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Registration number: 10761534

Oxi-Tech Solutions Limited

Filleted Unaudited Financial Statements

for the Period from 1 June 2023 to 31 December 2023

 

Oxi-Tech Solutions Limited
(Registration number: 10761534)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Oxi-Tech Solutions Limited
(Registration number: 10761534)

Company Information

Directors

Mr A C Stewart

Mr S H Williams

Mr D J Cavanagh

Mr L Rutterford

Mr P D Morris

Mr R G C Misselbrook

Registered office

Tremough Innovation Centre
Penryn
Cornwall
TR10 9TA

Accountants

Thompson Jenner LLP
1 Colleton Crescent
Exeter
Devon
EX2 4DG

 

Oxi-Tech Solutions Limited
(Registration number: 10761534)

Balance Sheet as at 31 December 2023

Note

2023
£

2023
£

Fixed assets

 

Intangible assets

4

420,136

429,590

Tangible assets

5

10,653

5,075

 

430,789

434,665

Current assets

 

Stocks

6

41,651

69,352

Debtors

7

34,289

1,687

Cash at bank and in hand

 

435,918

507

 

511,858

71,546

Creditors: Amounts falling due within one year

8

(158,251)

(484,578)

Net current assets/(liabilities)

 

353,607

(413,032)

Net assets

 

784,396

21,633

Capital and reserves

 

Called up share capital

351,496

171,408

Share premium reserve

2,044,899

1,017,189

Profit and loss account

(1,611,999)

(1,166,964)

Total equity

 

784,396

21,633

For the financial period ending 31 December 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 period 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 29 July 2024 and signed on its behalf by:
 

 

Oxi-Tech Solutions Limited
(Registration number: 10761534)

Balance Sheet as at 31 December 2023

.........................................
Mr R G C Misselbrook
Director

 

Oxi-Tech Solutions Limited
(Registration number: 10761534)

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 31 December 2023

1

General information

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

The address of its registered office is:
Tremough Innovation Centre
Penryn
Cornwall
TR10 9TA
England

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Disclosure of long or short period

These financial statements have been prepared for a period shorter than one year. The comparatives presented in these financial statements are therefore not entirely comparable.

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Oxi-Tech Solutions Limited
(Registration number: 10761534)

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 31 December 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance

Fixtures and fittings

15% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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.

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

Goodwill

Annual impairment reviews followed by 10% straight line for 2023 onwards.

Patents and licences

Annual impairment reviews followed by 10% straight line for 2023 onwards.

Development costs

Annual impairment reviews folowed by 10% straight line from 2023 onwards.

Purchase of debt

Annual impairment reviews followed by 10% straight line from 2023 onwards.

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.

 

Oxi-Tech Solutions Limited
(Registration number: 10761534)

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 31 December 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

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.

 

Oxi-Tech Solutions Limited
(Registration number: 10761534)

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 31 December 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 6 (2023 - 5).

 

Oxi-Tech Solutions Limited
(Registration number: 10761534)

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 31 December 2023

4

Intangible assets

Goodwill
 £

Patents and licenses
 £

Development costs
 £

Intellectual property
 £

Total
£

Cost or valuation

At 1 June 2023

445,699

23,122

8,500

1

477,322

Additions acquired separately

-

11,756

-

7,036

18,792

At 31 December 2023

445,699

34,878

8,500

7,037

496,114

Amortisation

At 1 June 2023

44,570

2,312

850

-

47,732

Amortisation charge

25,999

1,595

496

156

28,246

At 31 December 2023

70,569

3,907

1,346

156

75,978

Carrying amount

At 31 December 2023

375,130

30,971

7,154

6,881

420,136

At 31 May 2023

401,129

20,810

7,650

1

429,590

 

Oxi-Tech Solutions Limited
(Registration number: 10761534)

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 31 December 2023

5

Tangible assets

Fixtures and fittings
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 June 2023

2,840

5,987

8,827

Additions

6,311

-

6,311

At 31 December 2023

9,151

5,987

15,138

Depreciation

At 1 June 2023

835

2,917

3,752

Charge for the period

464

269

733

At 31 December 2023

1,299

3,186

4,485

Carrying amount

At 31 December 2023

7,852

2,801

10,653

At 31 May 2023

2,005

3,070

5,075

6

Stocks

2023
£

2023
£

Other stocks

41,651

69,352

7

Debtors

2023
£

2023
£

Trade debtors

30,000

-

Other debtors

4,199

1,094

Prepayments and accrued income

90

593

Total current trade and other debtors

34,289

1,687

 

Oxi-Tech Solutions Limited
(Registration number: 10761534)

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 31 December 2023

8

Creditors

Note

2023
£

2023
£

Due within one year

 

Loans and borrowings

9

47,881

255,795

Trade creditors

 

39,185

30,637

Amounts owed to connected companies

24,000

24,000

Taxation and social security

 

14,800

7,050

Other creditors

 

135

147,808

Accrued expenses

 

2,250

19,288

Deferred income

 

30,000

-

 

158,251

484,578

9

Loans and borrowings

2023
£

2023
£

Current loans and borrowings

Bank borrowings

32,134

34,556

Bank overdrafts

645

-

Other borrowings

15,102

221,239

47,881

255,795

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of contingencies not included in the balance sheet is £Nil (2023 - £7,631).