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Registered number: 00383109










LEIGHTONS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

 
LEIGHTONS LIMITED
 
 
COMPANY INFORMATION


Directors
R J Leighton FBDO (resigned 15 March 2026)
R P Leighton 
A J Bridges 
K Hawabhay 
R E Sharp 
L Fairhead 




Registered number
00383109



Registered office
Clarendon House
63 Downing Street

Farnham

Surrey

GU9 7PN




Independent auditor
Shaw Gibbs (Audit) Limited
Statutory Auditor

Wey Court West

Union Road

Farnham

Surrey

GU9 7PT





 
LEIGHTONS LIMITED
 

CONTENTS



Page
Strategic report
 
1
Directors' report
 
2 - 3
Independent auditor's report
 
4 - 7
Statement of comprehensive income
 
8
Statement of financial position
 
9 - 10
Statement of changes in equity
 
11
Notes to the financial statements
 
12 - 35


 
LEIGHTONS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025

Introduction
 
The directors present their strategic report for the year ended 31 December 2025.

Business review and financial key performance indicators
 
The principal activity of Leightons Limited is that of retail opticians. 
During the year Leightons maintained its commitment to invest in its personnel, facilities, product offerings, technology, and services. These investments are instrumental in fostering growth, driving operational improvements and supporting ongoing development within the company. Consequently the company achieved good growth in Turnover, Gross Profit Margin, Operating profit and EBITDA.
 
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Principal risks and uncertainties
 
The company significantly reduced its future financial risks by entering in to an agreement with Aviva in the year to complete a full Buy-In of its defined benefit pension scheme which will eliminate future financial risks arising from this scheme.  The administration for the Buy-In will take c12 months to complete.
The company is exposed to the wider economic conditions, specifically the tightening of monetary policy and the increase of cost of living in the UK..  
Outlook
The company will continue to invest in the people, systems and services that support the business and its customers, including the development of digital and AI-enabled capabilities, helping to deliver a market-leading optical service.


This report was approved by the board and signed on its behalf.







R P Leighton
Director

Date: 30 July 2026

Page 1

 
LEIGHTONS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025

The directors present their report and the financial statements for the year ended 31 December 2025.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, 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 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 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 of the profit or loss of the company for that period.

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


select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The loss for the year, after taxation, amounted to £778,226 (2024 - profit £525,060).

No dividends will be distributed for the year ended 31 December 2025 (2024 - £nil).

Directors

The directors who served during the year were:

R J Leighton FBDO (resigned 15 March 2026)
R P Leighton 
A J Bridges 
K Hawabhay 
R E Sharp 
L Fairhead 

Page 2

 
LEIGHTONS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025

Engagement with employees and disabled employees

The directors recognise the importance of promoting staff involvement within the organisation and endeavour to create a culture in which individuals feel part of a team. Business related and social matters are communicated regularly to all employees via various routes including virtual conferences, intranet and regular branch, area and company wide meetings.  In addition to day to day employee feedback, staff surveys are conducted, enabling employee views from across the whole company to be considered.
The recruitment process must result in the selection of the most suitable candidate for the job on the basis of their experience and qualifications. Applications must be considered from all sections of the community for all vacancies. Only qualifications and skills that are essential for the position should be established as criteria for selection and these may include academic or professional qualifications and experience. No pre-judgements should be made by recruiters on the suitability of an applicant because of their race, sex, sexual orientation, religious belief or disability and all applicants should be given equal consideration.
Leightons believe that its most valuable resource is its Employees and that appropriate training and development opportunities should be available to all Employees irrespective of race, colour, nationality, ethnic origin, disability, age, sex, sexual orientation, gender reassignment, pregnancy, religion or belief or marital status.  The company encourages all Employees to develop in their career for the mutual benefit of both the company and individual.
Leightons strive to determine and put in place reasonable adjustments for new or existing employees with a disability.  Employees who become disabled during their working life will be retained in employment wherever possible and will receive appropriate retraining and workplace modification where possible to facilitate their return to work.

Matters covered in the Strategic Report

The principal risks and uncertainties, financial key performance indicators and future developments (outlook) are covered in the Strategic report.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' 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.

This report was approved by the board and signed on its behalf.
 







R P Leighton
Director

Date: 30 July 2026

Page 3

 
LEIGHTONS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LEIGHTONS LIMITED
 

Opinion


We have audited the financial statements of Leightons Limited (the 'company') for the year ended 31 December 2025, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 31 December 2025 and of its loss 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


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


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
LEIGHTONS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LEIGHTONS LIMITED (CONTINUED)


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 ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


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 Strategic report or the Directors' report.


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


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, 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.


Page 5

 
LEIGHTONS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LEIGHTONS LIMITED (CONTINUED)


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.


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

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that 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.
We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. 
Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.


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.


Page 6

 
LEIGHTONS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LEIGHTONS LIMITED (CONTINUED)


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 2006Our 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.







Stephen Morgan FCA (Senior statutory auditor)
for and on behalf of
Shaw Gibbs (Audit) Limited
Statutory Auditor
Wey Court West
Union Road
Farnham
Surrey
GU9 7PT

30 July 2026
Page 7

 
LEIGHTONS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025

2025
2024
Note
£
£

Turnover
 4 
26,737,740
25,223,484

Cost of sales
  
(6,705,290)
(6,966,645)

Gross profit
  
20,032,450
18,256,839

Distribution costs
  
(11,172,550)
(9,831,965)

Administrative expenses
  
(10,514,292)
(10,505,635)

Other operating income
 5 
2,795,389
2,658,723

Operating profit
 6 
1,140,997
577,962

Income from fixed assets investments
  
-
51,000

Proceeds from sale of branch business
  
-
249,900

Exceptional costs
 11 
(2,166,000)
-

Interest receivable and similar income
 12 
5,845
12,934

Interest payable and similar expenses
 13 
(11,448)
(2,786)

Other finance income
  
73,000
(30,000)

(Loss)/profit before tax
  
(957,606)
859,010

Tax on (loss)/profit
 15 
179,380
(333,950)

(Loss)/profit for the financial year
  
(778,226)
525,060

Other comprehensive income for the year
  

Actuarial gains/(losses) on defined benefit pension scheme
  
270,000
(54,000)

Pension surplus recognised/(not recognised)
  
1,510,000
(1,510,000)

Movement of deferred tax relating to pension surplus
  
(445,000)
391,000

Other comprehensive income for the year
  
1,335,000
(1,173,000)

Total comprehensive income for the year
  
556,774
(647,940)

There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.

The notes on pages 12 to 35 form part of these financial statements.

Page 8

 
LEIGHTONS LIMITED
REGISTERED NUMBER: 00383109

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025

2025
2024
Note
£
£

Fixed assets
  

Intangible fixed assets
 16 
693,756
803,252

Tangible assets
 17 
2,717,842
2,546,329

Fixed asset investments
 18 
1,515,343
1,091,443

  
4,926,941
4,441,024

Current assets
  

Stocks
 19 
1,692,474
1,608,674

Debtors: amounts falling due after more than one year
 20 
86,695
190,378

Debtors: amounts falling due within one year
 20 
3,623,672
3,988,222

Cash at bank and in hand
 21 
2,386,020
1,985,675

  
7,788,861
7,772,949

Creditors: amounts falling due within one year
 22 
(9,262,469)
(9,496,162)

Net current liabilities
  
 
 
(1,473,608)
 
 
(1,723,213)

Total assets less current liabilities
  
3,453,333
2,717,811

Creditors: amounts falling due after more than one year
 23 
-
(47,509)

Provisions for liabilities
  

Deferred tax
 25 
(57,257)
-

  
 
 
(57,257)
 
 
-

Pension asset/liability
 28 
(169,000)
-

Net assets
  
3,227,076
2,670,302


Capital and reserves
  

Called up share capital 
 26 
2,000
2,000

Profit and loss account
 27 
3,225,076
2,668,302

  
3,227,076
2,670,302


Page 9

 
LEIGHTONS LIMITED
REGISTERED NUMBER: 00383109
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2025

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






R P Leighton
Director

Date: 30 July 2026

The notes on pages 12 to 35 form part of these financial statements.

Page 10

 
LEIGHTONS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2024
2,000
3,316,242
3,318,242



Profit for the year
-
525,060
525,060

Losses on pension scheme
-
(1,173,000)
(1,173,000)



At 1 January 2025
2,000
2,668,302
2,670,302



Loss for the year
-
(778,226)
(778,226)

Surplus on pension scheme
-
1,335,000
1,335,000


At 31 December 2025
2,000
3,225,076
3,227,076


The notes on pages 12 to 35 form part of these financial statements.

Page 11

 
LEIGHTONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

1.


General information

Leightons Limited is a private company limited by shares. It is incorporated in England and Wales. Its registered number is 00383109 and registered office address is Clarendon House, 63 Downing Street, Farnham, Surrey, GU9 7PN.

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 financial statements are presented in Sterling to whole £s.

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 Leightons Holdings Limited as at 31 December 2025 and these financial statements may be obtained from Clarendon House, 63 Downing Street, Farnham, Surrey, GU9 7PN.

 
2.3

Exemption from preparing consolidated financial statements

The company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

 
2.4

Going concern

At the balance sheet date the company had net current liabilities of £1,473,608 (2024 net current liabilities of £1,723,213). The directors consider that the company has sufficient funds in place to meet obligations as they fall due for the foreseeable future.

Page 12

 
LEIGHTONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

 
2.5

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.6

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

Page 13

 
LEIGHTONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

 
2.7

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.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

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.

 
2.10

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.

Defined benefit pension plan

The company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.

The liability recognised in the Statement of financial position in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the reporting date less the fair value of plan assets at the reporting date (if any) out of which the obligations are to be settled.

The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments ('discount rate').

The fair value of plan assets is measured in accordance with the FRS102 fair value hierarchy and in accordance with the company's policy for similarly held assets. This includes the use of appropriate valuation techniques.
 

Page 14

 
LEIGHTONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)


2.10
Pensions (continued)

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of net defined benefit liability'.

The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:

a) the increase in net pension benefit liability arising from employee service during the period; and

b) the cost of plan introductions, benefit changes, curtailments and settlements.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'.

Group pension plan

Where the risks of a defined benefit plan are shared between entities under common control, the net defined benefit cost is recognised in the financial statements of the Group entity which is legally responsible for the plan and all other Group entities recognise a cost equal to their contribution payable for the period.

 
2.11

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.


Page 15

 
LEIGHTONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

  
2.12

Group VAT Registration

The company is part of a group VAT registration, along with Leightons Holdings Limited, Leightons HearingCare Limited, Leightons Opticians Limited, The Hearing Care Partnership Limited, Wilton Optical Limited, Mamdani Opticians Limited, Leightons Insight Limited, Leightons Clapham Limited and Arnold & Son (Petersfield) Limited.
Leightons Limited is the nominated company, responsible for submitting the returns and for making the payments on behalf of the companies within the group registration.

 
2.13

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.

 
2.14

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:

Goodwill
-
over 10 years straight line
Trademarks
-
over 10 years straight line

The useful economic life is chosen to represent the period that the company expects to benefit from the location and repeat customer business.

Page 16

 
LEIGHTONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

 
2.15

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.

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
over the remaining term of the lease
Fixtures and fittings
-
straight line over 5 or 10 years
Testing equipment
-
straight line over 5 or 10 years
Computer equipment
-
straight line over 5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.16

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.17

Stocks

Stocks 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, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.18

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.19

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.

Page 17

 
LEIGHTONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

 
2.20

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.

 
2.21

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.

 
2.22

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.

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.
 

Page 18

 
LEIGHTONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)


2.22
Financial instruments (continued)

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

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


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the accounting policies, management is required to make judgments, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key sources of estimation uncertainty that may have a significant effect on the amounts recognised in the financial statements are;
1. Useful economic lives of tangible and intangible assets:
The annual depreciation and amortisation charge is sensitive to changes in the economic lives and residual values of the assets.
2. Defined benefit pension scheme:
The group has obligations to pay pension benefits to certain employees. The cost of these benefits and the present value of the obligation depend on a number of factors, including life expectancy, asset valuations and the discount rate of corporate bonds. Management engages professional services to assist in estimating these factors in determining the net present obligation in the balance sheet. The assumptions reflect historical experience and current trends, but are sensitive to changes.

Page 19

 
LEIGHTONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

4.


Turnover

An analysis of turnover by class of business is as follows:


2025
2024
£
£

Services & products
26,737,740
25,223,484


All turnover arose within the United Kingdom.


5.


Other operating income

2025
2024
£
£

Management charges received
1,282,018
1,269,855

Net rents receivable
239,121
180,719

Hearing aid commission
977,953
929,567

Contribution to salaries
296,297
278,582

2,795,389
2,658,723



6.


Operating (loss)/profit

The operating (loss)/profit is stated after charging:

2025
2024
£
£

Depreciation of tangible fixed assets
566,405
613,776

Amortisation of intangible assets, including goodwill
191,711
188,535

Other operating lease rentals
1,747,689
1,634,146

Defined contribution pension cost
402,345
356,506

Defined benefit pension cost
140,000
55,000

Exchange differences
1,549
1,143

Page 20

 
LEIGHTONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

7.


Auditor's remuneration

2025
2024
£
£

Fees payable to the company's auditor for the audit of the company's financial statements
14,669
13,305

The company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent company.


8.


Employees

Staff costs, including directors' remuneration, were as follows:


2025
2024
£
£

Wages and salaries
10,197,987
9,386,828

Social security costs
1,318,627
1,030,548

Other pension costs
542,345
411,506

12,058,959
10,828,882


The average monthly number of employees, including the directors, during the year was as follows:


        2025
        2024
            No.
            No.







Branch sales
236
237



Office administration
69
65

305
302

Page 21

 
LEIGHTONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

9.


Directors' remuneration

2025
2024
£
£

Directors' emoluments
723,918
662,118

Company contributions to defined contribution pension schemes
27,764
30,842

751,682
692,960


During the year retirement benefits were accruing to 4 directors (2024 - 4) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £221,302 (2024 - £208,047).

The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £8,000 (2024 - £9,900).


10.


Income from investments

2025
2024
£
£





Dividends received from unlisted investments
-
51,000



11.


Exceptional items

2025
2024
£
£


Defined benefit plan settlement
2,166,000
-

During the year the Group executed a pension buy-in for the defined benefit pension scheme, where an insurer has taken on the obligation to pay member benefits. The settlement charge of £2,166,000 which has arisen represents the excess of the insurance premium paid to the insurer over the net asset value of the obligations transferred. This is essentially an actuarial pricing difference where the insurer prices the longevity and investment risk at a higher cost than the net asset value. The Group has started the process for a buy-out to complete full handover of the scheme to the insurer.


12.


Interest receivable

2025
2024
£
£


Other interest receivable
5,845
12,934

Page 22

 
LEIGHTONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

13.


Interest payable and similar expenses

2025
2024
£
£


Other interest payable
11,448
2,786


14.


Other finance costs

2025
2024
£
£

Net interest on net defined benefit liability
73,000
(30,000)



15.


Taxation


2025
2024
£
£

Corporation tax


Current tax on profits for the year
-
2,868


-
2,868


Total current tax
-
2,868

Deferred tax


Origination and reversal of timing differences
65,183
(45,481)

Deferred tax on defined benefit pension scheme
(244,563)
376,563

Total deferred tax
(179,380)
331,082


Tax on (loss)/profit
(179,380)
333,950
Page 23

 
LEIGHTONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
 
15.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:

2025
2024
£
£


(Loss)/profit on ordinary activities before tax
(957,606)
859,010


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)
(239,402)
214,753

Effects of:


Non-tax deductible amortisation of goodwill and impairment
47,389
47,134

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
6,689
5,396

Capital allowances for year in excess of depreciation
(60,248)
49,677

Adjustments to tax charge in respect of prior periods
-
2,868

Non-taxable defined benefit pension adjustment
240,688
(376,563)

Capital gains/(losses)
-
(62,475)

Changes in provisions leading to an increase (decrease) in the tax charge
3,876
1,064

Dividends from UK companies
-
(12,750)

Group relief
72,702
133,764

Transfer pricing adjustments
(71,694)
-

Deferred tax movement
(179,380)
331,082

Total tax charge for the year
(179,380)
333,950


Factors that may affect future tax charges

There were no factors that may affect future tax charges

Page 24

 
LEIGHTONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

16.


Intangible assets




Trademarks
Computer software
Goodwill
Customer databases
Total

£
£
£
£
£



Cost


At 1 January 2025
16,954
-
3,663,196
-
3,680,150


Additions
-
64,715
-
17,500
82,215



At 31 December 2025

16,954
64,715
3,663,196
17,500
3,762,365



Amortisation


At 1 January 2025
16,954
-
2,859,944
-
2,876,898


Charge for the year on owned assets
-
2,157
188,533
1,021
191,711



At 31 December 2025

16,954
2,157
3,048,477
1,021
3,068,609



Net book value



At 31 December 2025
-
62,558
614,719
16,479
693,756



At 31 December 2024
-
-
803,252
-
803,252



Page 25

 
LEIGHTONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

17.


Tangible fixed assets





Short-term leasehold property
Fixtures and fittings
Testing equipment
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2025
34,073
6,588,111
-
-
6,622,184


Additions
-
68,006
586,160
116,213
770,379


Disposals
-
(54,481)
(239,919)
(112,857)
(407,257)


Transfers between classes
-
(4,226,204)
3,818,391
407,813
-



At 31 December 2025

34,073
2,375,432
4,164,632
411,169
6,985,306



Depreciation


At 1 January 2025
22,186
4,053,669
-
-
4,075,855


Charge for the year on owned assets
1,698
167,169
318,778
78,760
566,405


Disposals
-
(52,367)
(216,568)
(105,861)
(374,796)


Transfers between classes
-
(2,454,135)
2,196,494
257,641
-



At 31 December 2025

23,884
1,714,336
2,298,704
230,540
4,267,464



Net book value



At 31 December 2025
10,189
661,096
1,865,928
180,629
2,717,842



At 31 December 2024
11,887
2,534,442
-
-
2,546,329

Page 26

 
LEIGHTONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

18.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2025
1,091,443


Additions
423,900



At 31 December 2025
1,515,343





Subsidiary undertakings


The following were subsidiary undertakings of the company:

Name

Principal activity

Class of shares

Holding

The Hearing Care Partnership Limited
Selling and fitting hearing aids
Ordinary
100%
Leightons Clapham Limited
Opticians
Ordinary
51%
Leightons Insight Limited
Opticians
Ordinary
100%
Wilton Optical Limited
Opticians
Ordinary
100%
Mamdani Opticians Limited
Opticians
Ordinary
51%
DJ Bull Optometrists Limited
Dormant
Ordinary
100%
Praills Limited
Opticians
Ordinary
100%
Arnold & Son (Petersfield) Limited
Opticians
Ordinary
  100%

The registered office of all subsidiary undertakings is Clarendon House, 63 Downing Street, Farnham, Surrey, GU9 7PN.
Praills Limited is an indirectly owned subsidiary of Leightons Limited. The immediate parent of Praills Limited is Wilton Optical Limited. All remaining subsidiary undertakings are owned directly by Leightons Limited.
100% of Arnold & Son (Petersfield) Limited was acquired on 12th November 2025.


19.


Stocks

2025
2024
£
£

Frames and accessories
1,692,474
1,608,674


Page 27

 
LEIGHTONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

20.


Debtors

2025
2024
£
£

Due after more than one year

Amounts owed by group undertakings
86,695
190,378


2025
2024
£
£

Due within one year

Trade debtors
946,835
959,555

Amounts owed by group undertakings
1,101,366
1,191,510

Other debtors
824,232
894,419

Prepayments and accrued income
751,239
734,375

Deferred taxation
-
208,363

3,623,672
3,988,222



21.


Cash and cash equivalents

2025
2024
£
£

Cash at bank and in hand
2,386,020
1,985,675



22.


Creditors: Amounts falling due within one year

2025
2024
£
£

Trade creditors
961,842
1,098,795

Amounts owed to group undertakings
6,714,731
5,941,411

Other taxation and social security
289,483
884,024

Other creditors
321,569
983,839

Accruals and deferred income
974,844
588,093

9,262,469
9,496,162


Page 28

 
LEIGHTONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

23.


Creditors: Amounts falling due after more than one year

2025
2024
£
£

Other creditors
-
47,509



24.


Financial instruments

2025
2024
£
£

Financial assets


Financial assets that are debt instruments measured at amortised cost
5,345,148
5,221,537


Financial Liabilities


Financial liabilities measured at amortised cost
8,972,987
8,659,647


Financial assets that are debt instruments measured at amortised cost comprise cash at bank, trade debtors, amounts owed by group and joint ventures and other debtors.


Financial liabilities measured at amortised cost comprise overdrafts, trade creditors, amounts owed to group, other creditors, accruals and other loans.


25.


Deferred taxation




2025


£






At beginning of year
208,363


Charged to profit or loss
179,380


Charged to other comprehensive income
(445,000)



At end of year
(57,257)

Page 29

 
LEIGHTONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
 
25.Deferred taxation (continued)

The deferred taxation balance is made up as follows:

2025
2024
£
£


Accelerated capital allowances
(604,963)
(539,781)

Short term timing differences
12,331
8,456

Deferred tax on pension deficit
535,375
739,688

(57,257)
208,363


26.


Share capital

2025
2024
£
£
Allotted, called up and fully paid



2,000 (2024 - 2,000) Ordinary shares of £1.00 each
2,000
2,000



27.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of other adjustments.

Page 30

 
LEIGHTONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

28.


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 £402,345 (2024 - £356,506). Contributions totalling £74,573 (2024 - £63,875) were payable to the fund at the reporting date and are included in creditors.

The company operates a Defined benefit pension scheme.

Settlement Charge on Buy-In of the Defined Benefit Pension Scheme and Buy-Out status
During the year the Group executed a pension buy-in for the defined benefit pension scheme, where an insurer has taken on the obligation to pay member benefits. The settlement charge of £2,166,000 which has arisen represents the excess of the insurance premium paid to the insurer over the net asset value of the obligations transferred. This is essentially an actuarial pricing difference where the insurer prices the longevity and investment risk at a higher cost than the net asset value. The Group has started the process for a buy-out to complete full handover of the scheme to the insurer.
Formal funding calculations as at 31 December 2025 have been used in the completion of these disclosures.



Reconciliation of present value of plan liabilities:


2025
2024
£
£

Reconciliation of present value of plan liabilities


At the beginning of the year
18,859,000
19,583,000

Current service cost
140,000
55,000

Interest cost
924,000
867,000

Actuarial gains/losses
(851,000)
(2,388,000)

Benefits paid
(619,000)
(768,000)

Derecognition/(recognition) of surplus
(1,510,000)
1,510,000

At the end of the year
16,943,000
18,859,000


Page 31

 
LEIGHTONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
 
28.Pension commitments (continued)


Reconciliation of present value of plan assets:


2025
2024
£
£


At the beginning of the year
18,859,000
16,682,000

Interest income
997,000
837,000

Actuarial gains/losses
(581,000)
(2,442,000)

Contributions
424,000
4,605,000

Benefits paid
(619,000)
(768,000)

Administration cost
(140,000)
(55,000)

Effect of non-routine settlements
(2,166,000)
-

At the end of the year
16,774,000
18,859,000


Composition of plan assets:


2025
2024
£
£


Equities
16,730,651
18,785,599

Cash
43,349
73,401

Total plan assets
16,774,000
18,859,000

The actual return on scheme assets was £581,000 loss (2024: £2,442,000 loss). 

2025
2024
£
£


Fair value of plan assets
16,774,000
18,859,000

Present value of plan liabilities
(16,943,000)
(18,859,000)

Net pension scheme liability
(169,000)
-


The amounts recognised in profit or loss are as follows:

2025
2024
£
£


Current service cost
(140,000)
(55,000)

Interest on obligation
73,000
(30,000)

Total
(67,000)
(85,000)

Page 32

 
LEIGHTONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
 
28.Pension commitments (continued)



The cumulative amount of actuarial gains and losses recognised in the Statement of comprehensive income was £6,219,575 (2024 - £6,489,575).



The company expects to contribute £NIL to its Defined benefit pension scheme in 2026.





Principal actuarial assumptions at the reporting date (expressed as weighted averages):

2025
2024
%
%
Discount rate


5.55

5.4
 
Inflation assumption (CPI)


2.35

2.65
 
Inflation assumption (RPI)


2.75

3.1
 

Mortality rates have been based on 100% S4PMA CMI 2024 for males and 100% S4PFA CMI 2024 for females for 2025 and 100% S3PMA CMI 2023 for males and 100% S3PFA CMI 2023 for females for 2024.



Amounts for the current and previous four periods are as follows:


Defined benefit pension schemes

2025
2024
2023
2022
2021
£
£
£
£
£
Defined benefit obligation

(16,943,000)

(17,349,000)

(19,583,000)
 
(18,363,000)
 
(29,195,000)

Scheme assets

16,774,000

18,859,000

16,682,000
 
15,383,000
 
24,507,000

Surplus/(Deficit)
(169,000)

1,510,000

(2,901,000)
 
(2,980,000)
 
(4,688,000)


Experience adjustments on scheme liabilities
(851,000)
2,388,000
(740,000)
10,912,000
413,000
Experience adjustments on scheme assets
581,000
(3,952,000)
454,000
(9,618,000)
1,617,000
(270,000)
(1,564,000)
(286,000)
1,294,000
2,030,000


Page 33

 
LEIGHTONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

29.


Commitments under operating leases

At 31 December 2025 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2025
2024
£
£

Land and buildings


Not later than 1 year
1,038,057
1,197,640

Later than 1 year and not later than 5 years
2,354,242
3,017,445

Later than 5 years
341,354
691,370

3,733,653
4,906,455

2025
2024

£
£

Other


Not later than 1 year
130,507
126,294

Later than 1 year and not later than 5 years
261,983
25,301

392,490
151,595

The land and buildings leases are all in the name of Leightons Holdings Limited, but the lease commitments are met by Leightons Limited.

Page 34

 
LEIGHTONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

30.


Related party transactions

The company has taken advantage of the exemption conferred by section 33 in Financial Reporting Standard 102 "Related party disclosures" not to disclose transactions with wholly owned members of the group headed by Leightons Holdings Limited.
During the year, the company paid £Nil (2024 - £3,121) for the pension protection fund levy on behalf of Leightons Group Pension Fund, the defined benefit pension scheme.
During the year, the company charged management charges of £Nil (2024 - £117,420), received dividends of £Nil (2024 - £51,000) and charged other costs of £Nil (2024 - £46,113) to Leightons Insight Limited. At the balance sheet date Leightons Limited was owed £12,925 (2024 - £37,745) by Leightons Insight Limited.
During the year, the company charged management charges of £40,000 (2024 - £6,667) to Mamdani Opticiaion Limited. At the balance sheet date, Leightons Limited was owed £2,918 (2024 - £4,000 owed to) by Mamdani Optician Limited.
During the year, the company charged management charges of £40,000 (2024 - £38,925) to Leightons Clapham Limited. At the balance sheet date, Leightons Limited was owed £14,273 (2024 - £136,563) by Leightons Clapham Limited.
Key management personnel are considered to be the directors. The total remuneration during the year to key management personnel was £751,682 (2024 - £692,960) which is disclosed in note 9 of the accounts. The total employers national insurance during the year to key management personnel was £99,383 (2024 - £80,528).


31.


Controlling party

The immediate and ultimate parent company is Leightons Holdings Limited, a company incorporated in England and Wales. The parent company's registered office is Clarendon House, 63 Downing Street, Farnham, Surrey, GU9 7PN. 
This is the largest and smallest company in the group that prepares consolidated accounts. The consolidated accounts can be obtained from Companies House.

 
Page 35