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
John Richards
SECRETARY
John Richards
REGISTERED OFFICE
White Oak
West End
Combe
Witney
Oxon
OX29 8NP
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 33,280 18,564
Tangible assets 6 1,356 1,355
34,636 19,919
CURRENT ASSETS
Debtors 7 11,539 36,694
Cash at bank and in hand 8,694 13,770
20,233 50,464
CREDITORS: Amounts falling due within one year 8 48,733 43,269
NET CURRENT (LIABILITIES) / ASSETS (28,500) 7,195
TOTAL ASSETS LESS CURRENT LIABILITIES 6,136 27,114
Provisions for liabilities and charges 258 257
NET ASSETS 5,878 26,857
CAPITAL AND RESERVES
Called up share capital 500 500
Distributable profit and loss account 5,378 26,357
SHAREHOLDERS' FUNDS 5,878 26,857
OXFORD DIGITAL LIMITED
BALANCE SHEET
AS AT 31 MAY 2023
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 31 May 2023 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
John Richards
Director
Date approved by the board: 5 February 2024
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
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.
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 Straight line basis at 20% per annum
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 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.
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
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.
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.
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
Expenditure on research and development is written off in the period in which it is incurred. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual products. In this situation, the qualifying expenditure is deferred and amortised over the period during which the company is expected to benefit. The estimated period over which development expenditure is to be amortised is 5 years. Amortisation commences with the commercial production of the product and is allocated on a systematic basis to each accounting period, by reference to the sale of the product.
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 2 2
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 470,920 - 470,920
Additions - 15,615 15,615
At 31 May 2023 470,920 15,615 486,535
Accumulated amounts written off
At 1 June 2022 452,356 - 452,356
Charge for year - 899 899
At 31 May 2023 452,356 899 453,255
Net book value
At 1 June 2022 18,564 - 18,564
At 31 May 2023 18,564 14,716 33,280
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 7,896
Additions 701
Disposals (571)
At 31 May 2023 8,026
Accumulated depreciation
At 1 June 2022 6,541
Charge for year 700
Disposals (571)
At 31 May 2023 6,670
Net book value
At 1 June 2022 1,355
At 31 May 2023 1,356
7 DEBTORS
2023 2022
£ £
Trade debtors 2,840 18,425
Prepayments and accrued income 1,856 15,522
Other debtors 6,843 2,747
11,539 36,694
8 CREDITORS: Amounts falling due within one year
2023 2022
£ £
Trade creditors 1,704 11,055
Taxation and social security 136 3,187
Accruals and deferred income 2,774 2,775
Other creditors 44,119 26,252
48,733 43,269
Oxford Digital Limited 05572811 false 2022-06-01 2023-05-31 2023-05-31 VT Final Accounts (tagged by user) April 2022 true No description of principal activity 05572811 2021-06-01 2022-05-31 05572811 core:WithinOneYear 2022-05-31 05572811 core:ShareCapital 2022-05-31 05572811 core:RetainedEarningsAccumulatedLosses 2022-05-31 05572811 core:CurrentFinancialInstruments 2022-05-31 05572811 2022-06-01 2023-05-31 05572811 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 05572811 bus:AuditExempt-NoAccountantsReport 2022-06-01 2023-05-31 05572811 bus:Director1 2022-06-01 2023-05-31 05572811 bus:CompanySecretary1 2022-06-01 2023-05-31 05572811 bus:RegisteredOffice 2022-06-01 2023-05-31 05572811 core:FurnitureFittingsToolsEquipment 2022-06-01 2023-05-31 05572811 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-06-01 2023-05-31 05572811 core:PatentsTrademarksLicencesConcessionsSimilar 2022-06-01 2023-05-31 05572811 bus:FRS102 2022-06-01 2023-05-31 05572811 bus:FullAccounts 2022-06-01 2023-05-31 05572811 2023-05-31 05572811 core:WithinOneYear 2023-05-31 05572811 core:ShareCapital 2023-05-31 05572811 core:RetainedEarningsAccumulatedLosses 2023-05-31 05572811 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-05-31 05572811 core:PatentsTrademarksLicencesConcessionsSimilar 2023-05-31 05572811 core:FurnitureFittingsToolsEquipment 2023-05-31 05572811 core:CurrentFinancialInstruments 2023-05-31 05572811 2022-05-31 05572811 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-05-31 05572811 core:PatentsTrademarksLicencesConcessionsSimilar 2022-05-31 05572811 core:FurnitureFittingsToolsEquipment 2022-05-31 iso4217:GBP xbrli:pure