OXFORD DIGITAL LIMITED | |||||||||||
UNAUDITED FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED | |||||||||||
31 MAY 2023 | |||||||||||
Company Registration Number: 05572811 | |||||||||||
OXFORD DIGITAL LIMITED | |||||||||||
UNAUDITED FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 MAY 2023 | |||||||||||
CONTENTS | PAGES | ||||||||||
Company information | 1 | ||||||||||
Balance sheet | 2 to 3 | ||||||||||
Notes to the financial statements | 4 to 9 | ||||||||||
OXFORD DIGITAL LIMITED | |||||||||||
COMPANY INFORMATION | |||||||||||
FOR THE YEAR ENDED 31 MAY 2023 | |||||||||||
DIRECTOR | |||||||||||
SECRETARY | |||||||||||
REGISTERED OFFICE | |||||||||||
COMPANY REGISTRATION NUMBER | |||||||||||
05572811 England and Wales | |||||||||||
OXFORD DIGITAL LIMITED | |||||||||||
BALANCE SHEET | |||||||||||
AS AT 31 MAY 2023 | |||||||||||
Notes | 2023 | 2022 | |||||||||
£ | £ | ||||||||||
FIXED ASSETS | |||||||||||
Intangible assets | 5 | ||||||||||
Tangible assets | 6 | ||||||||||
CURRENT ASSETS | |||||||||||
Debtors | 7 | ||||||||||
Cash at bank and in hand | |||||||||||
CREDITORS: Amounts falling due within one year | 8 | ||||||||||
NET CURRENT (LIABILITIES) / ASSETS | ( |
||||||||||
TOTAL ASSETS LESS CURRENT LIABILITIES | |||||||||||
Provisions for liabilities and charges | |||||||||||
NET ASSETS | |||||||||||
CAPITAL AND RESERVES | |||||||||||
Called up share capital | |||||||||||
Distributable profit and loss account | |||||||||||
SHAREHOLDERS' FUNDS | |||||||||||
OXFORD DIGITAL LIMITED | |||||||||||
BALANCE SHEET | |||||||||||
AS AT 31 MAY 2023 | |||||||||||
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 | |||||||||||
John Richards | |||||||||||
Director | |||||||||||
Date approved by the board: |
|||||||||||
OXFORD DIGITAL LIMITED | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 MAY 2023 | |||||||||||
1 | GENERAL INFORMATION | ||||||||||
Oxford Digital Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is: | |||||||||||
White Oak | |||||||||||
West End | |||||||||||
Combe | |||||||||||
Witney | |||||||||||
Oxon | |||||||||||
OX29 8NP | |||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||
Basis of preparation of financial statements | |||||||||||
Going concern | |||||||||||
The accounts have been drawn up on the going concern basis. At the year end the company had net current liabilities of £28,500 which includes a director's loan account totalling £44,119, which could be required for repayment without notice. The company is therefore dependent upon the continued support of the directors and these shareholders. The directors and these shareholders do not consider their own support likely to be withdrawn. | |||||||||||
If the going concern basis was not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for additional liabilities that might arise and to reclassify fixed assets as current assets. |
Revenue recognition | |||||||||||
Turnover is measured at the fair value of consideration received or receivable and represents amounts receivable for the development of audio technology, 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. |
OXFORD DIGITAL LIMITED | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 MAY 2023 | |||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…) | ||||||||||
Intangible fixed assets | |||||||||||
Intangible fixed assets, other than goodwill, are stated at cost less accumulated amortisation and any accumulated impairment losses. It is amortised on a straight-line basis over its useful economic life of 5 or 7 years. | |||||||||||
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new expectations. |
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. | |||||||||||
Fixtures, fittings and equipment | |||||||||||
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. | |||||||||||
Financial Instruments | |||||||||||
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. | |||||||||||
OXFORD DIGITAL LIMITED | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 MAY 2023 | |||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…) | ||||||||||
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 | |||||||||||
Taxation | |||||||||||
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. | |||||||||||
OXFORD DIGITAL LIMITED | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 MAY 2023 | |||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…) | ||||||||||
Foreign currencies | |||||||||||
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. | |||||||||||
Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the rate of exchange prevailing at that date. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit or loss. |
Research and development | |||||||||||
3 | CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS | ||||||||||
No significant accounting estimates and judgements have had to be made by the director in preparing these financial statements. |
4 | EMPLOYEES | ||||||||||
The average number of persons employed by the company (including directors) during the year was: | |||||||||||
2023 | 2022 | ||||||||||
Average number of employees | |||||||||||
OXFORD DIGITAL LIMITED | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 MAY 2023 | |||||||||||
5 | INTANGIBLE FIXED ASSETS | ||||||||||
Development costs | Patents | Total | |||||||||
£ | £ | £ | |||||||||
Cost | |||||||||||
At 1 June 2022 | - | ||||||||||
Additions | - | ||||||||||
At 31 May 2023 | |||||||||||
Accumulated amounts written off | |||||||||||
At 1 June 2022 | - | ||||||||||
Charge for year | - | ||||||||||
At 31 May 2023 | |||||||||||
Net book value | |||||||||||
At 1 June 2022 | - | ||||||||||
At 31 May 2023 | |||||||||||
OXFORD DIGITAL LIMITED | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 MAY 2023 | |||||||||||
6 | TANGIBLE ASSETS | ||||||||||
Fixtures, fittings and equipment | |||||||||||
£ | |||||||||||
Cost | |||||||||||
At 1 June 2022 | |||||||||||
Additions | |||||||||||
Disposals | ( |
||||||||||
At 31 May 2023 | |||||||||||
Accumulated depreciation | |||||||||||
At 1 June 2022 | |||||||||||
Charge for year | |||||||||||
Disposals | ( |
||||||||||
At 31 May 2023 | |||||||||||
Net book value | |||||||||||
At 1 June 2022 | |||||||||||
At 31 May 2023 | |||||||||||
7 | DEBTORS | ||||||||||
2023 | 2022 | ||||||||||
£ | £ | ||||||||||
Trade debtors | |||||||||||
Prepayments and accrued income | |||||||||||
Other debtors | |||||||||||
11,539 | 36,694 | ||||||||||
8 | CREDITORS: Amounts falling due within one year | ||||||||||
2023 | 2022 | ||||||||||
£ | £ | ||||||||||
Trade creditors | |||||||||||
Taxation and social security | |||||||||||
Accruals and deferred income | |||||||||||
Other creditors | |||||||||||
48,733 | 43,269 | ||||||||||