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Registration number: 04606670

Oxford Fetal Medicine Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Oxford Fetal Medicine Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Oxford Fetal Medicine Limited

(Registration number: 04606670)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

1,812

362

Current assets

 

Debtors

5

26,353

55,652

Cash at bank and in hand

 

98,756

106,875

 

125,109

162,527

Creditors: Amounts falling due within one year

6

(70,305)

(89,249)

Net current assets

 

54,804

73,278

Net assets

 

56,616

73,640

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

56,516

73,540

Shareholders' funds

 

56,616

73,640

For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 6 September 2022 and signed on its behalf by:
 

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

Dr L Impey
Director

 

Oxford Fetal Medicine Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
Orchard Grove
11 Pixey Close
Yarnton
Kidlington
Oxon
OX5 1FY

2

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss.

 

Oxford Fetal Medicine Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

The current income 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.

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

Computer equipment

33% straight line

Fixtures and fittings

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Oxford Fetal Medicine Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2020 - 1).

 

Oxford Fetal Medicine Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2021

1,192

1,192

Additions

1,684

1,684

At 31 December 2021

2,876

2,876

Depreciation

At 1 January 2021

830

830

Charge for the year

234

234

At 31 December 2021

1,064

1,064

Carrying amount

At 31 December 2021

1,812

1,812

At 31 December 2020

362

362

5

Debtors

Current

Note

2021
£

2020
£

Trade debtors

 

22,120

55,652

Amounts owed by related parties

8

4,233

-

   

26,353

55,652

6

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Trade creditors

 

1,329

113

Owed to directors

8

-

1,015

Taxation and social security

 

1,052

1,462

Other creditors

 

67,924

86,659

 

70,305

89,249

 

Oxford Fetal Medicine Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

7

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

8

Related party transactions

Transactions with directors

2021

Advances to directors
£

Repayments by director
£

At 31 December 2021
£

Mrs S Impey

Loan

9,285

(5,052)

4,233

       
     

 

Dividends paid to directors in the year were as follows:

   

2021
£

 

2020
£

Mrs S Impey

       

 

44,500

 

47,000

         

Dr L Impey

       

 

178,000

 

188,000