profit for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
have been prepared in accordance with the requirements of the Companies Act 2006 as applied to limited liability partnerships.
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 limited liability partnership in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including 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 members' 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 limited liability partnership'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 members 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 members are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, we do not express any form of assurance conclusion thereon.
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TLC Ophthalmology LLP
Members' report and financial statements
31 December 2024
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.
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TLC Ophthalmology LLP
Members' report and financial statements
31 December 2024
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 applied to limited liability partnerships 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
we have not received all the information and explanations we require for our audit.
the members were not entitled to prepare the financial statements in accordance with the small limited liability partnerships' regime.
Responsibilities of members
As explained more fully in the Members' Responsibilities Statement set out on page 4, the members 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 members 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 members are responsible for assessing the limited liability partnership'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 members either intend to liquidate the limited liability partnership 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 the audit was considered capable of detecting irregularities, including fraud
Irregularities are instances of non-compliance with laws and regulations.  The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.
In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.
However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:
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TLC Ophthalmology LLP
Members' report and financial statements
31 December 2024
obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the limited liability partnership operates in and how the limited liability partnership is complying with the legal and regulatory framework;
inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;
discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.
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TLC Ophthalmology LLP
Members' report and financial statements
31 December 2024
As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, the Companies Act 2006 and the LLP SORP. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing financial statement disclosures.
The audit engagement team identified the risk of management override of controls and revenue recognition as the areas where the financial statements were most susceptible to material misstatement due to fraud.  Audit procedures performed included but were not limited to testing manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business, challenging judgments and testing of revenue cut off around the year end.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: http://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 limited liability partnership's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied to limited liability partnerships.  Our audit work has been undertaken so that we might state to the limited liability partnership'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 limited liability partnership and the limited liability partnership's members as a body, for our audit work, for this report, or for the opinions we have formed.
NICHOLAS SLADDEN (Senior Statutory Auditor)
For and on behalf of RSM UK AUDIT LLP, Statutory Auditor
Chartered Accountants
25 Farringdon Street
London, EC4A 4AB
07 August 2025
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TLC Ophthalmology LLP
Members' report and financial statements
31 December 2024
Profit and loss account
for the 13-month period ended 31 December 2024
Note
2024
£
Turnover
5,396,950
Cost of Sales
(1,065,913)
Gross Profit
4,331,037
Administrative Expenses
(1,967,859)
Operating Profit
2,363,178
Interest receivable and similar income
43,000
Profit for the financial period before taxation
2,406,178
Profit for the financial period before members' remuneration and profit shares available for discretionary division amongst members
2,406,178
There are no other reported gains and losses in the period hence no statement of comprehensive income has been prepared.
10
TLC Ophthalmology LLP
Members' report and financial statements
31 December 2024
Balance sheet
at 31 December 2024
Note
2024
£
Current Assets
Trade and Other Debtors
3
525,569
Cash at bank and in hand
5
4,365,076
4,890,645
Creditors (Falling due within a year)
4
(2,484,467)
Net Assets
2,406,178
Represented by
Loans and Other Debts due to members
-
Other Amounts
          2,406,178
Total members' interests
2,406,178
The notes on pages 10 to 12 form part of these financial statements.
These annual accounts and members' report have been prepared in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships' regime.
The financial statements of TLC Ophthalmology LLP, registered number OC449926 were approved by the members and authorised for issue on 06 August 2025 and were signed on their behalf by:
Georgina Holtby
Designated Member
Date: 06 August 2025
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TLC Ophthalmology LLP
Members' report and financial statements
31 December 2024
Notes
(forming part of the financial statements)
1
Accounting policies
The following accounting policies are considered material in relation to the limited liability partnership 's financial statements.
Basis of preparation
TLC Ophthalmology LLP is a limited liability partnership and registered in England and Wales. The address of the limited liability partnership's registered office is shown on page 2. The principal activities of the limited liability partnership have been set out in the members' report on page 3.
The financial statements have been prepared under the historical cost convention in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Statement of Recommended Practice “Accounting by Limited Liability Partnerships” (published December 2021). The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) issued by the Financial Reporting Council.
The financial statements are presented in sterling, which is also the functional currency of the limited liability partnership. The amounts are presented to the nearest £1.
Going concern
The members have assessed the limited liability partnership and note that it will be able to continue to operate for the 12 months from the signing date.
Related party transactions
As the limited liability partnership is a wholly owned subsidiary of Trustees of the London Clinic Limited, the limited liability partnership has taken advantage of the exemption contained in FRS 102 and has therefore not disclosed transactions or balances with related parties.
Taxation
The taxation payable on the partnership profits is solely the personal liability of the individual members consequently neither the partnership taxation nor related deferred taxation arising in respect of the partnership are accounted for in these financial statements.
Turnover
Turnover comprises revenue recognised by the limited liability partnership in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
Members' participating interests
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity. A Members' participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.
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TLC Ophthalmology LLP
Members' report and financial statements
31 December 2024
All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within 'Members' remuneration charged as an expense' in arriving at the relevant year's result. Undivided amounts
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TLC Ophthalmology LLP
Members' report and financial statements
31 December 2024
that are classified as equity are shown within 'Members' other interests'. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members' interests.
Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with bank, other short-term liquid investments with original maturities of three months or less.
Financial Instruments
The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments' and Section 12 ‘Other financial Instruments' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the limited liability partnership's balance sheet when the limited liability partnership becomes a party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amount 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 assets 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 costs 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.
Basic Financial Liabilities
Basic financial liabilities, including creditors, bank loans, and loans from other group entities, are initially recognised at transaction price, where the transaction is measured at the present value of the future liabilities discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligation 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 the payment is due within one year or less. If not, they are presented as non-current liabilities, Trade creditors are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method.
2
Employees
There were no employees of the limited liability partnership.
3
Debtors
2024
£
Trade debtors
527,904
527,904
4
Creditors: amounts falling due within one year
2024
£
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TLC Ophthalmology LLP
Members' report and financial statements
31 December 2024
Amounts Due to Parent Undertaking
2,484,467
5
Cash and Cash equivalents
2024
£
Cash and cash equivalents
4,365,076
6         Members' Interests
The LLP has twelve members. The opening balance was £nil. During the year, new members were admitted and contributed £3,400,000 in aggregate to acquire their profit-sharing interests. This amount was withdrawn by the existing member. The profit for the year was £2,406,178. No loans or other amounts were owed to members at the reporting date. Profits are allocated based on each Members' equity interest in the LLP.
7
Controlling party
The LLP is controlled by its members in accordance with the LLP agreement. As at the reporting date, the following member(s) exercise control over the LLP by virtue of their rights to govern the financial and operating policies:
TLC OPCO Limited
15
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