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Company registration number: 12120603
United Orthopedics Limited
Filleted financial statements
31 December 2023
United Orthopedics Limited
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Statement of changes in equity
Notes to the financial statements
United Orthopedics Limited
Directors and other information
Directors Mr Francois Bopp
Mr Malcolm Pearson
Company number 12120603
Registered office Unit 2b Illuma Park Gelders Hall Road
Shepshed
Loughborough
Leicestershire
LE12 9NH
Business address Unit 2b Illuma Park Gelders Hall Road
Shepshed
Loughborough
Leicestershire
LE12 9NH
Auditor Emery & Co Accountants Limited
The Hayloft, Lodge Farm
Lodge Lane
Cheslyn Hay
Cannock
WS11 0LT
United Orthopedics Limited
Directors responsibilities statement
Year ended 31 December 2023
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are 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 them 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 Orthopedics Limited
Statement of financial position
31 December 2023
31/12/23 31/12/22
Note £ £ £ £
Fixed assets
Tangible assets 5 20,132 -
_______ _______
20,132 -
Current assets
Stocks 1,288,798 -
Debtors 6 445,380 474,298
Cash at bank and in hand 32,405 65,704
_______ _______
1,766,583 540,002
Creditors: amounts falling due
within one year 7 ( 1,565,337) -
_______ _______
Net current assets 201,246 540,002
_______ _______
Total assets less current liabilities 221,378 540,002
_______ _______
Net assets 221,378 540,002
_______ _______
Capital and reserves
Called up share capital 8 540,002 540,002
Profit and loss account ( 318,624) -
_______ _______
Shareholders funds 221,378 540,002
_______ _______
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 05 August 2025 , and are signed on behalf of the board by:
Mr Malcolm Pearson
Director
Company registration number: 12120603
United Orthopedics Limited
Statement of changes in equity
Year ended 31 December 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 August 2022 540,002 - 540,002
(Loss)/profit for the year - -
_______ _______ _______
Total comprehensive income for the year - - -
_______ _______ _______
At 31 December 2022 and 1 January 2023 540,002 - 540,002
(Loss)/profit for the year ( 318,624) ( 318,624)
_______ _______ _______
Total comprehensive income for the year - ( 318,624) ( 318,624)
_______ _______ _______
At 31 December 2023 540,002 ( 318,624) 221,378
_______ _______ _______
United Orthopedics Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Unit 2b Illuma Park Gelders Hall Road, Shepshed, Loughborough, Leicestershire, LE12 9NH.
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.The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. In making this assessment, the directors have reviewed financial forecasts, which demonstrate that the company can operate within its available cash resources for at least the next 12 months.Based on this review, the directors are confident that the company is in a position to meet its obligations as and when they fall due for a period of at least 12 months from the date of signing the financial statements. This assessment is further supported by the company's performance to date in 2025, which has exceeded initial expectations.In light of this thorough assessment of the business's liquidity, the directors do not consider there to be any material uncertainty related to going concern. Accordingly, these financial statements have been prepared on the going concern basis of accounting.
Judgements and key sources of estimation uncertainty
In preparing these financial statements, the directors have made a significant judgement regarding its accounting policies and in doing so the directors have concluded that the company is a going concern. This determination is based on the company's financial position, performance, and expected future cash flows.The directors have assessed the company's ability to continue as a going concern for the foreseeable future and have concluded that there are no material uncertainties that would cast significant doubt upon the company's ability to continue operating. As such, these financial statements have been prepared on a going concern basis.There are no other significant judgements or key sources of estimation uncertainty in the preparation of these financial statements.
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.
Foreign currencies
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.
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:
Fittings fixtures and equipment - 25% reducing balance
Office equipment - 25% reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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.
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.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
Change of accounting period end - prior year
The company changed its accounting reference date from 31 July 2023 to 31 December 2022 in the prior year. As a result, the prior year figures in these financial statements cover a shortened reporting period from 1 August 2022 to 31 December 2022, a period totalling five months. The current year figures represent the full twelve-month period from 1 January 2023 to 31 December 2023. This change was made to align the company's financial year end with other group companies.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 2 ).
5. Tangible assets
Fixtures, fittings and equipment Office equipment Total
£ £ £
Cost
At 1 January 2023 - - -
Additions 18,346 6,976 25,322
Disposals ( 642) ( 755) ( 1,397)
_______ _______ _______
At 31 December 2023 17,704 6,221 23,925
_______ _______ _______
Depreciation
At 1 January 2023 - - -
Charge for the year 2,827 1,315 4,142
Disposals ( 160) ( 189) ( 349)
_______ _______ _______
At 31 December 2023 2,667 1,126 3,793
_______ _______ _______
Carrying amount
At 31 December 2023 15,037 5,095 20,132
_______ _______ _______
At 31 December 2022 - - -
_______ _______ _______
6. Debtors
31/12/23 31/12/22
£ £
Trade debtors 405,963 -
Amounts owed by group undertakings and undertakings in which the company has a participating interest - 474,296
Other debtors 39,417 2
_______ _______
445,380 474,298
_______ _______
No debtor has been recognised in these financial statements for tax losses as the amount is not yet quantified.
7. Creditors: amounts falling due within one year
31/12/23 31/12/22
£ £
Trade creditors 139,730 -
Amounts owed to group undertakings and undertakings in which the company has a participating interest 1,282,045 -
Social security and other taxes 14,827 -
Other creditors 128,735 -
_______ _______
1,565,337 -
_______ _______
8. Called up share capital
Issued, called up and fully paid
31/12/23 31/12/22
No £ No £
Ordinary shares of £ 1.00 each 540,002 540,002 540,002 540,002
_______ _______ _______ _______
9. Events after the end of the reporting period
Subsequent to the year end the asset purchase agreement was signed by the directors to reflect the transfer of the trade and net assets from United Orthopedic Corporation (UK), Ltd. to United Orthopedics Limited at book value with effect from 1 January 2023.
10. 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 7 April 2025.
11. Summary audit opinion
The auditor's report dated 06 August 2025 was qualified on the following basis.
Stock held at third parties with a value of £490,107 is included in the stock figure reported in the financial statements of £1,288,798. 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
12. Directors advances, credits and guarantees
Included within other creditors is an amount of £1,501 (2022: £Nil) due to the director, Mr M Pearson. This loan is interest free and repayable on demand.
13. Related party transactions
During the year, the company made sales to group companies totalling £12,038 (2022: £Nil).During the year, the company made purchases from group companies totalling £1,137,518 (2022: £Nil).During the year, the company received cash on behalf of a group company totalling £Nil (2022: £431,525).During the year, the company made payments on behalf of a group company totalling £Nil (2022: £395,814).Included within amounts owed to group undertakings and undertakings in which the company has a participating interest are amounts due to group companies totalling £1,282,045 (2022: £474,296 due from).On 1 January 2023, United Orthopedic Corporation (UK), Ltd. transferred all its trade and assets to United Orthopedics Limited as part of a restructuring process. Following the transfer, United Orthopedics Limited commenced trading.The transfer of trade and assets was carried out at book value. All assets, liabilities and associated operations previously held by United Orthopedic Corporation (UK), Ltd. are now owned by United Orthopedics Limited .The book value of the assets transferred was:
Fixed assets 7,482
Stocks 681,487
Debtors 355,776
Creditors (1,177,508)
_______ |
(132,763)
_______ |
During the year, United Orthopedic Corporation (UK), Ltd. forgave a debt totalling £132,763 (2022: £Nil) due from United Orthopedics Limited.
14. Controlling party
The company's ultimate controlling party is UOC Europe Holdings SA by virture of its majority shareholding.The directors regard 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.