The directors present their annual report on the affairs of ASE Corporate Eyecare Limited, together with the audited financial statements, for the year ended 31 December 2025.

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

The principal activities of the company during the year was that of the provision of corporate eye care and administration of a vaccination contract.

The profit for the year, after taxation, amounted to £884,991 (2024: £280,785)

During the year a dividend of £3 million was paid (2024: Nil). Further details are included in note 10.

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

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

The profit for the company after providing for income tax amounted to £884,991 (31 December 2024: £280,785).

The Company delivered a strong financial and operational performance during the year ended 31 December 2025, successfully achieving its approved financial budget while continuing to build on the momentum established in previous years. Revenue increased by 19.7% compared with the prior year, driven by continued demand for the Company's corporate eyecare solutions, growth within existing customer relationships and the successful acquisition of new business.

During the year, the Company continued to strengthen its position within the UK corporate eyecare market by expanding its product offering and investing in service delivery. The business remained focused on delivering high-quality DSE compliance solutions while broadening its portfolio to meet the evolving needs of employers and strategic partners.

Operationally, significant progress was made in enhancing internal systems, automation and reporting capabilities. These investments have improved operational efficiency, strengthened internal controls and positioned the Company to support future growth while maintaining high levels of customer service.

Business review (continued)

The Company also continued to invest in information security and governance. ISO 27001 certification was successfully maintained following three independent information security audits during the year, demonstrating the Company's ongoing commitment to data protection, regulatory compliance and operational resilience.

The business continued to strengthen its relationships with optical providers, insurers and strategic partners, supporting the continued development of both its corporate eyecare and insurance administration services. During the year, the Company also progressed the development of new product propositions designed to diversify revenue streams and enhance the value offered to customers.

The Directors are pleased with the Company's performance during 2025. The achievement of the Company’s financial objectives, together with the continued investment in technology, information security and product development, has strengthened the Company’s market position. Despite continued economic uncertainty and inflationary pressures across the UK economy, the business remained profitable, cash generative and financially resilient, providing a strong platform for continued investment and sustainable long-term growth.

The Directors remain confident in the Company's prospects and believe it is well positioned to continue delivering sustainable growth during 2026 and beyond.

The Company's strategic priorities for the coming year include:

Product Development

Continuing the development and launch of new products and services, including enhanced employee protection solutions and complementary wellbeing offerings, to meet evolving customer requirements and diversify revenue streams.

Technology and Operational Excellence

Continuing investment in the Company's technology platform to improve automation, enhance customer experience, strengthen reporting capabilities and support increased transaction volumes while maintaining robust information security standards.

Market Expansion

Building on established relationships with corporate clients, insurers and optical providers to increase market penetration, expand strategic partnerships and identify opportunities in adjacent markets.

Customer Experience

The Company remains committed to enhancing the customer experience through continuous innovation and digital transformation, and will continue to invest in digital capabilities and customer-focused solutions to strengthen client engagement, improve operational efficiency and support the evolving needs of employers and their employees.

Maintaining high levels of service through continued investment in operational processes, provider network management and customer support, ensuring the Company remains a trusted partner for corporate eyecare and workplace compliance services.

Continued innovation

The Directors will continue to evaluate strategic opportunities that support the Company's long-term objectives while maintaining a prudent approach to financial management and investment.

The Board believes that the Company's strong market position, experienced management team, robust financial performance and continued investment in people, technology and innovation provide a solid foundation for future growth.

The Company forms part of the EssilorLuxottica Group and, where required, relies on financial support from its parent undertaking. The Directors have received a formal letter of financial support from the parent company confirming that it will provide financial support to the Company, if required, for a period of at least twelve months from the date of signing of the financial statements of the Company for the year ending 31 December 2025.

Having considered the forecasts and the financial support available from the parent undertaking, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.

The company entered into a lease that commenced on 1 January 2026 for an initial contractual term of three years. The lease includes an unconditional tenant-only break and an option exercisable by the Company after six months. A right of use asset and lease liability will be measured and recognised from the lease commencement date.

No other matter or circumstance has arisen since 31 December 2025 that has significantly affected, or may significantly affect the company's operations, the results of those operations, or the company's state of affairs in future financial years.

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with FRS 101 'Reduced Disclosure Framework'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that year.

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

Following a group tender process, Forvis Mazars LLP resigned as auditor and Ernst & Young LLP were appointed.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies' exemption. The company is exempt from preparing a strategic report under s414A as it qualifies as small.

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

On behalf of the directors

Opinion

We have audited the financial statements of ASE Corporate Eyecare Limited for the year ended 31 December 2025 which comprise Statement of comprehensive income, Statement of financial position and Statement of Changes in Equity and the related notes 1 to 22, including material accounting policy information. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards FRS 101 “Reduced Disclosure Framework” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company’s ability to continue as a going concern.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in this report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of the 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:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors’ responsibilities statement set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Jos Burkill (Senior statutory auditor)

for and on behalf of Ernst & Young LLP, Statutory Auditor

Bristol

Date: 1 July 2026

All results were derived from continuing operations.

ASE Corporate Eyecare Limited's company number is 03425183.

The financial statements were approved by the Board of Directors and signed on its behalf by:

The principal activities of the company during the year were the provision of corporate eyecare and the administration of a vaccination contract.

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

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

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

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

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

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

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

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

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

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

The Company forms part of the EssilorLuxottica Group and, where required, relies on financial support from its parent undertaking. The Directors have received a formal letter of financial support from the parent company confirming that it will provide financial support to the Company, if required, for a period of at least twelve months from the date of signing of the financial statements of the Company for the year ending 31 December 2025.

Having considered the forecasts and the financial support available from the parent undertaking, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.

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

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

Revenue, as reported in Financial Statements is derived from contracts with customers. It represents the value of services and goods delivered or sold to corporate customers.

It is measured at the fair value of the consideration received or receivable, net of value added tax. Performance obligations are identified at contract inception, and the revenue is recognised once the performance obligations are satisfied.

The Company generates revenue from three principal sources:

1. Voucher-Based DSE Compliance Services

The Company provides Display Screen Equipment compliance services to corporate customers through access to a dedicated platform and the issuance of employee specific vouchers. The issue of a voucher gives rise to a right-to-service performance obligation for the Company. Each voucher is valid for a specified period and must be exercised within that period; otherwise, the right to receive the service expires.

2. Direct Settlement Administration Services

The Company administers insured optical transactions on behalf of insurers by facilitating the settlement of claims between insurers and participating optical providers.

3. Platform and Network Management Services

The Company provides technology platforms and network management services that facilitate the sale of voucher-based products and services by participating providers.

Principal and Agent

Under IFRS15, the Company is a principal if it controls the promised goods or service before transferring it to the customer. The Company is an agent if its role is to arrange for another entity to provide the goods or service.

The Company acts as a principal for the following DSE services

· Access: provision of access to a dedicated platform and issuance of employee-specific voucher

· Non-Redemption income

· Redemption of employee-specific vouchers

The Company acts as an agent for the following services

· Direct Settlement Administration Services

· Platform and Network Management Services

Timing of revenue recognition

1. Voucher-Based DSE Compliance Services

Revenue is recognised

· Access and Non-Redemption income is - deferred and recognised on a straight-line basis over the contracted period, which appropriately reflects that the customers receive and consume the benefits of those performance obligations evenly throughout the contract

· Redemption of employee-specific vouchers – at the point in time when a voucher is redeemed upon provision of the underlying eye-care services and/or products, the Company considers its performance obligation in respect of that voucher to be fully satisfied

Deferred Revenue

Deferred Revenue represents consideration received or receivable for performance obligations that have not yet been satisfied.

Deferred Revenue primarily relates to DSE compliance Access services and vouchers that have been issued but for which the associated eye-care services have not yet been provided and where a right of service is present.

2. Direct Settlement Administration Services

Revenue comprises only the administration or transaction fee earned by the Company and is recognised when the settlement transaction has been completed and the Company's entitlement to consideration has been established.

3. Platform and Network Management Services

Revenue is earned as an agreed percentage of the value of completed transactions processed through the platform and is recognised when the underlying transaction has occurred and the Company's entitlement to consideration has arisen.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Finance income

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

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

The company applies IFRS 2 to equity-based employee compensation schemes in respect of awards granted.

The share-based payments are granted by a fellow group undertaking to employees of the Company based on the fair value of the equity instruments used. This fair value is determined at the grant date at a group level based on an appropriate valuation model taking into account the terms and conditions upon which the equity instruments were granted. The Company recognises the cost for the awards to the Company’s employees for their services rendered. The cost is recognised over the vesting period. At each reporting date prior to vesting, the vesting period and the number of awards expected to vest is estimated and the cumulative expense calculated. The movement in cumulative expense since the previous reporting date is in equity as there is no obligation for the Company to settle the share-based payments.

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

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

The Company as a lessee

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

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

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

The Company as a lessee (continued)

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

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

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

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

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

Ordinary shares are classified as equity.

Dividends are recognised when declared during the financial year and no longer at the discretion of the company.

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

In applying the principles of IFRS 15, management have considered whether the Company is a principal or agent when it supplies redemption Vouchers. Having assessed the nature of the company’s contractual relationships with its corporate customers and retailers, the directors have concluded that:

- For Voucher-Based DSE Compliance Services the company acts as a principal as it controls the right to eye-care services by managing the service providers list, setting the prices for the service provided and managing the provision of those services. This results in ‘gross’ revenue recognition as described in the revenue recognition accounting policy

- For Direct Settlement Administration Services and Platform and Network Management Services the company acts as an agent in exchange for a service fee as it does not control the transfer of goods or services by the retailer to the product holder upon redemption. This results in ‘net’ revenue recognition as described in the revenue recognition accounting policy

Voucher redemption timing as described in the revenue recognition accounting policy and as shown in note 14, revenue for voucher redemption products is recognised in proportion to actual redemption timing, generating deferred income balances until the point of redemption. An adjustment is made at the end of the reporting period, which estimates the value of vouchers expected to expire and records the associated revenue. Management is using a straight-line method to recognize this revenue over the time of contract. Management have considered the sensitivity of this estimate and do not foresee that any likely change to the estimate will have a material impact on either the level of deferred income held in the statement of financial position or the amount of revenue for the reporting period.

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

The Company’s operations are divided into two principal operating segments:

• Acting as a principal – which represents DSE compliance services; and

• Acting as an Agent

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

The employee benefits expense during the year was as follows:

Certain employees are members of the group share option scheme.

Factors affecting the tax (credit)/charge for the year

The tax assessed for the year is lower than (2024: lower than) the effective rate of corporation tax as explained below:

The European Union ("EU") Minimum Tax Directive (Council Directive 2022/2523) implemented in EU law the agreement reached in October 2021 by the Organisation for Economic Co-operation and Development ("OECD") in relation to the Global Anti-Base Erosion Model Rules ("Pillar Two"). These rules are intended to ensure that large multinational enterprise groups are subject to a minimum effective tax rate of 15% on a jurisdictional basis.

The Company's ultimate parent undertaking, EssilorLuxottica SA, is within the scope of the Pillar Two rules. The UK enacted Pillar Two legislation effective from 1 January 2024.

The Company has no current tax expense relating to Pillar Two taxes for the year ended 31 December 2025. In accordance with the amendments to FRS 101, the Company has applied the mandatory temporary exception from recognising and disclosing deferred tax assets and liabilities arising from Pillar Two income taxes.

Based on the Company's assessment, Pillar Two legislation is not expected to have a material impact on the Company's financial statements.

Dividends paid during the financial year were as follows:

There are no remaining liabilities shown in the balance sheet in respect of leased liabilities related to the right of use assets. The company previously leased IT equipment.

The balance of the amounts owed by group companies includes a cash pooling facility with the parent company amounting to £1,210,496 (2024: £4,287,164). There is also £77,663 (2024: £99,417) which relates to outstanding intercompany debtors. Interest is paid at a commercial rate on the cash pooling facility. All group loans are unsecured and repayable on demand.

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

The bank overdraft is secured by Group as part of the Cash Pooling agreement.

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

Capital redemption reserve

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

The reserve is used to recognise the value of equity benefits provided to employees and directors as part of their remuneration.

Retained profits

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

No capital expenditure has been committed to but not incurred at the year end (2024: £Nil).

During the year the company made purchases from Graeme Hodges for £25,520 (2024: £29,037) and no balances were outstanding at either year end. Graeme Hodges is the spouse of Lyn Hodges.

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

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

The cost of employees' services received in exchange for grant of rights under equity-based employee compensation schemes is measured at the fair value of the equity instruments granted and is expensed over the vesting period. The total amount to be expensed over the vesting period is determined by reference to the fair value of the equity instruments granted, excluding the impact of any non-market vesting conditions. Non-market vesting conditions are included in the assumptions about the number of equity instruments that are expected to become exercisable. At each balance sheet date, the company revises its estimates of the number of equity instruments that are expected to become exercisable. It recognizes the impact of the revision of original estimates, if any, in profit or loss with a corresponding adjustment to equity. The fair value is measured based on an appropriate valuation model taking into account the terms and conditions upon which the equity instruments were granted.

The company entered into a lease that commenced on 1 January 2026 for an initial contractual term of three years. The lease includes an unconditional tenant-only break and an option exercisable by the Company after six months. A right of use asset and lease liability will be measured and recognised from the lease commencement date.

No other matter or circumstance has arisen since 31 December 2025 that has significantly affected, or may significantly affect the company's operations, the results of those operations, or the company's state of affairs in future financial years.