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31/12/2022
2022-12-31
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No description of principal activities is disclosed
2022-01-01
Sage Accounts Production 24.0 - FRS102_2023
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xbrli:shares
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11530585
2022-01-01
2022-12-31
11530585
2022-12-31
11530585
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11530585
2021-01-01
2021-12-31
11530585
2021-12-31
11530585
2020-12-31
11530585
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2022-12-31
11530585
core:FurnitureFittingsToolsEquipment
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2022-12-31
11530585
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2022-12-31
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2022-12-31
11530585
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2022-01-01
2022-12-31
11530585
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2021-12-31
11530585
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2021-12-31
11530585
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2022-12-31
11530585
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2022-12-31
11530585
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2022-12-31
11530585
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2021-12-31
11530585
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2022-12-31
11530585
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2021-12-31
11530585
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2022-12-31
11530585
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2021-12-31
11530585
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2021-12-31
11530585
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2021-12-31
11530585
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2022-12-31
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2022-12-31
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2022-01-01
2022-12-31
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2022-12-31
11530585
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2022-12-31
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11530585
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2022-12-31
11530585
1
2022-01-01
2022-12-31
11530585
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2022-12-31
11530585
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2022-01-01
2022-12-31
Company registration number:
11530585
United Orthopedic Corporation (UK), Ltd.
Filleted financial statements
31 December 2022
United Orthopedic Corporation (UK), Ltd.
Contents
Directors and other information
Director's responsibilities statement
Statement of financial position
Notes to the financial statements
United Orthopedic Corporation (UK), Ltd.
Directors and other information
|
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Director |
Mr Francois Bopp |
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Company number |
11530585 |
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Registered office |
2 Grange Farm Business Park |
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Grange Road |
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Hugglescote |
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Coalville |
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LE67 2BT |
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Business address |
2 Grange Farm Business Park |
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Grange Road |
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Hugglescote |
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Coalville |
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LE67 2BT |
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Auditor |
Emery & Co Accountants Limited |
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The Old Cottage Hospital |
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Leicester Road |
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Ashby de la Zouch |
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Leicestershire |
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LE65 1DB |
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Accountants |
Emery & Co Accountants Limited |
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The Old Cottage Hospital |
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Leicester Road |
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Ashby de la Zouch |
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Leicestershire |
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LE65 1DB |
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|
United Orthopedic Corporation (UK), Ltd.
Director's responsibilities statement
Year ended 31 December 2022
The director is responsible for preparing the director's report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the director is required to:
-
select suitable accounting policies and then apply them consistently; and
-
make judgments and accounting estimates that are reasonable and prudent.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
United Orthopedic Corporation (UK), Ltd.
Statement of financial position
31 December 2022
|
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2022 |
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2021 |
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|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
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|
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|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
5 |
7,482 |
|
|
|
8,727 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
7,482 |
|
|
|
8,727 |
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|
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Current assets |
|
|
|
|
|
|
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Stocks |
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|
681,487 |
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|
453,842 |
|
|
Debtors |
|
6 |
355,776 |
|
|
|
402,786 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
1,037,263 |
|
|
|
856,628 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
7 |
(
1,177,508) |
|
|
|
(
1,413,893) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current liabilities |
|
|
|
|
(
140,245) |
|
|
|
(
557,265) |
|
|
|
|
|
_______ |
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|
|
_______ |
Total assets less current liabilities |
|
|
|
|
(
132,763) |
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|
|
(
548,538) |
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|
|
|
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|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net liabilities |
|
|
|
|
(
132,763) |
|
|
|
(
548,538) |
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|
|
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|
_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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1 |
|
|
|
1 |
Profit and loss account |
|
|
|
|
(
132,764) |
|
|
|
(
548,539) |
|
|
|
|
|
_______ |
|
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|
_______ |
Shareholders deficit |
|
|
|
|
(
132,763) |
|
|
|
(
548,538) |
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|
_______ |
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_______ |
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These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
14 January 2025
, and are signed on behalf of the board by:
Mr Francois Bopp
Director
Company registration number:
11530585
United Orthopedic Corporation (UK), Ltd.
Notes to the financial statements
Year ended 31 December 2022
1.
General information
The company is a private company limited by shares, registered in England. The address of the registered office is 2 Grange Farm Business Park, Grange Road, Hugglescote, Coalville, LE67 2BT.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
These financial statements have been prepared on the basis that the Company has ceased to trade on 1 January 2023.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Plant and machinery |
- |
25 % |
reducing balance |
|
Fittings fixtures and equipment |
- |
25 % |
reducing balance |
|
Office equipment |
- |
25 % |
reducing balance |
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Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in the profit or loss.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
4
(2021:
3
).
5.
Tangible assets
|
|
Plant and machinery |
Fixtures, fittings and equipment |
Office equipment |
Total |
|
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
|
Cost |
|
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|
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At 1 January 2022 |
232,681 |
4,573 |
9,937 |
247,191 |
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Additions |
13,713 |
1,137 |
- |
14,850 |
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|
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Disposals |
(
23,307) |
- |
- |
(
23,307) |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 December 2022 |
223,087 |
5,710 |
9,937 |
238,734 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
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Depreciation |
|
|
|
|
|
|
|
|
At 1 January 2022 |
232,680 |
1,924 |
3,860 |
238,464 |
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|
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Charge for the year |
- |
826 |
1,555 |
2,381 |
|
|
|
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Impairment losses |
13,714 |
- |
- |
13,714 |
|
|
|
|
Reversal of past impairment losses |
(
23,307) |
- |
- |
(
23,307) |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 December 2022 |
223,087 |
2,750 |
5,415 |
231,252 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 December 2022 |
- |
2,960 |
4,522 |
7,482 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 December 2021 |
1 |
2,649 |
6,077 |
8,727 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
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6.
Debtors
|
|
|
2022 |
2021 |
|
|
|
£ |
£ |
|
Trade debtors |
|
312,411 |
154,830 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
- |
115,116 |
|
Other debtors |
|
43,365 |
132,840 |
|
|
|
_______ |
_______ |
|
|
|
355,776 |
402,786 |
|
|
|
_______ |
_______ |
|
|
|
|
|
No debtor has been recognised in the accounts for tax losses as the amount is not yet quantified.
7.
Creditors: amounts falling due within one year
|
|
|
2022 |
2021 |
|
|
|
£ |
£ |
|
Trade creditors |
|
(
114,566) |
89,487 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
1,043,972 |
1,224,749 |
|
Social security and other taxes |
|
14,238 |
38,345 |
|
Other creditors |
|
233,864 |
61,312 |
|
|
|
_______ |
_______ |
|
|
|
1,177,508 |
1,413,893 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Events after the end of the reporting period
With effect from 1 January 2023,
United Orthopedic Corporation (UK), Ltd.
transferred all of its trade and net assets to United Orthopedics Limited at book value, in an arm's-length transaction.This transaction does not affect the financial statements for the year ended 31 December 2022, as it occurred after the balance sheet date.
9.
Limitation of auditors liability
There is a limited liability agreement in place with the auditors Emery & Co Accountants Limited, this was approved with a written resolution dated 14 October 2024.
10.
Summary audit opinion
The auditor's report dated
14 January 2025
was qualified on the following basis.
Stock held at third parties with a value of £253,417 is included in the stock figure reported in the financial statements of £681,487. We were unable to obtain sufficient appropriate audit evidence regarding the existence of stocks held at third parties as third party stock confirmations could not be obtained and we could not gain access to this stock at the year end to confirm its existence. Consequently, we were unable to determine whether any adjustments to the amounts included in stock were necessary.
The senior statutory auditor was
Miss Lisa Joanne Emery FCCA
for and on behalf of
Emery & Co Accountants Limited
11.
Related party transactions
Included within other creditors is an amount of £474,296 (2021: £115,115 other debtors) due to United Orthopedics Limited, an entity under common control. During the year, United Orthopedics Limited received cash totalling £2,318,365 (2021: £2,045,459) and made purchases totalling £2,367,777 (2021: £1,988,033) on behalf of United Orthopedic Corporation (UK) Ltd.
The company is a wholly owned subsidiary of UOC Europe Holding S.A. Accordingly, the company has taken advantage of the exemption in paragraph 33.1A of FRS102 from disclosing transactions with wholly owned members of the group.
12.
Parent company
The immediate parent undertaking is UOC Europe Holding S.A. The director regards United Orthopedic Corporation, which is incorporated in Taiwan, as the company's ultimate parent company. The largest group in which the results of the company are consolidated is that headed by United Orthopedic Corporation. The consolidated financial statements of this company are available to the public and may be obtained from United Orthopedic Corporation, No. 57, Yuanqu 2nd Road., East Dist., Hsinchu City 300, Taiwan (R.O.C.). No other group financial statements include the results of the company.