Caseware UK (AP4) 2022.0.179 2022.0.179 2023-06-302023-06-30false2022-07-01Manufacture of medical and dental instruments and supplies1515falsetrue 09796975 2022-07-01 2023-06-30 09796975 2023-06-30 09796975 2021-07-01 2022-06-30 09796975 2022-06-30 09796975 c:Director1 2022-07-01 2023-06-30 09796975 c:Director2 2022-07-01 2023-06-30 09796975 c:Director3 2022-07-01 2023-06-30 09796975 c:Director4 2022-07-01 2023-06-30 09796975 c:Director5 2022-07-01 2023-06-30 09796975 c:Director6 2022-07-01 2023-06-30 09796975 c:Director7 2022-07-01 2023-06-30 09796975 c:Director7 2023-06-30 09796975 c:RegisteredOffice 2022-07-01 2023-06-30 09796975 d:Buildings d:LongLeaseholdAssets 2022-07-01 2023-06-30 09796975 d:Buildings d:LongLeaseholdAssets 2023-06-30 09796975 d:Buildings d:LongLeaseholdAssets 2022-06-30 09796975 d:PlantMachinery 2022-07-01 2023-06-30 09796975 d:PlantMachinery 2023-06-30 09796975 d:PlantMachinery 2022-06-30 09796975 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 09796975 d:OfficeEquipment 2022-07-01 2023-06-30 09796975 d:OfficeEquipment 2023-06-30 09796975 d:OfficeEquipment 2022-06-30 09796975 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 09796975 d:ComputerEquipment 2022-07-01 2023-06-30 09796975 d:ComputerEquipment 2023-06-30 09796975 d:ComputerEquipment 2022-06-30 09796975 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 09796975 d:OtherPropertyPlantEquipment 2022-07-01 2023-06-30 09796975 d:OtherPropertyPlantEquipment 2023-06-30 09796975 d:OtherPropertyPlantEquipment 2022-06-30 09796975 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 09796975 d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 09796975 d:PatentsTrademarksLicencesConcessionsSimilar 2023-06-30 09796975 d:PatentsTrademarksLicencesConcessionsSimilar 2022-06-30 09796975 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-30 09796975 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-06-30 09796975 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-06-30 09796975 d:CopyrightsPatentsTrademarksServiceOperatingRights 2022-06-30 09796975 d:CurrentFinancialInstruments 2023-06-30 09796975 d:CurrentFinancialInstruments 2022-06-30 09796975 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 09796975 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 09796975 d:ShareCapital 2023-06-30 09796975 d:ShareCapital 2022-06-30 09796975 d:SharePremium 2023-06-30 09796975 d:SharePremium 2022-06-30 09796975 d:RetainedEarningsAccumulatedLosses 2023-06-30 09796975 d:RetainedEarningsAccumulatedLosses 2022-06-30 09796975 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-07-01 2023-06-30 09796975 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-06-30 09796975 c:OrdinaryShareClass1 2022-07-01 2023-06-30 09796975 c:OrdinaryShareClass1 2023-06-30 09796975 c:OrdinaryShareClass1 2022-06-30 09796975 c:OrdinaryShareClass2 2022-07-01 2023-06-30 09796975 c:OrdinaryShareClass2 2023-06-30 09796975 c:OrdinaryShareClass2 2022-06-30 09796975 c:OrdinaryShareClass3 2022-07-01 2023-06-30 09796975 c:OrdinaryShareClass3 2023-06-30 09796975 c:OrdinaryShareClass3 2022-06-30 09796975 c:FRS102 2022-07-01 2023-06-30 09796975 c:Audited 2022-07-01 2023-06-30 09796975 c:FullAccounts 2022-07-01 2023-06-30 09796975 c:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 09796975 c:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 09796975 2 2022-07-01 2023-06-30 09796975 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2022-07-01 2023-06-30 09796975 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2022-07-01 2023-06-30 09796975 d:CopyrightsPatentsTrademarksServiceOperatingRights d:OwnedIntangibleAssets 2022-07-01 2023-06-30 xbrli:shares iso4217:GBP xbrli:pure
Company registration number: 09796975







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2023


ORTHOSON LIMITED






































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ORTHOSON LIMITED
 


 
COMPANY INFORMATION


Directors
Professor C Coussios 
R E Simmonds 
G O Edwards 
J H C Mallinson 
Dr N C Birch 
A-T Doxiadis 
K M Reali (appointed 17 October 2023)




Registered number
09796975



Registered office
The Magdalen Centre
Robert Robinson Avenue

Oxford

Oxfordshire

OX4 4GA




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

1st Floor

Midas House

62 Goldsworth Road

Woking

Surrey

GU21 6LQ





 


ORTHOSON LIMITED
 



CONTENTS



Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 9


 


ORTHOSON LIMITED
REGISTERED NUMBER:09796975



STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023

2023
Unaudited
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
52,101
67,801

Tangible assets
 5 
294,054
390,773

  
346,155
458,574

Current assets
  

Debtors: amounts falling due within one year
 6 
870,859
588,343

Cash at bank and in hand
  
4,337,927
7,035,732

  
5,208,786
7,624,075

Creditors: amounts falling due within one year
 7 
(234,170)
(301,614)

Net current assets
  
 
 
4,974,616
 
 
7,322,461

Total assets less current liabilities
  
5,320,771
7,781,035

Provisions for liabilities
  

Provisions
 8 
(30,000)
-

  
 
 
(30,000)
 
 
-

Net assets
  
5,290,771
7,781,035


Capital and reserves
  

Allotted, called up and fully paid share capital
  
4,061
4,028

Share premium account
  
11,472,147
11,472,147

Profit and loss account
  
(6,185,437)
(3,695,140)

  
5,290,771
7,781,035


Page 1

 


ORTHOSON LIMITED
REGISTERED NUMBER:09796975


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

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




................................................
R E Simmonds
Director

Date: 13 February 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 


ORTHOSON LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

Orthoson Limited is a private company, limited by share capital that is incorporated in the United Kingdom and registered in England and Wales.

The address of its registered office and principal place of business is the registered office on the company information page.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

  
2.2

Licence option

During the period ended 30 June 2016, the Company capitalised an option to license or assign certain pieces of intellectual property in the field of orthopaedic surgery on the basis that it is likely to be of significant use to the business for the foreseeable future. Amortisation of the option to licence will begin, on a 25% declining balance basis, once commercialisation of the technology has begun.

 
2.3

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.

 
2.4

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.

Page 3

 


ORTHOSON LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

Interest income

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

 
2.7

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.

 
2.8

Taxation

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.

 
2.9

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.

Development costs are an intangible asset already being used to contribute to the development of the company's technology. The Company amortises on a 25% declining balance basis. 

 
2.10

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.

Page 4

 


ORTHOSON LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

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:

Long-term leasehold property
-
100%
Plant and machinery
-
33%
Office equipment
-
100%
Computer equipment
-
33%
Lab Equipment
-
33%

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.

 
2.11

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

 
2.12

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 15 (2022 -15).

Page 5

 


ORTHOSON LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

4.


Intangible assets




Patents
Development expenditure
Licence option
Total

£
£
£
£



Cost


At 1 July 2022 (unaudited)
125,100
68,750
5,000
198,850



At 30 June 2023

125,100
68,750
5,000
198,850



Amortisation


At 1 July 2022 (unaudited)
84,051
46,998
-
131,049


Charge for the year
10,262
5,438
-
15,700



At 30 June 2023

94,313
52,436
-
146,749



Net book value



At 30 June 2023
30,787
16,314
5,000
52,101



At 30 June 2022 (unaudited)
41,049
21,752
5,000
67,801



Page 6

 


ORTHOSON LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

5.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Office equipment
Computer equipment
Lab Equipment
Total

£
£
£
£
£
£



Cost


At 1 July 2022 (unaudited)
157,462
143,927
7,274
74,465
599,832
982,960


Additions
51,212
-
5,828
1,195
157,159
215,394


Disposals
-
-
-
-
(37,370)
(37,370)



At 30 June 2023

208,674
143,927
13,102
75,660
719,621
1,160,984



Depreciation


At 1 July 2022 (unaudited)
156,537
121,038
6,065
56,422
252,125
592,187


Charge for the year
30,959
22,881
5,665
10,806
223,665
293,976


Disposals
-
-
-
-
(19,233)
(19,233)



At 30 June 2023

187,496
143,919
11,730
67,228
456,557
866,930



Net book value



At 30 June 2023
21,178
8
1,372
8,432
263,064
294,054



At 30 June 2022 (unaudited)
925
22,889
1,209
18,043
347,707
390,773

Page 7

 


ORTHOSON LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

6.


Debtors

2023
Unaudited
2022
£
£


Other debtors
69,023
33,488

Prepayments and accrued income
24,610
34,260

Tax recoverable
777,226
520,595

870,859
588,343



7.


Creditors: Amounts falling due within one year

2023
Unaudited
2022
£
£

Trade creditors
170,499
202,936

Other taxation and social security
2,616
31,014

Other creditors
6,243
13,501

Accruals and deferred income
54,812
54,163

234,170
301,614



8.


Provisions





Dilapidation provision

£





Charged to profit or loss
30,000



At 30 June 2023
30,000

Page 8

 


ORTHOSON LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

9.


Share capital

2023
Unaudited
2022
£
£
Allotted, called up and fully paid



3,945,224 (2022 -3,911,624) Ordinary shares of £0.001 each
3,945
3,912
39,039 (2022 -39,039) G2 Ordinary shares of £0.001 each
39
39
76,806 (2022 -76,806) G3 Ordinary shares of £0.001 each
77
77

4,061

4,028


During the year, 33,600 Ordinary shares of £0.001 were issued for a consideration of £33.60.


10.


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 £46,282 (2022 (unaudited) - £51,068). Contributions totalling £3,843 were payable (2022 (unaudited) - £13,501 were repayable) to the fund at the balance sheet date and are included in creditors.


11.


Related party transactions

During the year the company paid remuneration to three (2022: three) directors as a sole trader, Ltd company and LLP.
A director invoiced as a sole trader £60,000 (2022: £75,851)
A director invoiced to an LLP £6,750 (2022: £20,188)
A director invoiced to a Ltd company £57,383 (2022: £13,691)


12.


Controlling party

The Company is controlled by its directors.


13.


Auditors' information

The auditors' report on the financial statements for the year ended 30 June 2023 was unqualified.

The audit report was signed on 13 February 2024 by Tom Woods FCA (Senior statutory auditor) on behalf of Menzies LLP.

 
Page 9