OXFORD CONSULTANCY PARTNERSHIP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
5 APRIL 2022
Company Registration Number: 06342566
OXFORD CONSULTANCY PARTNERSHIP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2022
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 8
OXFORD CONSULTANCY PARTNERSHIP LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 5 APRIL 2022
DIRECTORS
Dr C J S Hodges
Mrs F Hodges
SECRETARY
Dr C J S Hodges
REGISTERED OFFICE
4 Witan Way
Witney
Oxon
OX28 6FF
COMPANY REGISTRATION NUMBER
06342566 England and Wales
OXFORD CONSULTANCY PARTNERSHIP LIMITED
BALANCE SHEET
AS AT 5 APRIL 2022
Notes 2022 2021
£ £
FIXED ASSETS
Tangible assets 5 52,456 52,401
CURRENT ASSETS
Debtors 6 30,854 93,357
Cash at bank and in hand 162,970 149,015
193,824 242,372
CREDITORS: Amounts falling due within one year 7 36,038 59,639
NET CURRENT ASSETS 157,786 182,733
TOTAL ASSETS LESS CURRENT LIABILITIES 210,242 235,134
Provisions for liabilities and charges 129 119
NET ASSETS 210,113 235,015
CAPITAL AND RESERVES
Called up share capital 1 1
Distributable profit and loss account 210,112 235,014
SHAREHOLDERS' FUNDS 210,113 235,015
OXFORD CONSULTANCY PARTNERSHIP LIMITED
BALANCE SHEET
AS AT 5 APRIL 2022
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 5 April 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
Dr C J S Hodges Mrs F Hodges
Director Director
Date approved by the board: 2 September 2022
OXFORD CONSULTANCY PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2022
1 GENERAL INFORMATION
Oxford Consultancy Partnership Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
4 Witan Way
Witney
Oxon
OX28 6FF
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Revenue recognition
Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of consultancy services as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of trade discounts and value added tax.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
Plant and machinery Straight line basis at 25% per annum
Computer equipment Straight line basis at 33% per annum
Leasehold improvements Not provided
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
OXFORD CONSULTANCY PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2022
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
OXFORD CONSULTANCY PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2022
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
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 taxable profits.
Deferred tax is measured using 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.
Current and deferred tax assets and liabilities are not discounted.
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.
4 EMPLOYEES
The average number of persons employed by the company (including directors) during the year was:
2022 2021
Average number of employees 2 2
OXFORD CONSULTANCY PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2022
5 TANGIBLE ASSETS
Plant and machinery Computer equipment Leasehold improvements Total
£ £ £ £
Cost
At 6 April 2021 1,203 4,312 51,776 57,291
Additions - 384 - 384
At 5 April 2022 1,203 4,696 51,776 57,675
Accumulated depreciation and impairments
At 6 April 2021 1,203 3,687 - 4,890
Charge for year - 329 - 329
At 5 April 2022 1,203 4,016 - 5,219
Net book value
At 6 April 2021 - 625 51,776 52,401
At 5 April 2022 - 680 51,776 52,456
6 DEBTORS
2022 2021
£ £
Trade debtors 3,333 3,333
Other debtors 27,521 90,024
30,854 93,357
7 CREDITORS: Amounts falling due within one year
2022 2021
£ £
Taxation and social security 32,054 19,951
Accruals and deferred income 3,000 38,440
Other creditors 984 1,248
36,038 59,639
OXFORD CONSULTANCY PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2022
8 DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
The following director's advances, credits and guarantees took place during the year
Balance at 1 May 2021 Amounts advanced Amounts repaid Balance at 5 April 2022
£ £ £ £
Dr C J S and Mrs F Hodges 57,765 28,168 82,739 3,194
Interest has been charged on this advance at the Beneficial Loan Arrangement Official Rate as prescribed by HM Revenue and Customs. The advance is repayable on demand.
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