OPED UK Limited 07560067 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is wholesale of orthopedic products Digita Accounts Production Advanced 6.30.9574.0 true true 07560067 2023-01-01 2023-12-31 07560067 2023-12-31 07560067 bus:OrdinaryShareClass1 2023-12-31 07560067 core:CurrentFinancialInstruments 2023-12-31 07560067 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 07560067 core:Non-currentFinancialInstruments 2023-12-31 07560067 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 07560067 core:FurnitureFittingsToolsEquipment 2023-12-31 07560067 core:MotorVehicles 2023-12-31 07560067 bus:SmallEntities 2023-01-01 2023-12-31 07560067 bus:Audited 2023-01-01 2023-12-31 07560067 bus:FilletedAccounts 2023-01-01 2023-12-31 07560067 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 07560067 bus:RegisteredOffice 2023-01-01 2023-12-31 07560067 bus:Director1 2023-01-01 2023-12-31 07560067 bus:Director2 2023-01-01 2023-12-31 07560067 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 07560067 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07560067 core:ComputerEquipment 2023-01-01 2023-12-31 07560067 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 07560067 core:MotorVehicles 2023-01-01 2023-12-31 07560067 core:PlantMachinery 2023-01-01 2023-12-31 07560067 core:OtherRelatedParties 2023-01-01 2023-12-31 07560067 countries:AllCountries 2023-01-01 2023-12-31 07560067 2022-12-31 07560067 core:FurnitureFittingsToolsEquipment 2022-12-31 07560067 core:MotorVehicles 2022-12-31 07560067 2022-01-01 2022-12-31 07560067 2022-12-31 07560067 bus:OrdinaryShareClass1 2022-12-31 07560067 core:CurrentFinancialInstruments 2022-12-31 07560067 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 07560067 core:Non-currentFinancialInstruments 2022-12-31 07560067 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 07560067 core:FurnitureFittingsToolsEquipment 2022-12-31 07560067 core:MotorVehicles 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07560067

OPED UK Limited

Filleted Financial Statements

for the Year Ended 31 December 2023

 

OPED UK Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 9

 

OPED UK Limited

Company Information

Directors

Christian Thomas Puritscher

Mr Mark Brodie

Registered office

Unit 5
Avro Business Centre Avro Way
Bowerhill
Melksham
Wiltshire
SN12 6TP

Auditors

HMB Accountants Limited
18a Manor Way
Belasis Hall Technology Park
Billingham
TS23 4HN

 

OPED UK Limited

(Registration number: 07560067)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible Assets

4

1,513

3,899

Current assets

 

Stocks

5

650,015

500,254

Debtors

6

218,935

268,562

Cash at bank and in hand

 

503,846

326,208

 

1,372,796

1,095,024

Creditors: Amounts falling due within one year

7

(211,130)

(142,712)

Net current assets

 

1,161,666

952,312

Total assets less current liabilities

 

1,163,179

956,211

Creditors: Amounts falling due after more than one year

7

(912,555)

(1,152,970)

Net assets/(liabilities)

 

250,624

(196,759)

Capital and reserves

 

Called up share capital

8

1,100,000

1,100,000

Retained earnings

(849,376)

(1,296,759)

Shareholders' funds/(deficit)

 

250,624

(196,759)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 April 2024 and signed on its behalf by:
 

.........................................
Christian Thomas Puritscher
Director

 

OPED UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Unit 5
Avro Business Centre Avro Way
Bowerhill
Melksham
Wiltshire
SN12 6TP
United Kingdom

These financial statements were authorised for issue by the Board on 25 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The accounts have been prepared on the basis that the company is able to carry on business as a going concern, which the directors consider appropriate. The company has the support of the parent company that has confirmed its intention to continue to provide sufficient financial support for the company for the foreseeable future.

 

OPED UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 1 May 2024 was Howard M Bedford, who signed for and on behalf of HMB Accountants Limited.

.........................................

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible Assets

Tangible Assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25 % Straight line basis

Fixtures, fittings and equipment

25 % Straight line basis

Motor vehicles

25 % Straight line basis

Computer equipment

33 % Straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

OPED UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Trade Debtors

Trade Debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) 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 bringing the inventories 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.

Trade Creditors

Trade Creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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

 

OPED UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

3

Staff numbers

The average number of persons employed by the company (including Directors) during the year, was 8 (2022 - 8).

 

OPED UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Tangible Assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

67,080

7,534

74,614

Additions

700

-

700

At 31 December 2023

67,780

7,534

75,314

Depreciation

At 1 January 2023

63,181

7,534

70,715

Charge for the year

3,086

-

3,086

At 31 December 2023

66,267

7,534

73,801

Carrying amount

At 31 December 2023

1,513

-

1,513

At 31 December 2022

3,899

-

3,899

5

Stocks

2023
£

2022
£

Finished goods and goods for resale

650,015

500,254

6

Debtors

Current

2023
£

2022
£

Trade Debtors

206,464

158,955

Prepayments

4,071

5,841

Other debtors

8,400

103,766

 

218,935

268,562

7

Creditors

Creditors: amounts falling due within one year

 

OPED UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

2023
£

2022
£

Due within one year

Trade Creditors

4,695

5,912

Taxation and social security

76,407

74,009

Accruals and deferred income

30,417

10,666

Other creditors

99,611

52,125

211,130

142,712


Included in other creditors is an amount of £98,860 (2022: £47,920) due to the parent company, Oped AG.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

912,555

1,152,970


Included within loans and borrowings falling due after more than one year is £912,555 ( 2022: £1,152,970) due to parent company, Oped AG, in respect of liabilities payable or payable otherwise than by instalments which fall due for repayment after more than five years from the reporting date. The loans bare interest of 6.81% and 5.31% per anum

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

1,100,000

1,100,000

1,100,000

1,100,000

       

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Other borrowings

912,555

1,152,970

10

Related party transactions

Summary of transactions with other related parties

 

OPED UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

OPED UK LIMITED (OPED UK) is a wholly-owned subsidiary of OPED AG, a company incorporated in Switzerland.

Oped AG Limited has made loans to the company to fund working capital. Interested charged on these loans in the year is £65,687.39 (2022 £23958). At the end of the year £912,555 (2022 £1,152,970) was outstanding at the end of the year.

During the year Oped AG charged Oped UK Limited £131,694 (2022 £112,202) in respect of licence fees during the year.

Oped GMBH is a wholly owned subsidiary of Oped AG. During the year Oped GMBH invoiced Oped UK £669,210 (2022 £658,652) of which £5,028 (2022 £11,983) was included in other creditors at the end of the year