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Registered number: 12058213
CALIBER OPHTHALMICS (UK) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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CALIBER OPHTHALMICS (UK) LIMITED
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COMPANY INFORMATION
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Chartered Accountants and Statutory Auditor
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CALIBER OPHTHALMICS (UK) LIMITED
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CONTENTS
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Independent Auditor's Report
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Statement of Comprehensive Income
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Statement of Changes in Equity
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Notes to the Financial Statements
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CALIBER OPHTHALMICS (UK) LIMITED
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STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their Strategic Report of Caliber Ophthalmics (UK) Limited (the "company") for the financial year ended 31 December 2025.
The directors are satisfied with the performance of the company, as disclosed in these financial statements. The company generated a loss before tax of £7,000 (2024: £Nil). The business continues to perform to budget and the directors expect this performance to continue for the foreseeable future.
Principal risks and uncertainties
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As the company acts as an intermediate holding company, the principal risks and uncertainties affecting the company relate to the carrying value of its investment in subsidiaries, which is directly impacted by the performance of the underlying trading subsidiaries, macro-economic conditions such as foreign currency exchange rate fluctuations, increasing interest rates, liquidity and ongoing military conflicts.
Exposure to foreign currency exchange risks and interest rates are limited to intercompany loans with fellow subsidiaries of Corza Medical S.à.r.l. (the "parent").
Liquidity risk is managed through the use of a centralised group cash pool with the parent. If the company requires resources, it can request cash from the parent.
These risks and uncertainties are managed at the group (the "group" being Corza Medical S.à.r.l. and its subsidiaries) level where management formally reviews the risks to ensure that appropriate processes are in place to monitor and mitigate them. Based on the current forecast cash flows of the group, the directors believe the carrying value of the investment in subsidiaries continues to be supportable.
The ongoing military conflict in Ukraine and the related sanctions may have impact on the European economies and globally. The company does not own any assets based in Russia or Ukraine and is not currently planning to invest in assets in those regions; nor does it currently have any businesses currently sanctioned as at the date of these financial statements.
The ongoing military conflict in Palestine has been assessed but currently poses no impact to the company or macro-economic environment the company operates in.
The ongoing military conflict in Iran has been assessed but currently poses no impact to the company or macro-economic environment the company operates in.
The company is closely monitoring ongoing developments related to US tariffs and their potential impact. At this time, the company is not impacted. Given the dynamic nature of these developments, the company is proactively evaluating potential implications.
The directors do not believe that the company is exposed to any other significant risks and uncertainties.
Financial key performance indicators
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The company's activities are that of an intermediate holding company. For this reason, the company’s directors believe that analysis using key performance indicators is not necessary or appropriate for an understanding of the development, performance, or position of the company.
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CALIBER OPHTHALMICS (UK) LIMITED
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Statement under section 172 of Companies Act 2006
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The company is an intermediate holding company within the group and therefore there are relatively few decisions taken by the directors of the company during the year. Strategic decisions impacting the wider group are taken by the group board and operational matters impacting wider stakeholders groups including employees, customers, suppliers and the local communities are typically taken by the directors of the trading companies within the group.
However, notwithstanding the above, each director of the company has taken steps to act in the way they consider in good faith would be most likely to promote the success of the company for the benefit of members as a whole. The key decisions made by the directors have been to consider whether the carrying value of investments continues to be supportable and approve the repayment of intercompany loans. In making these assessments the directors consider the underlying trading performance of the subsidiary companies, the forecast future cash flow expectations of those companies, the availability of cash within the group to allow companies to be able to pay debts as they fall due, and the level of distributable reserves available.
This report was approved by the board and signed on its behalf by:
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CALIBER OPHTHALMICS (UK) LIMITED
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the audited financial statements of the company for the financial year ended 31 December 2025.
The company’s principal activity is to act as an intermediate holding company of the group. The company forms part of a chain of holding companies used to raise external debt. Through the company purchasing shares in its subsidiary, the proceeds are distributed to the trading subsidiaries. Those subsidiaries will use the proceeds to develop, manufacture, and market medical device products and technologies, primarily in the area of sutures, surgical needle technologies, micro-surgical blades and biopsy sealing systems.
The loss for the year amounted to £7,000 (2024: £Nil).
The directors do not recommend the payment of any dividends during the year (2024: £Nil).
The directors who served during the year, and up to the date of signing this report, were:
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J C Abair (appointed 31 March 2025)
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D Chaves (appointed 31 March 2025)
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G T Lucier (appointed 31 March 2025)
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Directors' Responsibilities Statement
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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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS 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 and profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
∙prepare the financial statements of the company on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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CALIBER OPHTHALMICS (UK) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Directors' Responsibilities Statement (continued)
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
As permitted by the Articles of Association, the directors have the benefit of an indemnity which is a qualifying provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the year and is currently in force. The company also purchased and maintained throughout the financial year Directors' and Officers' liability insurance in respect of itself and its directors.
The directors have assessed the ability of the company to continue as a going concern for the 12-month period from the date of approval of these financial statements, covering the period to 30 September 2027. This assessment included a review of the company’s financial position, cash flow forecasts, and the potential impact of various risks and uncertainties, including the current economic environment.
The company meets its working capital requirements through effective working capital management and, where necessary, support from the wider group. The company has received a letter of support from its parent company, Corza Medical S.à.r.l., confirming the availability of funding to enable the company to continue its operations and meet its liabilities as they fall due through to 30 September 2027.
The directors have discussed with management of Corza Medical S.à.r.l. the basis of the group’s forecasts and risk-adjusted cash flow projections. They have also reviewed the status of existing borrowing arrangements at the Corza Medical Group level and believe that the going concern assessment is appropriate and reasonable.
The directors expect the activities of the company to remain the same for the foreseeable future.
Financial risk management
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As the company acts as an intermediate holding company, the company is exposed to financial risks relating to macro-economic conditions such as foreign currency exchange rate fluctuations, increasing interest rates, and liquidity. The company has in place a risk management program that seeks to limit the adverse effects on the financial performance of the company. Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the company's finance department. The department has a policies and procedures manual that sets out specific guidelines to manage risks.
The company is not required to make detailed disclosures of energy and carbon information, as it has consumed 40MWh or less in the UK during the period for which this report is prepared.
There have been no significant events affecting the company since the financial year-end.
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CALIBER OPHTHALMICS (UK) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Disclosure of information to auditor
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The directors confirm that:
∙so far as each director is aware, there is no relevant audit information of which the company's auditor is unaware; and
∙the directors have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
The auditor, Ernst & Young LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf by:
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CALIBER OPHTHALMICS (UK) LIMITED
We have audited the financial statements of Caliber Ophthalmics (UK) Limited for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes 1 to 13, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
∙give a true and fair view of the 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.
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
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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 until 30 September 2027.
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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CALIBER OPHTHALMICS (UK) LIMITED (CONTINUED)
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
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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 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 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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CALIBER OPHTHALMICS (UK) LIMITED (CONTINUED)
Responsibilities of directors
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As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
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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.
∙We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to the reporting framework (FRS 102 and the Companies Act 2006) and the compliance with relevant direct and indirect tax regulation in the United Kingdom.
∙We understood how Caliber Ophthalmics (UK) Limited is complying with those frameworks by making enquiries of management and those charged with governance to understand how the Company maintains and communicates its policies and procedures in these areas. We understood any controls put in place by management to reduce the opportunities of fraudulent transactions.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CALIBER OPHTHALMICS (UK) LIMITED (CONTINUED)
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued)
∙We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur through inquiry of management and those charged with governance to understand where it is considered there was susceptibility to fraud. Through our procedures we determined there to be risks associated with management override of controls and inappropriate assessment of investment impairment. In response, we performed the below:
°With regard to management override, we incorporated data analytics to sample the entire population of journal entries to identify specific transactions which did not meet our expectations based on specific criteria and journal entries indicating significant or unusual transactions based on our understanding of the business. These procedures included investigating these transactions to develop our understanding and challenging the assumptions, judgements and significant estimates made by management and testing them back to source information.
°In performing our work over the recoverability of investments in group undertakings, we identified that the area most susceptible to fraud related to the potential overstatement of investment carrying values. To address this risk, we assessed management’s impairment review by evaluating qualitative impairment indicators, comparing the carrying value of investments to the net assets of the underlying subsidiaries, and reviewing the Group valuation prepared by management’s specialist. We assessed the specialist’s competence and independence, involved EY valuation specialists to evaluate the valuation methodology and assumptions used, and considered the work performed by the parent company auditor over the Group valuation. In addition, we performed sensitivity analyses over key assumptions to assess the level of headroom available and verified that the related financial statement disclosures were appropriate.
°The procedures explained above were designed to provide reasonable assurance that the financial statements are free from material fraud or error.
∙Based on this understanding we designed our audit procedures to identify noncompliance with such laws and regulations. Our procedures involved enquiring of members of management and those charged with governance regarding their knowledge of any non-compliance or potential non-compliance with laws and regulations that could affect the financial statements; and inspecting correspondence, if any, with the relevant licensing or regulatory authorities.
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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CALIBER OPHTHALMICS (UK) 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 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.
Hosam Kamel (Senior Statutory Auditor)
for and on behalf of Ernst & Young LLP, Statutory Auditor
Bristol
Date: 18 August 2026
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CALIBER OPHTHALMICS (UK) LIMITED
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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Operating loss and loss before tax
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Loss for the financial year
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There were no recognised gains and losses for 2025 or 2024 other than those included in the Statement of Comprehensive Income.
There was no other comprehensive income for 2025 (2024: £Nil).
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The notes on pages 14 to 23 form part of these financial statements.
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CALIBER OPHTHALMICS (UK) LIMITED
REGISTERED NUMBER:12058213
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BALANCE SHEET
AS AT 31 DECEMBER 2025
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Creditors: amounts falling due within one year
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The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 23 form part of these financial statements.
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CALIBER OPHTHALMICS (UK) LIMITED
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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Comprehensive expense for the year
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Comprehensive loss for the year
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The notes on pages 14 to 23 form part of these financial statements.
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CALIBER OPHTHALMICS (UK) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Caliber Ophthalmics (UK) Limited (the "company") is a private company limited by shares and incorporated in England and Wales. Its registered number is 12058213, and its registered head office is located at Eagle Tower, Montpellier Drive, Cheltenham, Gloucestershire, United Kingdom, GL50 1TA.
The company's principal activity is disclosed in the Directors' Report on page 3.
2.Accounting policies
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Basis of preparation of financial statements
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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 judgement in applying the company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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Financial Reporting Standard 102 - reduced disclosure exemptions
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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; and
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Corza Medical S.à.r.l. which includes results of the company as at 31 December 2025 and these financial statements may be obtained from 8 Avenue de la Gare, L-1610 Luxembourg, Grand Duchy of Luxembourg, Luxembourg.
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Exemption from preparing consolidated financial statements
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The company is itself a subsidiary company and is exempt from the requirement to prepare group financial statements by virtue of section 401 of the Companies Act 2006. The company is a wholly owned subsidiary of Surgical Specialties Corporation Limited and is included in the consolidated financial statements of Corza Medical S.à.r.l. which are publicly available. These financial statements therefore present information about the company as an individual undertaking and not about its group.
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CALIBER OPHTHALMICS (UK) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The directors have assessed the ability of the company to continue as a going concern for the 12-month period from the date of approval of these financial statements, covering the period to 30 September 2027. This assessment included a review of the company’s financial position, cash flow forecasts, and the potential impact of various risks and uncertainties, including the current economic environment.
The company meets its working capital requirements through effective working capital management and, where necessary, support from the wider group. The company has received a letter of support from its parent company, Corza Medical S.à.r.l., confirming the availability of funding to enable the company to continue its operations and meet its liabilities as they fall due through to 30 September 2027.
The directors have discussed with management of Corza Medical S.à.r.l. the basis of the group’s forecasts and risk-adjusted cash flow projections. They have also reviewed the status of existing borrowing arrangements at the Corza Medical Group level and believe that the going concern assessment is appropriate and reasonable.
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Foreign currency translation
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Functional and presentation currency
The company's functional currency is USD and presentation currency which is GBP, and all values are rounded to the nearest thousand pounds (£000) except when otherwise stated.
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.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss. Foreign exchange gains and losses are presented in profit or loss within 'administrative expenses'.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
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CALIBER OPHTHALMICS (UK) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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 balance sheet date in the countries where the company operates and generates income.
Investments in subsidiaries are measured at cost less accumulated impairment.
The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other debtors due within 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.
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CALIBER OPHTHALMICS (UK) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Financial instruments (continued)
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Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.
Basic financial liabilities, which include other creditors, amounts owed to group undertakings 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.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.
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CALIBER OPHTHALMICS (UK) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Judgements in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Estimates are based on historical experience and other assumptions that are considered reasonable in the circumstances. The actual amount or values may vary in certain instances from the assumptions and estimates made. Changes will be recorded, with corresponding effect in the financial statements, when, and if, better information is obtained.
Critical judgements and sources of estimation uncertainty that management have made in the process of applying accounting policies disclosed herein and that have a significant effect on the amounts recognised in the financial statements relate to the following:
Judgements
The key judgement taken in preparing the financial statements is in respect to the carrying value of the company's investment in subsidiaries. This is done by considering if there are any impairment indicators. This includes but is not limited to macroeconomic conditions in the environment in which an entity operates and overall financial of the company.
Estimates
Impairment of non-financial assets (note 7)
Where there are indicators of impairment of individual assets, the company performs impairment tests based on fair value less costs to sell or a value in use calculation. The fair value less costs to sell calculation is based on available data from binding sales transactions in an arm’s length transaction on similar assets or observable market prices less incremental costs for disposing of the asset.
The value in use calculation is based on a discounted cash flow model. The cash flows are derived from the budget for the next five years and do not include restructuring activities that the company is not yet committed to or significant future investments that will enhance the asset’s performance of the cash generating unit being tested. The recoverable amount is most sensitive to the discount rate used for the discounted cash flow model as well as the expected future cash flows and the growth rate used for extrapolation purposes.
The carrying amount of investments in subsidiaries as at 31 December 2025 was £129,006,000 (2024: £129,006,000) with no impairment identified in 2025 (2024: £Nil).
The company has no employees (2024: none) other than the directors, who did not receive any remuneration (2024: £Nil).
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CALIBER OPHTHALMICS (UK) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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During the year, the company obtained the following services from the company's auditors:
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Fees payable to the company's auditors for the audit of the company's financial statements
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All fees payable are borne by a related group company.
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Current tax on loss for the year
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Taxation on loss on ordinary activities
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Factors affecting tax charge for the year
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The tax assessed for the year is higher than (2024: the same as) the standard rate of corporation tax in the UK of 25% (2024:25%). The differences are explained below:
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Loss on ordinary activities before tax
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Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024: 25%)
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Total tax charge for the year
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Factors that may affect future tax charges
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There were no other factors that may affect future tax charges.
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CALIBER OPHTHALMICS (UK) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Investments in subsidiary companies
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The following was a direct subsidiary undertaking of the company:
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Corza Ophthalmology Holdings Inc.
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Corporation Trust Center, 1209 Orange St Wilmington, DE 19801, USA
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CALIBER OPHTHALMICS (UK) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Fixed asset investments (continued)
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Indirect subsidiaries
The undertakings below are indirect wholly owned subsidiaries of the company:
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144 Kings Highway Southwest, Suite 304, Dover DE 19901, USA
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Barron Precision Instruments LLC
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40600 Ann Arbor Rd E, Suite 201, Plymouth, MI 48170, USA
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2755 Canyon Boulevard, 1st Floor, Boulder, CO 80302, USA
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Katena Products UK
Limited
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Eagle Tower, Montpellier Drive, Cheltenham, Gloucestershire, GL50 1TA
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Metzgerallmend 22, 76646 Bruchsal, Germany
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C T Corporation System, 208 So Lasalle St, Suite 814, Chicago, Il 60604-1101, USA
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Eagle Tower, Montpellier Drive, Cheltenham, Gloucestershire, GL50 1TA
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Eagle Tower, Montpellier Drive, Cheltenham, Gloucestershire, GL50 1TA
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600 North Second Street, Suite 401
Harrisburg, PA 17101
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Creditors: amounts falling due within one year
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Amounts owed to group undertakings
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Amounts owed to group undertakings are interest free, unsecured and repayable on demand.
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CALIBER OPHTHALMICS (UK) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Allotted, called up and fully paid
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1 (2024: 1) Ordinary share of £1.00
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103 (2024: 103) USD class shares of $0.01 each
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Ordinary shares have voting rights and are not redeemable but carry an equal right to receive dividends declared and to participate in any distribution of capital, including on winding up the company.
USD class shares have voting rights and are not redeemable, and they rank pari-passu with Ordinary shares in rights to receive dividends and to participate in any distribution of capital, including on winding up the company.
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The company's capital and reserves are as follows:
Share premium account
The share premium reserve contains the premium arising on issue of equity shares, less any amounts transferred to group reconstruction relief.
Profit and loss account
The profit and loss account represents the profits and losses of the company less any distributions made to the owners of the company.
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Related party transactions
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The company has taken advantage of the exemption granted by FRS 102 Section 33 ‘Related Party Disclosures’ not to disclose transactions with other wholly owned group companies.
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There have been no significant events affecting the company since the financial year-end.
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CALIBER OPHTHALMICS (UK) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Ultimate controlling party
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The immediate parent company is, Surgical Specialties Corporation Limited, a company incorporated in England and Wales.
The smallest and largest group into which the company was consolidated is headed by Corza Medical S.à.r.l. Copies of the consolidated financial statements can be obtained from 8 Avenue de la Gare, L-1610 Luxembourg, Grand Duchy of Luxembourg, Luxembourg.
The company's ultimate parent and controlling part is GTCR LLC, 300 N. La Salle Street, Suite 5600 Chicago IL 60654 incorporated in the United States of America.
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