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Company No: 05276121 (England and Wales)

D M ORTHOTICS LIMITED

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

D M ORTHOTICS LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

D M ORTHOTICS LIMITED

COMPANY INFORMATION

For the financial year ended 30 November 2023
D M ORTHOTICS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 November 2023
DIRECTOR Mr M Matthews
SECRETARY Miss E J Matthews
REGISTERED OFFICE Unit 2 Cardrew Way
Cardrew Industrial Estate
Redruth
TR15 1SS
England
United Kingdom
COMPANY NUMBER 05276121 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Hitchcock House
Hilltop Park
Devizes Road
Salisbury
Wiltshire SP3 4UF
D M ORTHOTICS LIMITED

BALANCE SHEET

As at 30 November 2023
D M ORTHOTICS LIMITED

BALANCE SHEET (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 559,521 521,841
Tangible assets 4 135,211 117,909
Investments 5 190,706 190,706
885,438 830,456
Current assets
Stocks 258,072 247,482
Debtors 6 543,746 445,533
Cash at bank and in hand 1,874,080 1,694,554
2,675,898 2,387,569
Creditors: amounts falling due within one year 7 ( 598,346) ( 528,215)
Net current assets 2,077,552 1,859,354
Total assets less current liabilities 2,962,990 2,689,810
Creditors: amounts falling due after more than one year 8 ( 227,478) ( 363,636)
Provision for liabilities ( 115,093) ( 107,226)
Net assets 2,620,419 2,218,948
Capital and reserves
Called-up share capital 270 270
Capital redemption reserve 1,030 1,030
Profit and loss account 2,619,119 2,217,648
Total shareholders' funds 2,620,419 2,218,948

For the financial year ending 30 November 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of D M Orthotics Limited (registered number: 05276121) were approved and authorised for issue by the Director on 28 August 2024. They were signed on its behalf by:

Mr M Matthews
Director
D M ORTHOTICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
D M ORTHOTICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

D M Orthotics Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 2 Cardrew Way, Cardrew Industrial Estate, Redruth, TR15 1SS, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover represents the value of goods sold during the year, net of Value Added tax and trade discounts. Turnover is recognised when goods are physically delivered to customer.

Where customers pay in advance for goods, the amount is recorded as deferred income until the goods have been delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Separately acquired trademarks and license are shown at historical costs.

Trademarks, licenses(including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licenses and custom-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software 4 - 7 years straight line
Trademarks, patents and licences 5 - 20 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) 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 the bringing the stocks 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

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired , plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of contribution at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investment in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities , where applicable is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable

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 the are due. If contribution payments exceed the contribution due for the service, the excess is recognised as a prepayment.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 64 58

3. Intangible assets

Computer software Trademarks, patents
and licences
Total
£ £ £
Cost
At 01 December 2022 408,100 278,404 686,504
Additions 66,245 40,930 107,175
At 30 November 2023 474,345 319,334 793,679
Accumulated amortisation
At 01 December 2022 118,664 45,999 164,663
Charge for the financial year 51,707 17,788 69,495
At 30 November 2023 170,371 63,787 234,158
Net book value
At 30 November 2023 303,974 255,547 559,521
At 30 November 2022 289,436 232,405 521,841

4. Tangible assets

Plant and machinery Fixtures and fittings Office equipment Total
£ £ £ £
Cost
At 01 December 2022 298,504 289,695 183,785 771,984
Additions 30,738 24,376 8,452 63,566
Disposals ( 2,255) 0 0 ( 2,255)
0 0 0 0
At 30 November 2023 326,987 314,071 192,237 833,295
Accumulated depreciation
At 01 December 2022 284,113 235,352 134,610 654,075
Charge for the financial year 11,044 19,862 14,407 45,313
Disposals ( 1,304) 0 0 ( 1,304)
At 30 November 2023 293,853 255,214 149,017 698,084
Net book value
At 30 November 2023 33,134 58,857 43,220 135,211
At 30 November 2022 14,391 54,343 49,175 117,909

5. Fixed asset investments

Investments in associates Total
£ £
Cost or valuation before impairment
At 01 December 2022 190,706 190,706
At 30 November 2023 190,706 190,706
Carrying value at 30 November 2023 190,706 190,706
Carrying value at 30 November 2022 190,706 190,706

6. Debtors

2023 2022
£ £
Trade debtors 385,990 312,245
Other debtors 157,756 133,288
543,746 445,533

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 136,442 136,442
Trade creditors 170,506 174,845
Taxation and social security 213,397 138,832
Other creditors 78,001 78,096
598,346 528,215

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 227,478 363,636

There are no amounts included above in respect of which any security has been given by the small entity.