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Community Health and Eyecare Limited Registered number: 07296068 Annual report and financial statements For the year ended 30 June 2025
COMMUNITY HEALTH AND EYECARE LIMITED COMPANY INFORMATION
Director | I Rahman
Registered number | 07296068
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
COMMUNITY HEALTH AND EYECARE LIMITED CONTENTS
| Page
Strategic Report | 1 - 5
Director's Report | 6 - 9
Independent Auditor's Report | 10 - 13
Statement of Comprehensive Income | 14
Statement of Financial Position | 15 - 16
Statement of Changes in Equity | 17
Notes to the Financial Statements | 18 - 36
COMMUNITY HEALTH AND EYECARE LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 30 JUNE 2025
Introduction
The director present the Company Strategic Report for the year ended 30 June 2025.
Business review
The Company is one of the UK’s leading providers of community-based healthcare services, specialising in Ophthalmology, Gastroenterology, Dermatology and ENT services across the UK. Our team has built a reputation of patient focused care, ensuring we are responsive and considerate to the needs of our patients. As a leading independent healthcare organisation delivering services to private self-paying patients and those with Medical insurance, our main focus has been on supporting NHS waiting lists. Our growing reputation is underpinned by our dedicated medical and nursing teams, reinforced with our head office operations, incorporating Finance functions, Human Resources, Information Technology. Contracts and Regulatory Compliance, Marketing and Client Relationship Teams. The Company operates from over one hundred locations nationwide, with 32 dedicated CHEC hospitals as of 30th June 2025. Our increasing footprint is supported by over 75 NHS and private contracts in dedicated CHEC community hospitals, which includes 17 Endoscopy suites. Together, we serviced between 600-650,000 patients in the reporting period. The directors are extremely pleased with the underlying performance of the Company in the period, and would like to thank the Company’s employees for their hard work and commitment in delivering outstanding patient care. The Company aims to strategically grow the business organically through contract awards and diversification across the spectrum of specialties. Our goal has been to ensure we have good UK coverage in estates to drive our goal to ensure CHEC remains the only provider who is dedicated to supporting the NHS across multiple specialties. The growth strategy will ensure a multi-faceted approach driving business growth and stability within the Ophthalmology, Gastroenterology, Dermatology and ENT market space. The Company has continued its growth strategy by maximising current contracts, winning new commissioned contracts, launching a diverse private offering expanding our green field hospital base from 27 in 2024 to 32 in 2025.
Principal risks and uncertainties
In determining whether the Company's accounts can be prepared on a going concern basis, the director considered the Company’s business activities together with the factors likely to affect its future development, performance, its financial position including cash flows, liquidity position, borrowing facilities and the risks and uncertainties in relation to its business activities. The director regularly reviews these factors to ensure that any risks are recognised and managed effectively. The principal risks affecting the business are as follows: Financial The Company has a number of financial instruments which include cash, trade debtors and trade creditors that arise directly from operations. The main purpose of these financial instruments is to support the Company’s growth and its day-to-day operations. From a daily operational basis, the Company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. - 1 -
COMMUNITY HEALTH AND EYECARE LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 The Company’s principal financial assets are cash and trade debtors. The credit risk associated with the cash is limited as the banks have good credit ratings assigned by international credit-rating agencies. The principal credit risk arises from its trade debtors. The risk of non-receipt of monies owed is minimal as the majority of the debtors are from the NHS which is funded by central government. The Company has significant cash resources and facilities available to manage the future trading performance and any foreseeable changes. Retaining and recruiting staff The Company focuses on employing and retaining the highest quality clinical and non-clinical staff, including key management. Retaining these staff is key to continued growth and success of the business. We have achieved a less than 3% attrition rate throughout the business, far improved on the sector average. The Company has policies in place to ensure these staff are retained and motivated. Reputational risk The Company is focused on both the patients experience and outcomes from their operations and treatments. Maintaining these to the highest of standards is key in ensuring the Company’s reputation and these standards are reviewed monthly by the board. Whilst we have worked with NHSE to review our postoperative pathways, recent CQC visits have supported CHEC’s view that our clinical standards continue to surpass national standards, with our ‘Good’ and ‘Outstanding’ CQC ratings. The Company has and continues to invest heavily in the clinical governance structures within the business to ensure that all the best practices are followed, and all accreditations are maintained. This is supported by our appointment of a Chief Risk and Compliance Officer to the c-suite to drive continuous improvement across the business functions. Our benchmark complication rate for cataract surgery far surpasses the national average, with a rate of 0.45% (National average 0.78%). Operational risk The majority of the Company’s revenues are through contracts with NHS Integrated Care Boards (ICB's). A reduction in this revenue could have a negative impact on the Company. Contracts are negotiated under local and national tariffs generating the activity performed on behalf of the NHS. The Company is a contracted provider with 32 ICB's securing 18 new commissioned service contracts in 2025. The Company’s national presence contributes to ongoing collaboration with all 42 ICB's. The diversification from single customer to multiple customer is aimed at reducing the financial risk to the business, together with the diversification across multiple specialties. Economic impact of global events UK businesses are currently facing many uncertainties such as the consequences of geopolitical events in the Middle East and Ukraine, environmental sustainability and uncertainty in the global economy. These uncertainties have contributed to an environment where there exists a range of issues and risks, including inflation, rising interest rates, labour shortages, disrupted supply chains and new ways of working. The directors have carried out an assessment of the potential impact of these uncertainties on the business, including the impact of mitigation measures, and have concluded that the greatest impact on the business is expected to be from the economic ripple effect on the global economy. The directors have taken account of these potential impacts in their going concern assessment. CHEC continues to work with its partners to minimise any impacts of these events and maximise the realisation of any opportunities they may provide to the business. - 2 -
COMMUNITY HEALTH AND EYECARE LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
Financial key performance indicators
The board reviews the Company’s KPI’s at the monthly board meetings as well as on weekly and daily dashboards. These include clinical, operational, and financial measurements. Our key clinical measurement is patient satisfaction information. The Company obtains information for all our patients after procedures to ensure that the patient received the highest quality care and service. The Company achieved an average patient satisfaction rating of 98.16% (2024: 98.19%), and 99.61% (2024: 99.78%) of patients would recommend the Company’s services to their family and friends. This is a testament to the quality of services offered. Management believes the most appropriate financial KPI’s are set out in the table below:
| 2025 | 2024
| £ | £
Turnover | 94.3m | 80.0m
Profit before tax | 16.1m | 19.2m
Net current assets | 31.9m | 17.7m
Net assets | 65.6m | 49.8m
Total employed staff | 655 | 519
Director's statement of compliance with duty to promote the success of the Company under section 172
The director of Community Health and Eyecare Limited considers that they have acted in the way they consider, in good faith, would be the most likely to promote the success of the Company for the benefit of its members as a whole, and in doing so have regard (amongst other matters set out in s172(1)(a-f) of the Act) to: a) the likely consequences of any decision in the long term; b) the interests of the Company’s employees; c) the need to foster the Company’s business relationships with suppliers, customers and others; d) the impact of the Company’s operations on the community and the environment; e) the desirability of the Company maintaining a reputation for high standards of business conduct; f) the need to act fairly as between members of the Company. The following paragraphs summarise how the director fulfils his duty to promote the success of the Company: The likely consequences of any decision in the long term The director considers the potential impacts of his decisions on the Company's long-term objectives and sustainability, as well as on its stakeholders and the community, while also upholding its values and culture. We are a business built on our standards and reputation and would not take a decision which would have a detrimental impact on this, whether in the short term or the long term. We are dedicated to ensuring we maintain our culture whilst achieving our purpose. - 3 -
COMMUNITY HEALTH AND EYECARE LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 The interests of the Company’s employees The way we are organisationally structured is pivotal to the delivery and success of our business strategy. We aim to be a value-based employer of choice and demonstrate this through our external accreditations of Investors in People, Great Places to Work (engagement) and Thrive at Work (health and wellbeing). Our employee value proposition is underpinned by a robust reward and recognition strategy that delivers year-on- year improvements. The Company ensures fair treatment, equal opportunities and diversity across all levels of the workforce. The Company has robust policies, procedures, reporting, analysis, and proactive measures to ensure individuals are treated with dignity and respect. We engage regularly with our employees through our organisational structure, capturing any feedback, provide platforms for open dialogue, and encourage innovation and collaboration. The need to foster the Company’s business relationships with suppliers, customers and others Building and nurturing relationships with key stakeholders is key to the success of the Company. From hospital management through to our Head office teams, we are dedicated to enhancing positive interactions with our patients, Consultant teams, ICB’s, Optometrists, GPs and other key stakeholder groups. We place great importance on these relationships and are committed to providing high-quality healthcare services to our patients. We do this by increasing our focus on pro-active quality improvements and building on our Clinical Governance structure. In March 2024, we achieved JAG accreditation for our Nottingham Hospital, and we aim to replicate this success across all our Endoscopy sites, showcasing our dedication to quality and excellence throughout the Company. The next two hospitals which are in the process of JAG accreditation are Accrington and Ilford. By demonstrating quality outcomes to our commissioning bodies, our Commercial, Engagement, and Operational teams can build strong and lasting partnerships that contribute to our long-term success. The impact of the Company’s operations on the community and the environment The Company has established Environmental, Social, and Governance (ESG) strategic goals that have been approved by the board, supported by a cross-functional working group dedicated to driving improvements. To enhance and align our ESG strategy with our three-year plan, we have engaged ESG consultants to assist in implementing our initiatives in FY26. We take pride in being part of both local and broader communities and strive to prioritise Planet, People, Leadership, and Patients in all our endeavours. The desirability of the Company maintaining a reputation for high standards of business conduct Our brand and reputation are invaluable assets to the Company, and the director is committed to upholding high ethical standards across all business practices. The employee recruitment and onboarding experience is paramount to the success of delivering our people agenda. We continually improve the development of our people through a range of learning and development interventions to strengthen our ability to deliver. As a Company we promote a culture of transparency, integrity and accountability across all business activities. As a Company we are focused and passionate about ethical sourcing, sustainability initiatives, and social responsibility. We have a cross functional working party who collaborate with an external partner to drive year on year improvements in this arena. - 4 -
COMMUNITY HEALTH AND EYECARE LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 The need to act fairly between members of the Company The Company is committed to acting with integrity and courtesy in all of its business relationships, ensuring that the interests of all members and stakeholders are considered when making decisions for the overall good of the Company. Statement of Corporate Governance Arrangements As a board, we are committed to behaving responsibly and in collaboration with management. We ensure that we operate the business in a responsible manner, with high standards of business conduct and corporate governance appropriate to our size and complexity.
Future developments
The directors believe the Company’s future prospects to be good. The Company at the date of this report operates from 32 surgical centres. The Company is placing emphasis on strengthening its established operations and refining service offerings, broadening the services it offers and with a view to increasing private revenue streams. The NHS continues to face significant financial pressures, resulting in the reallocation of funding away from certain specialisms, including Ophthalmology. This shift presents a potential risk to providers operating in these areas. However, the Company is well-positioned to mitigate this risk through its strategic diversification and expansion into other clinical specialisms. In response to these evolving funding dynamics, CHEC has accelerated its growth in areas such as Gastroenterology, Dermatology, and Ear, Nose and Throat (ENT) services. These specialisms not only align with current NHS priorities but also offer opportunities for sustainable growth and improved patient outcomes. In addition to its NHS-funded services, the Company is expanding its presence in the private healthcare market under the brand name Clarity. This investment supports the Group’s long-term strategy to diversify revenue streams, reduce dependency on public sector funding, and enhance resilience against sector-specific financial challenges. Our digital roadmap will ensure we maintain best of class IT infrastructure with digitalized hospitals blending into CHEC's roadmap to an online hospital. The Company remains committed to delivering high-quality, accessible care across all its service lines, while continuing to adapt to the changing healthcare landscape through innovation, strategic investment, and operational agility. This report was approved by the board on 30 October 2025 and signed on its behalf.
I Rahman Director
- 5 -
COMMUNITY HEALTH AND EYECARE LIMITED DIRECTOR'S REPORT FOR THE YEAR ENDED 30 JUNE 2025 The director presents his report and the financial statements for the year ended 30 June 2025.
Director's responsibilities statement
The director is responsible for preparing the Strategic Report, 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; ∙state whether applicable UK Accounting Standards have 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 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 profit for the year, after taxation, amounted to £15,199,629 (2024: £15,491,695). No ordinary dividends were paid (2024: £Nil). The director does not recommend payment of a final dividend.
Director
The director who served during the year was:
I Rahman
- 6 -
COMMUNITY HEALTH AND EYECARE LIMITED DIRECTOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
Going concern
As at 30 June 2025, the Company had net assets of £65.6m (2024: £49.8m) including a bank cash balance of £4.8m (2024: £3.1m). 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 has 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. Greenhouse gas emissions, energy consumption and energy efficiency action The Company understands that continually improving our environmental performance should be at the forefront of our business. It understands the impact of rising temperatures, extreme weather and the increased pressures climate change is and will have on the NHS. Our carbon reduction plan ensures that the Company is proactively managing and minimising its environmental impact through scientific data reporting. The Company’s carbon reduction plan aligns with the NHS Green Plan.
Measurement |  | 2025 | 2024
Annual energy consumption used to calculate emissions (kWh) |  | 4,058,093 | 3,357,000
Emissions from combustion of gas (Scope 1) |  | 5 | 2
Emissions from combustion of fuel for transport purposes (Scope 1) | Total (tCO2e) | 209 | 123
| CO2 (tonnes) | 207 | 121
| CH4 (tonnes) | 0 | 0
| N2O (tonnes) | 2 | 1
Emissions from purchased electricity (Scope 2, location-based) | Total (tCO2e) | 471 | 443
| CO2 (tonnes) | 466 | 439
| CH4 (tonnes) | 2 | 2
| NO2 (tonnes) | 3 | 3
Emissions from business travel rental cars or employee owned |  |  |
vehicles where company is responsible for purchasing the fuel (Scope 3) | Total (tCO2e) | 180 | 170
| CO2 (tonnes) | 178 | 168
| CH4 (tonnes) | 0 | 0
| N2O (tonnes) | 2 | 2
Direct CO2 emissions from Biogenic combustion |  | 0 | 0
Total gross tCO2e based on above |  | 860 | 735
Intensity ratio: Tonnes of CO2/'000 patient appointments |  | 1.51 | 1.86
Methodology Internal Methodology - Location Based (UK) - 7 -
COMMUNITY HEALTH AND EYECARE LIMITED DIRECTOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 Quantification and reporting methodology We have followed the 2019 HM Government environmental reporting guidelines. We have also used the GHG reporting protocol – Corporate Standard and have used the 2021 UK Government's conversion factors for company reporting. Intensity Measurement The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per ‘000 patient appointments. Energy Efficiency Measures in the period Energy use has been a focus across the Company with new sites designed to high standards. Further improvements have been identified in our carbon reduction plan and investments have begun in energy metering and the introduction of battery operated mechanically propelled vehicles. Looking ahead, we have several impactful projects planned that will further drive reductions, including the introduction of automatic route optimisation software, the adoption of electric fleet vehicles, and the establishment of regional stock hub-and-spoke models to streamline logistics. Additionally, the move to monthly collation of Scope 1, 2, and 3 emissions data will enable us to identify trends and address them proactively. As we expand into 2026, opening further sites, our carbon footprint will therefore likely increase in the short to medium term. However implementing our carbon reduction plan with continued energy efficient investment focusing on embedding good engineering standards into new sites with LEDs, effective building controls, energy saving campaigns and efficient use of vehicles will result in a fall in our intensity ratio year on year whilst it takes several years for total emissions to see a significant decline.
Matters covered in the Strategic Report
Certain information not shown in the Director's Report is shown in the Strategic Report on pages 1 - 5 instead in accordance with Section 414C(11) of the Companies Act 2006. This includes a business review, future developments and principal risks and uncertainties.
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, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. - 8 -
COMMUNITY HEALTH AND EYECARE LIMITED DIRECTOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 This report was approved by the board on 30 October 2025 and signed on its behalf.
I Rahman Director
- 9 -
COMMUNITY HEALTH AND EYECARE LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF COMMUNITY HEALTH AND EYECARE LIMITED Opinion We have audited the financial statements of Community Health and Eyecare Limited (the ‘Company’) for the year 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 profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the "Auditor’s responsibilities for the audit of the financial statements" section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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. - 10 -
COMMUNITY HEALTH AND EYECARE LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF COMMUNITY HEALTH AND EYECARE LIMITED 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 Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Director's 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 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 remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit. - 11 -
COMMUNITY HEALTH AND EYECARE LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF COMMUNITY HEALTH AND EYECARE LIMITED Responsibilities of Director As explained more fully in the Director's Responsibilities Statement set out on page 6, 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: employment regulation, health and safety regulation 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: tax legislation, pension legislation and the Companies Act 2006. - 12 -
COMMUNITY HEALTH AND EYECARE LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF COMMUNITY HEALTH AND EYECARE LIMITED In addition, we evaluated the director 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 judgments 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 director 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 - 13 -
COMMUNITY HEALTH AND EYECARE LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 94,329,182 | 79,992,467
Cost of sales |  | (37,605,998) | (30,875,506)
Gross profit |  | 56,723,184 | 49,116,961
Administrative expenses |  | (39,989,043) | (29,560,570)
Operating profit | 5 | 16,734,141 | 19,556,391
Interest receivable and similar income | 9 | 26,698 | 59,476
Interest payable and similar expenses | 10 | (676,524) | (448,776)
Profit before tax |  | 16,084,315 | 19,167,091
Tax on profit | 11 | (884,686) | (3,675,396)
Profit for the financial year |  | 15,199,629 | 15,491,695
There were no recognised gains and losses for 2025 or 2024 other than those included in the Statement of Comprehensive Income.
There was no other comprehensive income for 2025 (2024: £NIL).
The notes on pages 18 to 36 form part of these financial statements.
- 14 -
COMMUNITY HEALTH AND EYECARE LIMITED REGISTERED NUMBER: 07296068 STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 12 |  | 3,586,925 |  | -
Tangible assets | 13 |  | 35,390,143 |  | 32,268,360
Investments | 14 |  | - |  | 4,342,451
|  |  | 38,977,068 |  | 36,610,811
Current assets |  |  |  |  |
Inventories | 15 | 2,242,902 |  | 1,311,861 |
Debtors: amounts falling due within one year | 16 | 43,262,501 |  | 26,769,977 |
Cash at bank and in hand | 17 | 4,756,838 |  | 3,110,379 |
|  | 50,262,241 |  | 31,192,217 |
Creditors: amounts falling due within one year | 18 | (18,327,218) |  | (13,521,468) |
Net current assets |  |  | 31,935,023 |  | 17,670,749
Total assets less current liabilities |  |  | 70,912,091 |  | 54,281,560
Creditors: amounts falling due after more than one year | 19 |  | (2,602,337) |  | (2,813,886)
|  |  | 68,309,754 |  | 51,467,674
Provisions for liabilities |  |  |  |  |
Deferred tax | 21 | (2,267,935) |  | (1,312,898) |
Other provisions | 22 | (453,375) |  | (360,750) |
|  |  | (2,721,310) |  | (1,673,648)
Net assets |  |  | 65,588,444 |  | 49,794,026
Capital and reserves |  |  |  |  |
Called up share capital | 23 |  | 202 |  | 202
Profit and loss account | 24 |  | 65,588,242 |  | 49,793,824
|  |  | 65,588,444 |  | 49,794,026
- 15 -
COMMUNITY HEALTH AND EYECARE LIMITED REGISTERED NUMBER: 07296068 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 30 JUNE 2025 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 18 to 36 form part of these financial statements. - 16 -
COMMUNITY HEALTH AND EYECARE LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 July 2023 | 202 | 34,302,129 | 34,302,331
Comprehensive income for the year |  |  |
Profit for the year | - | 15,491,695 | 15,491,695
Total comprehensive income for the year | - | 15,491,695 | 15,491,695
At 1 July 2024 | 202 | 49,793,824 | 49,794,026
Comprehensive income for the year |  |  |
Profit for the year | - | 15,199,629 | 15,199,629
Total comprehensive income for the year | - | 15,199,629 | 15,199,629
Contributions by and distributions to owners |  |  |
Capital distribution | - | 594,789 | 594,789
At 30 June 2025 | 202 | 65,588,242 | 65,588,444
| The notes on pages 18 to 36 form part of these financial statements.
- 17 -
COMMUNITY HEALTH AND EYECARE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
1. | General information
Community Health and Eyecare Limited (the “Company”) is a private company, limited by shares and registered in England and Wales, registered number 07296068. 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. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The Company's functional and presentational currency is GBP, rounded to the nearest £. 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. - 18 -
COMMUNITY HEALTH AND EYECARE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.3 | Going concern
As at 30 June 2025, the Company had net assets of £65.6m (2024: £49.8m) including a bank cash balance of £4.8m (2024: £3.1m). 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 has 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 | Interest income
Interest income is recognised in profit or loss using the effective interest method. - 19 -
COMMUNITY HEALTH AND EYECARE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.7 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.8 | 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.
| 2.9 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. - 20 -
COMMUNITY HEALTH AND EYECARE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.10 | Intangible assets
Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life. Other intangible assets Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. The estimated useful lives range as follows:
|  |  |  | Computer software | - |  | 3 years
|  |  |  | Customer contracts and relationships | - |  | 7-13 years
|  |  |  | Goodwill | - |  | 10 years
| 2.11 | 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. 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 & machinery | - | Straight line over 5 years
|  |  |  | Motor vehicles | - | Straight line over 4 years
|  |  |  | Fixtures & 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. - 21 -
COMMUNITY HEALTH AND EYECARE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.12 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.13 | 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 are 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.
| 2.14 | 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.
| 2.15 | 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.
| 2.16 | 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.
| 2.17 | 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.
| 2.18 | 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. 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. - 22 -
COMMUNITY HEALTH AND EYECARE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.18 | Financial instruments (continued)
Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. 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. - 23 -
COMMUNITY HEALTH AND EYECARE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.18 | Financial instruments (continued)
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. 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 and intangible fixed assets The annual depreciation and amortisation charge for tangible and intangible fixed assets is sensitive to changes in the estimated economic lives and residual values of assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates. - 24 -
COMMUNITY HEALTH AND EYECARE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Health Care Services | 94,329,182 | 79,992,467
| All turnover arose within the United Kingdom.
5. | Operating profit
| The operating profit is stated after charging/(crediting):
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation of tangible fixed assets | 10,251,568 | 6,910,802
| Amortisation of intangible assets | 193,810 | -
| Operating lease charges | 3,202,793 | 2,651,756
| Defined contribution pension cost | 319,974 | 247,848
| Loss/(profit) on sale of assets | 2,327 | (3,325)
6. | Auditor's remuneration
| During the year, the Company obtained the following services from the Company's auditor:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditor for the audit of the Company's financial statements | 57,540 | 55,080
| Fees payable to the Company's auditor in respect of: |  |
| Taxation compliance services | 3,000 | 2,770
| All non-audit services not included above | 3,285 | 3,180
- 25 -
COMMUNITY HEALTH AND EYECARE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
7. | Employees
| Staff costs were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 23,404,821 | 17,818,215
| Social security costs | 2,294,869 | 1,744,347
| Cost of defined contribution scheme | 319,974 | 247,848
|  | 26,019,664 | 19,810,410
| The average monthly number of employees, including the director, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Administrative | 180 | 148
|  | Operations | 116 | 101
|  | Doctors and Technicians | 359 | 270
|  |  | 655 | 519
8. | Director's remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Director's emoluments | 186,506 | 189,000
| Company contributions to defined contribution pension schemes | 1,321 | 1,321
|  | 187,827 | 190,321
| During the year retirement benefits were accruing to 1 director (2024 - 1) in respect of defined contribution pension schemes.
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 26,698 | 59,476
- 26 -
COMMUNITY HEALTH AND EYECARE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
10. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Finance leases and hire purchase contracts | 676,519 | 447,886
| Other interest payable | 5 | 890
|  | 676,524 | 448,776
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 2,537,085 | 4,742,708
| Adjustments in respect of previous periods | (2,024,606) | (719,667)
| Total current tax | 512,479 | 4,023,041
| Deferred tax |  |
| Origination and reversal of timing differences | (7,971) | (347,785)
| Adjustments in respect of previous periods | 380,178 | 140
| Total deferred tax | 372,207 | (347,645)
| Tax on profit | 884,686 | 3,675,396
- 27 -
COMMUNITY HEALTH AND EYECARE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 11.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 -25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 16,084,315 | 19,167,091
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 4,021,079 | 4,791,773
| Effects of: |  |
| Fixed asset differences | (723,388) | 62,972
| Expenses not deductible for tax purposes | 4,743 | 11,844
| Adjustments to tax charge in respect of prior periods | (2,024,606) | (719,667)
| Adjustments to tax charge in respect of previous periods - deferred tax | 380,178 | 140
| Income not taxable for tax purposes | - | (53,726)
| Other tax adjustments, reliefs and transfers | (121,152) | (1,768)
| Group relief claimed | (652,168) | (416,172)
| Total tax charge for the year | 884,686 | 3,675,396
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. - 28 -
COMMUNITY HEALTH AND EYECARE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
12. | Intangible assets
|  | Customer contracts and relationships | Computer software | Goodwill | Total
|  | £ | £ | £ | £
| Cost |  |  |  |
| Additions | - | 505,095 | - | 505,095
| Transfers intra group | 2,241,859 | - | 1,033,781 | 3,275,640
| At 30 June 2025 | 2,241,859 | 505,095 | 1,033,781 | 3,780,735
| Amortisation |  |  |  |
| Charge for the year | 59,135 | 94,778 | 39,897 | 193,810
| At 30 June 2025 | 59,135 | 94,778 | 39,897 | 193,810
| Net book value |  |  |  |
| At 30 June 2025 | 2,182,724 | 410,317 | 993,884 | 3,586,925
| At 30 June 2024 | - | - | - | -
- 29 -
COMMUNITY HEALTH AND EYECARE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
13. | Tangible fixed assets
|  | Leasehold improvements | Plant & machinery | Motor vehicles | Fixtures & fittings | Computer equipment | Total
|  | £ | £ | £ | £ | £ | £
| Cost |  |  |  |  |  |
| At 1 July 2024 | 25,537,589 | 18,197,487 | 359,729 | 902,520 | 2,028,104 | 47,025,429
| Additions | 7,203,205 | 6,063,925 | 94,399 | 730,513 | 496,299 | 14,588,341
| Transfers intra group | (1,037,957) | (147,784) | (92,299) | (59,526) | 20,565 | (1,317,001)
| Disposals | - | (19,800) | - | - | - | (19,800)
| At 30 June 2025 | 31,702,837 | 24,093,828 | 361,829 | 1,573,507 | 2,544,968 | 60,276,969
| Depreciation |  |  |  |  |  |
| At 1 July 2024 | 7,650,313 | 5,293,447 | 211,008 | 364,755 | 1,237,546 | 14,757,069
| Charge for the year | 5,529,387 | 3,868,317 | 102,715 | 239,202 | 511,947 | 10,251,568
| Transfers intra group | (130,541) | 8,924 | (13,445) | (3,927) | 20,151 | (118,838)
| Disposals | - | (2,973) | - | - | - | (2,973)
| At 30 June 2025 | 13,049,159 | 9,167,715 | 300,278 | 600,030 | 1,769,644 | 24,886,826
| Net book value |  |  |  |  |  |
| At 30 June 2025 | 18,653,678 | 14,926,113 | 61,551 | 973,477 | 775,324 | 35,390,143
| At 30 June 2024 | 17,887,276 | 12,904,040 | 148,721 | 537,765 | 790,558 | 32,268,360
| Intercompany transfers relate to the hive up of the subsidiary Academy of Community Health Experts Limited and transfer of assets to the subsidiary Clarity Edinburgh Limited.
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Plant and machinery | 9,151,304 | 7,700,140
- 30 -
COMMUNITY HEALTH AND EYECARE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
14. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 July 2024 | 4,342,451
| At 30 June 2025 | 4,342,451
| Impairment |
| Charge for the period | 4,342,451
| At 30 June 2025 | 4,342,451
| Net book value |
| At 30 June 2025 | -
| At 30 June 2024 | 4,342,451
| On 1 April 2025 Academy of Health Experts Limited hived up its trade and assets to Community Health and Eyecare Limited.
15. | Inventories
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Finished goods and goods for resale | 2,242,902 | 1,311,861
- 31 -
COMMUNITY HEALTH AND EYECARE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
16. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 9,184,254 | 4,352,027
| Amounts owed by group undertakings | 15,582,947 | 8,286,800
| Other debtors | 266,919 | 278,707
| Prepayments and accrued income | 15,885,906 | 12,126,243
| Tax recoverable | 2,342,475 | 1,726,200
|  | 43,262,501 | 26,769,977
| Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
17. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 4,756,838 | 3,110,379
18. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 2,004,393 | 2,457,192
| Amounts owed to group undertakings | 3,265,627 | 1,684,160
| Other taxation and social security | 738,893 | 523,538
| Obligations under finance lease and hire purchase contracts | 3,615,500 | 3,746,901
| Other creditors | 2,003,734 | 1,427,653
| Accruals and deferred income | 6,699,071 | 3,682,024
|  | 18,327,218 | 13,521,468
| Amounts owed to group undertakings are unsecured, interest free and repayable on demand. Net obligations under hire purchase contracts and finance leases are secured by fixed charges on the assets concerned.
- 32 -
COMMUNITY HEALTH AND EYECARE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
19. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Net obligations under finance leases and hire purchase contracts | 2,602,337 | 2,813,886
| Net obligations under hire purchase contracts and finance leases are secured by fixed charges on the assets concerned.
20. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Within one year | 3,615,500 | 3,746,901
| In two to five years | 2,602,337 | 2,813,886
|  | 6,217,837 | 6,560,787
| Finance lease payments represent rentals payable by the Company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
- 33 -
COMMUNITY HEALTH AND EYECARE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
21. | Deferred taxation
|  | 2025 | 2024
|  | £ | £
| At beginning of year | 1,312,898 | 1,660,543
| Charged/(Credited) to profit or loss | 955,037 | (347,645)
| At end of year | 2,267,935 | 1,312,898
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | 2,399,591 | 1,479,316
| Short term timing differences | (131,656) | (166,418)
|  | 2,267,935 | 1,312,898
22. | Provisions
|  | Dilapidation provision
|  | £
| At 1 July 2024 | 360,750
| Charged to profit or loss | 92,625
| At 30 June 2025 | 453,375
- 34 -
COMMUNITY HEALTH AND EYECARE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
23. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 96 (2024: 96) Ordinary A shares of £1.00 each | 96 | 96
|  | 6 (2024: 6) Ordinary B shares of £1.00 each | 6 | 6
|  | 100 (2024: 100) Ordinary C shares of £1.00 each | 100 | 100
|  |  | 202 | 202
| Ordinary A, B and C shares have attached to them full voting and dividend rights. They do not confer any rights of redemption. On return of capital, whether on liquidation, capital reduction or otherwise (including on winding up), any surplus assets of the Company remaining after the payment of its liabilities are first applied to the holders of the A Ordinary and B Ordinary shares up to £3,154,818. The balance of any surplus assets are then to be distributed to the holders of the C Ordinary and B Ordinary shares. Distributions of surplus assets between classes of shares are pro rata according to the number of shares of the relevant class held by each of them respectively.
24. | Reserves
Profit & loss account The profit and loss account reserve represents cumulative profits and losses.
25. | 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 £319,974 (2024: £247,848). Contributions totalling £73,250 (2024: £54,923) were payable to the fund at the reporting date and are included in creditors. - 35 -
COMMUNITY HEALTH AND EYECARE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
26. | 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 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 2,832,823 | 1,965,200
| Later than 1 year and not later than 5 years | 6,867,410 | 6,106,820
| Later than 5 years | 431,244 | 646,533
|  | 10,131,477 | 8,718,553
27. | Related party transactions
| The Company is a wholly owned subsidiary of Oracle Vision Topco Limited and has taken advantage of the exemption in Section 33 of Financial Reporting Standard 102 (Related Party Disclosures) from the requirement to disclose transactions with other wholly owned group companies.
28. | Controlling party
The ultimate parent company is Oracle Vision Topco Limited, a company registered in England and Wales, registered number 07296068. The immediate parent company is Community Health & Eyecare (Holdings) Ltd, a company registered in England and Wales. The ultimate controlling party is I Rahman. The Company is consolidated within Oracle Vision Topco Limited group financial statements and copies can be obtained upon request from the group's registered office, 1-6 Star Building, Caxton Road, Fulwood, Preston, PR2 9BS.
- 36 -