Company Registration No. 08460426 (England and Wales)
ULTRALASE EYE CLINICS LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2020
PAGES FOR FILING WITH REGISTRAR
ULTRALASE EYE CLINICS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 9
ULTRALASE EYE CLINICS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2020
30 June 2020
- 1 -
2020
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,190
10,048
Current assets
Debtors
4
228,996
244,970
Cash at bank and in hand
24,082
28,143
253,078
273,113
Creditors: amounts falling due within one year
5
(448,934)
(471,055)
Net current liabilities
(195,856)
(197,942)
Total assets less current liabilities
(188,666)
(187,894)
Creditors: amounts falling due after more than one year
6
(1,492,861)
(1,163,528)
Provisions for liabilities
7
(105,419)
(65,295)
Net liabilities
(1,786,946)
(1,416,717)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
8
(1,786,947)
(1,416,718)
Total equity
(1,786,946)
(1,416,717)
The director of the company has elected not to include a copy of the income statement within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 28 June 2021 and are signed on its behalf by:
R K Ambrose
Director
Company Registration No. 08460426
ULTRALASE EYE CLINICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2020
- 2 -
1
Accounting policies
Company information
Ultralase Eye Clinics Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office
is
96 Bristol Road, Birmingham, B5 7XJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
1.2
Going concern
The company had net liabilities amounting to £1,786,946 (2018: £1,416,717) at the balance sheet date.
true
The company meets its day to day working capital requirements from both its trading activity and additional funds from the directors as considered necessary.
The company’s forecasts and projections, having taken account of reasonable possible changes in trading activity, indicate that the company is expected to have adequate resources to continue in operational existence for the foreseeable future. Consequently, the financial statements have been prepared on the going concern basis on the grounds that the company directors will continue to provide ongoing support.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Turnover represents amounts receivable for
medical services rendered net of trade discounts
.
Turnover is recognised at the time when the medical services are performed.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
Over the life of the lease
Plant and machinery
25% - 33% straight line
Fixtures, fittings & equipment
25% - 33% straight line
ULTRALASE EYE CLINICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2020
1
Accounting policies
(Continued)
- 3 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash and cash equivalents
Cash and cash equivalents include cash in hand
.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors,
cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method 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.
Financial assets classified as receivable within one year are not amortised.
ULTRALASE EYE CLINICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2020
1
Accounting policies
(Continued)
- 4 -
Classification of 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 deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future receipts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Provisions
Provisions are recognised when the
company
has a legal or constructive present obligation as a result of a past event, it is probable that the
company
will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Following patient treatments, there are a number of additional costs to be incurred once the results of the treatments have been reassessed.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision in measured at present value the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
The provision is expected to be fully utilised over a period of time in accordance with the age profile of the patients.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
ULTRALASE EYE CLINICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2020
1
Accounting policies
(Continued)
- 5 -
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.13
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.14
The company has changed its financial year end from December to June due to the impact and logistical consequences of Covid 19,and these financial statements are therefore for the 18 month period ended 30 June 2020.As a result of this, the comparative amounts presented in the financial statements are not directly comparable.
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was 27
(2018 - 23).
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2019 and 30 June 2020
37,539
215,731
253,270
Depreciation and impairment
At 1 January 2019
30,163
213,059
243,222
Depreciation charged in the Period
1,847
1,011
2,858
At 30 June 2020
32,010
214,070
246,080
Carrying amount
At 30 June 2020
5,529
1,661
7,190
At 31 December 2018
7,376
2,672
10,048
ULTRALASE EYE CLINICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2020
- 6 -
4
Debtors
2020
2018
Amounts falling due within one year:
£
£
Trade debtors
33,201
79,068
Other debtors
195,795
165,902
228,996
244,970
5
Creditors: amounts falling due within one year
2020
2018
£
£
Trade creditors
306,990
203,628
Taxation and social security
67,093
11,377
Other creditors
74,851
256,050
448,934
471,055
There is a fixed and floating charge over the assets of the company and the company has a cross guarantee with Eye Hospitals Group Limited and Optimax Clinics Limited.
6
Creditors: amounts falling due after more than one year
2020
2018
£
£
Other creditors
1,492,861
1,163,528
There is a debenture secured against the monies due or to become due from Ultralase Eye Clinics Limited to R K Ambrose, a director of the company.
ULTRALASE EYE CLINICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2020
- 7 -
7
Provisions for liabilities
2020
2018
£
£
Patient costs
105,419
65,295
Movements on provisions:
£
At 1 January 2019
65,295
Additional provisions in the year
95,070
Utilisation of provision
(54,946)
At 30 June 2020
105,419
Patient Costs
Following patient treatments, there are a number of additional costs to be incurred once the results of the treatments have been reassessed. The provision is expected to be fully utilised over a period of time in accordance with the age profile of the patients.
8
Profit and loss reserves
Retained earnings represents accumulated comprehensive income for the year and prior periods less dividends paid.
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Sarah Wilson FCA.
The auditor was Arram Berlyn Gardner LLP.
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2018
£
£
2,777,374
1,679,583
ULTRALASE EYE CLINICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2020
- 8 -
11
Related party transactions
2020
2018
Amounts due to related parties
£
£
Key management personnel
1,492,861
1,163,528
ULTRALASE EYE CLINICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2020
11
Related party transactions
(Continued)
- 9 -
Other information
The company has taken advantage of the exemptions from disclosure available to subsidiary undertakings under section 33 of FRS102 in connection with intra group transactions.
A director of the company has provided a personal guarantee to the company's bankers of £50,000.
12
Parent company
The company is a wholly owned subsidiary of Eye Hospitals Group Limited, a company incorporated in England and Wales. The registered office is 96 Bristol Road, Birmingham, B5 7XJ.
2020-06-30
2019-01-01
false
29 June 2021
CCH Software
CCH Accounts Production 2021.100
No description of principal activity
This audit opinion is unqualified
R K Ambrose
J H Rabone
D Walter
08460426
2019-01-01
2020-06-30
08460426
2020-06-30
08460426
2018-12-31
08460426
core:LandBuildings
2020-06-30
08460426
core:OtherPropertyPlantEquipment
2020-06-30
08460426
core:LandBuildings
2018-12-31
08460426
core:OtherPropertyPlantEquipment
2018-12-31
08460426
core:CurrentFinancialInstruments
core:WithinOneYear
2020-06-30
08460426
core:CurrentFinancialInstruments
core:WithinOneYear
2018-12-31
08460426
core:Non-currentFinancialInstruments
core:AfterOneYear
2020-06-30
08460426
core:Non-currentFinancialInstruments
core:AfterOneYear
2018-12-31
08460426
core:CurrentFinancialInstruments
2020-06-30
08460426
core:CurrentFinancialInstruments
2018-12-31
08460426
core:ShareCapital
2020-06-30
08460426
core:ShareCapital
2018-12-31
08460426
core:RetainedEarningsAccumulatedLosses
2020-06-30
08460426
core:RetainedEarningsAccumulatedLosses
2018-12-31
08460426
bus:Director1
2019-01-01
2020-06-30
08460426
core:LandBuildings
core:LeasedAssetsHeldAsLessee
2019-01-01
2020-06-30
08460426
core:PlantMachinery
2019-01-01
2020-06-30
08460426
core:LandBuildings
2018-12-31
08460426
core:OtherPropertyPlantEquipment
2018-12-31
08460426
2018-12-31
08460426
core:LandBuildings
2019-01-01
2020-06-30
08460426
core:OtherPropertyPlantEquipment
2019-01-01
2020-06-30
08460426
core:WithinOneYear
2020-06-30
08460426
core:WithinOneYear
2018-12-31
08460426
core:Non-currentFinancialInstruments
2020-06-30
08460426
core:Non-currentFinancialInstruments
2018-12-31
08460426
bus:PrivateLimitedCompanyLtd
2019-01-01
2020-06-30
08460426
bus:SmallCompaniesRegimeForAccounts
2019-01-01
2020-06-30
08460426
bus:FRS102
2019-01-01
2020-06-30
08460426
bus:Audited
2019-01-01
2020-06-30
08460426
bus:Director2
2019-01-01
2020-06-30
08460426
bus:CompanySecretary1
2019-01-01
2020-06-30
08460426
bus:FullAccounts
2019-01-01
2020-06-30
xbrli:pure
xbrli:shares
iso4217:GBP