D M Orthotics Limited - Period Ending 2014-11-30

Registration number: 05276121

D M Orthotics Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 November 2014
 

WARD BOSENCE
Accountants
443 Ashley Road
Parkstone
Poole
Dorset
BH14 0AX

D M Orthotics Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 6

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 6) have been prepared.

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
D M Orthotics Limited
for the Year Ended 30 November 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of D M Orthotics Limited for the year ended 30 November 2014 set out on pages from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of D M Orthotics Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of D M Orthotics Limited and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than D M Orthotics Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that D M Orthotics Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of D M Orthotics Limited. You consider that D M Orthotics Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of D M Orthotics Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

WARD BOSENCE
Accountants
443 Ashley Road
Parkstone
Poole
Dorset
BH14 0AX

8 April 2015

Page 1

D M Orthotics Limited
(Registration number: 05276121)
Abbreviated Balance Sheet at 30 November 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets					172,302			209,273
Investments					191,706			191,706
					364,008			400,979
Current assets
Stocks					149,420			124,089
Debtors					333,790			310,322
Cash at bank and in hand					743,975			602,225
					1,227,185			1,036,636
Creditors: Amounts falling due within one year					(263,032)			(308,495)
Net current assets					964,153			728,141
Total assets less current liabilities					1,328,161			1,129,120
Provisions for liabilities					(7,082)			(13,501)
Net assets					1,321,079			1,115,619
Capital and reserves
Called up share capital		3			301			301
Share premium account					999			999
Profit and loss account					1,319,779			1,114,319
Shareholders' funds					1,321,079			1,115,619

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 2

D M Orthotics Limited
(Registration number: 05276121)
Abbreviated Balance Sheet at 30 November 2014
......... continued

For the year ending 30 November 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 8 April 2015 and signed on its behalf by:

.........................................
Mr Martin Matthews
Director

.........................................
Mr Eric Bosence
Director

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 3

D M Orthotics Limited
Notes to the Abbreviated Accounts for the Year Ended 30 November 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Patent	20% straight line

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% reducing balance
Office equipment	25% reducing balance
Fixtures and fittings	25% reducing balance

Research and development

Research and development expenditure is written off as incurred.

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Page 4

D M Orthotics Limited
Notes to the Abbreviated Accounts for the Year Ended 30 November 2014
......... continued

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Tangible assets £			Investments £			Total £
Cost
At 1 December 2013		643,196			191,706			834,902
Additions		20,463			-			20,463
At 30 November 2014		663,659			191,706			855,365
Depreciation
At 1 December 2013		433,923			-			433,923
Charge for the year		57,434			-			57,434
At 30 November 2014		491,357			-			491,357
Net book value
At 30 November 2014		172,302			191,706			364,008
At 30 November 2013		209,273			191,706			400,979

Page 5

D M Orthotics Limited
Notes to the Abbreviated Accounts for the Year Ended 30 November 2014
......... continued

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary A shares of £1 each		270			270			270			270
Ordinary B shares of £1 each		30			30			30			30
Ordinary C shares of £1 each		1			1			1			1
		301			301			301			301

4	Related party transactions

Directors' advances and credits

	2014 Advance/ Credit £	2014 Repaid £	2013 Advance/ Credit £	2013 Repaid £
Mr Martin Matthews
Director's loan account	-	-	-	-

Page 6