Company registration number 09792457 (England and Wales)
ORTHORACLE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
ORTHORACLE LIMITED
CONTENTS
Page
Accountants' report
1
Statement of financial position
2 - 3
Notes to the financial statements
4 - 6
ORTHORACLE LIMITED
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF ORTHORACLE LIMITED
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Orthoracle Limited for the year ended 31 March 2024 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the board of directors of Orthoracle Limited, as a body, in accordance with the terms of our engagement letter dated 1 May 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Orthoracle Limited and state those matters that we have agreed to state to the board of directors of Orthoracle Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Orthoracle Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Orthoracle Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Orthoracle Limited. You consider that Orthoracle Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Orthoracle Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Jerroms GCN Limited
21 October 2024
Chartered Certified Accountants
West Point, Second Floor
Mucklow Office Park
Mucklow Hill
Halesowen
B62 8DY
ORTHORACLE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
363,151
354,013
Tangible assets
4
616
1,447
363,767
355,460
Current assets
Debtors
5
22,957
10,794
Cash at bank and in hand
25,590
6,248
48,547
17,042
Creditors: amounts falling due within one year
6
(98,285)
(70,494)
Net current liabilities
(49,738)
(53,452)
Net assets
314,029
302,008
Capital and reserves
Called up share capital
7
2,000
2,000
Share premium account
399,600
399,600
Profit and loss reserves
(87,571)
(99,592)
Total equity
314,029
302,008
ORTHORACLE LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 3 -
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have 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 and signed by the director and authorised for issue on 21 October 2024
Mr M L Herron
Director
Company registration number 09792457 (England and Wales)
ORTHORACLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information
Orthoracle Limited is a private company limited by shares incorporated in England and Wales. The registered office is West Point, Second Floor, Mucklow Office Park, Mucklow Hill, Halesowen, West Midlands, England, B62 8DY.
1.1
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 £.
1.2
Turnover
Revenue is measured at the fair value of the consideration received or recoverable, excluding, rebates, value added tax and other sales taxes.
1.3
Intangible fixed assets - goodwill
Goodwill, being the amount paid in connection with the acquisition of the IPR rights and development costs will be amortised over its estimated useful life of 10 years, once the development is completed.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Software
Amortised evenly over its estimated useful life , once the development is completed.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
33% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
ORTHORACLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Intangible fixed assets
Goodwill
Software
Total
£
£
£
Cost
At 1 April 2023
90,000
264,013
354,013
Additions
9,138
9,138
At 31 March 2024
90,000
273,151
363,151
Amortisation and impairment
At 1 April 2023 and 31 March 2024
Carrying amount
At 31 March 2024
90,000
273,151
363,151
At 31 March 2023
90,000
264,013
354,013
4
Tangible fixed assets
Computer equipment
£
Cost
At 1 April 2023 and 31 March 2024
4,994
Depreciation and impairment
At 1 April 2023
3,547
Depreciation charged in the year
831
At 31 March 2024
4,378
Carrying amount
At 31 March 2024
616
At 31 March 2023
1,447
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by undertakings in which the company has a participating interest
3,085
2,579
Other debtors
4,872
4,983
Prepayments and accrued income
15,000
3,232
22,957
10,794
Amounts owed by participating interests do not bear interest, are unsecured and are repayable on demand.
ORTHORACLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to undertakings in which the company has a participating interest
89,921
49,768
Other creditors
2,879
Accruals and deferred income
8,364
17,847
98,285
70,494
Amounts owed to participating interests do not bear interest, are unsecured and are repayable on demand.
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary of 10p each
12,000
12,000
1,200
1,200
B Ordinary of 10p each
4,000
4,000
400
400
C Ordinary of 10p each
4,000
4,000
400
400
20,000
20,000
2,000
2,000