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Registered number: 01271967












OTTO BOCK HEALTHCARE PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

 

OTTO BOCK HEALTHCARE PLC

CONTENTS



Page
Company information
 
1
Strategic report
 
2 - 5
Directors' report
 
6
Directors' responsibilities statement
 
7
Independent auditor's report
 
8 - 11
Profit and loss account
 
12
Balance sheet
 
13
Statement of changes in equity
 
14
Notes to the financial statements
 
15 - 30

 

OTTO BOCK HEALTHCARE PLC
 
COMPANY INFORMATION


Directors
G J Bates 
A P McLean 




Company secretary
G J Bates



Registered number
01271967



Registered office
32 Parsonage Road
Englefield Green

Egham

Surrey

TW20 0LD




Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1

 

OTTO BOCK HEALTHCARE PLC
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The directors present their strategic report on the company for the year ended 31 December 2024. The principal activity of the company during the year was that of distributors and manufacturers of orthopaedic and rehabilitation goods, and provider of clinical services.

Business review
 
The results for the year and the financial position at the year-end were considered pleasing by the directors as based on forecasts for the year.
Turnover for the year ended 31 December 2024 amounted to £33,306,797 (2023: £30,898,218), a increase of 8% when compared to turnover generated in the year ended 31 December 2023. Earnings before interest, taxation, depreciation and amortisation (EBITDA) has increased from £1,987,240 in 2023 to £3,699,937 during the year under review.
Stocks held at 31 December 2024 amounted to £1,668,363 compared to £1,294,142 at 31 December 2023, a increase of 28.9%. Stock levels are monitored by management on an ongoing basis and fluctuate according to customer requirements, and the number of sites where stock is held.
As at 31 December 2024 trade debtors were £5,107,327 compared to £4,794,085 as at 31 December 2023.

Principal risks and uncertainties
 
Commercial risk
The results of the company are significantly driven by levels of turnover which remains reliant on certain contracts, which represents a key risk.
Foreign exchange rates
The company is exposed to foreign currency exchange rate fluctuations, due to its transactions with group members. The company manages its foreign exchange requirements and exposure on an ongoing basis and uses currency bank accounts to minimise risk and exposure.
Credit risk
The company is exposed to credit risk from potential default of its customers, and through slow payment of some customers. This risk is minimised through having a proactive credit control department.
Research and development activities
The company undertakes research and development activities. All such expenditure is written off to the profit and loss account when incurred.

Page 2

 

OTTO BOCK HEALTHCARE PLC

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Financial key performance indicators
 
The KPIs that the directors use to assess the performance of the business are EBITDA and turnover. Performance against these are noted above.
Human Resources
The company is committed to achieving its vision of becoming a market leader. It will attain this by employing highly motivated, trained and skilled professionals working within a team environment for the benefit of the employer and the employee. Our HR strategy is part of our strategic business tool and is directly driven by that of individual team goals. In return for our commitment to our employees we expect a corresponding commitment from them. 
We face relentless competition in a tough market and we recruit staff who we feel will rise to the challenge in the face of fierce competition. We employ people who we feel have the knowledge, experience, intellect, creativity and innovative thinking to match our business needs. We expect our employees to be forward thinking and behave in a way which brings about effective change. If the company succeeds, our employees succeed. If our employees succeed, the company succeeds. We are totally interdependent.
Our employees should feel that they work in an environment where excellence is achievable. Throughout the year we have maintained our commitment to employee involvement throughout the business.
Health and safety
The company is committed to giving health and safety the highest priority in all its activities, and recognises its statutory duties under the Health and Safety at Work Act 1974. This includes ensuring the health, safety and welfare of not only our employees, but also customers, patients, contractors, visitors and any other persons who could be effected by our acts or omissions. Our Health and Safety Management System is audited by an external company and we are certified to the OHSAS ISO 45001:2018 standard.
Environmental policy
Otto Bock Healthcare PLC recognises our responsibility towards protecting the environment, and minimising negative impacts of our activities. The company complies with national and international legislation for implementing best practice which will help achieve targets for demonstrating sound environmental performance. 
As such we operate and maintain an Environmental Management System (EMS) conforming to the requirements of the BS EN ISO 14001:2015 standard.
Sustainability
Ottobock Healthcare PLC is constantly improving its operations by implementing and monitoring processes to assess impacts both internally and externally. The strategy is to achieve the best outcome while utilising and re-using resources in a way that minimises our carbon footprint. 
Our ISO14001 Environmental Management System certification ensures we have strong processes to achieve this.  The company re-purposes and re-uses material, uses green and renewable energy resources and drives low emission, electric or hybrid cars or alternatively encourages use of public transport. All of this focus ensures the company is becoming a more sustainable and ‘greener’ organisation, and means it is positioned well to meet its requirements to cut emissions year on year. 
Quality assurance
As a service provider Otto Bock Healthcare PLC is committed to the achievement of quality in each and every aspect of its business. To ensure that this objective is met, the group operates a Quality Management System, which is certified to the ISO ISO13485:2016 and where applicable, BS EN 13485:2003 and relevant statutory requirements as applied to the activities of the company.

 
Page 3

 

OTTO BOCK HEALTHCARE PLC

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Equal opportunities
The company is committed to an active equal opportunities policy from recruitment and selection, through training and development, appraisal and promotion to retirement. 
It is the policy of the company to promote an environment free from discrimination, harassment and victimisation, where everyone will receive equal treatment regardless of gender, colour, ethnic or national origin, disability, age, marital status, sexual orientation or religion. All decisions relating to employment practices will be objective, free from bias and based solely upon work criteria and individual merit. The company is responsive to the needs of its employees, customers and the community at large.

Directors' statement of compliance with duty to promote the success of the company
 
As a Board we have always taken decisions for the long term, and collectively and individually our aim is always to uphold the highest standards of conduct. Similarly, we understand that our business can only grow and prosper over the long term if we understand and respect the views and needs of our customers, colleagues and the communities in which we operate, as well as our suppliers, the environment and the shareholders to whom we are accountable.
The directors are required to act in the way they consider would be most likely to promote the success of the company for the benefits of its members as a whole, with regards to the matters below, and work in collaboration with the company’s senior leadership team and the group management team in order to achieve this.
(a) The likely consequences of any decision in the long-term. 
The directors are required annually to prepare annual forecasts and business plans by group management. These plans require us to consider the long-term impact of all our strategic decisions at board level. The plans are reviewed by group management and updated and amended in light of market conditions at the time.
(b) The interests of the company's employees
The board considers our people to be our greatest asset and the interests of our employees are always considered when decisions are made. We conduct staff surveys to obtain the views of our employees. The results of the staff surveys are presented to the board and shared with employees together with action plans to address issues raised.
Disabled employees
The company has continued its policy regarding the employment of disabled persons. Full and fair consideration is given to applications for employment made by disabled persons having regard to their particular aptitude and abilities. Appropriate arrangements are made, wherever possible, for retraining employees who become disabled, including retraining for alternative work, so as to further their career development within the company.
(c) The need to foster the company's business relationships with suppliers, customers and others
The company is very focused on its customers. The directors and senior leadership team work closely with customers to build long-term relationships, and often meet with customers to reflect on their feedback. We review consumer service performance indicators across a variety of measures.
Whilst the majority of purchases are made from our group, we have procurement systems in place who work closely with other third-party suppliers across the business. We aim to work in partnership with our suppliers, to treat them fairly and to use them to help drive innovation, change and efficiency across the business. We expect our suppliers to reflect similar values and behaviours to our own. The board in conjunction with group procurement has oversight of the purchasing process, approves the awarding of large contracts and reviews supplier performance.

 
Page 4

 

OTTO BOCK HEALTHCARE PLC

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Directors' statement of compliance with duty to promote the success of the company (continued)
(d) The impact of the company's operations on the community and environment
We have an impact on the communities and society we operate within. The Board regularly receives updates on our environmental impact, and the business reviews and seeks to reduce wherever possible our environmental footprint.
(e) The desirability of the company maintaining a reputation for high standards of business conduct 
We believe that it is crucial that we are trusted by all stakeholders to maintain the highest standards in everything we do as a business. We aim to always do the right thing with our customers, consumers and suppliers.
We have an employee code of conduct which all employees are expected to read and understand. All employees are informed annually of our whistleblowing policy. The board has a low risk appetite for reputational risk and such considerations are always part of the decision making process.
(f) The need to act fairly between members of the company
The company is a wholly owned subsidiary and the directors have regular and open dialogue with its members.


This report was approved by the board and signed on its behalf.



G J Bates
Director

Date: 27 August 2025
Page 5

 

OTTO BOCK HEALTHCARE PLC

DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Results and dividends

The profit for the year, after taxation, amounted to £2,808,224 (2023 - £1,306,258).

A dividend of £1,300,000 (2023: £1,600,000) was declared in the financial year and will be paid post year end.

Directors

The directors who served during the year were:

P A Yates (resigned 12 March 2024)
G J Bates 
A P McLean 

Matters covered in the Strategic report

As permitted by Section 414c(11) of the Companies Act 2006, the directors have elected to disclose information, required to be in the directors' report by Schedule 7 of the "Large and Medium Sized Companies and Groups (Accounts and Reports) Regulations 2008", in the strategic report.

Disclosure of information to auditor

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board and signed on its behalf.
 





G J Bates
Director

Date: 27 August 2025
Page 6

 

OTTO BOCK HEALTHCARE PLC
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors are responsible for preparing the strategic report, 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Page 7

 

OTTO BOCK HEALTHCARE PLC

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OTTO BOCK HEALTHCARE PLC
 FOR THE YEAR ENDED 31 DECEMBER 2024

Opinion


We have audited the financial statements of Otto Bock Healthcare PLC (the 'company') for the year ended 31 December 2024, which comprise the profit and loss account, the balance sheet, the statement of changes in equity and the notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 8

 

OTTO BOCK HEALTHCARE PLC

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OTTO BOCK HEALTHCARE PLC (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Other information


The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual reportOur opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the directors' responsibilities statement set out on page 7, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


Page 9

 

OTTO BOCK HEALTHCARE PLC

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OTTO BOCK HEALTHCARE PLC (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;
tested a sample of journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance; and
enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards require that we identify non-compliance with laws and regulations through enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any, as well as any additional procedures deemed necessary.
Page 10

 

OTTO BOCK HEALTHCARE PLC

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OTTO BOCK HEALTHCARE PLC (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.


Use of our report
 

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Andrew Sanford (Senior statutory auditor)
  
for and on behalf of
Blick Rothenberg Audit LLP
 
Chartered Accountants
Statutory Auditor
  
16 Great Queen Street
Covent Garden
London
WC2B 5AH

 
Date: 
27 August 2025
Page 11

 

OTTO BOCK HEALTHCARE PLC
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
33,306,797
30,898,218

Cost of sales
  
(23,591,248)
(21,410,741)

Gross profit
  
9,715,549
9,487,477

Administrative expenses
  
(6,723,974)
(7,833,967)

Other operating income
 5 
472,156
92,116

Operating profit
 6 
3,463,731
1,745,626

Interest receivable and similar income
 9 
231,382
197,570

Interest payable and similar expenses
 10 
(226,484)
(137,715)

Profit before tax
  
3,468,629
1,805,481

Tax on profit
 11 
(660,405)
(499,223)

Profit for the financial year
  
2,808,224
1,306,258

There are no items of other comprehensive income for 2024 or 2023 other than the profit for the yearAs a result, no separate Statement of Comprehensive Income has been presented.

Page 12


 
REGISTERED NUMBER:01271967
OTTO BOCK HEALTHCARE PLC

BALANCE SHEET
AS AT 31 DECEMBER 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
1,124,620
1,159,020

  
1,124,620
1,159,020

Current assets
  

Stocks
 14 
1,668,363
1,294,142

Debtors: amounts falling due after more than one year
 15 
843,058
991,283

Debtors: amounts falling due within one year
 15 
10,461,516
6,586,865

Cash at bank and in hand
 16 
820,104
911,112

  
13,793,041
9,783,402

Creditors: amounts falling due within one year
 17 
(7,143,612)
(4,957,817)

Net current assets
  
 
 
6,649,429
 
 
4,825,585

Total assets less current liabilities
  
7,774,049
5,984,605

Creditors: amounts falling due after more than one year
 18 
(2,302,874)
(2,214,653)

Provisions for liabilities
  

Deferred tax
 19 
(93,632)
(84,784)

Other provisions
 20 
(581,000)
(396,849)

  
 
 
(674,632)
 
 
(481,633)

Net assets
  
4,796,543
3,288,319


Capital and reserves
  

Called up share capital 
 21 
1,600,000
1,600,000

Profit and loss account
 22 
3,196,543
1,688,319

Total equity
  
4,796,543
3,288,319


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



G J Bates
Director

Date: 27 August 2025

The notes on pages 15 to 30 form part of these financial statements.
Page 13

 

OTTO BOCK HEALTHCARE PLC

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit & loss account
Total equity

£
£
£


At 1 January 2023
1,600,000
1,982,061
3,582,061


Comprehensive income for the year

Profit for the year
-
1,306,258
1,306,258


Contributions by and distributions to owners

Dividends: Equity capital
-
(1,600,000)
(1,600,000)



At 1 January 2024
1,600,000
1,688,319
3,288,319


Comprehensive income for the year

Profit for the year
-
2,808,224
2,808,224


Contributions by and distributions to owners

Dividends: Equity capital
-
(1,300,000)
(1,300,000)


At 31 December 2024
1,600,000
3,196,543
4,796,543


The notes on pages 15 to 30 form part of these financial statements.

Page 14

 

OTTO BOCK HEALTHCARE PLC

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Otto Bock Healthcare PLC distributes and manufactures orthopaedic and rehabilitation goods, and is a provider of clinical services.
The company is an unlisted public limited company and is incorporated in England and Wales. The address of its registered office and principal place of business is 32 Parsonage Road, Englefield Green, Egham, Surrey, TW20 0LD.
The financial statements are presented in Sterling (£).

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The company was, at the end of the year, a wholly-owned subsidiary of Otto Bock Holding GmbH & Co KG, whose registered address is Max-Näder Str. 15, D-37115 Duderstadt, Germany. Otto Bock Holding GmbH & Co KG prepares consolidated financial statements, in which the company is included. In accordance with the exemption given in Section 400 of the Companies Act 2006, the company is not required to produce, and has not published, consolidated accounts.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102:

Section 3 Financial Statement Presentation paragraph 3.17(d) (inclusion of statement of cash flows);
Section 7 Statement of Cash Flows (inclusion of statement of cash flows);
Section 11 Financial Instruments paragraphs 11.41(b), 11.41(c), 11.41(e), 11.41(f), 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c) (disclosure relating to financial instruments);
Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23 (disclosure of share based payments); and
Section 33 Related Party Disclosures paragraph 33.7 (disclosure of key management personnel compensation).

The following principal accounting policies have been applied:

 
2.2

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Page 15

 

OTTO BOCK HEALTHCARE PLC

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Service agreements
The company offers various service agreements on the sale of its products. The cost of providing these services consists of the cost of the service itself, which is provided by a group company, and the cost of providing the customer with a replacement unit for the duration of the service. The company pays for the service costs when the service agreement is purchased by the customer but incurs the cost of providing the replacement unit when the service is carried out.
Agreements offered as standard
Where the agreement is included in the standard product price ("bundled products"), the revenue is recognised on the sale of the product, with a best estimate of the future cost of providing the services included within the accruals. This estimate includes management's judgment as to the percentage of customers who will have a service under the agreement based on historical experience. Any amounts which become due after more than one year have been discounted.
Extended service agreements
Where the agreement is an added extra to the product price ("unbundled products"), revenue is recognised as the services are provided. All unprovided services at the year end will result in deferred income being recognised. Costs are also recognised when the services are provided resulting in a prepayment as the services have already been paid for by the company. Any amounts which become due after more than one year have been discounted.

Page 16

 

OTTO BOCK HEALTHCARE PLC

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Freehold property
-
2%
- 5%
Long-term leasehold property
-
10%
Plant and machinery
-
33%
Motor vehicles
-
25%
Fixtures and fittings
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the profit and loss account.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Where a reversal of the impairment is required the impairment charge is reversed up to the original impairment loss, and is recognised as a credit in the profit and loss account.

Page 17

 

OTTO BOCK HEALTHCARE PLC

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.6

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the company becomes 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. 

The company’s policies for its major classes of financial assets and financial liabilities are set out below. 
 
Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances and intercompany working capital balances, are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
 
Financial liabilities
Basic financial liabilities, including trade and other creditors and intercompany working capital balances, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
 


Page 18

 

OTTO BOCK HEALTHCARE PLC

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

  
2.6

Financial instruments (continued)

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. 
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
If a transfer does not result in derecognition because the company has retained significant risks and rewards of ownership of the transferred asset, the company continues to recognise the transferred asset in its entirety and recognises a financial liability for the consideration received. The asset and liability are not offset. In subsequent periods, the company recognises any income on the transferred asset and any expense incurred on the financial liability. 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. 
Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

 
2.7

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.8

Share capital

Ordinary shares are classified as equity.

Page 19

 

OTTO BOCK HEALTHCARE PLC

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is Sterling (£).

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account.
All foreign exchange gains and losses are presented in the profit and loss account within 'administrative expenses'.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. 

 
2.11

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.12

Employee benefits

The company provides a range of benefits to employees including bonus arrangements, paid holiday arrangements and defined contribution pension plans.
Short term benefits
Short term benefits, including holiday pay and other non-monetary benefits are recognised as an expense in the period in which the service is rendered.

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Page 20

 

OTTO BOCK HEALTHCARE PLC

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

  
2.13

Interest payable and similar charges

Finance costs are charges to the profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

 
2.14

Interest receivable and similar income

Interest income is recognised in profit or loss using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


  
2.17

Restatement of comparatives

Subsequent to the signing of the financial statements for the year ended 31 December 2023, it came to the attention of the directors that there was a misallocation of funds received to the VAT account that should have been allocated to the tax account. As a result of this, the comparatives in the financial statements have been restated to correctly allocate the funds received to the tax account. There is no impact on profit or loss, or on net assets as a result of the restatement.

Page 21

 

OTTO BOCK HEALTHCARE PLC

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgments and key estimates in applying the company's accounting policies. Significant items in the financial statements where these judgments and estimates have been made are:
Service agreements
Where the agreement is included in the standard product price ("bundled products"), the revenue is recognised on the sale of the product, with a best estimate of the future cost of providing the services included within the accruals. This estimate includes management's judgment as to the percentage of customers who will have a service under the agreement based on historical experience. Any amounts which become due after more than one year have been discounted.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sale of goods
32,338,941
30,044,669

Rendering of services
967,856
853,549

33,306,797
30,898,218


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
29,078,743
27,358,704

Rest of the world
4,228,054
3,539,514

33,306,797
30,898,218



5.


Other operating income

2024
2023
£
£

Group recharges
460,816
80,776

Net rents receivable
11,340
11,340

472,156
92,116


Page 22

 

OTTO BOCK HEALTHCARE PLC

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Operating profit

The operating profit is stated after charging/(crediting):

2024
2023
£
£

Exchange differences
90,766
14,368

Other operating lease rentals
255,865
291,353

Depreciation of tangible fixed assets
236,206
241,614

Fees payable to the company's auditor for non-audit services
-
9,900

Fees payable to the company's auditor for the audit of the company's annual financial statements
59,528
55,400

Defined contribution pension cost
621,236
547,071


7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
4,376,623
5,426,667

Social security costs
572,332
553,618

Cost of defined contribution scheme
621,236
547,071

5,570,191
6,527,356


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Production
3
9



Selling and distribution
40
39



Administration
20
33



Clinicians
44
46

107
127

Page 23

 

OTTO BOCK HEALTHCARE PLC

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
457,570
956,214

Company contributions to defined contribution pension schemes
108,458
68,660

566,028
1,024,874


During the year retirement benefits were accruing to 3 directors (2023 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £221,935 (2023 - £600,627).

The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £33,651 (2023 - £9,936).


9.


Interest receivable

2024
2023
£
£


Other interest receivable
231,382
197,570


10.


Interest payable and similar expenses

2024
2023
£
£


Other interest payable
14,710
36,616

Discount on unwinding of liabilities
211,774
101,099

226,484
137,715

Page 24

 

OTTO BOCK HEALTHCARE PLC

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
651,557
438,447

Adjustments in respect of previous periods
-
60,776


651,557
499,223


Total current tax
651,557
499,223

Deferred tax


Origination and reversal of timing differences
8,848
-

Total deferred tax
8,848
-


Tax on profit
660,405
499,223

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
3,468,629
1,805,481


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)
867,157
424,288

Effects of:


Expenses not deductible for tax purposes
14,018
23,078

Capital allowances for year in excess of depreciation
4,033
56,780

Adjustments to tax charge in respect of prior periods
-
53,574

Other timing differences leading to a decrease in taxation
(24,516)
(58,497)

Adjustment to tax charge in respect of prior periods
(37,160)
-

Group relief
(163,127)
-

Total tax charge for the year
660,405
499,223

The substantively enacted corporation tax rate is 25%. Deferred taxes at balances sheet date have been measured at the corporation tax rate of 25% and are reflected as such in these financial statements.
The company is not impacted by Pillar 2 rules.

Page 25

 

OTTO BOCK HEALTHCARE PLC

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Dividends

2024
2023
£
£


Dividends declared
1,300,000
1,600,000

The declared dividend is unpaid at year end has been recognised as a liability in amounts owed to group undertakings.


13.


Tangible fixed assets





Freehold property
Long-term leasehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£
£



Cost 


At 1 January 2024
1,714,427
1,183,647
3,208,212
258,535
6,364,821


Additions
21,114
-
174,796
5,896
201,806



At 31 December 2024

1,735,541
1,183,647
3,383,008
264,431
6,566,627



Depreciation


At 1 January 2024
1,087,421
981,419
2,892,563
244,398
5,205,801


Charge for the year on owned assets
36,972
57,898
133,898
7,438
236,206



At 31 December 2024

1,124,393
1,039,317
3,026,461
251,836
5,442,007



Net book value



At 31 December 2024
611,148
144,330
356,547
12,595
1,124,620



At 31 December 2023
627,006
202,228
315,649
14,137
1,159,020

The net book value of land included within freehold property is £70,632 (2023: £70,632).


14.


Stocks

2024
2023
£
£

Work in progress
377,525
464,228

Finished goods and goods for resale
1,290,838
829,914

1,668,363
1,294,142


Page 26

 

OTTO BOCK HEALTHCARE PLC

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Debtors

2024
2023
£
£

Due after more than one year

Prepayments and accrued income
843,058
991,283


As restated
2024
2023
£
£

Due within one year

Trade debtors
5,107,327
4,794,085

Amounts owed by group undertakings
4,364,968
1,158,445

Other debtors
44,815
2,594

Prepayments and accrued income
639,793
631,741

Tax recoverable
304,613
-

10,461,516
6,586,865


Amounts owed by group undertakings are interest free, have no fixed repayment date and are repayable on demand.


16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
820,104
911,112


Page 27

 

OTTO BOCK HEALTHCARE PLC

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

17.


Creditors: Amounts falling due within one year

As restated
2024
2023
£
£

Trade creditors
594,962
371,546

Amounts owed to group undertakings
4,895,956
1,685,812

Corporation tax
-
68,604

Other taxation and social security
-
165,579

Other creditors
86,789
75,865

Accruals and deferred income
1,565,905
2,590,411

7,143,612
4,957,817


Included within other creditors are unpaid pension contributions of £51,799 (2023: £40,932).
Amounts owed to the group undertakings are interest free, have no fixed repayment date and are repayable on demand.


18.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Accruals and deferred income
2,302,874
2,214,653



19.


Deferred taxation




2024


£






At beginning of year
(84,784)


Charged to profit or loss
(8,848)



At end of year
(93,632)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(113,389)
(84,784)

Other timing differences
19,757
-

(93,632)
(84,784)

Page 28

 

OTTO BOCK HEALTHCARE PLC

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

20.


Provisions




Dilapidation provision
Onerous lease
Total

£
£
£





At 1 January 2024
232,000
164,849
396,849


Charged to profit or loss
-
429,921
429,921


Utilised in year
(130,000)
(115,770)
(245,770)



At 31 December 2024
102,000
479,000
581,000

A dilapidation provision is in place for the estimated future costs to restore the company's leased properties to their original condition when the respective leases end.
The onerous lease provision relates to provision for future rental costs for premises which are unoccupied.


21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,600,000 (2023 - 1,600,000) Ordinary shares of £1.00 each
1,600,000
1,600,000

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.



22.


Reserves

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.


23.


Commitments under operating leases

At 31 December 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
262,418
294,765

Later than 1 year and not later than 5 years
243,509
399,774

505,927
694,539

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OTTO BOCK HEALTHCARE PLC

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

24.


Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group. 


25.


Ultimate parent undertaking and controlling party

The parent undertaking of the smallest group of undertakings for which group financial statements are drawn up and of which the company is a member is Otto Bock Holding GmbH & Co KG, whose registered office is at Max-Näder Str. 15, D-37115 Duderstadt, Germany. Copies of these group financial statements are available to the public from its registered office.
In the opinion of the directors the ultimate controlling party is H G Näder.
 
Page 30