Company registration number 04303031 (England and Wales)
Orthomed (UK) Limited
Unaudited
financial statements
for the year ended 31 December 2023
PAGES FOR FILING WITH REGISTRAR
Orthomed (UK) Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
Orthomed (UK) Limited
Statement of financial position
as at 31 December 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
64
64
Current assets
Stocks
1,268,062
986,330
Debtors
4
2,954,608
2,732,731
Cash at bank and in hand
578,775
1,107,884
4,801,445
4,826,945
Creditors: amounts falling due within one year
5
(632,255)
(817,855)
Net current assets
4,169,190
4,009,090
Net assets
4,169,254
4,009,154
Capital and reserves
Called up share capital
400
400
Capital redemption reserve
60,000
60,000
Profit and loss reserves
4,108,854
3,948,754
Total equity
4,169,254
4,009,154
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 19 August 2024 and are signed on its behalf by:
J B Finegold
Director
Company registration number 04303031 (England and Wales)
Orthomed (UK) Limited
Notes to the financial statements
for the year ended 31 December 2023
- 2 -
1
Accounting policies
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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Turnover
Turnover represents the fair value of the consideration 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. Turnover is recognised on the provision of service obligations where a right to consideration is due.
Fixed asset investments
Fixed asset investments are stated at cost less provision for diminution in value.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
8
6
Orthomed (UK) Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
- 3 -
3
Fixed asset investments
2023
2022
£
£
Investments
64
64
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2023 & 31 December 2023
64
Carrying amount
At 31 December 2023
64
At 31 December 2022
64
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,084,154
829,768
Corporation tax recoverable
160,218
Amounts owed by group undertakings
17,760
19,125
Other debtors
1,900
Prepayments and accrued income
22,904
111,581
1,285,036
962,374
2023
2022
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
1,669,572
1,770,357
Total debtors
2,954,608
2,732,731
Orthomed (UK) Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
- 4 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
150,114
285,335
Amounts owed to group undertakings
374,399
374,399
Corporation tax
82,564
Other taxation and social security
21,934
16,523
Accruals and deferred income
85,808
59,034
632,255
817,855
6
Parent company
The parent company is Squared MT Holdings Ltd, a company incorporated in England and Wales, whose registered office is 100 Avebury Boulevard, Milton Keynes, United Kingdom, MK9 1FH.
7
Company information
Orthomed (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 100 Avebury Boulevard, Milton Keynes, MK9 1FH.