OXFORD BIOSYSTEMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
Company Registration Number: 04159947
OXFORD BIOSYSTEMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 10
OXFORD BIOSYSTEMS LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023
DIRECTOR
Mrs F E Alcock
SECRETARY
The company no longer has an appointed secretary
REGISTERED OFFICE
184b Park Drive
Milton Park
Abingdon
Oxon
OX14 4SE
COMPANY REGISTRATION NUMBER
04159947 England and Wales
OXFORD BIOSYSTEMS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
Notes 2023 2022
£ £
FIXED ASSETS
Tangible assets 5 102,697 124,826
CURRENT ASSETS
Stock 94,160 61,728
Debtors 6 405,194 366,465
Cash at bank and in hand 62,905 169,658
562,259 597,851
CREDITORS: Amounts falling due within one year 7 478,663 449,834
NET CURRENT ASSETS 83,596 148,017
TOTAL ASSETS LESS CURRENT LIABILITIES 186,293 272,843
Provisions for liabilities and charges 12,780 11,682
NET ASSETS 173,513 261,161
CAPITAL AND RESERVES
Called up share capital 1,001 1,001
Distributable profit and loss account 172,512 260,160
SHAREHOLDER'S FUNDS 173,513 261,161
OXFORD BIOSYSTEMS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 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 December 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
Mrs F E Alcock
Director
Date approved by the board: 22 August 2024
OXFORD BIOSYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1 GENERAL INFORMATION
Oxford Biosystems Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
184b Park Drive
Milton Park
Abingdon
Oxon
OX14 4SE
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 following the Director's assessment of the company’s ability to trade for at least 12 months from the date these accounts have been approved. In conclusion, whilst there is some uncertainty, the director do not believe there is a material uncertainty which casts significant doubt on the company’s ability to continue to trade.
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. It is recognised in respect of the wholesale of pharmaceutical goods and related services as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is 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 BIOSYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
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.
Plant and machinery Reducing balance basis at 25% per annum and straight line bases at 10% and 20% per annum
Fixtures and fittings Reducing balance basis at 25% per annum
Computer equipment Reducing balance basis at 25% per annum
Leasehold improvements Reducing balance basis at 10% 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 BIOSYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 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.
Stocks are assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less cost to complete and sell. If an item of stock, or group of similar items, is impaired its carrying amount is reduced to selling price less costs to complete and sell, 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.
Stock
Stock has been valued at the lower of cost and estimated selling price less cost to complete and sell, after making due allowance for obsolete and slow-moving items. Cost comprises the cost of goods purchased valued on a first in first out basis.
The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised
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.
OXFORD BIOSYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Leases
Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company. Other leases that do not transfer substantially all the risks and rewards of ownership of the leased assets to the company are classified as operating leases.
Assets held under finance leases are recognised in accordance with the company's policy for tangible fixed assets. The corresponding obligations to lessors under finance leases are treated in the balance sheet as a liability. The assets and liabilities under finance leases are recognised at amounts equal to the fair value of the assets, or if lower, the present value of minimum lease payments, determined at the inception of the lease.
Minimum lease payments are apportioned between finance charges and the reduction in the outstanding liabilities using the effective interest method. The finance charge is allocated to each period during the lease so as to produce a constant rate of interest on the remaining balance of the liabilities. Finance charges are recognised in the profit and loss account.
Payments applicable to operating leases are charged against profit on a straight line basis over the lease term.
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 BIOSYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 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.
Pensions
The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.
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 13 15
OXFORD BIOSYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
5 TANGIBLE ASSETS
Plant and machinery Fixtures and fittings Computer equipment Leasehold improvements Total
£ £ £ £ £
Cost
At 1 January 2023 121,696 55,158 46,214 43,444 266,512
Additions 5,950 442 2,882 - 9,274
Reclassification (520) (16,156) 16,676 - -
Disposals (9,347) - - - (9,347)
At 31 December 2023 117,779 39,444 65,772 43,444 266,439
Accumulated depreciation and impairments
At 1 January 2023 62,495 42,013 31,527 5,651 141,686
Charge for year 13,222 3,337 4,089 3,779 24,427
Reclassification (122) (16,212) 16,334 - -
Disposals (2,371) - - - (2,371)
At 31 December 2023 73,224 29,138 51,950 9,430 163,742
Net book value
At 1 January 2023 59,201 13,145 14,687 37,793 124,826
At 31 December 2023 44,555 10,306 13,822 34,014 102,697
6 DEBTORS
2023 2022
£ £
Trade debtors 247,624 204,595
Prepayments and accrued income 78,716 73,561
Other debtors 78,854 88,309
405,194 366,465
OXFORD BIOSYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
7 CREDITORS: Amounts falling due within one year
2023 2022
£ £
Trade creditors 228,452 248,304
Taxation and social security 116,293 61,004
Accruals and deferred income 128,918 137,929
Other creditors 5,000 2,597
478,663 449,834
8 SECURED DEBTS
The hire purchase contracts and finance leases are secured on the assets concerned.
9 CONTINGENCIES AND COMMITMENTS
Other Commitments
Amounts falling due under operating leases: 2023 2022
£ £
In less than one year 26,250 70,000
In more than one but less than five years - 26,250
26,250 96,250
10 RELATED PARTY TRANSACTIONS
The company has claimed exemptions from reporting disclosure of related party transactions with the following wholly owned group members:
Featherleaf Limited Immediate parent
11 PARENT COMPANY
The company is a subsidiary undertaking of Featherleaf Limited, a company incorporated in England and Wales, whose registered office is 184b Park Drive, Milton Park, Abingdon, Oxon, OX14 4SE.
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