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Registered number: 05089968
Mathys Orthopaedics Limited
Financial Statements
For The Year Ended 31 December 2024
Mathys Orthopaedics Limited
Contents
Contents

| Page
--- | ---
Balance Sheet | 1
Notes to the Financial Statements | 2—5

Page 1
Mathys Orthopaedics Limited
Balance Sheet
As At 31 December 2024
Balance Sheet
Registered number: 05089968

| 2024 | 2023
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Tangible Assets | 4 |  | 39,940 |  | 360,477
|  |  | 39,940 |  | 360,477
CURRENT ASSETS
Stocks | 5 | 1,002,807 |  | 2,369,550 |
Debtors | 6 | 2,095,914 |  | 1,182,600 |
Cash at bank and in hand |  | 35,876 |  | 146,118 |
|  | 3,134,597 |  | 3,698,268 |
Creditors: Amounts Falling Due Within One Year | 7 | (2,424,930 ) |  | (1,561,640 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | 709,667 |  | 2,136,628
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 749,607 |  | 2,497,105
Creditors: Amounts Falling Due After More Than One Year | 8 |  | - |  | (1,860,000 )
NET ASSETS |  |  | 749,607 |  | 637,105
CAPITAL AND RESERVES
Called up share capital | 9 |  | 1,400,000 |  | 1,400,000
Other reserves |  |  | 1,100,000 |  | 1,100,000
Profit and Loss Account |  |  | (1,750,393 ) |  | (1,862,895 )
SHAREHOLDERS' FUNDS |  |  | 749,607 |  | 637,105

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
The financial statements were approved by the board of directors on 2 October 2025 and were signed on its behalf by:

D A Pryor Director
2nd October 2025

The notes on pages 2 to 5 form part of these financial statements.
Page 1
Page 2
Mathys Orthopaedics Limited
Notes to the Financial Statements
For The Year Ended 31 December 2024
Notes to the Financial Statements
1. General Information
Mathys Orthopaedics Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05089968 . The registered office is Enovis Surgical GB Ltd, Unit 1, Campus 5, Third Avenue, Letchworth Garden City, Hertfordshire, SG6 2JF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company is reliant on the continued financial support of its parent company, Mathys AG Bettlach. The parent company has confirmed that they have no intention of withdrawing that financial support in the foreseeable future. The accounts have therefore been prepared on a going concern basis.
2.2. Turnover
Turnover represents the invoiced value of sales excluding value added tax and arises solely from activities within the United Kingdom.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Tangible fixed assets are capitalised for ongoing use within the company, where the individual cost of the asset exceeds £100.
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Surgical Instruments | 20% straight line
Course Materials | 20% straight line
Office Equipment | 33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
2.4. Stocks and Work in Progress
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
2.5. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2.6. Financial Instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2.7. Foreign Currencies
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
Page 2
Page 3
Mathys Orthopaedics Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
2.8. Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
2.9. Pensions
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2.10. Government Grant
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
4. Tangible Assets

| Surgical Instruments | Office Equipment | Total
--- | --- | --- | ---
| £ | £ | £
Cost
As at 1 January 2024 | 1,675,818 | 8,130 | 1,683,948
Additions | 530,345 | - | 530,345
Disposals | (2,110,717 ) | - | (2,110,717 )
As at 31 December 2024 | 95,446 | 8,130 | 103,576
Depreciation
As at 1 January 2024 | 1,315,341 | 8,130 | 1,323,471
Provided during the period | 123,489 | - | 123,489
Disposals | (1,383,324 ) | - | (1,383,324 )
As at 31 December 2024 | 55,506 | 8,130 | 63,636
Net Book Value
As at 31 December 2024 | 39,940 | - | 39,940
As at 1 January 2024 | 360,477 | - | 360,477

Impairments
Impairment tests have been carried out where appropriate and there were no impairment losses to be recognised in profit or loss
5. Stocks

| 2024 |  | 2023
--- | --- | --- | ---
| £ |  | £
Stock | 1,002,807 |  | 2,369,550

Page 3
Page 4
Mathys Orthopaedics Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
6. Debtors

| 2024 |  | 2023
--- | --- | --- | ---
| £ |  | £
Due within one year
Trade debtors | 191,570 |  | 1,162,062
Prepayments and accrued income | 79,852 |  | 20,538
Amounts owed from group undertakings | 1,824,492 |  | -
| 2,095,914 |  | 1,182,600

7. Creditors: Amounts Falling Due Within One Year

| 2024 |  | 2023
--- | --- | --- | ---
| £ |  | £
Trade creditors | 22,666 |  | 183,582
VAT Control Account | 505,741 |  | 180,850
DJO UK Ltd | - |  | 32,099
Mathys AG Bettlach . | 1,888,423 |  | 224,023
Accruals | 8,100 |  | 941,086
| 2,424,930 |  | 1,561,640

8. Creditors: Amounts Falling Due After More Than One Year

| 2024 |  | 2023
--- | --- | --- | ---
| £ |  | £
Amounts due to Parent | - |  | 1,860,000

9. Share Capital

| 2024 |  | 2023
--- | --- | --- | ---
Allotted, called up and fully paid | £ |  | £
1,400,000 Ordinary Shares of £ 1.00 each | 1,400,000 |  | 1,400,000

10. Other Commitments
At the reporting end date the company had outstanding commitments for future minimum leasepayments under non-cancellable operating
leases.

| 2024 |  | 2023
--- | --- | --- | ---
| £ |  | £
Later than one year and not later than five years | - |  | 47,749
| - |  | 47,749

Page 4
Page 5
Mathys Orthopaedics Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
11. Related Party Disclosures
Transactions with Related Parties
During the year the company entered into the following transactions with its parent company:

Purchase of Goods | 2024 |  | 2023
| £ |  | £
Mathys AG Bettlach | 2,789,400 |  | 2,541,461
DJO Global Incorporated | - |  | 189,104
| 2,789,400 |  | 2,730,565

Sale of Goods | 2024 |  | 2023
| £ |  | £
Enovis Ireland Limited | 1,087,121 |  | -
Enovis Surgical GB Limited | 2,493,601 |  | -
| 3,580,722 |  | -

IC debtor/(creditor) | 2024 |  | 2023
| £ |  | £
Mathys AG Bettlach | (28,423) |  | (224,023)
DJO Global Incorporated | - |  | (32,099)
Enovis Ireland Limited | 1,073,991 |  | -
Enovis Surgical GB Limited | 2,889,074 |  | -
| 3,934,642 |  | (256,122)

12. Controlling Parties
The company's parent company is Mathys AG Bettlach , a company incorporated in Switzerland
On 28 July 2021, the company’s immediate parent company, Mathys AG Bettlach, was acquired by DJO Global Inc. DJO Global Inc is owned by Enovis Corporation. The ultimate parent company of Mathys Orthopaedics Ltd at the date of signing the accounts is Enovis Corporation.
13. Audit Information
The auditor's report on the accounts of Mathys Orthopaedics Limited for the year ended 31 December 2024 was unqualified.
The auditor's report was signed by CJ Goodhead FCA (Senior Statutory Auditor) for and on behalf of Knight Goodhead Limited , Statutory Auditor.

Knight Goodhead Limited 7 Bournemouth Road Chandler's Ford Eastleigh Hampshire SO53 3DA

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