Company No:
Contents
DIRECTOR | M Matthews |
SECRETARY | E J Matthews |
REGISTERED OFFICE | Unit 2 Cardrew Way |
Cardrew Industrial Estate | |
Redruth | |
TR15 1SS | |
England | |
United Kingdom |
COMPANY NUMBER | 05276121 (England and Wales) |
CHARTERED ACCOUNTANTS | Francis Clark LLP |
Hitchcock House | |
Hilltop Park | |
Devizes Road | |
Salisbury | |
Wiltshire SP3 4UF |
Note | 2022 | 2021 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 3 |
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Tangible assets | 4 |
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Investments | 5 |
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830,456 | 705,588 | |||
Current assets | ||||
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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2,387,569 | 2,072,901 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current assets | 1,859,354 | 1,652,502 | ||
Total assets less current liabilities | 2,689,810 | 2,358,090 | ||
Creditors: amounts falling due after more than one year | 8 | (
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Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Capital redemption reserve |
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Profit and loss account |
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Total shareholders' funds |
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Director's responsibilities:
The financial statements of D M Orthotics Limited (registered number:
M Matthews
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
D M Orthotics Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 2 Cardrew Way, Cardrew Industrial Estate, Redruth, TR15 1SS, England, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Where customers pay in advance for goods, the amount is recorded as deferred income until the goods have been delivered.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
Trademarks, licenses(including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licenses and custom-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:
Computer software |
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Trademarks, patents and licences |
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Plant and machinery |
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Fixtures and fittings |
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Office equipment |
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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 the 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
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
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 contribution at the acquisition date if the adjustment is probable and can be measured reliably.
Investments in equity shares which are publicly traded or where the fair value can measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investment 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
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 the are due. If contribution payments exceed the contribution due for the service, the excess is recognised as a prepayment.
2022 | 2021 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Computer software | Trademarks, patents and licences |
Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 December 2021 |
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Additions |
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At 30 November 2022 |
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Accumulated amortisation | |||||
At 01 December 2021 |
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Charge for the financial year |
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At 30 November 2022 |
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Net book value | |||||
At 30 November 2022 |
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At 30 November 2021 |
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Plant and machinery | Fixtures and fittings | Office equipment | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 December 2021 |
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Additions |
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At 30 November 2022 |
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Accumulated depreciation | |||||||
At 01 December 2021 |
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Charge for the financial year |
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At 30 November 2022 |
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Net book value | |||||||
At 30 November 2022 |
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At 30 November 2021 |
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Investments in associates | Total | ||
£ | £ | ||
Carrying value before impairment | |||
At 01 December 2021 |
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At 30 November 2022 |
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Provisions for impairment | |||
At 01 December 2021 |
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At 30 November 2022 |
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Carrying value at 30 November 2022 |
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Carrying value at 30 November 2021 |
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2022 | 2021 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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2022 | 2021 | ||
£ | £ | ||
Bank loans and overdrafts |
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Trade creditors |
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Corporation tax |
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Other taxation and social security |
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Other creditors |
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2022 | 2021 | ||
£ | £ | ||
Bank loans |
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