ACCOUNTS - Final Accounts

An analysis of turnover by class of business is as follows:

Registered number: 00383109

LEIGHTONS LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

LEIGHTONS LIMITED

COMPANY INFORMATION

Directors	R J Leighton FBDO
	R P Leighton
	A J Bridges
	K Hawabhay
	R E Sharp
	L Fairhead


Registered number	00383109


Registered office	Clarendon House
	63 Downing Street
	Farnham
	Surrey
	GU9 7PN


Independent auditor	Shaw Gibbs (Audit) Limited
	Statutory Auditor
	Wey Court West
	Union Road
	Farnham
	Surrey
	GU9 7PT

LEIGHTONS LIMITED

CONTENTS

	Page
Strategic report	1
Directors' report	2 - 3
Independent auditor's report	4 - 7
Statement of comprehensive income	8
Statement of financial position	9 - 10
Statement of changes in equity	11
Notes to the financial statements	12 - 36

LEIGHTONS LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction

The directors present their strategic report for the year ended 31 December 2024.

Business review and financial key performance indicators

The principal activity of Leightons Limited is that of retail opticians. Revenue increased by 2.3% in the year when taking into the transfer of the trade in the year of one of the company’s branches into a new joint venture company.

Leightons maintained its commitment to invest in its personnel, facilities, product offerings, technology, and services. These investments are instrumental in driving operational efficiencies, fostering growth, and supporting ongoing development within the company. As a result of this increased investment, administrative costs increased resulting in operating profit reducing to £0.6m in the year but this investment is expected to result in revenue growth and an increase in operating profit in future years.

Principal risks and uncertainties

The company fully paid off the defined benefit pension deficit in the year and will be seeking a full buy out of its pension scheme in 2025 to reduce its future financial risks arising from the pension scheme.
The company is exposed to the wider economic conditions, specifically the tightening of monetary policy and the increase of cost of living in the UK.
Outlook
In 2025, Leightons continues to build on the strategic investments made and anticipates strong like for like revenue growth in eye exam numbers and revenue with profits exceeding those achieved in 2024. This achievement can be attributed to the unwavering emphasis on customer service, substantial investments in employee infrastructure, enhancements to the product portfolio, and a more targeted marketing approach.

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

R P Leighton

Director

Date: 2 October 2025

Page 1

LEIGHTONS 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.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies 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 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £525,060 (2023 - £864,611).

No dividends will be distributed for the year ended 31 December 2024 (2023 - £nil).

Directors

The directors who served during the year were:

R J Leighton FBDO

R P Leighton

A J Bridges

K Hawabhay

R E Sharp

L Fairhead

Page 2

LEIGHTONS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Engagement with employees and disabled employees

The directors recognise the importance of promoting staff involvement within the organisation and endeavour to create a culture in which individuals feel part of a team. Business related and social matters are communicated regularly to all employees via various routes including virtual conferences, intranet and regular branch, area and company wide meetings. In addition to day to day employee feedback, staff surveys are conducted, enabling employee views from across the whole company to be considered.
The recruitment process must result in the selection of the most suitable candidate for the job on the basis of their experience and qualifications. Applications must be considered from all sections of the community for all vacancies. Only qualifications and skills that are essential for the position should be established as criteria for selection and these may include academic or professional qualifications and experience. No pre-judgements should be made by recruiters on the suitability of an applicant because of their race, sex, sexual orientation, religious belief or disability and all applicants should be given equal consideration.
Leightons believe that its most valuable resource is its Employees and that appropriate training and development opportunities should be available to all Employees irrespective of race, colour, nationality, ethnic origin, disability, age, sex, sexual orientation, gender reassignment, pregnancy, religion or belief or marital status. The company encourages all Employees to develop in their career for the mutual benefit of both the company and individual.
Leightons strive to determine and put in place reasonable adjustments for new or existing employees with a disability. Employees who become disabled during their working life will be retained in employment wherever possible and will receive appropriate retraining and workplace modification where possible to facilitate their return to work.

Matters covered in the Strategic Report

The principal risks and uncertainties, financial key performance indicators and future developments (outlook) are covered in the Strategic report.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and

∙the director 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 auditor is aware of that information.

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

R P Leighton

Director

Date: 2 October 2025

Page 3

LEIGHTONS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LEIGHTONS LIMITED

Opinion

We have audited the financial statements of Leightons Limited (the 'company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Page 4

LEIGHTONS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LEIGHTONS LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

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 Directors' 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 directors' remuneration specified by law are not made; or

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

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Page 5

LEIGHTONS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LEIGHTONS LIMITED (CONTINUED)

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.

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:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation.
Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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 Auditor's report.

Page 6

LEIGHTONS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LEIGHTONS 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 Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Stephen Morgan FCA (Senior statutory auditor)

for and on behalf of

Shaw Gibbs (Audit) Limited

Statutory Auditor

Wey Court West

Union Road

Farnham

Surrey

GU9 7PT

2 October 2025

Page 7

LEIGHTONS LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024


		As restated
	2024	2023
Note	£	£


Turnover	4	25,223,484	25,068,763
Cost of sales		(6,966,645)	(6,552,552)
Gross profit		18,256,839	18,516,211
Distribution costs		(9,831,965)	(10,022,371)
Administrative expenses		(10,505,635)	(9,638,115)
Other operating income	5	2,658,723	2,292,654
Operating profit	6	577,962	1,148,379
Income from fixed assets investments		51,000	36,000
Amounts written off investments		-	(98)
Proceeds from sale of branch business		249,900	-
Interest receivable and similar income	11	12,934	-
Interest payable and similar expenses	12	(2,786)	(392)
Other finance income		(30,000)	(131,000)
Profit before tax		859,010	1,052,889
Tax on profit	14	(333,950)	(188,278)
Profit for the financial year		525,060	864,611

Other comprehensive income for the year
Actuarial gains/(losses) on defined benefit pension scheme	(54,000)	(286,000)
Pension surplus not recognised	(1,510,000)	-
Movement of deferred tax relating to pension deficit	391,000	(71,500)
Other comprehensive income for the year	(1,173,000)	(357,500)
Total comprehensive income for the year	(647,940)	507,111

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

The notes on pages 12 to 36 form part of these financial statements.

Page 8

LEIGHTONS LIMITED

REGISTERED NUMBER: 00383109

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Intangible fixed assets	15		803,252		991,786
Tangible assets	16		2,546,329		2,787,140
Fixed asset investments	17		1,091,443		201
			4,441,024		3,779,127
Current assets
Stocks	18	1,608,674		1,646,205
Debtors: amounts falling due after more than one year	19	190,378		-
Debtors: amounts falling due within one year	19	3,988,222		4,088,058
Cash at bank and in hand	20	1,985,675		2,358,329
		7,772,949		8,092,592
Creditors: amounts falling due within one year	21	(9,496,162)		(5,652,477)
Net current (liabilities)/assets			(1,723,213)		2,440,115
Total assets less current liabilities			2,717,811		6,219,242
Creditors: amounts falling due after more than one year	22		(47,509)		-

Pension liability/asset	28		-		(2,901,000)
Net assets			2,670,302		3,318,242

Capital and reserves
Called up share capital	25	2,000	2,000
Profit and loss account	26	2,668,302	3,316,242
		2,670,302	3,318,242

Page 9

LEIGHTONS LIMITED

REGISTERED NUMBER: 00383109

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 P Leighton

Director

Date: 2 October 2025

The notes on pages 12 to 36 form part of these financial statements.

Page 10

LEIGHTONS LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2023	2,000	2,809,131	2,811,131

Profit for the year	-	864,611	864,611
Losses on pension scheme	-	(357,500)	(357,500)

At 1 January 2024	2,000	3,316,242	3,318,242

Profit for the year	-	525,060	525,060
Losses on pension scheme	-	(1,173,000)	(1,173,000)
At 31 December 2024	2,000	2,668,302	2,670,302

The notes on pages 12 to 36 form part of these financial statements.

Page 11

LEIGHTONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Leightons Limited is a private company limited by shares. It is incorporated in England and Wales. Its registered number is 00383109 and registered office address is Clarendon House, 63 Downing Street, Farnham, Surrey, GU9 7PN.

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 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 management to exercise judgment in applying the company's accounting policies (see note 3).

The financial statements are presented in Sterling to whole £s.

The following principal accounting policies have been applied:

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as 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);

∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Leightons Holdings Limited as at 31 December 2024 and these financial statements may be obtained from Clarendon House, 63 Downing Street, Farnham, Surrey, GU9 7PN.

2.3

Exemption from preparing consolidated financial statements

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 established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

2.4

Going concern

At the balance sheet date the company had net current liabilities of £1,723,213 (2023 net current assets of £2,440,115). The directors consider that the company has sufficient funds in place to meet obligations as they fall due for the foeseeable future.

Page 12

LEIGHTONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.5

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.

2.6

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Sale of goods

Revenue 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 revenue 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

Revenue 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 revenue 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.

Page 13

LEIGHTONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.7

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.

2.8

Interest income

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

2.9

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.

2.10

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.

Defined benefit pension plan

The company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.

The liability recognised in the Statement of financial position in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the reporting date less the fair value of plan assets at the reporting date (if any) out of which the obligations are to be settled.

The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments ('discount rate').

The fair value of plan assets is measured in accordance with the FRS102 fair value hierarchy and in accordance with the company's policy for similarly held assets. This includes the use of appropriate valuation techniques.

Page 14

LEIGHTONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.10

Pensions (continued)

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of net defined benefit liability'.

The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:

a) the increase in net pension benefit liability arising from employee service during the period; and

b) the cost of plan introductions, benefit changes, curtailments and settlements.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'.

Group pension plan

Where the risks of a defined benefit plan are shared between entities under common control, the net defined benefit cost is recognised in the financial statements of the Group entity which is legally responsible for the plan and all other Group entities recognise a cost equal to their contribution payable for the period.

2.11

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 15

LEIGHTONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.12

Group VAT Registration

The company is part of a group VAT registration, along with Leightons Holdings Limited, Leightons HearingCare Limited, Leightons Opticians Limited and The Hearing Care Partnership Limited.
Leightons Limited is the nominated company, responsible for submitting the returns and for making the payments on behalf of the companies within the group registration.

2.13

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 comprehensive income 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.

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	-		over 10 years straight line
				Trademarks	-		over 10 years straight line

The useful economic life is chosen to represent the period that the company expects to benefit from the location and repeat customer business.

2.14

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.

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Page 16

LEIGHTONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.14

Tangible fixed assets (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.

Depreciation is provided on the following basis:

				Short-term leasehold property	-	over the remaining term of the lease
				Fixtures and fittings	-	straight line over 5 or 10 years

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.

2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.16

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

2.17

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.

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.

2.18

Debtors

Short-term debtors are measured at transaction price, less any impairment.

2.19

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.

2.20

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.

Page 17

LEIGHTONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.21

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.

2.22

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.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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.

Page 18

LEIGHTONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.22

Financial instruments (continued)

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.

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.

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

In the application of the accounting policies, management is required to make judgments, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key sources of estimation uncertainty that may have a significant effect on the amounts recognised in the financial statements are;
1. Useful economic lives of tangible and intangible assets:
The annual depreciation and amortisation charge is sensitive to changes in the economic lives and residual values of the assets.
2. Defined benefit pension scheme:
The group has obligations to pay pension benefits to certain employees. The cost of these benefits and the present value of the obligation depend on a number of factors, including life expectancy, asset valuations and the discount rate of corporate bonds. Management engages professional services to assist in estimating these factors in determining the net present obligation in the balance sheet. The assumptions reflect historical experience and current trends, but are sensitive to changes.

Page 19

LEIGHTONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

	Services & products	25,223,484	25,068,763

All turnover arose within the United Kingdom.

5.	Other operating income
		2024	2023
		£	£

Management charges received	1,269,855	986,066
Net rents receivable	180,719	100,192
Hearing aid commission	929,567	940,628
Contribution to salaries	278,582	265,768
	2,658,723	2,292,654

Depreciation of tangible fixed assets	613,776	606,144
Amortisation of intangible assets, including goodwill	188,535	270,776
Fees payable to the company's auditor and its associates for the audit of the company's annual financial statements	41,218	45,631
Other operating lease rentals	1,634,146	1,635,895
Defined contribution pension cost	356,506	352,544
Defined benefit pension cost	55,000	54,000
Exchange differences	1,143	3,672

Page 20

LEIGHTONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

7.	Auditor's remuneration
		2024	2023
		£	£

Fees payable to the company's auditor for the audit of the company's financial statements

13,305

14,510

The company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent company.

Wages and salaries	9,386,828	8,995,097
Social security costs	1,030,548	947,261
Other pension costs	411,506	406,544
	10,828,882	10,348,902

The average monthly number of employees, including the directors, during the year was as follows:

	2024	2023
	No.	No.

Branch sales	237	227
Office administration	65	63

	302	290

Page 21

LEIGHTONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

9.	Directors' remuneration
		2024	2023
		£	£

Directors' emoluments	662,118	596,246
Company contributions to defined contribution pension schemes	30,842	25,200
	692,960	621,446

	During the year retirement benefits were accruing to 4 directors (2023 - 4) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £208,047 (2023 - £193,661).
	The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £9,900 (2023 - £8,500).

10.	Income from investments
		2024	2023
		£	£

	Dividends received from unlisted investments	51,000	36,000

11.	Interest receivable
		2024	2023
		£	£

Other interest receivable

12,934

12.	Interest payable and similar expenses
		2024	2023
		£	£

Bank interest payable	-	84
Other interest payable	2,786	308
	2,786	392

Page 22

LEIGHTONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

13.	Other finance costs
		2024	2023
		£	£

	Net interest on net defined benefit liability	(30,000)	(131,000)

Corporation tax
Current tax on profits for the year	2,868	279,257
	2,868	279,257

Total current tax	2,868	279,257

Deferred tax
Origination and reversal of timing differences	(45,481)	271
Deferred tax on defined benefit pension scheme	376,563	(91,250)
Total deferred tax	331,082	(90,979)


	Tax on profit	333,950	188,278

Page 23

LEIGHTONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

14.Taxation (continued)

Profit on ordinary activities before tax

859,010

1,052,889

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)	214,753	263,222
Effects of:
Non-tax deductible amortisation of goodwill and impairment	47,134	61,542
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	5,396	10,397
Capital allowances for year in excess of depreciation	49,677	49,260
Adjustments to tax charge in respect of prior periods	2,868	-
Non-taxable defined benefit pension adjustment	(376,563)	(85,850)
Capital gains/(losses)	(62,475)	-
Changes in provisions leading to an increase (decrease) in the tax charge	1,064	-
Dividends from UK companies	(12,750)	(8,467)
Other differences leading to an increase (decrease) in the tax charge	-	(10,847)
Group relief	133,764	-
Deferred tax movement	331,082	(90,979)
Total tax charge for the year	333,950	188,278

Factors that may affect future tax charges

There were no factors that may affect future tax charges

Page 24

LEIGHTONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

15.	Intangible assets

	Trademarks	Goodwill	Total
	£	£	£
Cost
At 1 January 2024	16,954	3,663,196	3,680,150
At 31 December 2024	16,954	3,663,196	3,680,150
Amortisation
At 1 January 2024	16,954	2,671,409	2,688,363
Charge for the year on owned assets	-	188,535	188,535
At 31 December 2024	16,954	2,859,944	2,876,898
Net book value
At 31 December 2024	-	803,252	803,252
At 31 December 2023	-	991,787	991,787

Page 25

LEIGHTONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

16.	Tangible fixed assets

	Short-term leasehold property	Fixtures and fittings	Total
	£	£	£
Cost or valuation
At 1 January 2024	434,545	6,615,144	7,049,689
Additions	-	453,835	453,835
Disposals	(400,472)	(480,868)	(881,340)
At 31 December 2024	34,073	6,588,111	6,622,184
Depreciation
At 1 January 2024	412,414	3,850,135	4,262,549
Charge for the year on owned assets	10,244	603,532	613,776
Disposals	(400,472)	(399,998)	(800,470)
At 31 December 2024	22,186	4,053,669	4,075,855
Net book value
At 31 December 2024	11,887	2,534,442	2,546,329
At 31 December 2023	22,131	2,765,009	2,787,140

Page 26

LEIGHTONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

17.	Fixed asset investments

	Investments in subsidiary companies	Investment in joint ventures	Total
	£	£	£
Cost or valuation
At 1 January 2024	565,780	1	565,781
Additions	1,091,343	-	1,091,343
Disposals	(565,680)	(1)	(565,681)
At 31 December 2024	1,091,443	-	1,091,443

At 1 January 2024	565,580	-	565,580
Impairment on disposals	(565,580)	-	(565,580)
At 31 December 2024	-	-	-
Net book value
At 31 December 2024	1,091,443	-	1,091,443
At 31 December 2023	200	1	201

Page 27

LEIGHTONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Subsidiary undertakings
The following were subsidiary undertakings of the company:
Name	Registered office	Class of shares	Holding

The Hearing Care Partnership Limited	Selling and fitting hearing aids	Ordinary	100%
Leightons Clapham Limited	Opticians	Ordinary	51%
Leightons Insight Limited	Opticians	Ordinary	100%
Wilton Optical Limited	Opticians	Ordinary	100%
Mamdani Opticians Limited	Opticians	Ordinary	51%
DJ Bull Optometrists Limited	Dormant	Ordinary	100%
Praills Limited	Opticians	Ordinary	100%

The registered office of all subsidiary undertakings and the joint venture is Clarendon House, 63 Downing Street, Farnham, Surrey, GU9 7PN.
Praills Limited is an indirectly owned subsidiary of Leightons Limited. The immediate parent of Praills Limited is Wilton Optical Limited. All remaining subsidiary undertakings are owned directly by Leightons Limited.
Spectrum Eye Care Limited and Leightons Eye Winds Limited were dissolved during the year.
Leightons Insight Limited, the joint venture, became a 100% subsidiary of Leightons Limited on the 8th May 2024.
Leightons Limited owned 100% of the share capital of Leightons Clapham Limited, a dormant company, to the date of 10th January 2024. On the 10th January 2024 Leightons Clapham Limited issued an additional 99 shares, of which Leightons Limited purchased 50 additional shares. From the date of 10th January 2024, Leightons Limited has held 51 shares in Leightons Clapham Limited, retaining 51% of the share capital and control. Leightons Clapham Limited began trading from 10th January 2024.
51% of Mamdani Opticians Ltd was acquired on 30th October 2024.
100% of Wilton Optical Limited was acquired on 30th June 2024.

18.	Stocks
		2024	2023
		£	£

	Frames and accessories	1,608,674	1,646,205

Page 28

LEIGHTONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

19.	Debtors
		2024	2023
		£	£

Due after more than one year
Amounts owed by group undertakings	190,378	-
	190,378	-

					2024	2023
					£	£

Due within one year
Trade debtors	959,555	908,210
Amounts owed by group undertakings	1,191,510	1,390,788
Amounts owed by joint ventures and associated undertakings	-	23,495
Other debtors	894,419	899,868
Prepayments and accrued income	734,375	717,252
Deferred taxation	208,363	148,445
	3,988,222	4,088,058

20.	Cash and cash equivalents
		2024	2023
		£	£

	Cash at bank and in hand	1,985,675	2,358,329

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

Trade creditors	1,098,795	1,026,550
Amounts owed to group undertakings	5,941,411	3,491,403
Corporation tax	-	91,491
Other taxation and social security	884,024	251,202
Other creditors	983,839	431,731
Accruals and deferred income	588,093	360,100
	9,496,162	5,652,477

Page 29

LEIGHTONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

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

Other creditors	47,509	-
	47,509	-

23.	Financial instruments
		2024	2023
		£	£

	Financial assets
	Financial assets that are debt instruments measured at amortised cost	5,221,537	5,580,690

	Financial Liabilities
	Financial liabilities measured at amortised cost	8,659,647	5,309,784

	Financial assets that are debt instruments measured at amortised cost comprise cash at bank, trade debtors, amounts owed by group and joint ventures and other debtors.
	Financial liabilities measured at amortised cost comprise overdrafts, trade creditors, amounts owed to group, other creditors, accruals and other loans.

24.	Deferred taxation

		2024
		£

	At beginning of year	148,445
	Charged to profit or loss	(331,083)
	Charged to other comprehensive income	391,000
	At end of year	208,362

Page 30

LEIGHTONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

24.Deferred taxation (continued)

The deferred tax asset is made up as follows:
	2024	2023
	£	£

Accelerated capital allowances	(539,781)	(584,197)
Short term timing differences	8,456	7,392
Deferred tax on pension deficit	739,688	725,250
	208,363	148,445

25.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

2,000 (2023 - 2,000) Ordinary shares of £1.00 each	2,000	2,000

26.

Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of other adjustments.

	Contracted for but not provided in these financial statements	-	36,334
		-	36,334

Page 31

LEIGHTONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

28.	Pension commitments

The company operates a defined contributions 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 the fund and amounted to £356,506 (2023 - £352,544). Contributions totalling £63,875 (2023 - £57,924) were payable to the fund at the reporting date and are included in creditors

The company operates a Defined benefit pension scheme.

Formal funding calculations as at 31 December 2024 have been used in the completion of these disclosures.

Reconciliation of present value of plan liabilities:
	2024	2023
	£	£

Reconciliation of present value of plan liabilities
At the beginning of the year	19,583,000	18,363,000
Current service cost	55,000	54,000
Interest cost	867,000	867,000
Actuarial gains/losses	(2,388,000)	740,000
Benefits paid	(768,000)	(441,000)
Derecognition of surplus	1,510,000	-
At the end of the year	18,859,000	19,583,000

Reconciliation of present value of plan assets:
	2024	2023
	£	£

At the beginning of the year	16,682,000	15,383,000
Interest income	837,000	736,000
Actuarial gains/losses	(2,442,000)	454,000
Contributions	4,605,000	604,000
Benefits paid	(768,000)	(441,000)
Administration cost	(55,000)	(54,000)
At the end of the year	18,859,000	16,682,000

Page 32

LEIGHTONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

28.Pension commitments (continued)

Composition of plan assets:
	2024	2023
	£	£

Equities	18,785,599	16,608,599
Cash	73,401	73,401
Total plan assets	18,859,000	16,682,000

The actual return on scheme assets was £2,442,000 loss (2023: £454,000 gain).

					2024	2023
					£	£

Fair value of plan assets	18,859,000	16,682,000
Present value of plan liabilities	(18,859,000)	(19,583,000)
Net pension scheme liability	-	(2,901,000)

The amounts recognised in profit or loss are as follows:
	2024	2023
	£	£

Current service cost	(55,000)	(54,000)
Interest on obligation	(30,000)	(131,000)
Total	(85,000)	(185,000)

	The cumulative amount of actuarial gains and losses recognised in the Statement of comprehensive income was £6,489,575 (2023 - £6,435,575).
	The company expects to contribute £nil to its Defined benefit pension scheme in 2025.

Principal actuarial assumptions at the reporting date (expressed as weighted averages):
	2024	2023
	%	%

Discount rate	5.4	4.51
Inflation assumption (CPI)	2.65	2.61
Inflation assumption (RPI)	3.1	3.06

Page 33

LEIGHTONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

28.Pension commitments (continued)

Mortality rates have been based on 100% S4PMA CMI 2023 for males and 100% S4PFA CMI 2023 for females for 2024 and 100% S3PMA CMI 2022 for males and 100% S3PFA CMI 2022 for females for 2023.

Amounts for the current and previous four periods are as follows:
Defined benefit pension schemes
	2024	2023	2022	2021	2020
	£	£	£	£	£

Defined benefit obligation	(17,349,000)	(19,583,000)	(18,363,000)	(29,195,000)	(29,522,000)
Scheme assets	18,859,000	16,682,000	15,383,000	24,507,000	22,492,000
Surplus/(Deficit)	1,510,000	(2,901,000)	(2,980,000)	(4,688,000)	(7,030,000)

Experience adjustments on scheme liabilities	2,388,000	(740,000)	10,912,000	413,000	(5,752,000)
Experience adjustments on scheme assets	(3,952,000)	454,000	(9,618,000)	1,617,000	2,065,000
	(1,564,000)	(286,000)	1,294,000	2,030,000	(3,687,000)

Page 34

LEIGHTONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Land and buildings
Not later than 1 year	1,197,640	1,145,149
Later than 1 year and not later than 5 years	3,017,445	3,316,377
Later than 5 years	691,370	961,226
	4,906,455	5,422,752

					2024	2023
					£	£

Other
Not later than 1 year	126,294	194,098
Later than 1 year and not later than 5 years	25,301	136,110
	151,595	330,208

The land and buildings leases are all in the name of Leightons Holdings Limited, but the lease commitments are met by Leightons Limited.

30.	Prior year restatement

In the prior year, there were £427,450 staff costs included within distribution costs. These had not been accurately disclosed within the statement of comprehensive income at prior year end. These costs have now been disclosed within administrative expenses.
In the prior year, there were £106,325 promotional costs included within administrative expenses. These had not been accurately disclosed within the statement of comprehensive income at prior year end. These costs have now been disclosed within distribution costs.
The result of these adjustments had a Nil affect on the net assets as at 31st December 2023, compared
to what had previously been reported.

Page 35

LEIGHTONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

31.

Related party transactions

The company has taken advantage of the exemption conferred by section 33 in Financial Reporting Standard 102 "Related party disclosures" not to disclose transactions with wholly owned members of the group headed by Leightons Holdings Limited.
During the year, the company paid £3,121 (2023 - £10,331) for the pension protection fund levy on behalf of Leightons Group Pension Fund, the defined benefit pension scheme.
During the year, the company charged management charges of £117,420 (2023 - £120,000), received dividends of £51,000 (2023 - £36,000) and charged other costs of £46,113 (2023 - £145,981) to Leightons Insight Limited. At the balance sheet date Leightons Limited was owed £37,745 (2023 - £23,495) by Leightons Insight Limited.
During the year the company acquired 51% ownership of Mamdani Opticians Limited. Mamdani Opticians Limited paid management fees of £6,667 to the company during the year. At the year end, the company owed £4,000 to Mamdani Opticians Limited.
Key management personnel are considered to be the directors. The total remuneration during the year to key management personnel is disclosed in note 9 of the accounts.

32.	Controlling party

The immediate and ultimate parent company is Leightons Holdings Limited, a company incorporated in England and Wales. The parent company's registered office is Clarendon House, 63 Downing Street, Farnham, Surrey, GU9 7PN.
This is the largest and smallest company in the group that prepares consolidated accounts. The consolidated accounts can be obtained from Companies House.

Page 36