Company registration number 05089968 (England and Wales)
MATHYS ORTHOPAEDICS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
MATHYS ORTHOPAEDICS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MATHYS ORTHOPAEDICS LIMITED
1
Opinion
We have audited the financial statements of Mathys Orthopaedics Limited (the 'company') for the year ended 31 December 2022 which comprise , the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2022 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
MATHYS ORTHOPAEDICS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MATHYS ORTHOPAEDICS LIMITED
2
The directors are responsible for the other information. The other information comprises the information included in the directors' annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and take advantage of the small companies exemption from the requirement to prepare a strategic report.
MATHYS ORTHOPAEDICS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MATHYS ORTHOPAEDICS LIMITED
3
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.
We identified the laws and regulations applicable to the company through discussions with directors and other management and we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence.
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we performed analytical procedures to identify any unusual or unexpected relationships, tested journal entries to identify unusual transactions and investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
MATHYS ORTHOPAEDICS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MATHYS ORTHOPAEDICS LIMITED
4
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Knight Goodhead Limited is eligible for appointment as auditor of the company by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
CJ Goodhead FCA
(Senior Statutory Auditor)
For and on behalf of Knight Goodhead Limited
18 December 2023
Chartered Accountants
Statutory Auditor
7 Bournemouth Road
Chandler's Ford
Eastleigh
Hampshire
SO53 3DA
MATHYS ORTHOPAEDICS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
5
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
172,735
171,775
Current assets
Stocks
6
2,031,049
1,162,864
Debtors
7
991,778
647,500
Cash at bank and in hand
48,110
113,588
3,070,937
1,923,952
Creditors: amounts falling due within one year
8
(1,293,811)
(234,475)
Net current assets
1,777,126
1,689,477
Total assets less current liabilities
1,949,861
1,861,252
Creditors: amounts falling due after more than one year
9
(1,360,000)
(1,360,000)
Net assets
589,861
501,252
Capital and reserves
Called up share capital
13
1,400,000
1,400,000
Other reserves
2
1,100,000
1,100,000
Profit and loss reserves
(1,910,139)
(1,998,748)
Total equity
589,861
501,252
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
MATHYS ORTHOPAEDICS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2022
31 December 2022
6
The financial statements were approved by the board of directors and authorised for issue on 18 December 2023 and are signed on its behalf by:
Mr DA Pryor
Mr AG Fox Smith
Director
Director
Company Registration No. 05089968
MATHYS ORTHOPAEDICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
7
1
Accounting policies
Company information
Mathys Orthopaedics Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6 Riverwey Industrial Park, Newman Lane, Alton, Hampshire, GU34 2QL.
1.1
Accounting convention
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.
1.2
Turnover
Turnover represents the invoiced value of sales excluding value added tax and arises solely from activities within the United Kingdom.
1.3
Tangible fixed assets
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 instrument
20% straight line
Office equipment
33% straight line
Course material
20% 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.
MATHYS ORTHOPAEDICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies (Continued)
8
1.4
Stocks
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.
1.5
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.
1.6
Equity 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.
1.7
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.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
MATHYS ORTHOPAEDICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies (Continued)
9
1.10
Government grants
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.
1.11
Foreign exchange
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.
2
Other reserves
Other reserves represent a capital contribution in 2012 by the parent company to support continuing operations in the UK.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
9
12
MATHYS ORTHOPAEDICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
10
4
Tangible fixed assets
Surgical instrument
Office equipment
Course material
Total
£
£
£
£
Cost
At 1 January 2022
1,441,154
23,213
2,098
1,466,465
Additions
95,179
95,179
Disposals
(105,673)
(105,673)
At 31 December 2022
1,430,660
23,213
2,098
1,455,971
Depreciation and impairment
At 1 January 2022
1,269,380
23,213
2,098
1,294,691
Depreciation charged in the year
76,763
76,763
GSM depreciation
1,886
1,886
Eliminated in respect of disposals
(90,104)
(90,104)
At 31 December 2022
1,257,925
23,213
2,098
1,283,236
Carrying amount
At 31 December 2022
172,735
172,735
At 31 December 2021
171,775
171,775
5
Impairments
Impairment tests have been carried out where appropriate and there were no impairment losses to be recognised in profit or loss
6
Stocks
2022
2021
£
£
Stocks
2,031,049
1,162,864
MATHYS ORTHOPAEDICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
11
7
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
398,408
253,611
Amounts owed by group undertakings
478,497
364,415
Other debtors
114,873
29,474
991,778
647,500
8
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
106,359
16,491
Taxation and social security
22,115
99,732
Other creditors
1,165,337
118,252
1,293,811
234,475
9
Creditors: amounts falling due after more than one year
2022
2021
£
£
Other creditors
1,360,000
1,360,000
10
Retirement benefit schemes
Defined contribution schemes
The company operates a defined contribution pension scheme on behalf of its employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The annual commitment under the scheme is for contributions of £41,893(2021: £59,235).
MATHYS ORTHOPAEDICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
12
11
Guarantees & other financial commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases as follows:
2022
2021
£
£
Total financial commitment
95,500
58,768
12
Parent company
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 (previously known as Colfax Corporation, named changed in April 2022). The ultimate parent company of Mathys Orthopaedics Ltd at the date of signing the accounts is Enovis Corporation .
13
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary shares of £1 each
1,400,000
1,400,000
1,400,000
1,400,000
2022-12-312022-01-01false18 December 2023CCH SoftwareCCH Accounts Production 2023.100No description of principal activityThis audit opinion is unqualifiedMr D A PryorMr A G Fox SmithMr R Evans050899682022-01-012022-12-31050899682022-12-31050899682021-12-3105089968core:PlantMachinery2022-12-3105089968core:FurnitureFittings2022-12-3105089968core:ComputerEquipment2022-12-3105089968core:PlantMachinery2021-12-3105089968core:FurnitureFittings2021-12-3105089968core:ComputerEquipment2021-12-3105089968core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3105089968core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3105089968core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3105089968core:Non-currentFinancialInstrumentscore:AfterOneYear2021-12-3105089968core:CurrentFinancialInstruments2022-12-3105089968core:CurrentFinancialInstruments2021-12-3105089968core:ShareCapital2022-12-3105089968core:ShareCapital2021-12-3105089968core:OtherMiscellaneousReserve2022-12-3105089968core:OtherMiscellaneousReserve2021-12-3105089968core:RetainedEarningsAccumulatedLosses2022-12-3105089968core:RetainedEarningsAccumulatedLosses2021-12-3105089968bus:Director12022-01-012022-12-3105089968bus:Director22022-01-012022-12-3105089968core:PlantMachinery2022-01-012022-12-3105089968core:FurnitureFittings2022-01-012022-12-3105089968core:ComputerEquipment2022-01-012022-12-31050899682021-01-012021-12-3105089968core:PlantMachinery2021-12-3105089968core:FurnitureFittings2021-12-3105089968core:ComputerEquipment2021-12-31050899682021-12-3105089968core:Non-currentFinancialInstruments12022-12-3105089968core:Non-currentFinancialInstruments12021-12-3105089968bus:PrivateLimitedCompanyLtd2022-01-012022-12-3105089968bus:SmallCompaniesRegimeForAccounts2022-01-012022-12-3105089968bus:FRS1022022-01-012022-12-3105089968bus:Audited2022-01-012022-12-3105089968bus:CompanySecretary12022-01-012022-12-3105089968bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP