ACCOUNTS - Final Accounts preparation

Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:

Registered number: 05390668

CECIL AMEY LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

CECIL AMEY LIMITED

COMPANY INFORMATION

Director	R J Amey


Company secretary	Mrs E Amey


Registered number	05390668


Registered office	11 Church Street
	Attleborough
	Norfolk
	NR17 2AH


Independent auditors	Larking Gowen LLP
	Chartered Accountants & Statutory Auditors
	1st Floor, Prospect House
	Rouen Road
	Norwich
	NR1 1RE

CECIL AMEY LIMITED

CONTENTS

	Page
Strategic report	1 - 2
Director's report	3 - 5
Independent auditors' report	6 - 10
Statement of income and retained earnings	11
Statement of financial position	12 - 13
Statement of changes in equity	14 - 15
Notes to the financial statements	16 - 40

CECIL AMEY LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction

The director presents his Strategic report for Cecil Amey Limited for the year ended 31 December 2024.

Business review

During the year, the Company expanded to a total of thirteen outlets following the acquisition of Pennington Opticians in August 2024. This strategic acquisition has strengthened our presence in the market and provided a platform for further growth.
In light of the ongoing cost-of-living crisis in the UK, trading conditions have remained challenging. Despite these headwinds, the business has performed well, delivering a revenue increase of 3.6%, supported in part by the contribution of the new stores. On a like-for-like basis, revenue grew by 1%, reflecting the resilience of the business model.
Average employee numbers rose by 7.5% during the year, driven by the integration of staff from the newly acquired outlets and investment in our teams to support growth.
We are pleased with the performance achieved this year, particularly given a slight fall in patient numbers compared to prior years. This decline mirrors trends across the wider industry and is linked to broader economic factors. Nonetheless, the Company has maintained progress and remains well positioned for the future.

Principal risks and uncertainties

The Company is exposed to a range of risks and uncertainties in the course of its operations. The Board regularly reviews these risks and implements mitigating actions where possible. Key risks include:

∙Stock and Supply Chain Risk
The Company relies on supply chains, some of which extend globally, creating potential exposure to disruption and delays. This risk is partly mitigated by working with suppliers who distribute from within the UK and by ensuring a strong understanding of the businesses we partner with.

∙Credit Risk
Credit risk arises from short-term credit offered to certain patients. This is mitigated by limiting the extent of credit terms offered and encouraging full payment where appropriate. In addition, management prepare rolling cash flow forecasts to ensure the Company has sufficient funds to meet its liabilities as they fall due.

∙Price Risk
The Company is exposed to fluctuations in purchase costs from suppliers. This risk is managed by working with a range of suppliers to avoid over-reliance on a single source and to provide flexibility in managing cost pressures.

∙Liquidity Risk
Liquidity risk is considered to be low. The Company maintains appropriate financial controls and forecasting to ensure funding availability and operational resilience.

Page 1

CECIL AMEY LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Financial key performance indicators

The Directors monitor a number of key performance indicators to assess the performance of the business. The principal measures used are:

∙Revenue Performance
Revenue for the year increased by 3.6%, supported by the acquisition of new outlets. On a like-for-like basis, revenue grew by 1%, demonstrating resilience in a challenging market.

∙EBITDA
EBITDA for the year was £845,819 (2023: £1,166,690). The reduction primarily reflects a one-off increase in director costs relating to a discretionary bonus awarded during the year. Excluding this non-recurring item, underlying EBITDA remained broadly consistent with the prior year, reflecting the continued resilience of the business.

Other key performance indicators
Due to the nature of the business and the industry, the directors do not consider that any further financial performance indicators are necessary for an understanding of the performance of the business.

Future developments
The business is focused on maximising the potential of the new stores acquired during the year, with plans to carry out new shop fit outs at certain locations. In addition, investment will be made in revamping layouts at some of the longstanding stores to enhance the customer experience and support future growth.

This report was approved by the board and signed on its behalf.

R J Amey

Director

Date: 25 September 2025

Page 2

CECIL AMEY LIMITED

DIRECTOR'S REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The director presents his report and the financial statements for the year ended 31 December 2024.

Director's responsibilities statement

The director is responsible for preparing the Strategic report, the Director's report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments 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 director is 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 to enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

Principal activity

The principal activity of the Company during the year continued to be that of the provision of optometry and audiology products and services.

Results and dividends

The profit for the year, after taxation, amounted to £420,734 (2023 - £721,184).

Interim dividends of £134,000 (2023 - £120,000) have been paid.

Director

The director who served during the year was:

R J Amey

Page 3

CECIL AMEY LIMITED

DIRECTOR'S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Principal risks and uncertainties

The Company's principal financial assets are bank balances, trade and other receivables. Due to the nature and flow of transactions, the liquidity risk associated with these assets is deemed to be low.
The Company's credit risk is primarily attributable to its receivables with trade debtors. Due to the nature of business customers and flow of transactions, the liquidity risk associated with these assets is deemed to be low.
Management prepare rolling cash flow forecasts to ensure that the Company has sufficient funds to meet its liabilities as they fall due.
The Company's price risk is primarily attributable to its suppliers. To mitigate the risk, purchases are placed with a number of suppliers to reduce the reliance on one particular supplier.

Future developments

Information on future developments is covered within the Strategic report.

Financial instruments

The Company's only financial instruments arise directly from its operations.
The Company manages its cash requirements to ensure that it has sufficient liquidity to meet the operating needs of its business.

Acquisition of own shares

During the year, 296,649 preference shares were repurchased for an agreed value of £296,649. The shares repurchased were 71.9% of the share capital. 258,063 of the shares were cancelled on 16 February 2024 and the 38,586 were cancelled on 18 March 2024.

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:

∙so far as he is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 4

CECIL AMEY LIMITED

DIRECTOR'S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Post balance sheet events

The company has repurchased a further 38,586 of the preference shares in issue in March 2025 for an agreed value of £38,586.
After the year end the company received a loan of £450,000, which will be used to support working capital and invest in shop refits.
The subsidiary companies of Cecil Amey Limited were dissolved on 18 March 2025. These include Cecil C Amey (Attleborough) Limited, Cecil C Amey (Watton) Limited, Cecil C Amey (Wymondham) Limited and Cecil C Amey Dereham Limited.

Auditors

The auditors, Larking Gowen LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

R J Amey

Director

Date: 25 September 2025

Page 5

CECIL AMEY LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CECIL AMEY LIMITED

Opinion

We have audited the financial statements of Cecil Amey Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of income and retained earnings, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of 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 31 December 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.

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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Page 6

CECIL AMEY LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CECIL AMEY LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is 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.

Opinion on other matters prescribed by the Companies Act 2006

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

∙the information given in the Strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic report and the Director's report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Director's report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙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 director's remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

Page 7

CECIL AMEY LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CECIL AMEY LIMITED (CONTINUED)

Responsibilities of directors

As explained more fully in the Director's responsibilities statement set out on page 3, the director is 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 director determines 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 director is 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 director either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Page 8

CECIL AMEY LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CECIL AMEY LIMITED (CONTINUED)

Auditors' 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 Auditors' 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Due to the field in which the Company operates, we identified the following areas as those most likely to have a material impact on the financial statements: health and safety; employment law; NHS contract compliance; environmental policies; GDPR and compliance with the UK Companies Act.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- Enquiries with management about any known or suspected instances of non-compliance with laws and regulations, accidents in the workplace and fraud;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
- Challenging assumptions and judgements made by management in their significant accounting estimates, in particular in relation to depreciation calculations and investment property valuations; and
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
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 for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Page 9

CECIL AMEY LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CECIL AMEY LIMITED (CONTINUED)

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 Auditors' 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.

John Atkins FCCA ACA (Senior statutory auditor)

For and on behalf of Larking Gowen LLP

Chartered Accountants

Statutory Auditors

1st Floor, Prospect House

Rouen Road

Norwich

NR1 1RE

26 September 2025

Page 10

CECIL AMEY LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£	£


Turnover	4	8,429,104	8,135,694
Cost of sales		(2,167,786)	(2,180,550)
Gross profit		6,261,318	5,955,144
Administrative expenses		(5,683,328)	(5,041,805)
Other operating income	5	21,021	43,703
Operating profit		599,011	957,042
Interest receivable and similar income	9	13,669	37,524
Interest payable and similar expenses	10	(33,117)	(50,133)
Profit before tax		579,563	944,433
Tax on profit	11	(158,829)	(223,249)
Profit after tax		420,734	721,184



Retained earnings at the beginning of the year	3,346,624	2,784,030
	3,346,624	2,784,030
Profit for the year	420,734	721,184
Dividends declared and paid	(134,000)	(120,000)
Purchase of own shares	(296,649)	(38,590)
Retained earnings at the end of the year	3,336,709	3,346,624

The notes on pages 16 to 40 form part of these financial statements.

Page 11

CECIL AMEY LIMITED

REGISTERED NUMBER: 05390668

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Intangible assets	13		107,871		9,538
Tangible assets	14		3,739,887		3,233,533
Investments	15		20,000		24,801
			3,867,758		3,267,872
Current assets
Stocks	16	627,202		508,672
Debtors: amounts falling due after more than one year	17	55,726		-
Debtors: amounts falling due within one year	17	601,383		672,237
Cash at bank and in hand	18	237,873		1,208,543
		1,522,184		2,389,452
Creditors: amounts falling due within one year	19	(915,090)		(1,142,734)
Net current assets			607,094		1,246,718
Total assets less current liabilities			4,474,852		4,514,590
Creditors: amounts falling due after more than one year	20		(382,548)		(533,758)
Provisions for liabilities
Deferred tax	23	(224,571)		(140,290)
Other provisions	24	(79,927)		(42,821)
			(304,498)		(183,111)
Net assets			3,787,806		3,797,721

Capital and reserves
Called up share capital	25	115,858	412,507
Capital redemption reserve		335,239	38,590
Profit and loss account		3,336,709	3,346,624
		3,787,806	3,797,721

Page 12

CECIL AMEY LIMITED

REGISTERED NUMBER: 05390668

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

R J Amey

Director

Date: 25 September 2025

The notes on pages 16 to 40 form part of these financial statements.

Page 13

CECIL AMEY LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2024	412,507	38,590	3,346,624	3,797,721
Comprehensive income for the year
Profit for the year	-	-	420,734	420,734
Other comprehensive income for the year	-	-	-	-
Total comprehensive income for the year	-	-	420,734	420,734
Contributions by and distributions to owners
Dividends: Equity capital	-	-	(134,000)	(134,000)
Purchase of own shares	-	296,649	(296,649)	-
Shares cancelled during the year	(296,649)	-	-	(296,649)
Total transactions with owners	(296,649)	296,649	(430,649)	(430,649)
At 31 December 2024	115,858	335,239	3,336,709	3,787,806

The notes on pages 16 to 40 form part of these financial statements.

Page 14

CECIL AMEY LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2023

	Called up share capital	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2023	378,937	-	2,784,030	3,162,967
Comprehensive income for the year
Profit for the year	-	-	721,184	721,184
Other comprehensive income for the year	-	-	-	-
Total comprehensive income for the year	-	-	721,184	721,184
Contributions by and distributions to owners
Dividends: Equity capital	-	-	(120,000)	(120,000)
Purchase of own shares	-	38,590	(38,590)	-
Shares redeemed during the year	72,160	-	-	72,160
Shares cancelled during the year	(38,590)	-	-	(38,590)
Total transactions with owners	33,570	38,590	(158,590)	(86,430)
At 31 December 2023	412,507	38,590	3,346,624	3,797,721

The notes on pages 16 to 40 form part of these financial statements.

Page 15

CECIL AMEY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Cecil Amey Limited is a private company limited by shares and incorporated in England and Wales, registration number 05390668. The registered office is 11 Church Street, Attleborough, NR17 2AH.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking and, as such, is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the company as an individual undertaking and not about its group.
The company has taken advantage of the following disclosure exemptions permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
- the requirements of Section 7 Statement of Cash Flows;
- the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).
This information is included in the consolidated financial statements of Cecil Amey Holdings Limited as at 31 December 2024 and these financial statements may be obtained from the Registrar of Companies of England and Wales.

The following principal accounting policies have been applied:

Page 16

CECIL AMEY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.2

Going concern

The director has considered the Company’s position at the time of signing the financial statements and has undertaken an exercise to forecast future profits and cash flows for the Company. The director has also considered the current financial position of the Company, measures the director could take to mitigate ongoing costs should they need to and the cash and financing facilities available to the Company.
The director believes that these strengths will allow the Company to continue to meet its customers’ requirements for the foreseeable future and have concluded that he has a reasonable expectation that the Company will have adequate resources to continue in operational existence long term. The Company therefore continues to adopt the going concern basis of accounting in preparing these financial statements.

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 17

CECIL AMEY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of turnover can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of turnover can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

Turnover from the sale of frames, contact lenses and hearing aids is recognised when the significant risks and rewards or ownership of the goods have been passed to the buyer, ie on collection by the customer.
Turnover from the sale of services is recognised at the time of the related service.

2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 18

CECIL AMEY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 19

CECIL AMEY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 20

CECIL AMEY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.11

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of income and retained earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:

				Goodwill	-		10% straight line
				Other intangible fixed assets	-		10% straight line

Page 21

CECIL AMEY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method and on a reducing basis.

Depreciation is provided on the following basis:

Freehold property	-	2% Straight line
Long-term leasehold property	-	Straight line over the term of the lease
Leasehold property property improvements	-	Straight line over the term of the lease
Plant and machinery	-	20% Straight line
Fixtures and fittings	-	20% Straight line
Computer equipment	-	20% Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income statement.

2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 22

CECIL AMEY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.19

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Basic 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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Page 23

CECIL AMEY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.19

Financial instruments (continued)

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

2.20

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

The director is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not really apparent from other sources. These estimates and judgements are continually evaluated and are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates.
The judgements, estimates and assumptions which have significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are addressed below:
Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re- assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 14 for the carrying amount of assets and note 2.12 or the useful economic lives of each class of asset.

Page 24

CECIL AMEY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

4.	Turnover
		2024	2023
		£	£

Spectacles and miscellaneous sales	5,315,654	4,995,609
Hearing aids	1,214,321	1,325,191
Contact lenses	574,461	518,365
Sight tests	1,212,332	1,181,709
Hearing fees	112,336	114,820
	8,429,104	8,135,694

All turnover arose within the United Kingdom.

5.	Other operating income
		2024	2023
		£	£

Other operating income	-	43,703
Loan to participating interest written off	21,021	-
	21,021	43,703

Fees payable to the Company's auditors for the audit of the Company's financial statements

18,650

25,500

Page 25

CECIL AMEY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Wages and salaries	3,574,325	3,113,748
Social security costs	332,375	274,552
Cost of defined contribution scheme	192,104	189,622
	4,098,804	3,577,922

The average monthly number of employees, including directors, during the year was 86 (2023 - 80).

8.	Director's remuneration
		2024	2023
		£	£

Director's emoluments	164,483	83,593
Company contributions to defined contribution pension schemes	60,000	60,000
	224,483	143,593

During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.

9.	Interest receivable
		2024	2023
		£	£

Dividends on shares treated as debt cancelled	-	18,040
Other interest receivable	13,669	19,484
	13,669	37,524

Page 26

CECIL AMEY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

10.	Interest payable and similar expenses
		2024	2023
		£	£

Bank interest payable	32,103	43,071
Other loan interest payable	-	4,785
Finance leases and hire purchase contracts	1,014	2,277
	33,117	50,133

Corporation tax
Current tax on profits for the year	74,283	245,597
Adjustments in respect of previous periods	265	-
	74,548	245,597

Total current tax	74,548	245,597

Deferred tax
Origination and reversal of timing differences	84,281	(22,348)
Total deferred tax	84,281	(22,348)


	Taxation on profit on ordinary activities	158,829	223,249

Page 27

CECIL AMEY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11.Taxation (continued)

Profit on ordinary activities before tax

579,563

944,433

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)	144,891	222,136
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	4,023	2,402
Capital allowances for year in excess of depreciation	14,905	4,277
Adjustments to tax charge in respect of prior periods	265	-
Non-taxable income	(5,255)	(4,243)
Other differences leading to an increase (decrease) in the tax charge	-	(1,323)
Total tax charge for the year	158,829	223,249

12.	Dividends
		2024	2023
		£	£

	Dividends paid	134,000	120,000
		134,000	120,000

Page 28

CECIL AMEY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

13.	Intangible assets

	Other intangible assets	Goodwill	Total
	£	£	£
Cost
At 1 January 2024	-	843,312	843,312
Additions	51,500	53,000	104,500
At 31 December 2024	51,500	896,312	947,812
Amortisation
At 1 January 2024	-	833,774	833,774
Charge for the year on owned assets	2,146	4,021	6,167
At 31 December 2024	2,146	837,795	839,941
Net book value
At 31 December 2024	49,354	58,517	107,871
At 31 December 2023	-	9,538	9,538

Page 29


		CECIL AMEY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

	14.	Tangible fixed assets

	Freehold property	Long-term leasehold property	Short-term leasehold property	Plant and machinery	Fixtures and fittings	Computer equipment	Total
	£	£	£	£	£	£	£
Cost or valuation
At 1 January 2024	2,932,389	-	969,231	835,778	240,127	193,740	5,171,265
Additions	6,730	105,345	254,211	301,944	50,523	35,626	754,379
Disposals	-	-	(92,158)	-	-	-	(92,158)
Transfers between classes	1,641	-	(1,641)	139	(139)	-	-
At 31 December 2024	2,940,760	105,345	1,129,643	1,137,861	290,511	229,366	5,833,486
Depreciation
At 1 January 2024	772,384	-	280,634	516,721	209,289	158,704	1,937,732
Charge for the year on owned assets	24,132	791	47,365	134,800	15,409	15,144	237,641
Charge for the year on financed assets	-	-	-	3,000	-	-	3,000
Disposals	-	-	(84,774)	-	-	-	(84,774)
Transfers between classes	-	-	-	139	(139)	-	-
At 31 December 2024	796,516	791	243,225	654,660	224,559	173,848	2,093,599
Net book value
At 31 December 2024	2,144,244	104,554	886,418	483,201	65,952	55,518	3,739,887

Page 30


		CECIL AMEY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

14.Tangible fixed assets (continued)

At 31 December 2023

2,160,005

688,597

319,057

30,838

35,036

3,233,533

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2024	2023
	£	£


Plant and machinery	9,750	12,750
	9,750	12,750

Page 31

CECIL AMEY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

15.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost
	At 1 January 2024	607,652
	Disposals	(4,801)
	At 31 December 2024	602,851
	Impairment
	At 1 January 2024	582,851
	At 31 December 2024	582,851
	Net book value
	At 31 December 2024	20,000
	At 31 December 2023	24,801

In December 2024 the company applied to strike off the subsidiary companies of Cecil Amey Limited. These include Cecil C Amey (Attleborough) Limited, Cecil C Amey (Watton) Limited, Cecil C Amey (Wymondham) Limited and Cecil C Amey Dereham Limited. They were officially struck off in March 2025.

Subsidiary undertaking
The following was a subsidiary undertaking of the Company:
Name	Registered office	Principal activity	Class of shares	Holding

Cecil C. Amey Limited

22a, Haymarket, Norwich, Norfolk, NR2 1QE

Dormant

Ordinary

100%

Page 32

CECIL AMEY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Subsidiary undertaking (continued)

	The aggregate of the share capital and reserves as at 31 December 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:
	Name	Aggregate of share capital and reserves	Profit/(Loss)

Cecil C. Amey Limited

20,000

16.	Stocks
		2024	2023
		£	£

Finished goods and goods for resale	627,202	508,672
	627,202	508,672

Page 33

CECIL AMEY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

17.	Debtors
		2024	2023
		£	£

Due after more than one year
Section 455 tax recoverable	55,726	-
	55,726	-

					2024	2023
					£	£

Due within one year
Trade debtors	164,469	168,293
Amounts owed by related parties	58,037	54,950
Other debtors	226,458	229,093
Prepayments and accrued income	148,849	160,605
Section 455 tax recoverable	3,570	59,296
	601,383	672,237

18.	Cash and cash equivalents
		2024	2023
		£	£

Cash at bank and in hand	237,873	1,208,543
	237,873	1,208,543

Page 34

CECIL AMEY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

19.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Bank loans	103,270	121,582
Other loans	-	7,367
Trade creditors	419,359	432,172
Amounts owed to group undertakings	20,000	24,801
Amounts owed to other participating interests	-	26,994
Corporation tax	74,179	220,137
Other taxation and social security	82,855	75,588
Obligations under finance lease and hire purchase contracts	2,949	7,426
Other creditors	25,012	13,210
Accruals and deferred income	187,466	213,457
	915,090	1,142,734

The following liabilities were secured:
	2024	2023
	£	£


Bank loans	103,270	121,582
	103,270	121,582

Details of security provided:

The bank loans are secured over the property and other assets of the company together with various composite company limited multilateral guarantees provided by Cecil Amey Limited, Cecil C. Amey (Attleborough) Limited, Cecil C. Amey (Wymondham) Limited, Cecil C. Amey Limited, Cecil Amey Limited, Cecil Amey Holdings Limited and Cerbera Finance Limited.

Page 35

CECIL AMEY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

20.	Creditors: Amounts falling due after more than one year
		2024	2023
		£	£

Bank loans	375,097	479,325
Other loans	-	43,802
Net obligations under finance leases and hire purchase contracts	7,451	10,631
	382,548	533,758

The following liabilities were secured:
	2024	2023
	£	£


Bank loans	375,097	479,325
	375,097	479,325

Details of security provided:

The aggregate amount of liabilities repayable wholly or in part more than five years after the reporting date is:
	2024	2023
	£	£

	Repayable by instalments	205,694	248,712
		205,694	248,712

Page 36

CECIL AMEY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Amounts falling due within one year
Bank loans	103,270	121,582
Other loans	-	7,367
	103,270	128,949
Amounts falling due 1-2 years
Bank loans	61,784	101,250
Other loans	-	8,868
	61,784	110,118
Amounts falling due 2-5 years
Bank loans	107,619	129,363
Other loans	-	34,934
	107,619	164,297
Amounts falling due after more than 5 years
Bank loans	205,694	248,712
	205,694	248,712
	478,367	652,076

Within one year	2,949	7,426
Between 1-5 years	7,451	10,631
	10,400	18,057

Page 37

CECIL AMEY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

23.	Deferred taxation

		2024
		£

	At beginning of year	(140,290)
	Charged to profit or loss	(84,281)
	At end of year	(224,571)

The provision for deferred taxation is made up as follows:
	2024	2023
	£	£

Fixed asset timing differences	(226,660)	(141,847)
Short term timing differences	2,089	1,557
	(224,571)	(140,290)

24.	Provisions

		Other provisions
		£

	At 1 January 2024	42,821
	Charged to profit or loss	37,106
	At 31 December 2024	79,927

Other provisions represents the estimated future costs associated with dilapidation liabilities associated with the lease of various assets.

Page 38

CECIL AMEY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

25.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

100 (2023 - 100) Ordinary shares of £1.00 each	100	100
115,758 (2023 - 412,407) Preference shares of £1.00 each	115,758	412,407

	115,858	412,507

In February and March 2024, 258,063 and 38,586 £1 preference shares were redeemed at a price of £1 per share. The aggregate consideration amounted to £296,649. The shares purchased were cancelled on 16 February 2024 and 18 March 2024 respectively.

26.	Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to fund and amounted to £192,104 (2023 £189,622). Contributions totalling £7,048 (2023: £6,229) were payable to the fund at the statement of financial position date.

Not later than 1 year	176,081	121,558
Later than 1 year and not later than 5 years	541,770	312,900
Later than 5 years	245,692	319,792
	963,543	754,250

28.	Transactions with directors

At the year end the director owed the company £174,918 (2023: £171,910) which is shown in Other Debtors. Amounts advanced to the director during the year amounted to £83,008, amounts repaid during the year totalled £80,000. Interest payable on the directors loan has been declared as a benefit in kind.

Page 39

CECIL AMEY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

29.

Related party transactions

During the year, the group entered into transactions with the following companies in which the director has an interest. The following transactions arose during the normal course of business:
At the year end, the company was owed £37,639 (2023: £34,552) by Cecil Amey Partnership Limited, and £20,398 (2023: £20,398) by RE Downing Properties Limited.
At the year end, the company owed £Nil (2023: £26,994) to Cerbera Finance Limited. During the year, purchases of £Nil (2023: £36,000) were made from Cerbera Finance Limited for equipment hire. During the year, the Company wrote off an intercompany balance of £21,021 owed to Cerebra Finance Limited.
The company has taken advantage of the exemption available under Financial Reporting Standard 102 not to disclose the transactions between wholly owned members of a group.
The total key management personnel compensation in the year was £241,005 (2023: £150,317).

30.	Post balance sheet events

31.	Controlling party

The company’s parent undertaking is Cecil Amey Holdings Limited, a company incorporated in England and Wales whose registered office and principal place of business is 11 Church Street, Attleborough, Norfolk, NR17 2AH.
The company is controlled by R Amey and E Amey by virtue of their shareholding.

Page 40