Company registration number 10537918 (England and Wales)
OXENTIA LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
OXENTIA LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
OXENTIA LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
106,667
138,667
Tangible assets
5
150,031
168,331
Investments
6
8,897
8,897
265,595
315,895
Current assets
Debtors
8
722,052
922,102
Cash at bank and in hand
866,344
722,755
1,588,396
1,644,857
Creditors: amounts falling due within one year
9
(1,155,930)
(1,107,816)
Net current assets
432,466
537,041
Total assets less current liabilities
698,061
852,936
Creditors: amounts falling due after more than one year
10
(17,630)
(21,622)
Net assets
680,431
831,314
Capital and reserves
Called up share capital
1,230
1,430
Share premium account
404,549
402,569
Capital redemption reserve
3,420
3,200
Profit and loss reserves
271,232
424,115
Total equity
680,431
831,314

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

OXENTIA LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 31 July 2024 and are signed on its behalf by:
S Cleverley
Director
Company registration number 10537918 (England and Wales)
OXENTIA LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 3 -
1
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

2
Accounting policies
Company information

Oxentia Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 30 Upper High Street, Thame, Oxfordshire, OX9 3EZ.

2.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

2.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

OXENTIA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2
Accounting policies
(Continued)
- 4 -
2.3
Intangible fixed assets

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Brand Name
5 years straight line
Goodwill
10 years straight line
2.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
10 years straight line
Office equipment
5 years straight line
Computer equipment
3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

2.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

2.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

OXENTIA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
2
Accounting policies
(Continued)
- 5 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

2.7
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

2.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

OXENTIA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
2
Accounting policies
(Continued)
- 6 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

2.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

2.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2.13
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

OXENTIA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
2
Accounting policies
(Continued)
- 7 -

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

 

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

2.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
21
22
4
Intangible fixed assets
Brand Name
Goodwill
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
10,000
320,000
330,000
Amortisation and impairment
At 1 April 2023
10,000
181,333
191,333
Amortisation charged for the year
-
0
32,000
32,000
At 31 March 2024
10,000
213,333
223,333
Carrying amount
At 31 March 2024
-
0
106,667
106,667
At 31 March 2023
-
0
138,667
138,667
OXENTIA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
5
Tangible fixed assets
Leasehold improvements
Office equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 April 2023
226,836
18,708
81,781
327,325
Additions
-
0
4,243
16,780
21,023
Disposals
-
0
-
0
(1,113)
(1,113)
At 31 March 2024
226,836
22,951
97,448
347,235
Depreciation and impairment
At 1 April 2023
76,725
13,015
69,254
158,994
Depreciation charged in the year
22,684
2,602
13,944
39,230
Eliminated in respect of disposals
-
0
-
0
(1,020)
(1,020)
At 31 March 2024
99,409
15,617
82,178
197,204
Carrying amount
At 31 March 2024
127,427
7,334
15,270
150,031
At 31 March 2023
150,111
5,693
12,527
168,331
6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
8,897
8,897
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 April 2023 & 31 March 2024
8,897
Carrying amount
At 31 March 2024
8,897
At 31 March 2023
8,897
7
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

OXENTIA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
7
Subsidiaries
(Continued)
- 9 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Oxentia Europe SL
Calle Conde de Vilches, 19 bajo 28028, Madrid, B88290119, Spain
Ordinary Shares
100.00
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
439,284
515,946
Other debtors
282,768
406,156
722,052
922,102
9
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
110,355
210,040
Amounts owed to group undertakings
-
0
16,457
Taxation and social security
183,592
111,815
Other creditors
861,983
769,504
1,155,930
1,107,816
10
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
17,630
21,622
11
Share-based payment transactions
Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
£
£
Outstanding at 1 April 2023
22,000
25,000
1.06
1.06
Granted
14,250
-
0
1.00
-
0
Exercised
(2,000)
(2,000)
1.00
1.00
Expired
(5,000)
(1,000)
1.05
1.27
Outstanding at 31 March 2024
29,250
22,000
1.03
1.06
Exercisable at 31 March 2024
15,000
19,233
1.06
1.07
OXENTIA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
11
Share-based payment transactions
(Continued)
- 10 -

The options outstanding at 31 March 2024 had an exercise price ranging from £1 to £1.274, and a remaining contractual life of 1 year.

Liabilities and expenses

During the year, the company recognised total share-based payment expenses of £6,850 which related to equity settled share based payment transactions.

12
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
663,836
790,794
2024-03-312023-04-01false31 July 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityS CleverleyS MacnaughtonA CaveyA Ingramfalsefalse105379182023-04-012024-03-31105379182024-03-31105379182023-03-3110537918core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2024-03-3110537918core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwill2024-03-3110537918core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-03-3110537918core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwill2023-03-3110537918core:LeaseholdImprovements2024-03-3110537918core:FurnitureFittings2024-03-3110537918core:ComputerEquipment2024-03-3110537918core:LeaseholdImprovements2023-03-3110537918core:FurnitureFittings2023-03-3110537918core:ComputerEquipment2023-03-3110537918core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3110537918core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3110537918core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-3110537918core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3110537918core:CurrentFinancialInstruments2024-03-3110537918core:CurrentFinancialInstruments2023-03-3110537918core:ShareCapital2024-03-3110537918core:ShareCapital2023-03-3110537918core:SharePremium2024-03-3110537918core:SharePremium2023-03-3110537918core:CapitalRedemptionReserve2024-03-3110537918core:CapitalRedemptionReserve2023-03-3110537918core:RetainedEarningsAccumulatedLosses2024-03-3110537918core:RetainedEarningsAccumulatedLosses2023-03-3110537918bus:Director12023-04-012024-03-3110537918core:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-3110537918core:LeaseholdImprovementscore:LeasedAssetsHeldAsLessee2023-04-012024-03-3110537918core:FurnitureFittings2023-04-012024-03-3110537918core:ComputerEquipment2023-04-012024-03-31105379182022-04-012023-03-3110537918core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-03-3110537918core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwill2023-03-31105379182023-03-3110537918core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-04-012024-03-3110537918core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwill2023-04-012024-03-3110537918core:LeaseholdImprovements2023-03-3110537918core:FurnitureFittings2023-03-3110537918core:ComputerEquipment2023-03-3110537918core:LeaseholdImprovements2023-04-012024-03-3110537918core:WithinOneYear2024-03-3110537918core:WithinOneYear2023-03-3110537918core:Non-currentFinancialInstruments2024-03-3110537918core:Non-currentFinancialInstruments2023-03-31105379182022-03-3110537918bus:PrivateLimitedCompanyLtd2023-04-012024-03-3110537918bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3110537918bus:FRS1022023-04-012024-03-3110537918bus:AuditExemptWithAccountantsReport2023-04-012024-03-3110537918bus:Director22023-04-012024-03-3110537918bus:Director32023-04-012024-03-3110537918bus:Director42023-04-012024-03-3110537918bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP