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Registration number: 07989849

Oxis Media Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2023

 

Oxis Media Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Oxis Media Limited

Company Information

Directors

Mr Anthony Richard Timson

Mr Ian Bruce Walker

Mr Clive Richard Dickens

Mr Adrian Mervyn Robinson

Mr Donnach Joseph O'Driscoll

Registered office

37 Market Square
Witney
Oxfordshire
OX28 6RE

Accountants

ReesRussell LLP
Chartered Accountants
37 Market Square
Witney
Oxfordshire
OX28 6RE

 

Oxis Media Limited

(Registration number: 07989849)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

22,427

37,343

Current assets

 

Debtors

6

323,189

357,710

Cash at bank and in hand

 

1,987

1,901

 

325,176

359,611

Creditors: Amounts falling due within one year

7

(512,944)

(523,205)

Net current liabilities

 

(187,768)

(163,594)

Net liabilities

 

(165,341)

(126,251)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(165,342)

(126,252)

Shareholders' deficit

 

(165,341)

(126,251)

For the financial year ending 30 September 2023 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.

Approved and authorised by the Board on 26 July 2024 and signed on its behalf by:
 

.........................................
Mr Adrian Mervyn Robinson
Director

 

Oxis Media Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
37 Market Square
Witney
Oxfordshire
OX28 6RE
England

These financial statements were authorised for issue by the Board on 26 July 2024.

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.

Basis of preparation and going concern

These financial statements have been prepared using the historical cost convention and on the equivalent of the going concern basis notwithstanding that the balance sheet shows negative net worth at the year end.

After the year end, on 10 July 2024 a liquidator was appointed to wind up the company’s 100% parent Jack Media Oxfordshire Limited (JMO).

The majority of the company’s net liabilities comprise intercompany balances with JMO. No account has been taken in these financial statements of any net benefit or incremental cost that might accrue as a result of JMO being placed into liquidation post year end.

The directors of Oxis Media Limited will engage with the liquidator of JMO to determine the optimum course of action for it to take going forward including the potential to continue as a going concern.
 

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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.

 

Oxis Media Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Trademarks

Over 10 years

Domains

25% Reducing balance

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

 

Oxis Media Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 5).

4

Loss/profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Amortisation expense

14,916

14,916

 

Oxis Media Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

5

Intangible assets

Trademarks, patents and licenses
 £

Domains
£

Total
£

Cost or valuation

At 1 October 2022

149,153

2,500

151,653

At 30 September 2023

149,153

2,500

151,653

Amortisation

At 1 October 2022

111,810

2,500

114,310

Amortisation charge

14,916

-

14,916

At 30 September 2023

126,726

2,500

129,226

Carrying amount

At 30 September 2023

22,427

-

22,427

At 30 September 2022

37,343

-

37,343

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

-

50,689

Amounts owed by parent company

323,189

296,189

Other debtors

 

-

10,832

   

323,189

357,710

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

15,945

26,205

Amounts owed to parent company

454,000

454,000

Other creditors

42,999

43,000

512,944

523,205

 

Oxis Media Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

8

Parent and ultimate parent undertaking

The company's immediate parent is Jack Media Oxfordshire, incorporated in England and Wales.

 

9

Non adjusting events after the financial period

Post the year end on 10 July 2024 a liquidator was appointed to wind up the company’s 100% parent Jack Media Oxfordshire Limited (JMO).