Orthomobility Limited 05143375 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is the manufacture of medical and surgical equipment and orthopaedic appliances. Digita Accounts Production Advanced 6.30.9574.0 true 05143375 2022-04-01 2023-03-31 05143375 2023-03-31 05143375 bus:OrdinaryShareClass1 2023-03-31 05143375 bus:Original 2023-03-31 05143375 core:CurrentFinancialInstruments 2023-03-31 05143375 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 05143375 core:FurnitureFittingsToolsEquipment 2023-03-31 05143375 bus:SmallEntities 2022-04-01 2023-03-31 05143375 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 05143375 bus:FullAccounts 2022-04-01 2023-03-31 05143375 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 05143375 bus:RegisteredOffice 2022-04-01 2023-03-31 05143375 bus:Director1 2022-04-01 2023-03-31 05143375 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 05143375 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 05143375 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 05143375 core:OfficeEquipment 2022-04-01 2023-03-31 05143375 core:PlantMachinery 2022-04-01 2023-03-31 05143375 countries:EnglandWales 2022-04-01 2023-03-31 05143375 2022-03-31 05143375 core:FurnitureFittingsToolsEquipment 2022-03-31 05143375 2021-04-01 2022-03-31 05143375 2022-03-31 05143375 bus:OrdinaryShareClass1 2022-03-31 05143375 core:CurrentFinancialInstruments 2022-03-31 05143375 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 05143375 core:FurnitureFittingsToolsEquipment 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05143375

Orthomobility Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Orthomobility Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Orthomobility Limited

(Registration number: 05143375)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

23,944

25,052

Current assets

 

Stocks

5

307,442

372,696

Debtors

6

380,000

183,122

Cash at bank and in hand

 

678,933

931,674

 

1,366,375

1,487,492

Creditors: Amounts falling due within one year

7

(137,183)

(96,693)

Net current assets

 

1,229,192

1,390,799

Total assets less current liabilities

 

1,253,136

1,415,851

Provisions for liabilities

(2,394)

(4,760)

Net assets

 

1,250,742

1,411,091

Capital and reserves

 

Called up share capital

8

12

12

Retained earnings

1,250,730

1,411,079

Shareholders' funds

 

1,250,742

1,411,091

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Orthomobility Limited

(Registration number: 05143375)
Balance Sheet as at 31 March 2023

Approved and authorised by the Board on 28 November 2023 and signed on its behalf by:
 

.........................................
Mr J Boender
Director

 

Orthomobility Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
E1-1.29 Culham Science Centre
Abingdon
Oxon
OX14 3DB

These financial statements were authorised for issue by the Board on 28 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Orthomobility Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and equipment

20% reducing balance

Office equipment

20% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Orthomobility Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets or financial liabilities.
 

 

Orthomobility Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 4).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

74,381

74,381

Additions

4,877

4,877

At 31 March 2023

79,258

79,258

Depreciation

At 1 April 2022

49,329

49,329

Charge for the year

5,985

5,985

At 31 March 2023

55,314

55,314

Carrying amount

At 31 March 2023

23,944

23,944

At 31 March 2022

25,052

25,052

5

Stocks

2023
£

2022
£

Other inventories

307,442

372,696

6

Debtors

2023
£

2022
£

Trade debtors

355,152

179,107

Prepayments

16,059

4,015

Other debtors

8,789

-

380,000

183,122

 

Orthomobility Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

46,496

20,481

Taxation and social security

88,301

68,480

Accruals and deferred income

1,500

1,500

Other creditors

886

6,232

137,183

96,693

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

12

12

12

12

         

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

10

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £78,333.00 (2022 - £46,000.00) per ordinary share

 

940,000

 

552,000