Mathys Orthopaedics Limited

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

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.

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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

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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

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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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		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