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Registered number: 02346911












DORSET ORTHOPAEDIC COMPANY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 

DORSET ORTHOPAEDIC COMPANY LIMITED

CONTENTS



Page
Company information
 
1
Balance sheet
 
2 - 3
Statement of changes in equity
 
4
Notes to the financial statements
 
5 - 13


 

DORSET ORTHOPAEDIC COMPANY LIMITED
 
COMPANY INFORMATION


Directors
G J Bates  
M N Hughes  




Company secretary
G J Bates



Registered number
02346911



Registered office
Unit 18 Parvaneh Park
Embankment Way

Ringwood

Hampshire

BH24 1WL




Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:02346911
DORSET ORTHOPAEDIC COMPANY LIMITED

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
56,622
42,247

Tangible assets
 5 
1,026,906
190,259

  
1,083,528
232,506

Current assets
  

Stocks
  
981,647
403,831

Debtors due within 1 year
 6 
2,538,934
1,640,876

Cash at bank and in hand
  
1,022,902
758,415

  
4,543,483
2,803,122

Creditors: amounts falling due within one year
 7 
(4,044,578)
(1,442,363)

Net current assets
  
 
 
498,905
 
 
1,360,759

Total assets less current liabilities
  
1,582,433
1,593,265

Provisions for liabilities
  

Deferred tax
  
(133,539)
(31,420)

Other provisions
 8 
(795,693)
(290,300)

  
 
 
(929,232)
 
 
(321,720)

Net assets
  
653,201
1,271,545

Page 2


 
REGISTERED NUMBER:02346911
DORSET ORTHOPAEDIC COMPANY LIMITED
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
 9 
51
51

Capital redemption reserve
  
10
10

Profit and loss account
  
653,140
1,271,484

Total equity
  
653,201
1,271,545


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 profit and loss account 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: 



G J Bates
Director

Date: 21 September 2024

The notes on pages 5 to 13 form part of these financial statements.

Page 3

 

DORSET ORTHOPAEDIC COMPANY LIMITED

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


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
51
10
1,230,196
1,230,257


Comprehensive income for the year

Profit for the year
-
-
841,288
841,288
Total comprehensive income for the year
-
-
841,288
841,288


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(800,000)
(800,000)


Total transactions with owners
-
-
(800,000)
(800,000)



At 1 January 2023
51
10
1,271,484
1,271,545


Comprehensive income for the year

Profit for the year
-
-
381,656
381,656
Total comprehensive income for the year
-
-
381,656
381,656


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(1,000,000)
(1,000,000)


Total transactions with owners
-
-
(1,000,000)
(1,000,000)


At 31 December 2023
51
10
653,140
653,201


Page 4

 

DORSET ORTHOPAEDIC COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Dorset Orthopaedic Company Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is Unit 11 Headlands Business Park, Salisbury Road, Ringwood, Hampshire, BH24 3PB.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. 

Page 5

 

DORSET ORTHOPAEDIC COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Sale of goods

Revenue 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 revenue 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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

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.
Amortisation is calculated so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line method.
Patents and trademarks are amortised through the profit and loss account in equal instalments over the life of the patent.
Computer software and development is amortised through the profit and loss account in equal instalments over a period of 5 years.


 
2.5

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 6

 

DORSET ORTHOPAEDIC COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.5
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:

Leasehold improvements
-
20%
Plant and machinery
-
20%
Computer equipment
-
25%

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.

 
2.6

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.

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 except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'administrative expenses'.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 7

 

DORSET ORTHOPAEDIC COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Stocks and work in progress

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. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet 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 profit or loss.

 
2.9

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

  
2.10

Share capital

Ordinary shares are classified as equity.

  
2.11

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the company becomes 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. 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 
 
Financial assets

Basic financial assets, including trade, other debtors, cash and bank balances, and intercompany financing are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
 
Financial liabilities

Basic financial liabilities, including trade and other creditors, and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Page 8

 

DORSET ORTHOPAEDIC COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  

Financial instruments (continued)

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. 
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. 
Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet 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.

 
2.12

Interest income

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

Page 9

 

DORSET ORTHOPAEDIC COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

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 balance sheet 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 balance sheet.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 124 (2022 - 74).


4.


Intangible assets




Patents
Software
Total

£
£
£



Cost


At 1 January 2023
61,739
133,481
195,220


Additions
-
44,490
44,490



At 31 December 2023

61,739
177,971
239,710



Amortisation


At 1 January 2023
54,409
98,564
152,973


Charge for the year
1,968
28,147
30,115



At 31 December 2023

56,377
126,711
183,088



Net book value



At 31 December 2023
5,362
51,260
56,622



At 31 December 2022
7,330
34,917
42,247


Page 10

 

DORSET ORTHOPAEDIC COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Computer equipment
Total

£
£
£
£



Cost


At 1 January 2023
546,521
820,660
282,968
1,650,149


Additions
610,133
150,302
30,273
790,708


Transferred in
279,069
57,309
19,716
356,094



At 31 December 2023

1,435,723
1,028,271
332,957
2,796,951



Depreciation


At 1 January 2023
533,171
677,654
249,065
1,459,890


Charge for the year
188,714
97,678
23,763
310,155



At 31 December 2023

721,885
775,332
272,828
1,770,045



Net book value



At 31 December 2023
713,838
252,939
60,129
1,026,906



At 31 December 2022
13,350
143,006
33,903
190,259


6.


Debtors

2023
2022
£
£


Trade debtors
1,236,246
733,556

Amounts owed by group undertakings
957,157
739,231

Other debtors
154,433
66,050

Prepayments and accrued income
191,098
102,039

2,538,934
1,640,876


Page 11

 

DORSET ORTHOPAEDIC COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Payments received on account
2,404,906
698,843

Trade creditors
194,798
86,847

Amounts owed to group undertakings
597,280
152,833

Corporation tax
40,847
106,494

Other taxation and social security
101,028
61,860

Other creditors
41,552
25,288

Accruals and deferred income
664,167
310,198

4,044,578
1,442,363



8.


Provisions





Dilapidations provision

£





At 1 January 2023
290,300


Charged to profit or loss
505,393



At 31 December 2023
795,693


9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



5,100 (2022 - 5,100) Ordinary A shares of £0.01 each
51
51

The holders of ordinary A shares are entitled to receive dividends, full voting and capital distribution rights. They do not confer any rights of redemption.



10.


Pension commitments

At 31 December 2023 the company has amounts payable of £41,552 (2022: £25,281) to defined contribution pension schemes.


11.


Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures"  from disclosing transactions with entities which are a wholly owned part of the group.

Page 12

 

DORSET ORTHOPAEDIC COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Parent undertaking

The smallest group for which consolidated financial statements are drawn up is headed by Otto Bock Holding GmbH & Co KG. whose registered office is Max-Näder Str, D-37115 Duderstadt, Germany.


13.


Hive across

In January 2023, the immediate parent, Otto Bock Holding BV, of the company acquired 100% of the shares in Phoenix Rehabilitation Services Limited and its subsidiary Pace Rehabilitation Limited. On the same day, the trade and assets of Pace Rehabilitation Limited were purchased by Dorset Orthopaedic Company Limited.


14.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 23 September 2024 by Simon Rothenberg (senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.

 
Page 13