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Registered number: 02346911












DORSET ORTHOPAEDIC COMPANY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

 

DORSET ORTHOPAEDIC COMPANY LIMITED

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 - 29


 

DORSET ORTHOPAEDIC COMPANY LIMITED
 
COMPANY INFORMATION


Directors
G J Bates  
M N Hughes  




Company secretary
G J Bates



Registered number
02346911



Registered office
Unit 18 Parvaneh Park
Embankment Way

Ringwood

Hampshire

BH24 1WL




Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1

 

DORSET ORTHOPAEDIC COMPANY LIMITED
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The directors present their strategic report on Dorset Orthopaedic Ltd for the year ended 31 December 2024. The principal activity of the company during the year was the provision of clinical services for private prosthetic and orthotic rehabilitation across a network of nationwide clinics.

Business review
 
The results for the year and the financial position at the year end were behind expectations.  This was due to completion of the prior year acquisition integration and also awaiting a key Ottobock product release.
Turnover for the year ended 31 December 2024 amounted to £14,437,947 (2023: £14,020,956), representing an increase of 2.9% compared to the prior year. Earnings before interest, taxation, depreciation, and amortisation (EBITDA) decreased from £941,352 in 2023 to £209,458 in the current year.
Stock levels at 31 December 2024 amounted to £1,120,721 compared to £981,647 at 31 December 2023, an increase of 14.2%. Stock levels fluctuate based on customer demand and the number of locations where stock is held.
As at 31 December 2024, trade debtors stood at £814,008, compared to £1,236,246 in the previous year.

Principal risks and uncertainties
 
Commercial Risk
The company’s financial results are significantly influenced by turnover levels, which remain reliant on relationships with key healthcare providers, case managers, and insurers, representing a key risk.
Foreign Exchange Risk 
The company is exposed to foreign currency exchange fluctuations due to transactions with group members. Foreign exchange risk is managed through group netting to minimise exposure.
Credit Risk
The company faces credit risk from potential customer defaults and slow payments. This risk is mitigated through proactive credit control measures and deposit requirements where appropriate.

Research and development activities 
The company continues to invest in research and development activities, with all related expenditure written off to the profit and loss account when incurred.

Page 2

 

DORSET ORTHOPAEDIC COMPANY LIMITED

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

Financial key performance indicators
 
The directors assess business performance using EBITDA and turnover, as noted above.

Human Resources
Dorset Orthopaedic Ltd 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
Dorset Orthopaedic 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
Dorset Orthopaedic 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 Dorset Orthopaedic 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

 

DORSET ORTHOPAEDIC COMPANY LIMITED

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

 

DORSET ORTHOPAEDIC COMPANY LIMITED

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

(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

 

DORSET ORTHOPAEDIC COMPANY LIMITED

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 loss for the year, after taxation, amounted to £325,480 (2023 - profit £381,656).

A dividend of £nill (2023: £1,000,000) was declared in the financial year.

Directors

The directors who served during the year were:

G J Bates 
M N Hughes  
P A Yates (resigned 12 March 2024)

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

 

DORSET ORTHOPAEDIC COMPANY LIMITED
 
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 judgements and accounting estimates that are reasonable and prudent;


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

 

DORSET ORTHOPAEDIC COMPANY LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DORSET ORTHOPAEDIC COMPANY LIMITED
 FOR THE YEAR ENDED 31 DECEMBER 2024

Opinion


We have audited the financial statements of Dorset Orthopaedic Company Limited (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 loss 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

 

DORSET ORTHOPAEDIC COMPANY LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DORSET ORTHOPAEDIC COMPANY LIMITED (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, except to the extent otherwise explicitly stated in our report, 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

 

DORSET ORTHOPAEDIC COMPANY LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DORSET ORTHOPAEDIC COMPANY LIMITED (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's industry;
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 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; 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; 
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with HMRC and the company’s legal advisors.
 
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 also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

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.
Page 10

 

DORSET ORTHOPAEDIC COMPANY LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DORSET ORTHOPAEDIC COMPANY LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

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

 

DORSET ORTHOPAEDIC COMPANY LIMITED
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

  

Turnover
 3 
14,437,974
14,020,956

Cost of sales
  
(9,869,365)
(9,385,530)

Gross profit
  
4,568,609
4,635,426

Administrative expenses
  
(5,130,863)
(4,037,840)

Other income
  
-
3,496

Exceptional income
 4 
177,469
-

Operating (loss)/profit
 5 
(384,785)
601,082

Interest receivable and similar income
 8 
18,769
25,540

Interest payable and similar expenses
  
-
(8,498)

Profit before taxation
  
(366,016)
618,124

Tax on (loss)/profit
 10 
40,536
(236,468)

(Loss)/profit for the financial year
  
(325,480)
381,656

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

Page 12


 
REGISTERED NUMBER:02346911
DORSET ORTHOPAEDIC COMPANY LIMITED

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 11 
37,998
56,622

Tangible assets
 12 
2,296,043
1,026,906

  
2,334,041
1,083,528

Current assets
  

Stocks
 13 
1,120,721
981,647

Debtors: amounts falling due within one year
 14 
1,817,515
2,538,934

Cash at bank and in hand
  
712,174
1,022,902

  
3,650,410
4,543,483

Creditors: amounts falling due within one year
 15 
(4,063,208)
(4,044,578)

Net current (liabilities)/assets
  
 
 
(412,798)
 
 
498,905

Total assets less current liabilities
  
1,921,243
1,582,433

Provisions for liabilities
  

Deferred tax
  
(133,539)
(133,539)

Other provisions
 17 
(1,459,983)
(795,693)

  
 
 
(1,593,522)
 
 
(929,232)

Net assets
  
327,721
653,201


Capital and reserves
  

Called up share capital 
 18 
51
51

Capital redemption reserve
 19 
10
10

Profit and loss account
 19 
327,660
653,140

Total equity
  
327,721
653,201


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 29 form part of these financial statements.

Page 13

 

DORSET ORTHOPAEDIC COMPANY LIMITED

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


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2023
51
10
1,271,484
1,271,545


Comprehensive income for the year

Profit for the year
-
-
381,656
381,656
Total comprehensive income for the year
-
-
381,656
381,656


Contributions by and distributions to owners

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


Total transactions with owners
-
-
(1,000,000)
(1,000,000)



At 1 January 2024
51
10
653,140
653,201


Comprehensive income for the year

Loss for the year
-
-
(325,480)
(325,480)
Total comprehensive income for the year
-
-
(325,480)
(325,480)


Total transactions with owners
-
-
-
-


At 31 December 2024
51
10
327,660
327,721


Page 14

 

DORSET ORTHOPAEDIC COMPANY LIMITED

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

1.


General information

Dorset Orthopaedic Company Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is Unit 18 Parvaneh Park, Embankment Way, Ringwood, England, BH24 1WL. 
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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 ('FRS 102') 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.
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, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c) (disclosures relating to financial instruments); 
Section 26 Share based payments (disclosure of share based payments);
Section 33 Related Party Disclosures paragraph 33.7 (disclosures 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

 

DORSET ORTHOPAEDIC COMPANY LIMITED

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

2.Accounting policies (continued)

 
2.3

Revenue recognition

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.

 
2.4

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Amortisation is calculated so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line method.
Patents and trademarks are amortised through the profit and loss account in equal instalments over the life of the patent.
Computer software and development is amortised through the profit and loss account in equal instalments over a period of 5 years.


 
2.5

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.

Page 16

 

DORSET ORTHOPAEDIC COMPANY LIMITED

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

2.Accounting policies (continued)


2.5
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements
-
20%/life of remaining lease term
Plant and machinery
-
20%/33%
Computer equipment
-
25%

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 profit or loss.

 
2.6

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

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 profit or loss.

All foreign exchange gains and losses are presented in profit or loss account within 'administrative expenses'.

 
2.7

Stocks and work in progress

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 weighted average 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.

 
2.8

Cash

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

Page 17

 

DORSET ORTHOPAEDIC COMPANY LIMITED

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

2.Accounting policies (continued)

  
2.9

Share capital

Ordinary shares are classified as equity.

  
2.10

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, other debtors, cash and bank balances, and intercompany financing 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 loans from fellow group companies, 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

 

DORSET ORTHOPAEDIC COMPANY LIMITED

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

2.Accounting policies (continued)

  

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. 
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.

 
2.11

Operating leases: the company as lessee

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

 
2.12

Interest income

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

  
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.

Page 19

 

DORSET ORTHOPAEDIC COMPANY LIMITED

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

2.Accounting policies (continued)

 
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

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. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.16

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.

Page 20

 

DORSET ORTHOPAEDIC COMPANY LIMITED

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

3.


Turnover

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


2024
2023
£
£

Patient care
13,949,841
13,626,109

Intercompany
488,133
398,343

14,437,974
14,024,452


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
13,962,324
13,653,514

Rest of Europe
426,365
327,328

Rest of the world
49,285
43,610

14,437,974
14,024,452



4.


Other operating income

2024
2023
£
£

Intercompany balance write off
177,469
-



5.


Operating (loss)/profit

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

2024
2023
£
£

Exchange differences
(1,725)
1,997

Depreciation of tangible fixed assets
574,779
310,155

Amortisation of intangible fixed assets
19,322
30,115

Defined contribution pension cost
123,663
119,481

Fees payable to the company's auditor
28,560
34,624

Other operating equipment rentals
4,498
5,410

Page 21

 

DORSET ORTHOPAEDIC COMPANY LIMITED

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

6.


Employees

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


2024
2023
£
£

Wages and salaries
4,248,341
3,982,312

Social security costs
436,431
408,787

Cost of defined contribution scheme
499,837
474,600

5,184,609
4,865,699


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


        2024
        2023
            No.
            No.







Production
46
45



Selling and distribution
5
5



Administration
45
44



Clinicians
30
30

126
124


7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
124,282
117,418

Company contributions to defined contribution pension schemes
9,566
9,198

133,848
126,616


During the year retirement benefits were accruing to 1 directors (2023 - 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £124,282 (2023: £117,418). 
The value of the company's contributions to a defined contribution pension scheme in respect of the highest paid director amounted to £9,566 (2023: £9,198). 


8.


Interest receivable

2024
2023
£
£


Other interest receivable
18,769
25,540

Page 22

 

DORSET ORTHOPAEDIC COMPANY LIMITED

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

9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
-
8,498


10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
(40,536)
175,909


(40,536)
175,909


Total current tax
(40,536)
175,909

Deferred tax


Origination and reversal of timing differences
-
60,559

Total deferred tax
-
60,559


Tax on (loss)/profit
(40,536)
236,468
Page 23

 

DORSET ORTHOPAEDIC COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher 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
£
£


(Loss)/profit on ordinary activities before tax
(366,016)
618,124


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)
(91,504)
145,259

Effects of:


Expenses not deductible for tax purposes
25,586
(2,393)

Capital allowances for year in excess of depreciation
(51,948)
13,341

Adjustments to tax charge in respect of prior periods
(42,010)
-

Short-term timing difference leading to an increase (decrease) in taxation
(8,160)
102,119

Non-taxable income
(44,367)
-

Other differences leading to a decrease in the tax charge
8,740
(21,858)

Group relief
163,127
-

Total tax charge for the year
(40,536)
236,468

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 24

 

DORSET ORTHOPAEDIC COMPANY LIMITED

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

11.


Intangible assets




Patents
Software
Total

£
£
£



Cost


At 1 January 2024
61,739
177,971
239,710


Additions
-
840
840



At 31 December 2024

61,739
178,811
240,550



Amortisation


At 1 January 2024
56,377
126,711
183,088


Charge for the year on owned assets
1,968
17,496
19,464



At 31 December 2024

58,345
144,207
202,552



Net book value



At 31 December 2024
3,394
34,604
37,998



At 31 December 2023
5,362
51,260
56,622



Page 25

 

DORSET ORTHOPAEDIC COMPANY LIMITED

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

12.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Computer equipment
Total

£
£
£
£



Cost


At 1 January 2024
1,435,723
1,028,271
332,957
2,796,951


Additions
1,316,136
452,162
114,536
1,882,834


Disposals
(559,339)
(349,411)
-
(908,750)



At 31 December 2024

2,192,520
1,131,022
447,493
3,771,035



Depreciation


At 1 January 2024
721,885
775,332
272,828
1,770,045


Charge for the year
395,546
148,515
30,718
574,779


Disposals
(533,930)
(335,902)
-
(869,832)



At 31 December 2024

583,501
587,945
303,546
1,474,992



Net book value



At 31 December 2024
1,609,019
543,077
143,947
2,296,043



At 31 December 2023
713,838
252,939
60,129
1,026,906

Page 26

 

DORSET ORTHOPAEDIC COMPANY LIMITED

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

13.


Stocks

2024
2023
£
£

Work in progress
895,242
780,745

Finished goods and goods for resale
225,479
200,902

1,120,721
981,647



14.


Debtors

2024
2023
£
£


Trade debtors
814,008
1,236,246

Amounts owed by group undertakings
395,528
957,157

Other debtors
309,419
154,433

Prepayments and accrued income
298,560
191,098

1,817,515
2,538,934


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


15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Payments received on account
2,724,160
2,404,906

Trade creditors
294,251
194,798

Amounts owed to group undertakings
388,993
597,280

Corporation tax
-
40,847

Other taxation and social security
-
101,028

Other creditors
44,285
41,552

Accruals and deferred income
611,519
664,167

4,063,208
4,044,578


Included in other creditors are unpaid pension contributions of £44,285 (2023: £41,552). 
Amounts owed to the group undertakings are interest free, have no fixed repayment date and are repayable on demand.
 

Page 27

 

DORSET ORTHOPAEDIC COMPANY LIMITED

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

16.


Deferred taxation




2024


£






At beginning of year
(133,539)



At end of year
(133,539)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(133,539)
(133,539)

(133,539)
(133,539)


17.


Provisions




Dilapidations provision

£





At 1 January 2024
795,693


Charged to profit or loss
954,590


Released in year
(290,300)



At 31 December 2024
1,459,983

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.


18.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



5,100 (2023 - 5,100) Ordinary A shares of £0.01 each
51
51


Page 28

 

DORSET ORTHOPAEDIC COMPANY LIMITED

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

19.


Reserves

Capital redemption reserve

The Capital Redemption Reserve represents a non-distributable reserve. 

Profit and loss account

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


20.


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
726,838
554,269

Later than 1 year and not later than 5 years
2,010,721
1,697,035

Later than 5 years
2,585,364
2,415,930

5,322,923
4,667,234


21.


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.


22.


Ultimate parent undertaking and controlling party

The smallest group for which consolidated financial statements are drawn up is headed by Otto Bock Holding GmbH & Co KG. whose registered office is Max-Näder Str, 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 29