ASE Corporate Eyecare Limited

Company Number 03425183

Annual Report - 31 December 2024

Table of contents

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ASE Corporate Eyecare Limited

Corporate directory

31 December 2024

Directors		L Hodges
		M Lo Duca
		C A F Jonsson

Company number

03425183

Registered office		Unit 14
		Quarry Farm
		Bodiam
		East Sussex
		TN32 5RA

Auditor		Forvis Mazars LLP
		Chartered Accountants and Statutory Auditor
		30 Old Bailey
		London
		EC4M 7AU

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ASE Corporate Eyecare Limited

Directors' report

31 December 2024

The directors present their annual report on the affairs of ASE Corporate Eyecare Limited, together with the audited financial statements, for the year ended 31 December 2024.



These are the published financial statements of the company prepared in accordance Financial Reporting Standard 101, ‘Reduced Disclosure Framework’ (FRS 101) and in accordance with the requirements of the Companies Act 2006.

Principal activity

The principal activity of the company during the year continued to be that of the provision of corporate eye care.

Results and dividends

The profit for the year, after taxation, amounted to £280,785, (2023: £50,784)



No dividend was paid, recommended or declared during the current or previous financial year.

Directors

The following persons were directors of the company during the whole of the financial year and up to the date of this report, unless otherwise stated:

L Hodges

M Lo Duca

C A F Jonsson

Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors which were made during the year and remain in force at the date of this report. No claim or notice of claim in respect of these indemnities has been received in the period.

Business review

The profit for the company after providing for income tax amounted to £280,785 (31 December 2023: £50,784).

Building on the recovery achieved in 2023, 2024 has been a year of expansion and consolidation. We focused on unlocking ‘white space’ opportunities, enhancing our product portfolio, and strengthening our core services.



A key milestone was our strategic partnership with a major competitor who exited the market. We successfully transitioned their customer bae to our platform and launched a new tailored product to meet their specific needs. This initiative not only expanded our customer base but positioned us to achieve a significant increase in market share – well aligned with our ambitious revenue goals for the year.



We saw consistent trading activity within our product portfolio with an increase in turnover of 17.5%.



Our commitment to operational excellence was further demonstrated by our ISO 27001 accreditation. We had three independent Infosec audits with a successful outcome, this reflects our continued investment in information security and compliance.

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ASE Corporate Eyecare Limited

Directors' report

31 December 2024

Future developments

Looking ahead to 2025, our strategy focuses on;



Product Innovation: Leveraging insights from new and existing markets to evolve our product roadmap and introduce offerings aligned with emerging customer needs.



Platform Integration: Enhancing our proprietary IT platform to support greater automation and service resilience.



Sustainable Growth: Driving scalable and sustainable revenue through customer retention, partner-led expansion, and targeted investments in new capabilities.



We keep on exploring opportunities in adjacent markets, supported by feasibility work initiated in late 2024. These opportunities will inform our 2025 go-to-market strategy and have the potential to unlock new revenue streams.



We enter 2025 with confidence, a solid financial foundation, and a clear strategic direction. Our team remains committed to innovation, integrity and delivering measurable value to our customers and partners.

Going concern

The company meets its day-to-day working capital requirements through its cash reserves which are held and managed by the group treasury department. The company’s forecasts and projections, taking account of reasonably possible changes in trading performance, show that the company should be able to operate within the level of its current cash reserves. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Directors' responsibilities statement

The directors are responsible for preparing 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 FRS 101 'Reduced Disclosure Framework'. 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 the profit or loss of the company for that year.

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

•		select suitable accounting policies and then apply them consistently;
•		make judgements and accounting estimates that are reasonable and prudent;
•		state whether FRS 101 'Reduced Disclosure Framework' has been followed, subject to any material departures disclosed and explained in the financial statements; and
•		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 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.

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ASE Corporate Eyecare Limited

Directors' report

31 December 2024

Disclosure of information to the auditors

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information, being information needed by the auditor in connection with preparing its report, of which the auditor is unaware. Having made enquiries of fellow directors and the company's auditor, each director has taken all the steps that they are obliged to take as a director in order to made themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

Auditor

Following a tender process, Forvis Mazars LLP will resign as auditor and Ernst & Young LLP will be appointed.

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies' exemption.

This report is made in accordance with a resolution of directors.

On behalf of the directors

___________________________

L Hodges

Director

14 November 2025

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ASE Corporate Eyecare Limited

Independent auditor's report to the members of ASE Corporate Eyecare Limited

31 December 2024

Opinion



We have audited the financial statements of ASE Corporate Eyecare 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 notes to the financial statements, including material accounting policy information.



The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 101 "Reduced Disclosure Framework" (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; and

· 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 UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.



Conclusions relating to going concern



In auditing the financial statements, we have concluded that the 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.



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. Our audit procedures to evaluate the directors’ assessment of the company’s ability to continue to adopt the going concern basis of accounting included but were not limited to:

· Undertaking an initial assessment at the planning stage of the audit to identify events or conditions that may cast significant doubt on the company’s ability to continue as a going concern;

· Obtaining an understanding of the relevant controls relating to the directors’ going concern assessment;

· Evaluating the directors’ method to assess the company’s ability to continue as a going concern;

· Reviewing the directors’ going concern assessment, which incorporated severe but plausible scenarios;

· Evaluating the key assumptions used and judgements applied by the directors in forming their conclusions on going concern; and

· Reviewing the appropriateness of the directors’ disclosures in the financial statements.



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.



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.



Opinions 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 Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

· the Directors’ report have been prepared in accordance with applicable legal requirements.



Matters on which we are required to report by exception



In 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 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 3, 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.



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 the financial statements.



The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.



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.



Based on our understanding of the company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: UK tax legislation, pensions legislation, employment regulation, health and safety regulation, anti-bribery, corruption and fraud, and anti-money laundering regulation.



To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:

· Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;

· Inspecting correspondence, if any, with relevant licensing or regulatory authorities;

· Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and

· Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.



We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as Companies Act 2006.



In addition, we evaluated the directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, revenue recognition (which we pinpointed to the cut-off assertion) and significant one-off or unusual transactions.



Our audit procedures in relation to fraud included but were not limited to:

· Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;

· Gaining an understanding of the internal controls established to mitigate risks related to fraud;

· Discussing amongst the engagement team the risks of fraud; and

· Addressing the risks of fraud through management override of controls by performing journal entry testing.



There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.



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.



Use of the audit 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.











Rachel Lawton (Senior Statutory Auditor)

for and on behalf of Forvis Mazars LLP

Chartered Accountants and Statutory Auditor

30 Old Bailey

London

United Kingdom

EC4M 7AU



17 November 2025

6

The above statement of comprehensive income should be read in conjunction with the accompanying notes

ASE Corporate Eyecare Limited

Statement of comprehensive income

For the year ended 31 December 2024

Revenue		4		5,704,331		4,853,635
Cost of sales				(3,661,908)		(3,323,104)
Gross profit				2,042,423		1,530,531
Expenses
Administration				(1,846,704)		(1,633,745)
Operating profit/(loss)		5		195,719		(103,214)
Finance income		7		175,927		173,636
Finance expense		8		(445)		(384)
Profit before income tax charge				371,201		70,038
Income tax charge		9		(90,416)		(19,254)
Profit after income tax charge for the year attributable to the owners of ASE Corporate Eyecare Limited				280,785		50,784
Other comprehensive income for the year, net of tax				-		-
Total comprehensive income for the year attributable to the owners of ASE Corporate Eyecare Limited				280,785		50,784

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The above statement of financial position should be read in conjunction with the accompanying notes

ASE Corporate Eyecare Limited

Statement of financial position

As at 31 December 2024

Fixed assets
Intangible assets		10		225,741		215,422
Property, plant and equipment		11		65,185		60,504
				290,926		275,926
Current assets
Debtors		12		5,334,156		4,280,675
				5,334,156		4,280,675
Current liabilities
Creditors		13		(2,115,431)		(1,330,092)
				(2,115,431)		(1,330,092)
Net current assets				3,218,725		2,950,583
Total assets less current liabilities				3,509,651		3,226,509
Net assets before deferred tax liability				3,509,651		3,226,509
Deferred tax		15		(8,914)		(6,557)
Net assets				3,500,737		3,219,952
Equity
Called up share capital		16		5,000		5,000
Reserves		17		20		20
Retained profits				3,495,717		3,214,932
Total equity				3,500,737		3,219,952

___________________________

L Hodges

Director

14 November 2025

8

The above statement of changes in equity should be read in conjunction with the accompanying notes

ASE Corporate Eyecare Limited

Statement of changes in equity

For the year ended 31 December 2024

		Issued		Capital redemption		Retained		Total equity
		capital		reserve		profits
		£		£		£		£
Balance at 1 January 2023		5,000		20		3,164,148		3,169,168
Profit after income tax charge for the year		-		-		50,784		50,784
Other comprehensive income for the year, net of tax		-		-		-		-
Total comprehensive income for the year		-		-		50,784		50,784
Balance at 31 December 2023		5,000		20		3,214,932		3,219,952

		Issued		Capital redemption		Retained		Total equity
		capital		reserve		profits
		£		£		£		£
Balance at 1 January 2024		5,000		20		3,214,932		3,219,952
Profit after income tax charge for the year		-		-		280,785		280,785
Other comprehensive income for the year, net of tax		-		-		-		-
Total comprehensive income for the year		-		-		280,785		280,785
Balance at 31 December 2024		5,000		20		3,495,717		3,500,737

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ASE Corporate Eyecare Limited

Notes to the financial statements

31 December 2024

Note 1. General information

The principal activity of the company during the year was the provision of corporate eyecare.



The financial statements cover ASE Corporate Eyecare Limited as an individual entity. The financial statements are presented in Pound sterling, which is ASE Corporate Eyecare Limited's functional and presentation currency.

ASE Corporate Eyecare Limited is a company limited by shares, incorporated and domiciled in the United Kingdom. Its registered office and principal place of business is Unit 14, Quarry Farm, Bodiam, East Sussex, TN32 5RA.

Note 2. Material accounting policy information

The accounting policies that are material to the company are set out below. The accounting policies adopted are consistent with those of the previous financial year, unless otherwise stated.

New or amended Accounting Standards and Interpretations adopted

The company has adopted all of the new or amended Accounting Standards and Interpretations issued by the Financial Reporting Council ('FRC') that are mandatory for the current reporting period.

Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.

Basis of preparation

These financial statements were prepared in accordance with FRS 101 'Reduced Disclosure Framework' and the Companies Act 2006.

As permitted by FRS 101, the company has taken advantage of all of the disclosure exemptions available to it, including: statement of cash flows, new Accounting Standards not yet mandatory, disaggregation of revenue, reconciliations of contract assets and liabilities, unsatisfied performance obligations, presentation of comparative information for certain assets, impairment of assets, capital risk management, financial instruments, fair value measurement, key management personnel, related party transactions, business combinations and share-based payments.

The company's ultimate parent entity is Essilor International S.A. (incorporated in France) and its consolidated financial statements, which the company forms part of, are available from 147 Rue de Paris, 94227 Charenton, Cedex, France.

Historical cost convention

The financial statements have been prepared under the historical cost convention.

Critical accounting estimates

The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 3.

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ASE Corporate Eyecare Limited

Notes to the financial statements

31 December 2024

Going concern

The company meets its day-to-day working capital requirements through its cash reserves, which are held and managed in conjunction with the group treasury department. The company’s forecasts and projections, taking account of reasonably possible changes in trading performance, show that the company should be able to operate within the level of its current access to cash reserves. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements

Foreign currency translation

Items included in the financial statements of the company are measured using the currency of the primary economic environment in which the company operates (‘the functional currency’). The financial statements are presented in ‘Pounds Sterling’ (£), which is also the company’s functional currency.

Foreign currency transactions

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.

Revenue recognition

The company recognises revenue as follows:

Revenue from contracts with customers

Revenue is recognised at an amount that reflects the consideration to which the company is expected to be entitled in exchange for transferring goods or services to a customer. For each contract with a customer, the company: identifies the contract with a customer; identifies the performance obligations in the contract; determines the transaction price which takes into account estimates of variable consideration and the time value of money; allocates the transaction price to the separate performance obligations on the basis of the relative stand-alone selling price of each distinct good or service to be delivered; and recognises revenue when or as each performance obligation is satisfied in a manner that depicts the transfer to the customer of the goods or services promised.

Sale of goods

Revenue is measured at the fair value of the consideration received or receivable, and represents amounts receivable for goods supplied, stated net of discounts, returns and value added taxes.

Rendering of services

Services provided by the company have a single performance obligation as providing access to services to its customers, and as such, the associated revenues are recognised over time.

Current and deferred income tax

The income tax expense or benefit for the period is the tax payable on that period's taxable income based on the applicable income tax rate for each jurisdiction, adjusted by the changes in deferred tax assets and liabilities attributable to temporary differences, unused tax losses and the adjustment recognised for prior periods, where applicable.

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ASE Corporate Eyecare Limited

Notes to the financial statements

31 December 2024

Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to be applied when the assets are recovered or liabilities are settled, based on those tax rates that are enacted or substantively enacted, except for:

•		When the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and that, at the time of the transaction, affects neither the accounting nor taxable profits; or
•		When the taxable temporary difference is associated with interests in subsidiaries, associates or joint ventures, and the timing of the reversal can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future.

Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses.

The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting date. Deferred tax assets recognised are reduced to the extent that it is no longer probable that future taxable profits will be available for the carrying amount to be recovered. Previously unrecognised deferred tax assets are recognised to the extent that it is probable that there are future taxable profits available to recover the asset.

Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets against current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to the same taxable authority on either the same taxable entity or different taxable entities which intend to settle simultaneously.

Cash at bank and in hand

Cash at bank and in hand includes cash on hand and deposits held at call with financial institutions.

Debtors

Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less any allowance for expected credit losses. Trade receivables are generally due for settlement within 30 days.

The company has applied the simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance. To measure the expected credit losses, trade receivables have been grouped based on days overdue.

Other receivables are recognised at amortised cost, less any allowance for expected credit losses.

Stocks

Stocks are stated at the lower of cost and net realisable value. Cost is determined using the first-in, first-out (FIFO) method. The cost of finished goods excludes borrowing costs. Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable selling costs.

Property, plant and equipment

All tangible assets are stated at historical cost less accumulated depreciation and impairment. Historical cost includes expenditure that is directly attributable to the acquisition of the items.

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ASE Corporate Eyecare Limited

Notes to the financial statements

31 December 2024

Depreciation is calculated on a straight-line basis to write off the net cost of each item of tangible assets (excluding land) over their expected useful lives as follows:

Fixtures and fittings		10%
Software		10%/33%
Equipment		20%

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount.

An item of tangible assets is derecognised upon disposal or when there is no future economic benefit to the company. Gains and losses between the carrying amount and the disposal proceeds are taken to profit or loss.

Intangible assets

Computer software

Costs associated with maintaining computer software programmes are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the company are recognised as intangible assets when the following criteria are met:

•		it is technically feasible to complete the software product so that it will be available for use;
•		management intends to complete the software product and use or sell it;
•		there is an ability to use or sell the software product;
•		it can be demonstrated how the software product will generate probably future economic benefits;
•		adequate technical, financial and other resources to complete the development and to use or sell the software product are available; and
•		the expenditure attributable to the software product during its development can be reliably measured.

Directly attributable costs that are capitalised as part of the software product include the software development employee costs and an appropriate portion of relevant overheads.



Other development expenditures that do not meet these criteria are recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period.



Intangible assets amortisation is recorded in administrative expenses in the statement of comprehensive income. The database software is amortised over ten years of which four are remaining.

Website development

Cost associated with the development of the new website are capitalised as they are incurred. When the website is brought into use the cost will be amortised over the expected lifetime of the asset which is three years.

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ASE Corporate Eyecare Limited

Notes to the financial statements

31 December 2024

Impairment of non-financial assets

Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are largely independent cash inflows (cash-generating units). Prior impairments of non-financial assets (other than goodwill) are reviewed for possible reversal at each reporting date.

Creditors

These amounts represent liabilities for goods and services provided to the company prior to the end of the financial year and which are unpaid. Due to their short-term nature they are measured at amortised cost and are not discounted. The amounts are unsecured.

Finance income

Finance income is recognised using the effective interest method. When a loan and receivable is impaired, the company reduces the carrying amount to its recoverable amount, being the estimated future cash flow discounted at the original effective interest rate of the instrument and continues unwinding the discount as finance income. Finance income on impaired loan and receivables is recognised using the original effective interest rate.

Finance costs

Finance costs attributable to qualifying assets are capitalised as part of the asset. All other finance costs are expensed in the period in which they are incurred.

Employee benefits

Share-based payments

Equity-settled share-based compensation benefits are provided to employees by the ultimate parent company. The cost of equity-settled transactions are measured at fair value on grant date by the parent entity. Fair value is independently determined using either the Binomial or Black-Scholes option pricing model.

Awards of shares, or options over shares, in the parent entity, that are provided to employees in exchange for the rendering of services, are treated as cash-settled by the company as there is an obligation for the company to reimburse the parent entity

The cost of cash-settled transactions is initially, and at each reporting date until vested, determined by applying either the Binomial or Black-Scholes option pricing model, taking into consideration the terms and conditions on which the award was granted. The cumulative charge to profit or loss until settlement of the liability is calculated as follows:

•		during the vesting period, the liability at each reporting date is the fair value of the award at that date multiplied by the expired portion of the vesting period.
•		from the end of the vesting period until settlement of the award, the liability is the full fair value of the liability at the reporting date.

All changes in the liability are recognised in profit or loss. The ultimate cost of cash-settled transactions is the cash paid to settle the liability.

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ASE Corporate Eyecare Limited

Notes to the financial statements

31 December 2024

Fair value measurement

When an asset or liability, financial or non-financial, is measured at fair value for recognition or disclosure purposes, the fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; and assumes that the transaction will take place either: in the principal market; or in the absence of a principal market, in the most advantageous market.

Fair value is measured using the assumptions that market participants would use when pricing the asset or liability, assuming they act in their economic best interests. For non-financial assets, the fair value measurement is based on its highest and best use. Valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, are used, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.

Leases

The Company as a lessee



The company assesses whether a contract is or contains a lease, at inception of the contract. The company recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets (such as tablets and personal computers, small items of office furniture and telephones). For these leases, the company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed.



The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the lessee uses its incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise:

•		Fixed lease payments (including in-substance fixed payments), less any lease incentives receivable;
•		Variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date;
•		The amount expected to be payable by the lessee under residual value guarantees;
•		The exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and
•		Payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease.

The lease liability is presented as a separate line in the statement of financial position and is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The company remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever:

15

ASE Corporate Eyecare Limited

Notes to the financial statements

31 December 2024

•		The lease term has changed or there is a significant event or change in circumstances resulting in a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate.
•		The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used).
•		A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification.

The company did not make any such adjustments during the periods presented.



The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, less any lease incentives received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.



Whenever the company incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognised and measured under IAS 37. To the extent that the costs relate to a right-of-use asset, the costs are included in the related right-of-use asset, unless those costs are incurred to produce inventories.



Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset.



The depreciation starts at the commencement date of the lease. As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. The company has not used this practical expedient. For a contract that contains a lease component and one or more additional lease or non-lease components, the company allocates the consideration in the contract to each lease component on the basis of the relative stand-alone price of the lease component and the aggregate stand-alone price of the non-lease components.

Called up share capital

Ordinary shares are classified as equity.

16

ASE Corporate Eyecare Limited

Notes to the financial statements

31 December 2024

Note 3. Critical accounting judgements, estimates and assumptions

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates and assumptions on historical experience and on other various factors, including expectations of future events, management believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results. The judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities (refer to the respective notes) within the next financial year are discussed below.

Deferred revenue

The financial statements include a provision for deferred revenue for eye care vouchers purchased but not redeemed at the balance sheet date. This provision is calculated using historic redemption rates and as such there is some uncertainty over these redemption rates as is inherent in the nature of forecasting. The deferred revenue is included in note 13.

Allowance for expected credit losses

The allowance for expected credit losses assessment requires a degree of estimation and judgement. It is based on the lifetime expected credit loss, grouped based on days overdue, and makes assumptions to allocate an overall expected credit loss rate for each group. These assumptions include recent sales experience and historical collection rates. Historically, the credit risk has been low and the expected credit losses are insignificant.

Note 4. Revenue

All of the company’s revenue, for the current and prior periods, is generated from within the United Kingdom and relates to the provision of corporate eye care and administration of a vaccination contract.

Note 5. Operating profit/(loss)

		2024		2023
		£		£
Operating profit/(loss) is stated after charging/(crediting):
Operating lease charges		25,064		24,334
Audit fees payable to the company's auditor		35,000		32,000
Depreciation		20,593		19,426
Amortisation		58,131		42,676

17

ASE Corporate Eyecare Limited

Notes to the financial statements

31 December 2024

Note 6. Employees

The average monthly number of employees (including the directors) employed by the company during the year was as follows:

		2024		2023
Finance		3		3
Customer services		4		4
Sales		5		6
Other		6		6
		18		19

The employee benefits expense during the year was as follows:

		2024		2023
		£		£
Wages and salaries		854,022		786,104
Social security costs		99,250		92,762
Other pension costs		40,647		38,154
Other share benefits		33,857		30,602
Benefits in kind		-		23,848
Total employee benefits expense		1,027,776		971,470

Directors' remuneration		2024		2023
		£		£
Aggregate remuneration		137,482		118,676
Pension contributions		9,526		8,909
Benefits in kind		-		5,175
		147,008		132,760

Certain employees are members of the group share option scheme. No charge has been included in these financial statements as the cost is not material.

Note 7. Finance income

		2024		2023
		£		£
Interest on group loans		175,927		173,636

Note 8. Finance expense

		2024		2023
		£		£
Interest on group loans		445		384

18

ASE Corporate Eyecare Limited

Notes to the financial statements

31 December 2024

Note 9. Income tax charge

		2024		2023
		£		£
Current tax:
UK Corporation tax on profits/(losses) for the year		92,031		22,951
Adjustment in respect of prior years		(3,972)		(6,264)
Total current tax		88,059		16,687
Deferred tax:
Origination and reversal of timing differences - current year		939		-
Adjustments in respect of prior year		1,418		2,567
		2,357		2,567
Tax on profit/(loss) on ordinary activities		90,416		19,254

Factors affecting the tax change for the year



The tax assessed for the year is lower than (2023: higher than) the effective rate of corporation tax as explained below:

		2024		2023
		£		£
Profit before income tax charge		371,201		70,038
Tax at the statutory tax rate of 25% (2023: 23.52%)		92,800		16,473
Effects of:
Fixed asset differences		750		(335)
Adjustments in respect of prior years - deferred tax		1,418		2,567
Adjustments in respect of prior years		(3,972)		(6,264)
Expenses not deductible		1,358		7,582
Other adjustments		(1,938)		(769)
Income tax charge		90,416		19,254

Note 10. Intangible assets

		Computer software		Website		Total
		£		£		£
Cost
At 1 January 2024		457,770		42,595		500,365
Additions		68,450		-		68,450
At 31 December 2024		526,220		42,595		568,815
Accumulated amortisation
At 1 January 2024		266,943		18,000		284,943
Charge for the year		49,933		8,198		58,131
At 31 December 2024		316,876		26,198		343,074
Net book value
At 31 December 2024		209,344		16,397		225,741
At 31 December 2023		190,827		24,595		215,422

19

ASE Corporate Eyecare Limited

Notes to the financial statements

31 December 2024

Note 11. Property, plant and equipment

		Leased equipment		Fixtures and fittings		Computer equipment		Total
		£		£		£		£
Cost
As at 1 January 2024		32,000		52,793		56,749		141,542
Additions		-		6,653		18,621		25,274
As at 31 December 2024		32,000		59,446		75,370		166,816
Accumulated depreciation
As at 1 January 2024		27,409		21,962		31,667		81,038
Charge for the year		4,591		5,422		10,580		20,593
As at 31 December 2024		32,000		27,384		42,247		101,631
Net book value
As at 31 December 2024		-		32,062		33,123		65,185
As at 31 December 2023		4,591		30,831		25,082		60,504

There are liabilities shown in the balance sheet to the value of £nil (2023: £4,591), in respect of leased liabilities related to the right of use assets. The company previously leased IT equipment.

Note 12. Debtors

		2024		2023
		£		£
Current assets
Trade receivables		929,273		681,828
Other receivables		53,610		40,902
Prepayments		55,051		51,086
Amounts owed by group companies		4,296,222		3,506,859
		4,404,883		3,598,847
		5,334,156		4,280,675

The balance of the intercompany loan and cash pooling facility with the parent company is £4,287,164 (2023: £3,439,532). There is also £99,417 (2023: £67,327) which relates to outstanding intercompany debtors. Interest is paid at a commercial rate on the cash pooling facility. All group loans are unsecured and repayable on demand.

20

ASE Corporate Eyecare Limited

Notes to the financial statements

31 December 2024

Note 13. Creditors

		2024		2023
		£		£
Bank overdraft		403,868		54
Trade payables		236,975		104,923
Amounts due to group entities		614,278		465,765
Corporation tax		18,410		76,217
Other tax and social security		312,731		162,143
Accruals and deferred income		529,169		516,399
Lease liability		-		4,591
		2,115,431		1,330,092

All amounts owed to group undertakings are under normal trade creditor terms and conditions, do not attract interest and are repayable on demand.

Note 14. Lease liabilities

		2024		2023
		£		£
Analysed as:
Current		-		4,591
Non-current		-		-
		-		4,591

Note 15. Deferred tax

		2024		2023
		£		£
Deferred tax liability		8,914		6,557

The provision for deferred tax consists of the following deferred tax liabilities:

		Accelerated capital allowances
		£
At 1 January 2024		6,557
Deferred tax charge to statement of comprehensive income for the period		2,357
		8,914

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ASE Corporate Eyecare Limited

Notes to the financial statements

31 December 2024

Note 16. Called up share capital

		2024		2023		2024		2023
		Shares		Shares		£		£
Ordinary shares - allotted, issued and fully paid		5,000		5,000		5,000		5,000

Note 17. Reserves

Capital redemption reserve



The capital redemption reserve is a non-distributable reserve relating to the nominal value of shares repurchased.

Retained profits



Retained profits are the cumulative profits and losses net of dividends. This reserve is distributable and reflects the amount available for future dividend distributions or reinvestment in the business.

Note 18. Commitments

No capital expenditure has been committed to but not incurred at the year end (2023: £20,000). The prior year commitment was in relation to the development of the new database.

Note 19. Related party transactions

During the year the company made purchases from Graeme Hodges for £29,037 (2023: £24,660) no balances were outstanding at either year end. Graeme Hodges is the spouse of Lyn Hodges.



The company is a wholly owned subsidiary of EssilorLuxottica S.A. and has taken advantage of the exemption conferred by the Financial Reporting Standard FRS 101 Reduced Disclosure Framework (FRS 101) not to disclose transactions with EssilorLuxottica S.A or it’s wholly owned subsidiaries.

Note 20. Events after the reporting period

No matter or circumstance has arisen since 31 December 2024 that has significantly affected, or may significantly affect the company's operations, the results of those operations, or the company's state of affairs in future financial years.

Note 21. Ultimate controlling party

The immediate and ultimate parent undertaking, and controlling party, is Essilor International S.A. which is incorporated in France. The largest and smallest group in which the results of ASE Corporate Eyecare Limited are consolidated is that of Essilor International S.A. Copies of the financial statements of Essilor International S.A. can be obtained from 147, Rue de Paris, 94227 Charenton, Cedex, France.