REGISTERED NUMBER: 04204670 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

Optimum Coatings Limited

Page

Company Information

1

Report of the Directors

2

Balance Sheet

4

Notes to the Financial Statements

6

Chartered Accountants' Report

12

DIRECTORS:

Mr J A Calvo

Ms K E Child

REGISTERED OFFICE:

Unit 5 Newgate

White Lund Industrial Estate

Morecambe

Lancashire

LA3 3PT

REGISTERED NUMBER:

04204670 (England and Wales)

ACCOUNTANTS:

Langricks Limited

1 Swan Street

Wilmslow

Cheshire

SK9 1HF

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the company during the year continued to be the manufacture and supply of complex prescription lenses with speciality coatings for the ophthalmic industry.

At Optimum, our vision remains to enhance the quality of people's lives. We strive to continually advance our manufacturing capabilities and techniques to support ever more challenging requests from our customers and their patients. We drive and empower our team to innovate.

As a respected, independent ophthalmic lens manufacturer within the Optimum Group, we take pride in our commitment to delivering superior quality with exceptional customer service.

EMPLOYEE OWNERSHIP

Following the transition to Employee Ownership on 28 March 2024, the company's shares are now wholly owned by Optimum RX Group (EOT) Limited, an Employee Ownership Trust (EOT). This milestone reflected our commitment to recognising the invaluable contribution of our employees to our business and securing the company's long-term stability.

Over the past year, we have continued to build on this foundation. The EOT model has strengthened our culture of shared responsibility, ensuring that every employee-owner benefits from the company's success and plays an active role in shaping its future.

We are already seeing the positive impact of employee ownership through greater engagement, innovation, and collaboration, all of which enhance the service we provide to our customers and support our continued growth.

VALUES AND GROWTH

Our success is driven by four core values that underpin everything we do:

Innovative - We embrace progress and constantly seek smarter, better ways to serve our partners.

Passionate - We believe in what we do and care deeply about the people we work with and for.

Professional - We hold ourselves to the highest standards in service, production and conduct.

Ownership - We take ownership of our roles and our impact, supporting each other and our community.

The company employed an average of 72 people during the year, all based at our growing specialist manufacturing and office facility in Morecambe, UK.

We are committed to implementing and operating a management system that complies at all times with the requirements of the statutory and regulatory framework within which we operate, including the requirements of the ISO 9001: 2015 quality management system standard.

Our broad product portfolio - much of which is unique within the UK market - is produced using a range of advanced processes and modern equipment, ensuring consistent high quality, value for our customers, and fast lead times.

Continued investment in both technology and staff development has positioned the business strongly for further expansion in the coming years.

DIRECTORS

The directors who have held office during the period from 1 April 2024 to the date of this report are as follows:

Mr P D Bailey - resigned 31 March 2025

Mr J A Calvo - appointed 31 March 2025

Ms K E Child - appointed 31 March 2025

Ms J Baker - appointed 31 March 2025

Mr M W Marland and Ms J Baker ceased to be directors after 31 March 2025 but prior to the date of this report.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Mr J A Calvo - Director

24 October 2025

FIXED ASSETS

Intangible assets

4

27,507

35,507

Tangible assets

5

1,269,429

1,285,393

1,296,936

1,320,900

CURRENT ASSETS

Stocks

6

330,019

264,255

Debtors

7

1,316,183

1,296,737

Cash at bank

389,478

89,172

2,035,680

1,650,164

CREDITORS

Amounts falling due within one year

8

(1,871,387

)

(1,682,778

)

NET CURRENT ASSETS/(LIABILITIES)

164,293

(32,614

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,461,229

1,288,286

CREDITORS

Amounts falling due after more than one year

9

(165,156

)

(172,817

)

PROVISIONS FOR LIABILITIES

(311,028

)

(314,011

)

NET ASSETS

985,045

801,458

CAPITAL AND RESERVES

Called up share capital

10,000

10,000

Retained earnings

975,045

791,458

985,045

801,458

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 October 2025 and were signed on its behalf by:

Mr J A Calvo - Director

1.	STATUTORY INFORMATION

Optimum Coatings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised at the fair value of the consideration received or receivable for ophthalmic lenses and coatings sold in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortization and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.

The historic cost of goodwill was recognised at £80,000 before group restructure as at 31 March 2024 at which point the cost of goodwill was recognised at £59,507.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

12.5% on reducing balance

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on reducing balance

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of

depreciation and any impairment losses.

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

Plant and machinery 12.5% pa written down value

Fixtures, fittings & equipment 25% pa straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at

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

Debtors

Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the profit and loss account when there is objective evidence that the asset is impaired.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is any contract that evidences a residual interest in the

assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans , loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

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

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 72 (2024 - 69 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2024

and 31 March 2025

59,507

AMORTISATION

At 1 April 2024

24,000

Amortisation for year

8,000

At 31 March 2025

32,000

NET BOOK VALUE

At 31 March 2025

27,507

At 31 March 2024

35,507

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 April 2024

3,335,296

382,695

28,649

3,746,640

Additions

271,574

10,322

-

281,896

Disposals

(277,845

)

-

-

(277,845

)

At 31 March 2025

3,329,025

393,017

28,649

3,750,691

DEPRECIATION

At 1 April 2024

2,162,530

291,555

7,162

2,461,247

Charge for year

157,911

53,651

5,372

216,934

Eliminated on disposal

(196,919

)

-

-

(196,919

)

At 31 March 2025

2,123,522

345,206

12,534

2,481,262

NET BOOK VALUE

At 31 March 2025

1,205,503

47,811

16,115

1,269,429

At 31 March 2024

1,172,766

91,140

21,487

1,285,393

6.

STOCKS

31.3.25

31.3.24

£

£

Raw materials

279,361

264,255

Work-in-progress

50,658

-

330,019

264,255

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade debtors

1,282,872

1,257,918

Other debtors

1,894

3,426

Prepayments

31,417

35,393

1,316,183

1,296,737

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Hire purchase contracts (see note 10)

165,971

96,601

Trade creditors

868,790

842,991

Amounts owed to group undertakings

118,123

150,000

Tax

257,191

253,763

Social security and other taxes

39,840

40,352

VAT

226,054

185,046

Other creditors

11,389

7,545

Accrued expenses

171,959

94,410

Deferred government grants

12,070

12,070

1,871,387

1,682,778

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.25

31.3.24

£

£

Hire purchase contracts (see note 10)

152,441

146,278

Directors' loan accounts

-

1,753

Deferred government grants

12,715

24,786

165,156

172,817

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

31.3.25

31.3.24

£

£

Net obligations repayable:

Within one year

165,971

96,601

Between one and five years

152,441

146,278

318,412

242,879

Non-cancellable

operating leases

31.3.25

31.3.24

£

£

Within one year

58,688

30,563

Between one and five years

58,286

46,661

116,974

77,224

11.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.25

31.3.24

£

£

Hire purchase contracts

318,412

242,879

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Optimum Coatings Limited for the year ended 31 March 2025 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Optimum Coatings Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Optimum Coatings Limited and state those matters that we have agreed to state to the Board of Directors of Optimum Coatings Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Optimum Coatings Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Optimum Coatings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Optimum Coatings Limited. You consider that Optimum Coatings Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Optimum Coatings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Langricks Limited

1 Swan Street

Wilmslow

Cheshire

SK9 1HF

24 October 2025