Southern Implants U.K. Limited


Directors	BLACKBEARD, Graham Alan
	BRISCOE, Patrick Nisbet
	LUIZ, David John
	ODENDAAL, Susan Isabel
	SNOOK, Stephen James


Company Secretary	MILTIADES, Niki


Registered Address	Unit 1, Ilex House
	94 Holly Road
	Twickenham
	TW1 4HF


Registered Number	05366342 (England and Wales)

Notes to the Financial Statements
for the year ended 28 February 2026

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Going concern
	After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.

	Judgements and key sources of estimation uncertainty
	In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. These critical accounting judgements and estimations are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. A key source of estimation uncertainty relates to the valuation of inventory. The total carrying value of inventory at the reporting date was £696,811 (2025: £984,123), and inventory write-downs of £205,208 were recognised during the year (2025: £246,031). The valuation of inventory involves judgement in estimating net realisable value and the level of obsolescence.

Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. These critical accounting judgements and estimations are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

A key source of estimation uncertainty relates to the valuation of inventory. The total carrying value of inventory at the reporting date was £696,811 (2025: £984,123), and inventory write-downs of £205,208 were recognised during the year (2025: £246,031). The valuation of inventory involves judgement in estimating net realisable value and the level of obsolescence.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods.

	Revenue from sale of goods
	Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.

Revenue from sale of goods

Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.

	Revenue from rendering of services
	Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

	Interest income
	Interest income is recognised using the effective interest rate method.

	Operating leases
	Where, substantially, all the risks and rewards of ownership of the asset do not transfer from the lessor to the company, the lease is treated as an operating lease. Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

	Employee benefits
	Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.

Employee benefits

Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.

	Defined contribution pension plan
	The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.

Defined contribution pension plan

The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Current taxation
	Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.

Current taxation

Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income.

Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Tangible fixed assets and depreciation
	All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Tangible fixed assets and depreciation

All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:


		Straight line (years)
	Land and buildings	50
	Plant and machinery	6
	Fixtures and fittings	5
	Vehicles	4
	Office Equipment	3

	Investments
	Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

	Investment property
	The investment property is accounted for under FRS 102, Section 16 Investment Property. Investment property is remeasured to fair value at each balance sheet date with fair value gains and losses being reported in profit or loss. Investment properties are valued using RICS open market valuation on a freehold basis.

	Stocks and work in progress
	Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss.

Stocks and work in progress

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss.

	Trade and other debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Trade and other debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Trade and other creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Related parties
	For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.

2.	Average number of employees


		2026		2025
	Average number of employees during the year	23		20

3.	Tangible fixed assets

	Land & buildings	Plant & machinery	Vehicles	Fixtures & fittings	Office Equipment	Total
	£	£	£	£	£	£
Cost or valuation
At 01 March 25	1,323,566	70,999	12,750	68,475	70,682	1,546,472
Additions	-	13,980	-	-	1,794	15,774
At 28 February 26	1,323,566	84,979	12,750	68,475	72,476	1,562,246
Depreciation and impairment
At 01 March 25	8,798	887	3,064	1,574	64,074	78,397
Charge for year	30,518	13,335	3,187	13,658	2,740	63,438
At 28 February 26	39,316	14,222	6,251	15,232	66,814	141,835
Net book value
At 28 February 26	1,284,250	70,757	6,499	53,243	5,662	1,420,411
At 28 February 25	1,314,768	70,112	9,686	66,901	6,608	1,468,075

4.	Investment property
	The investment property was acquired in November 2024. In accordance with FRS 102 Section 16, the investment property is measured at fair value at each reporting date, with changes in fair value recognised in profit or loss. The fair value of the property at 28 February 2026 has been assessed by the directors, having regard to market conditions and comparable property values. The directors consider that the fair value of the property is not materially different from its carrying value.

Investment property

The investment property was acquired in November 2024.

In accordance with FRS 102 Section 16, the investment property is measured at fair value at each reporting date, with changes in fair value recognised in profit or loss.

The fair value of the property at 28 February 2026 has been assessed by the directors, having regard to market conditions and comparable property values. The directors consider that the fair value of the property is not materially different from its carrying value.


		£
	Fair value at 01 March 25	509,927
	At 28 February 26	509,927

5.	Stocks
	During the year, the company recognised inventory write-downs of £205,208 (2025: £246,031) in respect of slow-moving and obsolete stock items. The write-down reflects management’s assessment of the net realisable value of inventory, taking into account historical sales patterns, product obsolescence and current market conditions. The write-down has been recognised within cost of sales in the profit and loss account.

Stocks

During the year, the company recognised inventory write-downs of £205,208 (2025: £246,031) in respect of slow-moving and obsolete stock items.
The write-down reflects management’s assessment of the net realisable value of inventory, taking into account historical sales patterns, product obsolescence and current market conditions. The write-down has been recognised within cost of sales in the profit and loss account.

	2026	2025
	£	£
Finished goods	696,811	984,123
Total	696,811	984,123

6.	Debtors: amounts due within one year

	2026	2025
	£	£
Trade debtors / trade receivables	1,653,915	1,227,234
Other debtors	8,126	178,953
Prepayments and accrued income	24,384	36,818
Total	1,686,425	1,443,005

7.	Creditors: amounts due within one year

	2026	2025
	£	£
Trade creditors / trade payables	739,984	865,843
Taxation and social security	414,895	385,230
Other creditors	-	8,663
Accrued liabilities and deferred income	71,908	113,814
Total	1,226,787	1,373,550

8.	Provisions for liabilities

	2026	2025
	£	£
Net deferred tax liability (asset)	51,675	68,211
Total	51,675	68,211

9.	Related party transactions
	Southern Implants U.K. Limited sources most of its stock from Southern Implants Pty Limited, a company based in South Africa that is held under common control. The goods purchased from the associated company amounted to £3,913,403 (2025: £3,942,179) At the year end, the same related party was owed £705,825 (2025: £852,028), included within Trade Payables. The transactions with this related party were conducted on normal commercial terms. Dividends: Dividends of £1,000,000 (2025: £750,000) were paid during the year. The dividends represent distributions to shareholders paid to ordinary shareholders during the year. All dividends were paid from distributable reserves and have been recognised in equity in the period in which they were paid.

Related party transactions

Southern Implants U.K. Limited sources most of its stock from Southern Implants Pty Limited, a company based in South Africa that is held under common control.

The goods purchased from the associated company amounted to £3,913,403 (2025: £3,942,179)
At the year end, the same related party was owed £705,825 (2025: £852,028), included within Trade Payables.

The transactions with this related party were conducted on normal commercial terms.

Dividends: 

Dividends of £1,000,000 (2025: £750,000) were paid during the year.

The dividends represent distributions to shareholders paid to ordinary shareholders during the year.

All dividends were paid from distributable reserves and have been recognised in equity in the period in which they were paid.

	Notes	2026		2025
		£	£	£	£
Fixed assets
Tangible assets	3		1,420,411		1,468,075
Investment property	4		509,927		509,927
			1,930,338		1,978,002
Current assets
Stocks	5	696,811		984,123
Debtors	6	1,686,425		1,443,005
Current asset investments		757,460		664,217
Cash at bank and on hand		3,372,428		2,733,578
		6,513,124		5,824,923
Creditors amounts falling due within one year	7	(1,226,787)		(1,373,550)
Net current assets (liabilities)			5,286,337		4,451,373
Total assets less current liabilities			7,216,675		6,429,375
Provisions for liabilities	8		(51,675)		(68,211)
Net assets			7,165,000		6,361,164
Capital and reserves
Called up share capital			1,250		1,250
Share premium			37,458		37,458
Profit and loss account			7,126,292		6,322,456
Shareholders' funds			7,165,000		6,361,164