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Clarity Edinburgh Ltd Registered number: 15884574 Director's report and financial statements For the period ended 30 June 2025
CLARITY EDINBURGH LTD COMPANY INFORMATION
Director | I Rahman
Registered number | 15884574
Registered office | 1-6 Star Building
| Caxton Road
| Fulwood
| Preston
| PR2 9BS
Independent auditor | Forvis Mazars LLP
| Chartered Accountants & Statutory Auditor
| One St. Peter's Square
| Manchester
| M2 3DE
CLARITY EDINBURGH LTD CONTENTS
| Page
Director's Report | 1 - 2
Independent Auditor's Report | 3 - 6
Statement of Comprehensive Income | 7
Statement of Financial Position | 8
Statement of Changes in Equity | 9
Notes to the Financial Statements | 10 - 22
CLARITY EDINBURGH LTD DIRECTOR'S REPORT FOR THE PERIOD ENDED 30 JUNE 2025 The director presents his report and the financial statements for the period ended 30 June 2025. Incorporation The Company was incorporated on 7 August 2024 and the financial statements have been prepared for a 11 month period to 30 June 2025. There is therefore no comparative information.
Director's responsibilities statement
The director is responsible for preparing the Director's Report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the director is required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The loss for the period, after taxation, amounted to £1,096,978. No dividends were declared during the period.
Director
The director who served during the period was:
I Rahman
- 1 -
CLARITY EDINBURGH LTD DIRECTOR'S REPORT (CONTINUED) FOR THE PERIOD ENDED 30 JUNE 2025
Going Concern
As at 30 June 2025, the Company had net assets of £703,022. In determining whether the Company’s accounts can be prepared on a going concern basis, the director considers the Company’s business activities together with factors likely to affect future development, performance, it's financial position including cash flows, liquidity position, borrowing facilities and risks and uncertainties relating to its business activities. This includes the director regularly reviewing these factors, and the performance and financial position of the wider group to ensure that any risks are recognised and managed effectively. After considering all these factors the director has a reasonable expectation that the Company, and wider Group, have adequate resources to continue in operation and manage the risks for the foreseeable future. Accordingly, the director decided to adopt the going concern basis in the preparation of the annual financial statements.
Disclosure of information to auditor
The director at the time when this Director's 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.
Auditor
The auditor, Forvis Mazars LLP, were appointed during the period and will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
Small companies note
In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. This report was approved by the board on 30 October 2025 and signed on its behalf.
I Rahman Director
- 2 -
CLARITY EDINBURGH LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CLARITY EDINBURGH LTD Opinion We have audited the financial statements of Clarity Edinburgh Ltd (the ‘Company’) for the period ended 30 June 2025 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 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 FRS 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 30 June 2025 and of its loss for the period 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 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. 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 director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. - 3 -
CLARITY EDINBURGH LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CLARITY EDINBURGH LTD 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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Director's Report has 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 Strategic Report or the Director's Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of director's remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit; or ∙the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemption in preparing the Director's Report and from the requirement to prepare a Strategic Report. - 4 -
CLARITY EDINBURGH LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CLARITY EDINBURGH LTD Responsibilities of Director As explained more fully in the Director's Responsibilities Statement set out on page 1, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director intends either to liquidate the Company or to cease operations, or has 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 these 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: 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 tax legislation and the Companies Act 2006. - 5 -
CLARITY EDINBURGH LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CLARITY EDINBURGH LTD In addition, we evaluated the director's and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, 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. Christopher Martin (Senior Statutory Auditor) for and on behalf of Forvis Mazars LLP Chartered Accountants and Statutory Auditor One St. Peter's Square Manchester M2 3DE 31 October 2025 - 6 -
CLARITY EDINBURGH LTD STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30 JUNE 2025
| 11 month period ended 30 June
| 2025
| £
Turnover |  | 69,700
Cost of sales |  | (125,775)
Gross loss |  | (56,075)
Administrative expenses |  | (866,730)
Operating loss |  | (922,805)
Interest payable and similar expenses |  | (2,124)
Loss before tax |  | (924,929)
Tax on (loss)/profit | 5 | (172,049)
Loss for the financial period |  | (1,096,978)
There were no recognised gains and losses for 11 month period ended 2025 other than those included in the statement of comprehensive income.
There was no other comprehensive income for 11 month period ended 2025.
The notes on pages 10 to 22 form part of these financial statements.
- 7 -
CLARITY EDINBURGH LTD REGISTERED NUMBER: 15884574 STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2025
|  | 2025
Note |  | £
Fixed assets |  |  |
Tangible assets | 6 |  | 1,403,968
|  |  | 1,403,968
Current assets |  |  |
Stocks | 7 | 29,939 |
Debtors: amounts falling due within one year | 8 | 1,587,061 |
Cash at bank and in hand | 9 | 263,910 |
|  | 1,880,910 |
Creditors: amounts falling due within one year | 10 | (2,343,506) |
Net current liabilities |  |  | (462,596)
Total assets less current liabilities |  |  | 941,372
Creditors: amounts falling due after more than one year |  |  | (62,176)
Provisions for liabilities |  |  |
Deferred tax | 13 | (172,049) |
Other provisions | 14 | (4,125) |
Net assets |  |  | 703,022
Capital and reserves |  |  |
Called up share capital | 15 |  | 1,800,000
Profit and loss account | 16 |  | (1,096,978)
|  |  | 703,022
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 October 2025.
I Rahman
Director
The notes on pages 10 to 22 form part of these financial statements. - 8 -
CLARITY EDINBURGH LTD STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 30 JUNE 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 7 August 2024 | - | - | -
Comprehensive expense for the period |  |  |
Loss for the period | - | (1,096,978) | (1,096,978)
Total comprehensive expense for the period | - | (1,096,978) | (1,096,978)
Contributions by and distributions to owners |  |  |
Shares issued during the period | 1,800,000 | - | 1,800,000
Total transactions with owners | 1,800,000 | - | 1,800,000
At 30 June 2025 | 1,800,000 | (1,096,978) | 703,022
| The notes on pages 10 to 22 form part of these financial statements.
- 9 -
CLARITY EDINBURGH LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025
1. | General information
Clarity Edinburgh Ltd (the “Company”) is a private company, limited by shares and registered in England and Wales, registered number 15884574. The registered office is 1-6 Star Building, Caxton Road, Fulwood, Preston, United Kingdom, PR2 9BS. The principal activity of the Company is a provider of community ophthalmology services. The Company was incorporated on 7 August 2024 and the financial statements have been prepared for a 11 month period to 30 June 2025. There is therefore no comparative information. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The 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 Oracle Vision Topco Limited as at 30 June 2025 and these financial statements may be obtained from 1-6 Star Building, Caxton Road, Fulwood, Preston, PR2 9BS. - 10 -
CLARITY EDINBURGH LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.3 | Going concern
As at 30 June 2025, the Company had net assets of £703,022. In determining whether the Company’s accounts can be prepared on a going concern basis, the director considers the Company’s business activities together with factors likely to affect future development, performance, it's financial position including cash flows, liquidity position, borrowing facilities and risks and uncertainties relating to its business activities. This includes the director regularly reviewing these factors, and the performance and financial position of the wider group to ensure that any risks are recognised and managed effectively. After considering all these factors the director has a reasonable expectation that the Company, and wider Group, have adequate resources to continue in operation and manage the risks for the foreseeable future. Accordingly, the director decided to adopt the going concern basis in the preparation of the annual financial statements.
| 2.4 | 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: 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.
| 2.5 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.6 | 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. - 11 -
CLARITY EDINBURGH LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.7 | 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.
| 2.8 | Current and deferred taxation
The tax expense for the period 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.
| 2.9 | 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. - 12 -
CLARITY EDINBURGH LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.9 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following bases. Depreciation is provided on the following basis:
|  |  |  | Leasehold improvements | - | Straight line over length of lease (to break clause)
|  |  |  | Plant and machinery | - | Straight line over 5 years
|  |  |  | Motor vehicles | - | Straight line over 4 years
|  |  |  | Fixtures and fittings | - | Straight line over 5 years
|  |  |  | Computer equipment | - | Straight line over 3 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.
| 2.10 | Inventories
Inventories 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, inventories are assessed for impairment. If inventories 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.
| 2.11 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.12 | 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.
| 2.13 | 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. - 13 -
CLARITY EDINBURGH LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.14 | 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.
| 2.15 | 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. The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102. Financial instruments are recognised in the Company's Statement of Financial Position 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 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 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. - 14 -
CLARITY EDINBURGH LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.15 | Financial instruments (continued)
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. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. 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. - 15 -
CLARITY EDINBURGH LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.15 | Financial instruments (continued)
Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In the application of the Company’s accounting policies, the director is required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Key sources of estimation uncertainty The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows. Useful economic lives of tangible fixed assets The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated economic lives and residual values of assets. the useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates.
4. | Employees
| The average monthly number of employees, including directors, during the period was 7.
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CLARITY EDINBURGH LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025
5. | Taxation
|  |  |  |  | 11 month period ended 30 June
|  |  |  |  | 2025
|  |  |  |  | £
| Deferred tax |
| Origination and reversal of timing differences | 172,049
| Total deferred tax | 172,049
|  | 172,049
| Factors affecting tax charge for the period
| The tax assessed for the period is higher than the standard rate of corporation tax in the UK of 25%. The differences are explained below:
|  |  |  |  | 11 month period ended 30 June
|  |  |  |  | 2025
|  |  |  |  | £
| (Loss)/profit on ordinary activities before tax | (924,929)
| (Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% | (231,232)
| Effects of: |
| Expenses not deductible for tax purposes | 43,864
| Other tax adjustments, reliefs and transfers | 149,332
| Group relief | 210,085
| Total tax charge for the period | 172,049
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. - 17 -
CLARITY EDINBURGH LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025
6. | Tangible fixed assets
|  | Leasehold improvements | Plant & machinery | Motor vehicles | Fixtures & fittings | Computer equipment | Total
|  | £ | £ | £ | £ | £ | £
| Cost |  |  |  |  |  |
| Additions | - | 86,221 | - | - | 9,609 | 95,830
| Transfers intra group | 914,356 | 238,292 | 78,854 | 63,031 | 17,805 | 1,312,338
| At 30 June 2025 | 914,356 | 324,513 | 78,854 | 63,031 | 27,414 | 1,408,168
| Depreciation |  |  |  |  |  |
| Charge for the period | - | 4,200 | - | - | - | 4,200
| At 30 June 2025 | - | 4,200 | - | - | - | 4,200
| Net book value |  |  |  |  |  |
| At 30 June 2025 | 914,356 | 320,313 | 78,854 | 63,031 | 27,414 | 1,403,968
| During the year, tangible fixed assets, with a net book value of £1,312,338 were transferred into the Company from a fellow subsidiary as part of a group reorganisation.
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025
|  |  |  |  | £
| Plant and machinery | 123,165
7. | Stocks
|  |  |  |  | 2025
|  |  |  |  | £
| Finished goods and goods for resale | 29,939
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CLARITY EDINBURGH LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025
8. | Debtors
|  |  |  |  | 2025
|  |  |  |  | £
| Amounts owed by group undertakings | 1,537,084
| Other debtors | 9,841
| Prepayments and accrued income | 40,136
|  | 1,587,061
| Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
9. | Cash and cash equivalents
|  |  |  |  | 2025
|  |  |  |  | £
| Cash at bank and in hand | 263,910
10. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025
|  |  |  |  | £
| Amounts owed to group undertakings | 2,031,146
| Other taxation and social security | 25,188
| Obligations under finance lease and hire purchase contracts | 35,908
| Other creditors | 99,610
| Accruals and deferred income | 151,654
|  | 2,343,506
| Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
11. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025
|  |  |  |  | £
| Obligations under finance leases and hire purchase contracts | 62,176
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CLARITY EDINBURGH LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025
12. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2025
|  |  |  |  | £
| Within one year | 35,908
| Between 1-5 years | 62,176
| Net obligations under hire purchase contracts and finance leases are secured by fixed charges on the assets concerned.
13. | Deferred taxation
|  | 2025
|  | £
| Charged to profit or loss | (172,049)
| At end of year | (172,049)
| The deferred taxation balance is made up as follows:
|  |  |  |  | 2025
|  |  |  |  | £
| Fixed asset timing differences | (172,337)
| Short term timing differences | 288
|  | (172,049)
14. | Provisions
|  | Dilapidation provision
|  | £
| Charged to profit or loss | 4,125
| At 30 June 2025 | 4,125
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CLARITY EDINBURGH LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025
15. | Share capital
|  |  |  |  | 2025
|  |  |  |  | £
|  | Allotted, called up and fully paid |
|  | 1,350,000 Ordinary A shares of £1.00 each | 1,350,000
|  | 450,000 Ordinary B shares of £1.00 each | 450,000
|  |  | 1,800,000
On incorporation, the Company issued 1,350,000 Ordinary A shares of £1.00 each and 450,000 Ordinary B shares of £1.00 each Ordinary A and B shares have attached to them full voting and dividend rights. They do not confer any rights of redemption.
16. | Reserves
Profit and loss account The profit and loss account reserve represents cumulative profits and losses.
17. | 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 £1,086. Contributions totalling £1,151 were payable to the fund at the reporting date and are included in creditors.
18. | Commitments under operating leases
| At 30 June 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025
|  |  |  |  | £
| Not later than 1 year | 100,765
| Later than 1 year and not later than 5 years | 421,277
|  | 522,042
19. | Related party transactions
| The Company has taken advantage of the exemption permitted by Section 33 'Related Party Disclosures' not to provide disclosures of transactions entered into with wholly owned subsidiaries within the group.
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CLARITY EDINBURGH LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025
20. | Controlling party
The immediate parent company is Clarity Services Ltd, a company registered in England and Wales. The ultimate parent company is Oracle Vision Topco Limited, a company registered in England and Wales. The ultimate controlling party is I Rahman. The Company is consolidated within Oracle Vision Topco Limited financial statements and copies can be obtained upon requested from the group's registered office, 1-6 Star Building, Caxton Road, Fulwood, Preston, PR2 9BS.
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