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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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CECIL AMEY HOLDINGS LIMITED
COMPANY INFORMATION
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CECIL AMEY HOLDINGS LIMITED
CONTENTS
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CECIL AMEY HOLDINGS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their Strategic report for Cecil Amey Holdings Limited for the year ended 31 December 2024.
During the year, the Group 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 Group has maintained progress and remains well positioned for the future.
The Group 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 Group 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 Group has sufficient funds to meet its liabilities as they fall due.
∙Price Risk
The Group is exposed to fluctuations in purchase costs from suppliers. This risk is managed by working with a range of suppliers to avoid overreliance on a single source and to provide flexibility in managing cost pressures.
∙Liquidity Risk
Liquidity risk is considered to be low. The Group maintains appropriate financial controls and forecasting to ensure funding availability and operational resilience.
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CECIL AMEY HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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 £833,319 (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.
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CECIL AMEY HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group'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 Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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
The directors who served during the year were:
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.
The Group's only financial instruments arise directly from its operations.
The Group manages its cash requirements to ensure that it has sufficient liquidity to meet the operating needs of its business.
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CECIL AMEY HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
During the year Cecil Amey Limited, a subsidiary company, repurchased 296,649 of its preference shares for an agreed value of £296,649. The shares repurchased were 71.9% of the share capital of the subsidiary and 258,063 of the shares were cancelled on 16 February 2024 and 38,586 were cancelled on 18 March 2024.
Cecil Amey Limited 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 Cecil Amey Limited 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) Limtied and Cecil C Amey Dereham Limtied.
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.
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CECIL AMEY HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CECIL AMEY HOLDINGS LIMITED
We have audited the financial statements of Cecil Amey Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company 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).
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 Group 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.
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 or the 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.
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CECIL AMEY HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CECIL AMEY HOLDINGS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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CECIL AMEY HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CECIL AMEY HOLDINGS LIMITED (CONTINUED)
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CECIL AMEY HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CECIL AMEY HOLDINGS LIMITED (CONTINUED)
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 Group 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 Group 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.
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CECIL AMEY HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CECIL AMEY HOLDINGS LIMITED (CONTINUED)
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.
for and on behalf of
Chartered Accountants
Statutory Auditors
1st Floor, Prospect House
Rouen Road
NR1 1RE
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CECIL AMEY HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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CECIL AMEY HOLDINGS LIMITED
REGISTERED NUMBER: 08334592
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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CECIL AMEY HOLDINGS LIMITED
REGISTERED NUMBER: 08334592
CONSOLIDATED 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:
The notes on pages 21 to 44 form part of these financial statements.
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CECIL AMEY HOLDINGS LIMITED
REGISTERED NUMBER: 08334592
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The Company made a profit of £134,000 for the year (2023 - £120,000).
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 21 to 44 form part of these financial statements.
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CECIL AMEY HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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CECIL AMEY HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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CECIL AMEY HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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CECIL AMEY HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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CECIL AMEY HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CECIL AMEY HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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CECIL AMEY HOLDINGS LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024
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CECIL AMEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Cecil Amey Holdings Limited is a private company limited by shares and incorporated in England and Wales, registration number 08334592. The registered office is 11 Church Street, Attleborough, NR17 2AH.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The financial statements are presented in sterling which is the functional currency of the Group and rounded to the nearest £.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The directors have considered the Company’s position at the time of signing the financial statements and have undertaken an exercise to forecast future profits and cash flows for the Company. The directors have also considered the current financial position of the Company, measures the directors could take to mitigate ongoing costs should they need to and the cash and financing facilities available to the Company.
The directors believes that these strengths will allow the Group to continue to meet its customers’ requirements for the foreseeable future and have concluded that he has a reasonable expectation that the Group will have adequate resources to continue in operational existence long term. The Group therefore continues to adopt the going concern basis of accounting in preparing these financial statements.
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CECIL AMEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Turnover from the sale of services is recognised at the time of the related service.
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CECIL AMEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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CECIL AMEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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CECIL AMEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Goodwill
Other intangible assets
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:
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CECIL AMEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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:
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 profit or loss.
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CECIL AMEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Group 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 Group'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 Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies 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.
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
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CECIL AMEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
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 2.13 for the useful economic lives of each class of asset.
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CECIL AMEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CECIL AMEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CECIL AMEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 31
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CECIL AMEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
12.Taxation (continued)
There were no factors that may affect future tax charges.
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CECIL AMEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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