Year Ended
Registration number:
D M Orthotics Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
D M Orthotics Limited
Company Information
Directors |
M Matthews D Severn E Northover |
Company secretary |
E Northover |
Registered office |
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Accountants |
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D M Orthotics Limited
Balance Sheet
30 November 2019
Note |
2019 |
(As restated) |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
270 |
270 |
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Capital redemption reserve |
1,030 |
1,030 |
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Profit and loss account |
1,463,119 |
1,320,182 |
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Total equity |
1,464,419 |
1,321,482 |
D M Orthotics Limited
Balance Sheet
30 November 2019
For the financial year ending 30 November 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 05276121
D M Orthotics Limited
Notes to the Unaudited Financial Statements
Year Ended 30 November 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England and Wales
These financial statements were authorised for issue by the
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
Prior period errors
The directors have reviewed the balances that were capitalised in the years to 30 November 2018 in relation to the patents and trademarks and consider that £187,762 of costs did not meet the criteria of capital assets.
The impact on the financial statements for 30 November 2018 - reduction to cost bought forward of £121,334, reduction in additions of £66,428, reduction in amortisation bought forward of £11,628, reduction in amortisation charge for the year of £12,351, increase in legal and professional fee of £66,428, reduction to the profit and loss reserve bought forward of £109,686 and reduction to profit for the year of £54,077
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 value added tax, returns, rebates and discounts and after eliminating sales within the company.
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.
D M Orthotics Limited
Notes to the Unaudited Financial Statements
Year Ended 30 November 2019
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
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 corporation 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.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
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 |
Plant and machinary |
25% reducing balance |
Office equipment |
25% reducing balance |
Fixtures and fittings |
25% reducing balance |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
D M Orthotics Limited
Notes to the Unaudited Financial Statements
Year Ended 30 November 2019
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Patents and trademarks |
10% and 5% straight line |
Software and applications |
20% and 15 % straight line |
No amortisation is charged on software and applications until they are bought in to use by the company.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress 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. At each reporting date, stocks are assessed for impairment. If stocks are 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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
D M Orthotics Limited
Notes to the Unaudited Financial Statements
Year Ended 30 November 2019
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Taxation |
Tax charged/(credited) in the profit and loss account
2019 |
2018 |
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Current taxation |
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UK corporation tax |
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UK corporation tax adjustment to prior periods |
( |
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17,500 |
95,402 |
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Deferred taxation |
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Arising from origination and reversal of timing differences |
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( |
Tax expense in the income statement |
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D M Orthotics Limited
Notes to the Unaudited Financial Statements
Year Ended 30 November 2019
Intangible assets |
(As restated) |
Other intangible assets |
Total |
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Cost or valuation |
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At 1 December 2018 |
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Additions acquired separately |
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Disposals |
( |
- |
( |
At 30 November 2019 |
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Amortisation |
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At 1 December 2018 |
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Amortisation charge |
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- |
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Amortisation eliminated on disposals |
( |
- |
( |
At 30 November 2019 |
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Carrying amount |
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At 30 November 2019 |
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At 30 November 2018 |
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The aggregate amount of research and development expenditure recognised as an expense during the period is £
D M Orthotics Limited
Notes to the Unaudited Financial Statements
Year Ended 30 November 2019
Tangible assets |
Furniture, fittings and equipment |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 December 2018 |
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Additions |
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Disposals |
( |
( |
( |
At 30 November 2019 |
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Depreciation |
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At 1 December 2018 |
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Charge for the year |
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Eliminated on disposal |
( |
( |
( |
At 30 November 2019 |
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Carrying amount |
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At 30 November 2019 |
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At 30 November 2018 |
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Investments |
2019 |
2018 |
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Investments in associates |
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Stocks |
2019 |
2018 |
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Raw materials and consumables |
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Finished goods and goods for resale |
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D M Orthotics Limited
Notes to the Unaudited Financial Statements
Year Ended 30 November 2019
Debtors |
2019 |
2018 |
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Trade debtors |
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Other debtors |
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Prepayments |
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Creditors |
Creditors: amounts falling due within one year
2019 |
2018 |
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Due within one year |
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Trade creditors |
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Corporation tax |
17,500 |
95,402 |
Social security and other taxes |
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Other creditors |
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Accrued expenses |
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