REGISTERED NUMBER: |
Strategic Report, |
Report of the Director and |
Financial Statements |
for the Year Ended 31 August 2023 |
for |
OXFORD BUSINESS COLLEGE UK LIMITED |
REGISTERED NUMBER: |
Strategic Report, |
Report of the Director and |
Financial Statements |
for the Year Ended 31 August 2023 |
for |
OXFORD BUSINESS COLLEGE UK LIMITED |
OXFORD BUSINESS COLLEGE UK LIMITED (REGISTERED NUMBER: 05995060) |
Contents of the Financial Statements |
for the Year Ended 31 August 2023 |
Page |
Strategic Report | 1 |
Report of the Director | 4 |
Report of the Independent Auditors | 7 |
Income Statement | 11 |
Other Comprehensive Income | 12 |
Statement of Financial Position | 13 |
Statement of Changes in Equity | 14 |
Statement of Cash Flows | 15 |
Notes to the Statement of Cash Flows | 16 |
Notes to the Financial Statements | 17 |
OXFORD BUSINESS COLLEGE UK LIMITED (REGISTERED NUMBER: 05995060) |
Strategic Report |
for the Year Ended 31 August 2023 |
The director presents his strategic report for the year ended 31 August 2023. |
The mission of the Oxford Business College UK Limited ("Oxford Business College"/ "the College") is to catalyse the transformation of our key stakeholders into visionary global professionals, equipping them with innovative sustainable practices, nurturing cutting-edge insights, skills, & unwavering self-assurance, empowering them to excel & create a lasting, positive impact in our ever-evolving world. |
REVIEW OF BUSINESS |
Oxford Business College is dedicated to enhancing the quality of educational services provided to our students, with the goal of exceeding their expectations. By 2025, we aim to train 10,000 future business leaders annually, equipping them to embrace the opportunities of the 21st-century global economy. We are also committed to broadening access to higher education, particularly for communities that may have previously perceived it as an unattainable option, thereby ensuring that educational opportunities are available to all. |
For the year ended 31 August 2023, the College has demonstrated significant financial growth. The turnover increased from £40.7 million in 2022 to £49.7 million in 2023, reflecting a robust demand for our programs and services. The operating profit also saw an improvement, rising from £7.073 million in 2022 to £9.512 million in 2023. These results underline the effectiveness of our strategic initiatives and our commitment to providing high-quality education. |
The consistent increase in turnover and operating profit not only highlights the College's strong market position but also highlights our ability to deliver sustainable growth and value to our stakeholders. Moving forward, we will continue to focus on our strategic priorities, including expanding our academic offerings, enhancing student support services, and investing in infrastructure to accommodate future growth. |
When reviewing the turnover and operating profit as disclosed in the income statement the growth of Oxford Business College can be seen when comparing the results from 2022 to 2023. |
Turnover = £49.7m (2023) £40.7m (2022) |
Operating profit = £9.5m (2023) £7.07m (2022) |
Operating profit % = 19.1% (2023) 17.3% (2022) |
PRINCIPAL RISKS AND UNCERTAINTIES |
Management of the College conducts regular assessments to identify potential principal risks. These risks are promptly reported to the Board of Governors, which oversees the implementation of appropriate remedial actions to mitigate them. This proactive approach ensures that we effectively manage and minimize the impact of risks on our operations and strategic objectives. |
SUPPORT FROM UNIVERSITIES TO STUDENTS |
Oxford Business College offers a comprehensive range of services aimed at fostering academic excellence and personal development among our students. In addition to academic support, we provide extensive counseling and career guidance services to ensure the mental well-being of our students and to help them achieve their career goals. Evidence of surveys conducted reveals that both students and staff significantly benefit from the availability of these counseling services. Furthermore, the College organizes workshops and support groups to enhance the overall well-being and professional growth of both students and staff. |
INCREASE TO CAMPUS SITES |
During the year 2022/2023, Oxford Business College increased its campus capacity from 5,400 to 10,000 students. To support projected future growth, the College is planning to introduce additional academic sites. These expansions will enable us to meet the rising demand and ensure that all students have access to the necessary resources to excel in their studies. |
OXFORD BUSINESS COLLEGE UK LIMITED (REGISTERED NUMBER: 05995060) |
Strategic Report |
for the Year Ended 31 August 2023 |
KEY PERFORMANCE INDICATORS |
The College places significant emphasis on Key Performance Indicators (KPIs) to ensure and measure progress towards achievement of strategic goals. Initially, relevant and appropriate KPIs are identified, forming the foundation for setting realistic, achievable, and challenging objectives. This approach aims to inspire and motivate employees to focus and work towards continuous improvement and growth. |
To maintain the effectiveness of these KPIs, data is collected and analysed on a monthly basis. Regular review and evaluation of the KPIs allow for the provision of appropriate support and guidance to staff members in their pursuit of established goals. The data analysis helps identify trends and patterns, enabling informed decision-making and the implementation of necessary actions. |
With a revenue of £49.7m, Oxford Business College has successfully concluded the accounts for the 2022/2023 period. Notably, the college has witnessed a consistent increase in retained earnings and current ratio, signaling the organisation's ability to meet its set targets. Among the most significant KPIs for Oxford Business College this year are student enrolment, student retention, student satisfaction, employee satisfaction, budget management, financial performance, cash flow and financial stability. |
INTERNAL CONTROL |
Oxford Business College's Board of Governors comprises a distinguished group of highly skilled and experienced individuals who bear the responsibility of overseeing the operations and governance of the college. Their pivotal role involves providing strategic guidance and offering high-quality advice to ensure that the college fulfils its mission and achieves its objectives in an ethical manner. |
The board of Governors are responsible for ensuring the financial stability of the college, making sure the college takes appropriate financial decisions by monitoring financial performance against the set budget. The Board of governors play an essential role in approving the policies and procedures that control the operations of the college and ensure everything is done in a standardised way. |
Furthermore, the Board of Governors, in collaboration with the Senior Management Team, reviews the academic programs offered by the college. They ensure that the college consistently delivers high-quality education to its students and provides the necessary support to its diverse student body. |
The board of governors ensure that all stakeholders are served effectively. In addition, the academic board takes the responsibility to look after the quality and delivery of all our academic programs and students' performance. |
OXFORD BUSINESS COLLEGE UK LIMITED (REGISTERED NUMBER: 05995060) |
Strategic Report |
for the Year Ended 31 August 2023 |
STAFF DEVELOPMENT AND BENEFITS |
Oxford Business College is committed to the professional growth and well-being of its employees. We offer comprehensive mentoring, coaching, and development programs to help staff stay updated with the latest advancements in their fields and set meaningful career goals. By facilitating opportunities for employees to work closely with industry partners, we foster valuable collaborations that enhance practical knowledge and skill acquisition. |
The College also emphasizes training to ensure continuous development of its staff and maintaining a healthy work-life balance. The College conducted 20 training programs over the past year across various departments on contemporary topics to achieve this. |
Recognising the importance of supporting personal and mental health, Oxford Business College provides extensive benefits, including private medical insurance and in-house counseling services. Additionally, we offer flexible working hours to help employees balance their professional and personal responsibilities effectively. |
ON BEHALF OF THE BOARD: |
9 August 2024 |
OXFORD BUSINESS COLLEGE UK LIMITED (REGISTERED NUMBER: 05995060) |
Report of the Director |
for the Year Ended 31 August 2023 |
The director presents his report with the financial statements of the company for the year ended 31 August 2023. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 August 2023 will be £ |
FUTURE DEVELOPMENTS |
Oxford Business College is committed to extending high-quality educational opportunities across England by establishing regional study centres. This localized approach ensures that the benefits of Oxford Business College education are accessible to all, regardless of geographic location. Recognizing the importance of balancing work commitments with academic pursuits, we offer a diverse range of flexible programs to accommodate full-time education alongside our students' various responsibilities. |
Our strategic priorities for the future include: |
1. Sustainable Growth and Development: Focusing on expanding our reach and capacity to meet increasing demand while maintaining high standards of education. |
2. Excellence in Academic Achievement: Continuously enhancing our academic programs to ensure outstanding educational outcomes. |
3. Enhancing Successful Graduate Outcomes: Prioritizing employability and career readiness, ensuring our graduates are well-prepared for the job market. |
4. Harnessing the Benefits of Inclusion and Diversity: Promoting an inclusive and diverse learning environment that supports and celebrates differences. |
These initiatives reflect our dedication to providing exceptional education and fostering an environment where all students can thrive. |
DIRECTOR |
EMPLOYMENT OF DISABLED PERSONS |
Oxford Business College is dedicated to providing equal opportunities to employees with disabilities. We proactively implement measures to ensure that all employees can effectively perform their job responsibilities. This includes making necessary workplace modifications, such as ensuring physical accessibility and providing assistive technologies. Our Equality, Diversity, and Inclusion Committee upholds best practices to ensure equal rights and opportunities for all employees. |
GOVERNANCE |
Oxford Business College's Board of Governors consists of a distinguished group of highly skilled and experienced individuals responsible for overseeing the College's operations and governance. Their pivotal role involves providing strategic guidance and high-quality advice to ensure the College fulfills its mission and achieves its objectives ethically and effectively. |
The Board of Governors ensures the financial stability of the College by monitoring financial performance against the set budget and making appropriate financial decisions. They play a crucial role in approving policies and procedures that standardize the College's operations, ensuring consistency and compliance. |
In collaboration with the Senior Management Team, the Board of Governors reviews the academic programs offered by the College. They ensure the consistent delivery of high-quality education and provide necessary support to the diverse student body. |
The Board of Governors is dedicated to serving all stakeholders effectively. Additionally, the Academic Board is responsible for overseeing the quality and delivery of academic programs and monitoring students' performance to maintain high educational standards |
OXFORD BUSINESS COLLEGE UK LIMITED (REGISTERED NUMBER: 05995060) |
Report of the Director |
for the Year Ended 31 August 2023 |
EMPLOYEE INVOLVEMENT |
Oxford Business College is committed to fostering an inclusive environment where all employees are actively engaged in decision-making processes and policy implementation. This approach not only empowers our staff but also enhances policy effectiveness and adherence. |
To support this commitment, we have established staff committees that are open to all employees who wish to participate. These committees provide a platform for staff to present their ideas, share their perspectives, and contribute constructively to the development of organizational policies. |
Additionally, we conduct regular employee surveys that ensure all staff members can voice their opinions anonymously. This method allows us to gather valuable feedback while maintaining confidentiality, thereby encouraging honest and open communication. |
Through these practices, Oxford Business College aims to strengthen employee engagement and ownership, ensuring that our policies and decisions reflect the collective input of our workforce. |
INTERNAL CONTROL |
The internal control system at Oxford Business College is overseen by the Audit and Risk Committee, which advises and assists the Board of Governors on the assurance and control environment of the college. The Committee's responsibilities include recommending the appointment and terms of engagement for auditors, coordinating audit activities to ensure effectiveness, monitoring the implementation of audit recommendations, overseeing risk management processes, and ensuring compliance with financial regulations. This comprehensive oversight ensures the College maintains robust internal controls and effective risk management practices. |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
OXFORD BUSINESS COLLEGE UK LIMITED (REGISTERED NUMBER: 05995060) |
Report of the Director |
for the Year Ended 31 August 2023 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Oxford Business College UK Limited |
Opinion |
We have audited the financial statements of Oxford Business College UK Limited (the 'company') for the year ended 31 August 2023 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 August 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Oxford Business College UK Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page five, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Oxford Business College UK Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We have considered the nature of the Company's industry and its control environment, and reviewed the company's documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities. |
We obtained an understanding of the legal and regulatory framework that the company operates in, and identified the key laws and regulations that: |
(1) Had a direct effect on the determination of material amounts and disclosures in the financial statements. These included UK Companies Act, tax legislation etc; and |
(2) Do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty |
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within organisation for fraud and how and where fraud might occur in the financial statements. |
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making the accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business. |
In addition to the above, our procedures to respond to the risks identified included the following: |
(1) Reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
(2) Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
(3) Enquiring of management and in-house legal counsel concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and |
(4) Reading minutes of meetings of those charged with governance. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Oxford Business College UK Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditors |
2 Wheeleys Road |
Edgbaston |
Birmingham |
West Midlands |
B15 2LD |
OXFORD BUSINESS COLLEGE UK LIMITED (REGISTERED NUMBER: 05995060) |
Income Statement |
for the Year Ended 31 August 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
9,235,454 | 7,055,247 |
Other operating income |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
PROFIT BEFORE TAXATION |
Tax on profit | 5 |
PROFIT FOR THE FINANCIAL YEAR |
OXFORD BUSINESS COLLEGE UK LIMITED (REGISTERED NUMBER: 05995060) |
Other Comprehensive Income |
for the Year Ended 31 August 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
OXFORD BUSINESS COLLEGE UK LIMITED (REGISTERED NUMBER: 05995060) |
Statement of Financial Position |
31 August 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 14 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 15 |
Retained earnings | 16 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
OXFORD BUSINESS COLLEGE UK LIMITED (REGISTERED NUMBER: 05995060) |
Statement of Changes in Equity |
for the Year Ended 31 August 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 September 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 August 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 August 2023 |
OXFORD BUSINESS COLLEGE UK LIMITED (REGISTERED NUMBER: 05995060) |
Statement of Cash Flows |
for the Year Ended 31 August 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Tax paid | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Unlisted Investments | 693,138 | (465,888 | ) |
Investment in Subsidiary | (101 | ) | - |
Amount introduced by directors | 80,000 | 200,000 |
Amount withdrawn by directors | (125,504 | ) | (28,810 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
15,187,587 |
4,567,598 |
Cash and cash equivalents at end of year | 2 |
OXFORD BUSINESS COLLEGE UK LIMITED (REGISTERED NUMBER: 05995060) |
Notes to the Statement of Cash Flows |
for the Year Ended 31 August 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation |
Depreciation charges |
Finance income | (260,990 | ) | (2,722 | ) |
10,682,996 | 7,649,985 |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 31 August 2023 |
31.8.23 | 1.9.22 |
£ | £ |
Cash and cash equivalents | 26,844,738 | 15,206,589 |
Bank overdrafts | ( |
) | ( |
) |
26,809,217 | 15,187,587 |
Year ended 31 August 2022 |
31.8.22 | 1.9.21 |
£ | £ |
Cash and cash equivalents | 15,206,589 | 4,567,598 |
Bank overdrafts | ( |
) |
15,187,587 | 4,567,598 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.9.22 | Cash flow | At 31.8.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 15,206,589 | 11,638,149 | 26,844,738 |
Bank overdrafts | (19,002 | ) | (16,519 | ) | (35,521 | ) |
15,187,587 | 26,809,217 |
Total | 15,187,587 | 11,621,630 | 26,809,217 |
OXFORD BUSINESS COLLEGE UK LIMITED (REGISTERED NUMBER: 05995060) |
Notes to the Financial Statements |
for the Year Ended 31 August 2023 |
1. | STATUTORY INFORMATION |
Oxford Business College UK Limited is a |
Registered number: |
Registered office: |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Tangible assets are initially recorded at cost and then depreciated at the following rates over the estimated economic useful life. |
Plant and machinery - 25% reducing balance |
Fixture & fittings - 25% reducing balance |
Motor vehicles - 25% reducing balance |
Computer equipment - 25% reducing balance |
Long leasehold is not depreciated as the directors believe there is no reduction in value. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
OXFORD BUSINESS COLLEGE UK LIMITED (REGISTERED NUMBER: 05995060) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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 future taxable profits. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
Academic staff | 188 | 101 |
Administration and management staff | 77 | 71 |
2023 | 2022 |
£ | £ |
Director's remuneration |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
2023 | 2022 |
£ | £ |
Depreciation - owned assets |
Goodwill amortisation |
OXFORD BUSINESS COLLEGE UK LIMITED (REGISTERED NUMBER: 05995060) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
5. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2022 - |
Effects of: |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Deferred tax | 634,667 | 198,561 |
Adjustment from 19% to 25% in deferred tax | (253,390 | ) | - |
Total tax charge | 2,199,031 | 1,240,921 |
6. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Final |
7. | AUDITORS REMUNERATION |
Audit & Accountancy, taxation and other professional fees during the year to the auditors |
Audit fees = £18,000 (£8,000 in 2022) |
Accountancy, taxation and other professional services = £12,000 (£12,000 in 2022) |
OXFORD BUSINESS COLLEGE UK LIMITED (REGISTERED NUMBER: 05995060) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
8. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 September 2022 |
and 31 August 2023 |
AMORTISATION |
At 1 September 2022 |
and 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
9. | TANGIBLE FIXED ASSETS |
Fixtures |
Long | Plant and | and |
leasehold | machinery | fittings |
£ | £ | £ |
COST |
At 1 September 2022 |
Additions |
At 31 August 2023 |
DEPRECIATION |
At 1 September 2022 |
Charge for year |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
OXFORD BUSINESS COLLEGE UK LIMITED (REGISTERED NUMBER: 05995060) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
9. | TANGIBLE FIXED ASSETS - continued |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 September 2022 |
Additions |
At 31 August 2023 |
DEPRECIATION |
At 1 September 2022 |
Charge for year |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
10. | FIXED ASSET INVESTMENTS |
Investment |
Unlisted | in |
Investments | subsidiary | Totals |
£ | £ | £ |
At 1 September 2022 |
New in year |
Repayment in year | ( |
) | ( |
) |
At 31 August 2023 |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Rent / Lease deposits |
Other debtors |
VAT |
Prepayments and accrued income |
OXFORD BUSINESS COLLEGE UK LIMITED (REGISTERED NUMBER: 05995060) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 13) |
Trade creditors |
Tax |
Social security and other taxes |
National Insurance | 36,529 | 19,932 |
Other creditors |
Wages | 18,113 | - |
Directors' current accounts | 427,904 | 473,408 |
Accrued expenses |
Deferred Income | 22,908,196 | 15,283,311 |
13. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Details of preference shares are as follows: |
14. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 955,780 | 321,112 |
Deferred |
tax |
£ |
Balance at 1 September 2022 |
Provided during year |
Balance at 31 August 2023 |
15. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
OXFORD BUSINESS COLLEGE UK LIMITED (REGISTERED NUMBER: 05995060) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
16. | RESERVES |
Retained |
earnings |
£ |
At 1 September 2022 |
Profit for the year |
Dividends | ( |
) |
At 31 August 2023 |
17. | PENSION COMMITMENTS |
Oxford Business College (UK) Ltd operates an Auto-Enrolment - Nest Pension Scheme which has the minimum contribution of 5% & 3% |
18. | CHARGE ON ASSETS |
On the 22nd February 2008 a debenture was created and registered giving "National Westminster Bank PLC" a fixed and floating charge over the undertaking and all property and assets present and future including goodwill uncalled capital buildings fixtures plant and machinery. |
On the 31st January 2013 a deposit deed charge was created in favour of "The Warden and Fellows of Nuffield College in the University of Oxford". |
19. | SUBSIDIARIES |
OBC Commercial Limited (Co Reg 15079018) became a 100% subsidiary of Oxford Business College (UK) Ltd on the 17/08/2023. 100 Ordinary Shares are held by Oxford Business College (UK) Ltd. No accounts have yet been completed for OBC Commercial Limited. |
Oxford Fintech Limited (Co Reg 14455793) became a 100% subsidiary of Oxford Business College (UK) Ltd on the 01/11/2022. 1 Ordinary Share is held by Oxford Business College (UK) Ltd. No accounts have yet been completed for Oxford Fintech Limited. |
20. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 August 2023 and 31 August 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
Dividends issued during the period = £200,000 (£200,000 in 2022) |
OXFORD BUSINESS COLLEGE UK LIMITED (REGISTERED NUMBER: 05995060) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
21. | ULTIMATE CONTROLLING PARTY |
The Ultimate Controlling Parties are the shareholders |