Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-31true22023-01-01false3false 08328402 2023-01-01 2023-12-31 08328402 2022-01-01 2022-12-31 08328402 2023-12-31 08328402 2022-12-31 08328402 2022-01-01 08328402 5 2023-01-01 2023-12-31 08328402 5 2022-01-01 2022-12-31 08328402 1 2023-01-01 2023-12-31 08328402 e:Director3 2023-01-01 2023-12-31 08328402 e:Director4 2023-01-01 2023-12-31 08328402 e:Director4 2023-12-31 08328402 e:Director9 2023-01-01 2023-12-31 08328402 e:Director10 2023-01-01 2023-12-31 08328402 e:RegisteredOffice 2023-01-01 2023-12-31 08328402 d:PlantMachinery 2023-01-01 2023-12-31 08328402 d:PlantMachinery 2023-12-31 08328402 d:PlantMachinery 2022-12-31 08328402 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 08328402 d:CurrentFinancialInstruments 2023-12-31 08328402 d:CurrentFinancialInstruments 2022-12-31 08328402 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 08328402 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 08328402 d:ShareCapital 2023-01-01 2023-12-31 08328402 d:ShareCapital 2023-12-31 08328402 d:ShareCapital 2022-01-01 2022-12-31 08328402 d:ShareCapital 2022-12-31 08328402 d:ShareCapital 2022-01-01 08328402 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 08328402 d:RetainedEarningsAccumulatedLosses 2023-12-31 08328402 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 08328402 d:RetainedEarningsAccumulatedLosses 2022-12-31 08328402 d:RetainedEarningsAccumulatedLosses 2022-01-01 08328402 e:OrdinaryShareClass1 2023-01-01 2023-12-31 08328402 e:OrdinaryShareClass1 2022-01-01 2022-12-31 08328402 e:OrdinaryShareClass1 2023-12-31 08328402 e:OrdinaryShareClass1 2022-12-31 08328402 e:FRS102 2023-01-01 2023-12-31 08328402 e:Audited 2023-01-01 2023-12-31 08328402 e:FullAccounts 2023-01-01 2023-12-31 08328402 e:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure



















Spineart (UK) Ltd

Registered number: 08328402
Annual report
For the year ended 31 December 2023

 
SPINEART (UK) LTD
 
 
COMPANY INFORMATION


Directors
S Cori 
S D G Aiken 
E A L Goetgheluck
G J F Poggiali 




Registered number
08328402



Registered office
Office 8
Pure Offices Port Way 1

Port Solent

Portsmouth

England

PO6 4TY




Independent auditors
Forvis Mazars LLP
Chartered Accountants & Statutory Auditor

30 Old Bailey

London

EC4M 7AU





 
SPINEART (UK) LTD
 

CONTENTS



Page
Directors' report
 
1 - 3
Independent auditor's report
 
4 - 7
Statement of comprehensive income
 
8
Statement of financial position
 
9
Statement of changes in equity
 
10
Notes to the financial statements
 
11 - 18


 
SPINEART (UK) LTD
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the audited financial statements for the year ended 31 December 2023.

Principal activity

The principal activity of the company is the purchase, sale, import and distribution of materials in the field of orthopaedic implants, including ancillary instruments. The company places orthopaedic materials at the disposal of its customer and also provide related services to the spine sector.

Directors

The directors who served during the year and to the date of this report were:

S Cori 
S D G Aiken (appointed 1 September 2023)
E A L Goetgheluck 
G J F Poggiali 

Directors' responsibilities statement

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to preparefinancial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the  financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

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


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

make judgements and accounting estimates that are reasonable and prudent; and

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

- 1 -

 
SPINEART (UK) LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Going concern

The financial statements are prepared on a going concern basis. The directors remain assured of the financial support provided to the company. The directors have received confirmation that the parent company will continue to support the company and provide it with adequate funds when necessary to enable it to meet its debts as they fall due in the foreseeable future. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.
Accordingly the directors have a reasonable expectation that the company will continue in operational existence and thus they adopt the going concern basis of accounting in preparing the financial statements. 
Economic impact of global events
UK businesses are currently facing many uncertainties and challenges caused by political, economic, social, technological, legal and environmental factors. These uncertainties have contributed to an environment where there exists a range of issues and risks, including inflation, rising interest rates, labour shortages, disrupted supply chains and new ways of working. 
The directors have carried out an assessment of the potential impact of these uncertainties on the business, including the impact of mitigation measures, and have concluded that the greatest impact on the business expected to be from the economic ripple effect on the global economy. The directors have taken account of these potential impacts in their going concern assessment.
The company continues to work with its partners to minimise any impacts of these events and maximise the realisation of any opportunities they may provide to the business.

Disclosure of information to the auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditor are unaware; and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor are aware of that information.

Post balance sheet events

There have been no significant events affecting the company since the year end.

Auditor

The auditor, Forvis Mazars LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

- 2 -

 
SPINEART (UK) LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

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




S Cori
Director
G J F Poggiali
Director


Date: 24 July 2024
Date: 24 July 2024

- 3 -

 
SPINEART (UK) LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SPINEART (UK) LTD
 

Qualified Opinion

We have audited the financial statements of Spineart (UK) Ltd (the ‘company’) for the year ended 31 December 2023 which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and notes to the financial statements, 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, except for the effects of the matter described in the “Basis for Qualified Opinion” section of our report, the financial statements:
give a true and fair view of the state of the company’s affairs as at 31 December 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for Qualified Opinion

With respect to stocks having a carrying amount of £716,289, the audit evidence available to us was limited because we did not observe the counting of the physical inventory as at 31 December 2023, due to the inaccessibility of inventory locations. Owing to the nature of the company’s records, we were unable to obtain sufficient appropriate audit evidence regarding the inventory quantities by using other audit procedures. Consequently, we were unable to determine whether any adjustments to inventory, or consequential adjustments to related balances and transactions, such as cost of sales, were necessary.
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 qualified opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
- 4 -

 
SPINEART (UK) LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SPINEART (UK) LTD
 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

Except for the possible effects of the matter described in the “Basis for Qualified Opinion” section of our report, in our opinion, based on the work undertaken in the course of the audit:
 
the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In 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 Directors’ report.
Arising solely of the limitation on the scope of our work relating to stocks, and consequently, cost of sales, as set out in the “Basis for Qualified Opinion” section of our report:

we have not obtained all the information and explanations that we considered necessary for the purpose            of our audit; and
    we were unable to determine whether adequate accounting records had been kept.

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:
 
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
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemption in preparing the Directors’ report and from the requirement to prepare a Strategic report.
- 5 -

 
SPINEART (UK) LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SPINEART (UK) LTD
 

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 1, 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 intend either 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

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.
 
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
 
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. 

Based on our understanding of the company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.  

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006, The Small Companies and Groups (Accounts and Directors’ report) Regulations 2008 (SI 2008/409) and The Large and Medium sized Companies and Groups (Accounts and Reports) Regulations 2008 (SI 2008/410).  
- 6 -

 
SPINEART (UK) LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SPINEART (UK) LTD
 

In addition, we evaluated the directors' and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, revenue recognition (which we pinpointed to the occurrence assertion), and significant one-off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:
Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
Gaining an understanding of the internal controls established to mitigate risks related to fraud;
Discussing amongst the engagement team the risks of fraud; and
Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of the audit 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.


  


Yuvan Deena (Senior Statutory Auditor)
For and on behalf of Forvis Mazars LLP
Chartered Accountants and Statutory Auditor 
30 Old Bailey
London
EC4M 7AU

24 July 2024
- 7 -

 
SPINEART (UK) LTD
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

  

Turnover
  
518,068
318,536

Cost of sales
  
(190,707)
(87,089)

Gross profit
  
327,361
231,447

Administrative expenses
  
(664,535)
(637,455)

Operating loss
  
(337,174)
(406,008)

Tax on loss
  
-
-

Loss for the financial year
  
(337,174)
(406,008)

Other comprehensive income
  
-
-

Total comprehensive loss for the year
  
(337,174)
(406,008)

The Statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

The notes on pages 11 to 18 form part of these financial statements.

- 8 -

 
SPINEART (UK) LTD
REGISTERED NUMBER: 08328402

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible fixed assets
 4 
38,180
51,345

  
38,180
51,345

Current assets
  

Stocks
 5 
716,289
592,700

Debtors: amounts falling due within one year
 6 
120,098
109,204

Cash at bank and in hand
  
50,065
47,115

  
886,452
749,019

Creditors: amounts falling due within one year
 7 
(3,021,819)
(2,560,377)

Net current liabilities
  
 
 
(2,135,367)
 
 
(1,811,358)

Total assets less current liabilities
  
(2,097,187)
(1,760,013)

  

Net liabilities
  
(2,097,187)
(1,760,013)


Capital and reserves
  

Called up share capital 
 8 
1
1

Profit and loss account
  
(2,097,188)
(1,760,014)

Total equity
  
(2,097,187)
(1,760,013)


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




S Cori
G J F Poggiali
Director
Director


Date: 24 July 2024
Date:24 July 2024

The notes on pages 11 to 18 form part of these financial statements.

- 9 -

 
SPINEART (UK) LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
1
(1,354,006)
(1,354,005)


Comprehensive loss for the year

Loss for the year
-
(406,008)
(406,008)


Other comprehensive income for the year
-
-
-


Total comprehensive loss for the year
-
(406,008)
(406,008)



At 1 January 2023
1
(1,760,014)
(1,760,013)


Comprehensive loss for the year

Loss for the year
-
(337,174)
(337,174)


Other comprehensive income for the year
-
-
-


Total comprehensive loss for the year
-
(337,174)
(337,174)


At 31 December 2023
1
(2,097,188)
(2,097,187)


The notes on pages 11 to 18 form part of these financial statements.

- 10 -

 
SPINEART (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Spineart (UK) Limited is a private company limited by shares and incorporated in England and Wales. The registered number of the company is 08328402. The address of its registered office is Office 8, Pure Offices Port Way 1, Port Solent, Portsmouth, England, PO6 4TY.
The principal activity of the company is the purchase, sale, import and distribution of materials in the field of orthopaedic implants, including ancillary instruments. The company places orthopaedic materials at the disposal of its customer and also provide related services to the spine sector.

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 financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the company operates and is rounded to the nearest pound.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements are prepared on a going concern basis. The directors remain assured of the financial support provided to the company. The directors have received confirmation that the parent company will continue to support the company and provide it with adequate funds when necessary to enable it to meet its debts as they fall due in the foreseeable future. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.
Accordingly the directors have a reasonable expectation that the company will continue in operational existence and thus they adopt the going concern basis of accounting in preparing the financial statements. 

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

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

- 11 -

 
SPINEART (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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:

Surgery instruments
-
3 years

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

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

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of comprehensive income.

 
2.6

Debtors: amounts falling due within one year

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

- 12 -

 
SPINEART (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors: amounts falling due within one year

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Foreign currency translation

Functional and presentation currency

The company's functional and presentation currency is Pound Sterling.

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.

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.

All foreign exchange gains and losses are presented in the Statement of comprehensive income within ‘Administrative expenses’.

- 13 -

 
SPINEART (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable.
Financial assets
Financial assets that are measured at cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is identified, an impairment loss is recognised in profit or loss.
Financial liabilities
Basic financial liabilities, including trade and other payables are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a rate of interest.
Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transactions price and subsequently measured at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an 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. 

 
2.11

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 other creditors as a liability in the Statement of financial position

- 14 -

 
SPINEART (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


3.


Employees

The average monthly number of employees, excluding the directors, during the year was 3 (2022: 2).

- 15 -

 
SPINEART (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Surgery instruments

£



Cost 


At 1 January 2023
315,352


Additions
3,996



At 31 December 2023

319,348



Depreciation


At 1 January 2023
264,007


Charge for the year
17,161



At 31 December 2023

281,168



Net book value



At 31 December 2023
38,180



At 31 December 2022
51,345


5.


Stocks

2023
2022
£
£

Finished goods
716,289
592,700



6.


Debtors: amounts falling due within one year

2023
2022
£
£


Trade debtors
94,857
44,835

Other debtors
8,159
21,214

Prepayments
17,082
43,155

120,098
109,204


- 16 -

 
SPINEART (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: amounts falling due within one year

2023
2022
£
£

Trade creditors
5,067
12,713

Amounts owed to group undertakings
2,900,930
2,486,121

Other taxation and social security
18,575
14,971

Accruals
97,247
46,572

3,021,819
2,560,377


Amounts owed to group undertakings are unsecured, interest fee and repayable on demand.


8.


Share capital

2023
2022
£
£
Authorised, allotted, called up and fully paid



1 (2022: 1) ordinary share of £1
1
1

The company has one class of ordinary shares; each share equals one vote, each having right to dividends.



9.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. No contributions were payable to the fund at the balance sheet date (2022: £nil).


10.


Related party transactions

The company purchases its stocks from Spineart SA which amounted to £297,757 in 2023 (2022: £225,642). 
Small companies do not have to disclose certain related party transactions as highlighted in Schedule 1, paragraph 66 in appendix C to section 1A of FRS 102. Disclosures are mandatory only when the related party transactions are material and have not been concluded on normal market conditions.


11.


Post balance sheet events

There have been no significant events affecting the company since the year end.

- 17 -

 
SPINEART (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Controlling party

Spineart SA is a controlling party to the company, by virtue of its shareholding. Spineart SA is the parent undertaking of the smallest and largest group which consolidates the financial information of the company. Copies of the group’s financial statements may be obtained from 3 Chemin du Pré-Fleuri, 1228 Plan-les-Ouates, Switzerland.

- 18 -