Company registration number 04640408 (England and Wales)
Orthocraft Limited
Unaudited financial statements
For the year ended 31 January 2025
Orthocraft Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
Orthocraft Limited
Statement of financial position
As at 31 January 2025
31 January 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
183,317
186,578
Current assets
Stocks
580
820
Debtors
4
14,026
17,370
Cash at bank and in hand
6,371
38,244
20,977
56,434
Creditors: amounts falling due within one year
5
(59,454)
(61,732)
Net current liabilities
(38,477)
(5,298)
Total assets less current liabilities
144,840
181,280
Creditors: amounts falling due after more than one year
6
(89,386)
(102,887)
Net assets
55,454
78,393
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
55,354
78,293
Total equity
55,454
78,393
Orthocraft Limited
Statement of financial position (continued)
As at 31 January 2025
31 January 2025
- 2 -
For the financial year ended 31 January 2025 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 income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 13 May 2025 and are signed on its behalf by:
Mr R J Capper
Mrs K L Capper
Director
Director
Company registration number 04640408 (England and Wales)
Orthocraft Limited
Notes to the financial statements
For the year ended 31 January 2025
- 3 -
1
Accounting policies
Company information
Orthocraft Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7 Flash Lane, Trent Vale, Stoke on Trent, Staffordshire, ST4 5QZ.
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. 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 goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on despatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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:
Freehold land and buildings
No depreciation
Fixtures, fittings and equipment
15% per annum of net book value
Computer equipment
33% per annum of net book value
Motor vehicles
25% per annum of net book value
The directors consider freehold land and buildings are maintained in such a state of repair that their residual value is at least equal to their net book value. As a result, freehold land and buildings are not depreciated.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
Orthocraft Limited
Notes to the financial statements (continued)
For the year ended 31 January 2025
1
Accounting policies
(Continued)
- 4 -
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Cash and cash equivalents
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’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, 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. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Orthocraft Limited
Notes to the financial statements (continued)
For the year ended 31 January 2025
1
Accounting policies
(Continued)
- 5 -
1.8
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Total
7
7
Orthocraft Limited
Notes to the financial statements (continued)
For the year ended 31 January 2025
- 6 -
3
Tangible fixed assets
Freehold land and buildings
Fixtures, fittings and equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 February 2024
179,985
1,568
310
18,998
200,861
Disposals
(8,998)
(8,998)
At 31 January 2025
179,985
1,568
310
10,000
191,863
Depreciation and impairment
At 1 February 2024
1,485
173
12,625
14,283
Depreciation charged in the year
12
48
1,056
1,116
Eliminated in respect of disposals
(6,853)
(6,853)
At 31 January 2025
1,497
221
6,828
8,546
Carrying amount
At 31 January 2025
179,985
71
89
3,172
183,317
At 31 January 2024
179,985
83
137
6,373
186,578
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
13,699
16,800
Other debtors
327
570
14,026
17,370
5
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
15,346
16,337
Trade creditors
1,668
730
Taxation and social security
5,207
14,201
Other creditors
37,233
30,464
59,454
61,732
Orthocraft Limited
Notes to the financial statements (continued)
For the year ended 31 January 2025
- 7 -
6
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
89,386
102,887
Amounts included above which fall due after five years are as follows:
Payable by instalments
34,964
40,580
7
Security
The bank loans are secured by a fixed and floating charge over the assets of the company.