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Company No: 09360214 (England and Wales)

ORTHONIKA LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

ORTHONIKA LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

ORTHONIKA LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2024
ORTHONIKA LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2024
Directors M A Accardi
A A Amis
J P Cobb
M Graziosi
D Kleyn
Registered office 2nd Floor 168 Shoreditch High Street
London
E1 6RA
United Kingdom
Company number 09360214 (England and Wales)
Accountant Kreston Reeves LLP
37 St Margarets Street
Canterbury
Kent
CT1 2TU
ORTHONIKA LIMITED

BALANCE SHEET

As at 31 December 2024
ORTHONIKA LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 7,550 11,454
7,550 11,454
Current assets
Debtors 4 94,826 98,932
Cash at bank and in hand 95,826 181,063
190,652 279,995
Creditors: amounts falling due within one year 5 ( 29,534) ( 57,424)
Net current assets 161,118 222,571
Total assets less current liabilities 168,668 234,025
Net assets 168,668 234,025
Capital and reserves
Called-up share capital 6 2,360 2,322
Share premium account 2,926,781 2,792,250
Profit and loss account ( 2,760,473 ) ( 2,560,547 )
Total shareholders' funds 168,668 234,025

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Orthonika Limited (registered number: 09360214) were approved and authorised for issue by the Board of Directors on 15 May 2025. They were signed on its behalf by:

D Kleyn
Director
ORTHONIKA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
ORTHONIKA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Orthonika Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2nd Floor 168 Shoreditch High Street, London, United Kingdom, E1 6RA.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest pound.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Office equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 7 9

3. Tangible assets

Office equipment Total
£ £
Cost
At 01 January 2024 15,612 15,612
At 31 December 2024 15,612 15,612
Accumulated depreciation
At 01 January 2024 4,158 4,158
Charge for the financial year 3,904 3,904
At 31 December 2024 8,062 8,062
Net book value
At 31 December 2024 7,550 7,550
At 31 December 2023 11,454 11,454

4. Debtors

2024 2023
£ £
Prepayments 30,307 6,920
VAT recoverable 6,827 27,268
Other debtors 57,692 64,744
94,826 98,932

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 25,075 50,396
Accruals 3,025 7,028
Other creditors 1,434 0
29,534 57,424

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
235,965 Ordinary shares of £ 0.01 each (2023: 232,204 shares of £ 0.01 each) 2,360 2,322

Ordinary shares of 3,761 are issued at £35.78 during the year having nominal value of £0.01.

7. Related party transactions

All related party transactions during the current and prior periods, were made under normal market conditions.

8. Ultimate controlling party

The directors consider there to be no ultimate controlling party.