Company registration number 13886983 (England and Wales)
OXFORD TARGET THERAPEUTICS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
OXFORD TARGET THERAPEUTICS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
OXFORD TARGET THERAPEUTICS LIMITED
BALANCE SHEET
AS AT
31 JULY 2023
31 July 2023
- 1 -
2023
Notes
£
£
Fixed assets
Intangible assets
4
113,734
Current assets
Debtors
5
66,844
Cash at bank and in hand
3,647
70,491
Creditors: amounts falling due within one year
6
(108,003)
Net current liabilities
(37,512)
Net assets
76,222
Capital and reserves
Called up share capital
7
4
Profit and loss reserves
76,218
Total equity
76,222

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 2 November 2023 and are signed on its behalf by:
Miss N L Curtis
Director
Company registration number 13886983 (England and Wales)
OXFORD TARGET THERAPEUTICS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 JULY 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 2 February 2022
-
0
-
0
-
Period ended 31 July 2023:
Profit and total comprehensive income
-
76,218
76,218
Issue of share capital
7
4
-
4
Balance at 31 July 2023
4
76,218
76,222
OXFORD TARGET THERAPEUTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023
- 3 -
1
Accounting policies
Company information

Oxford Target Therapeutics Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bioinnovation Hub, Tonge Building Oxford Brookes University, Gipsy Lane, Headington Campus, Oxford, Oxfordshire, United Kingdom, OX3 0BP.

1.1
Reporting period

The current reporting period for the entity has been extended to 18 months.

1.2
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.

1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Development costs
No amortisation
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in bank only.

OXFORD TARGET THERAPEUTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include other debtors, corporation tax recoverable, and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including convertible loans, taxation and social security, and other creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.8
Compound instruments

The component parts of compound instruments issued by the company are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. This amount is recorded as a liability on an amortised cost basis using the effective interest method until extinguished upon conversion or at the instrument's maturity date. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised and included in equity net of income tax effects and is not subsequently remeasured.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

1.10
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.

OXFORD TARGET THERAPEUTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 5 -
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14
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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

OXFORD TARGET THERAPEUTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2023
- 6 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2023
Number
Total
3
4
Intangible fixed assets
Development costs
£
Cost
At 2 February 2022
-
0
Additions
113,734
At 31 July 2023
113,734
Amortisation and impairment
At 2 February 2022 and 31 July 2023
-
0
Carrying amount
At 31 July 2023
113,734
5
Debtors
2023
Amounts falling due within one year:
£
Corporation tax recoverable
12,818
Other debtors
54,026
66,844
6
Creditors: amounts falling due within one year
2023
£
Convertible loans
52,975
Taxation and social security
7,271
Other creditors
47,757
108,003
OXFORD TARGET THERAPEUTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2023
- 7 -
7
Called up share capital
2023
2023
Ordinary share capital
Number
£
Issued and not fully paid
Ordinary shares of £0.00001 each
400,000
4

On incorporation, the company issued 4 Ordinary £1 shares for a total consideration of £4. These shares remain unpaid at the balance sheet date.

During the period, the company sub-divided its Ordinary shares from £1 to £0.00001 per share.

8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
£
1,187
9
Related party transactions

Included within other creditors falling due within one year is a balance of £10,409 due to a director of the company. This loan is interest free and repayable on demand.

2023-07-312022-02-02false02 November 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityDr V M Bolanos-GarciaMiss N L Curtisfalse2023-11-02138869832022-02-022023-07-31138869832023-07-3113886983core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-07-3113886983core:CurrentFinancialInstrumentscore:WithinOneYear2023-07-3113886983core:CurrentFinancialInstruments2023-07-3113886983core:ShareCapital2023-07-3113886983core:RetainedEarningsAccumulatedLosses2023-07-3113886983core:ShareCapital2022-02-0113886983core:RetainedEarningsAccumulatedLosses2022-02-0113886983bus:Director22022-02-022023-07-3113886983core:RetainedEarningsAccumulatedLosses2022-02-022023-07-3113886983core:ShareCapital2022-02-022023-07-3113886983core:IntangibleAssetsOtherThanGoodwill2022-02-022023-07-3113886983core:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-02-022023-07-3113886983core:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-02-0113886983core:DevelopmentCostsCapitalisedDevelopmentExpenditurecore:ExternallyAcquiredIntangibleAssets2022-02-022023-07-3113886983core:WithinOneYear2023-07-3113886983bus:PrivateLimitedCompanyLtd2022-02-022023-07-3113886983bus:SmallCompaniesRegimeForAccounts2022-02-022023-07-3113886983bus:FRS1022022-02-022023-07-3113886983bus:AuditExemptWithAccountantsReport2022-02-022023-07-3113886983bus:Director12022-02-022023-07-3113886983bus:FullAccounts2022-02-022023-07-31xbrli:purexbrli:sharesiso4217:GBP