Company registration number 09521594 (England and Wales)
OLIS ORTHOPAEDICS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
OLIS ORTHOPAEDICS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
OLIS ORTHOPAEDICS LTD
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,632
4,382
Current assets
Debtors
5
11,661
Cash at bank and in hand
11,208
17,233
11,208
28,894
Creditors: amounts falling due within one year
6
(12,798)
(20,711)
Net current (liabilities)/assets
(1,590)
8,183
Net assets
42
12,565
Capital and reserves
Called up share capital
150
150
Profit and loss reserves
(108)
12,415
Total equity
42
12,565
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
A Chen
Director
Company registration number 09521594 (England and Wales)
OLIS ORTHOPAEDICS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information
Olis Orthopaedics Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Wellesley House, Duke of Wellington Avenue, Royal Arsenal, London, SE18 6SS.
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 £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.
1.3
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:
Fixtures and fittings
3 years straight line basis
Computer equipment
25% straight line basis
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.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.5
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’, which are measured at amortised costs. The company does not have any Other Financial Instruments as covered by Section 12 of FRS 102.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
OLIS ORTHOPAEDICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
2
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2023 and 30 April 2024
21,678
Depreciation and impairment
At 1 May 2023
17,296
Depreciation charged in the year
2,750
At 30 April 2024
20,046
Carrying amount
At 30 April 2024
1,632
At 30 April 2023
4,382
OLIS ORTHOPAEDICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
7,444
Other debtors
4,217
11,661
6
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
2,583
8,191
Other creditors
10,215
12,520
12,798
20,711