Orthopaedic and Trauma Specialists Indemnity Scheme Ltd

(Registration number: 07636534)
Balance Sheet as at 31 July 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	1,493	741
Current assets
Debtors	5	15,028	11,173
Cash at bank and in hand		90,497	88,914
		105,525	100,087
Creditors: Amounts falling due within one year	6	(4,012)	(3,806)
Net current assets		101,513	96,281
Net assets		103,006	97,022
Reserves
Retained earnings		103,006	97,022
Surplus		103,006	97,022

For the financial year ending 31 July 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 5 January 2026 and signed on its behalf by:
 

......................................... Mr J T K Melton Director

Orthopaedic and Trauma Specialists Indemnity Scheme Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

1	General information

The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £ 1 towards the assets of the company in the event of liquidation.

The address of its registered office is:
11c Oakmoore Court
Kingswood Road
Hampton Lovett
Droitwich
Worcs
WR9 0QH

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Orthopaedic and Trauma Specialists Indemnity Scheme Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Computer equipment	33.3% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2024 - 4).

Orthopaedic and Trauma Specialists Indemnity Scheme Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 August 2024	1,214	1,214
Additions	1,499	1,499
At 31 July 2025	2,713	2,713
Depreciation
At 1 August 2024	473	473
Charge for the year	747	747
At 31 July 2025	1,220	1,220
Carrying amount
At 31 July 2025	1,493	1,493
At 31 July 2024	741	741

5

Debtors

Current	2025 £	2024 £
Prepayments	636	1,641
Other debtors	14,392	9,532
	15,028	11,173

6

Creditors

Creditors: amounts falling due within one year

	2025 £	2024 £
Due within one year
Taxation and social security	312	151
Accruals and deferred income	3,700	3,655
	4,012	3,806

7	Related party transactions

During the year ended 31 July 2025, the directors of the Board have received fees for time spent on Board matters: total fees paid to directors amounted to £30,000 (2024: £27,917). In addition, reimbursement was made to the directors for the cost of travelling to/from board meetings etc.