Company registration number 09876758 (England and Wales)
OXFORD UNION LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
OXFORD UNION LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
OXFORD UNION LIMITED
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
7,232
69,575
Cash at bank and in hand
189,172
45,534
196,404
115,109
Creditors: amounts falling due within one year
4
(306,543)
(238,232)
Net current liabilities
(110,139)
(123,123)
Capital and reserves
Called up share capital
5
100
100
Profit and loss reserves
(110,239)
(123,223)
Total equity
(110,139)
(123,123)

The director of the company has 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.

The financial statements were approved by the board of directors and authorised for issue on 22 January 2024 and are signed on its behalf by:
H Edwards
Director
Company registration number 09876758 (England and Wales)
OXFORD UNION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2021
100
(52,595)
(52,495)
Year ended 30 June 2022:
Loss and total comprehensive income
-
(70,628)
(70,628)
Balance at 30 June 2022
100
(123,223)
(123,123)
Year ended 30 June 2023:
Profit and total comprehensive income
-
12,984
12,984
Balance at 30 June 2023
100
(110,239)
(110,139)
OXFORD UNION LIMITED
STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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.

2
Accounting policies
Company information

Oxford Union Limited is a private company limited by shares incorporated in England and Wales. The registered office is Frewin Court, St Michael's Street, Oxford, OX1 3JB.

2.1
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.

2.2
Going concern

These financial statements are prepared on the going concern basis. The director has a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the director is aware of certain material uncertainties which may cause doubt on the company's ability to continue as a going concern.

 

As described in the directors' report a material debtor remains outstanding from the year end.

 

Additionally, notwithstanding net liabilities of £110k as at 30 June 2023 (2022: £123k) the financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons:

 

The company is a small operation which sells the recordings of live debates through a commercial platform. The directors believe they will have sufficient funds, including support from its immediate parent company, Oxford Union Society to meet its liabilities as they fall due for that period. Oxford Union Society has indicated its intention to continue to make available such funds as are needed by the company for a period of at least 12 months from the date of approval of these financial statements.

 

As with any company placing reliance on another entity for financial support, the directors acknowledge that there can be no certainty this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.

 

Consequently the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

OXFORD UNION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
2
Accounting policies
(Continued)
- 4 -
2.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

2.4
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.

2.5
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 debtors 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 creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

OXFORD UNION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
2
Accounting policies
(Continued)
- 5 -
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.

2.7
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.

2.8

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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
0
64,800
Other debtors
7,232
4,775
7,232
69,575
4
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
16,988
43,336
Amounts owed to group undertakings
284,759
192,157
Taxation and social security
2,016
89
Other creditors
2,780
2,650
306,543
238,232
5
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
OXFORD UNION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
6
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Robert Kirtland
Statutory Auditor:
Critchleys Audit LLP
7
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

During the year The Oxford Union Society, the immediate controlling party, incurred costs totalling £92,602 (2022 - £Nil) on behalf of the company.

 

During the year, the company incurred costs totalling £nil (2022: £25,520) on behalf of The Oxford Union Society.

 

At the year end the company owed £284,759 (2022- £192,157) to The Oxford Union Society.

8
Parent company

The company's immediate parent is The Oxford Union Society whose address is Frewin Court, St Michael's Street, Oxford OX1 3JB.

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