Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falseOther Human health activities1210falsetruefalse 10530319 2023-01-01 2023-12-31 10530319 2022-01-01 2022-12-31 10530319 2023-12-31 10530319 2022-12-31 10530319 c:Director2 2023-01-01 2023-12-31 10530319 d:Buildings d:LongLeaseholdAssets 2023-01-01 2023-12-31 10530319 d:Buildings d:LongLeaseholdAssets 2023-12-31 10530319 d:Buildings d:LongLeaseholdAssets 2022-12-31 10530319 d:PlantMachinery 2023-01-01 2023-12-31 10530319 d:PlantMachinery 2023-12-31 10530319 d:PlantMachinery 2022-12-31 10530319 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10530319 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 10530319 d:OtherPropertyPlantEquipment 2023-12-31 10530319 d:OtherPropertyPlantEquipment 2022-12-31 10530319 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10530319 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10530319 d:CurrentFinancialInstruments 2023-12-31 10530319 d:CurrentFinancialInstruments 2022-12-31 10530319 d:Non-currentFinancialInstruments 2023-12-31 10530319 d:Non-currentFinancialInstruments 2022-12-31 10530319 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 10530319 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 10530319 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 10530319 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 10530319 d:ShareCapital 2023-12-31 10530319 d:ShareCapital 2022-12-31 10530319 d:SharePremium 2023-12-31 10530319 d:SharePremium 2022-12-31 10530319 d:RetainedEarningsAccumulatedLosses 2023-12-31 10530319 d:RetainedEarningsAccumulatedLosses 2022-12-31 10530319 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-01-01 2023-12-31 10530319 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-12-31 10530319 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-12-31 10530319 c:OrdinaryShareClass1 2023-01-01 2023-12-31 10530319 c:OrdinaryShareClass1 2023-12-31 10530319 c:OrdinaryShareClass1 2022-12-31 10530319 c:FRS102 2023-01-01 2023-12-31 10530319 c:Audited 2023-01-01 2023-12-31 10530319 c:FullAccounts 2023-01-01 2023-12-31 10530319 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10530319 d:WithinOneYear 2023-12-31 10530319 d:WithinOneYear 2022-12-31 10530319 d:BetweenOneFiveYears 2023-12-31 10530319 d:BetweenOneFiveYears 2022-12-31 10530319 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 10530319 2 2023-01-01 2023-12-31 10530319 13 2023-01-01 2023-12-31 10530319 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 10530319










OXFORD MEDICAL PRODUCTS LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
OXFORD MEDICAL PRODUCTS LIMITED
REGISTERED NUMBER: 10530319

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
730,943
71,075

 
Current assets
  

Debtors: amounts falling due within one year
 5 
625,876
259,741

Cash at bank and in hand
 6 
3,201,479
2,259,801

  
3,827,355
2,519,542

Creditors: amounts falling due within one year
 7 
(512,669)
(194,965)

Net current assets
  
 
 
3,314,686
 
 
2,324,577

Total assets less current liabilities
  
4,045,629
2,395,652

Creditors: amounts falling due after more than one year
 8 
(4,336,614)
(569,567)

Provisions for liabilities
  

Other provisions
 9 
(114,828)
(18,624)

  
 
 
(114,828)
 
 
(18,624)

Net (liabilities)/assets
  
(405,813)
1,807,461


Capital and reserves
  

Called up share capital 
 11 
2,988
2,988

Share premium account
  
4,078,736
4,078,736

Profit and loss account
  
(4,487,537)
(2,274,263)

  
(405,813)
1,807,461


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 August 2024.




Dr Camilla Easter
Director

The notes on pages 2 to 10 form part of these financial statements.

Page 1

 
OXFORD MEDICAL PRODUCTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Oxford Medical Products Limited is a private company limited by shares and is registered and incorporated in England and Wales. The registered office is Unit 3, The Gateway, Windrush Park Road, Witney, Oxfordshire, OX29 7EY. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been presented on a going concern basis, which contemplates the realisation of assets and the satisfaction of liabilities in the normal course of business. The Company has financed its activities principally from the issuance of ordinary and preferred equity securities and convertible loan notes. The Company has experienced recurring losses since inception through December 2023 and expect to continue to incur significant losses in the future in connection with research and development and general and administrative activities as the Company progresses its pipeline.
As at 31 December 2023, the Company had £3.2m in cash and cash equivalents (2022: £2.3m). Management and the Directors have prepared budgets and forecasts assessing the required resources to continue in operational existence for the foreseeable future. The Directors believe that the Company has sufficient cash to support operations for at least 12 months from the approval of these financial statements. Based on the progress of research undertaken, the cash in hand and the level of committed expenditure, the Directors continue to prepare the financial statements on the going concern basis.

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Research and development

Research expenditure is written off in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated. 

Page 2

 
OXFORD MEDICAL PRODUCTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold improvements
-
Depreciated over the term of the lease
Plant and machinery
-
25%
Other fixed assets
-
25% - 50%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. 
 

Page 3

 
OXFORD MEDICAL PRODUCTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.8
Financial instruments (continued)

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.
Basic financial liabilities, which include trade and other payables, are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Convertible loan notes are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Convertible debt

The proceeds received on issue of the Company's convertible debt are allocated to liabilities on the basis that the loan notes are not issued on a fixed-for-fixed basis, and derive their value from a future event. The potential equity values are therefore unknown. 

The amount initially attributed to the debt component equals the fair value, which is the transaction price. The liability is subsequently remeasured at fair value, with any movements recognised through the profit or loss.  

On conversion, the debt and equity elements are credited to share capital and share premium as appropriate.  


Page 4

 
OXFORD MEDICAL PRODUCTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

Page 5

 
OXFORD MEDICAL PRODUCTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.15

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.


3.


Employees

The average monthly number of employees, including directors, during the year was 12 (2022 - 10).

Page 6

 
OXFORD MEDICAL PRODUCTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Assets under construction
Total

£
£
£
£



Cost or valuation


At 1 January 2023
18,624
102,342
-
120,966


Additions
311,688
167,447
228,075
707,210


Disposals
(2,899)
(199)
-
(3,098)



At 31 December 2023

327,413
269,590
228,075
825,078



Depreciation


At 1 January 2023
10,864
39,027
-
49,891


Charge for the year on owned assets
12,623
31,759
-
44,382


Disposals
-
(138)
-
(138)



At 31 December 2023

23,487
70,648
-
94,135



Net book value



At 31 December 2023
303,926
198,942
228,075
730,943



At 31 December 2022
7,760
63,315
-
71,075


5.


Debtors

2023
2022
£
£


Other debtors
132,693
7,127

Prepayments and accrued income
294,725
58,724

Tax recoverable
198,458
193,890

625,876
259,741


In the prior year financial statements, prepayments and accrued income were included within other debtors. These balances are shown separately in the current year, therefore the prior year comparatives have been reclassified to ensure results are comparable year on year.

Page 7

 
OXFORD MEDICAL PRODUCTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
3,201,479
2,259,801



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
258,602
38,231

Other taxation and social security
26,532
13,167

Other creditors
7,733
4,486

Accruals and deferred income
219,802
139,081

512,669
194,965


In the prior year financial statements, accruals and deferred income were included within other creditors. These balances are shown separately in the current year, therefore the prior year comparatives have been reclassified to ensure results are comparable year on year.


8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Convertible loan notes
4,336,614
569,567


The convertible loan notes are a fixed rate, unsecured instrument. They were issued in December 2022 for £564,130, and in various tranches throughout 2023 for a total of £3,157,876. The convertible loan notes will automatically be converted into a variable number of shares on the Company's next qualifying funding round or when there is a change in control event. If not converted earlier, then at the maturity of the loans, December 2025, the loans together with unpaid accrued interest will be due and payable.
Interest accrues at a non compound annual equivalent rate of 5%. The loan notes are measured at fair  value through profit or loss. 


9.


Provisions





Dilapidation provision

£





At 1 January 2023
18,624


Charge for the year
96,204



At 31 December 2023
114,828

Page 8

 
OXFORD MEDICAL PRODUCTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Share-based payments

The Company operates equity-settled share-based remuneration plans for its employees. None of the  Company's plans are cash-settled. All goods and services received in exchange for the grant of any share-based payments are measured at their fair values. 
Where employees are rewarded using their share-based payments, the fair value of the employees' services is determined indirectly by reference to the fair value of the equity instruments granted. This fair value is appraised at the grant date and excludes the impact of non-market vesting conditions.
All share based remuneration is ultimately recognised as an expense in profit or loss with a corresponding credit to retained earnings. If vesting periods or other vesting conditions apply, the expense is allocated over the vesting period, based on the best available estimate of the number of share options expected to vest.
Non-market vesting conditions are included in assumptions about the number of options that are expected to become exercisable. Estimates are subsequently revised if there is any indication that the number of share options expected to vest differs from previous estimates. Any adjustment to the cumulative share-based compensation resulting from a revision is recognised in the current period. The number of vested options ultimately exercised by holders does not impact the expense recorded in any period.
Upon exercise of share options, the proceeds received, net of any directly attributable transaction costs, are allocated to share capital up to the nominal (or par) value of the shares issued with any excess being  recorded as share premium.

Weighted average exercise price (£) 
2023
Number
2023
Weighted average exercise price (£)
2022
Number
2022

Outstanding at the beginning of the year

0.01

47,233

0.01
 
44,966
 
Granted during the year

0.01

4,500

0.01
 
13,876
 
Exercised during the year

-

-

0.01
 
(11,609)
 
Outstanding at the end of the year
0.01

51,733

0.01
 
47,233
 

The fair value of the options issued during the year was estimated using a pricing model which takes into account the conditions which exercise of the options would be permitted, plus the following parameters: 

2023
2022

Option pricing model used


Black-scholes

Black-scholes
 
Weighted average share price (£)


53.33

31.40
 
Exercise price (£)


0.01

0.01
 
Expected volatility


96.99

90.77
 
Expected life


6.00

5.64
 
Risk-free interest rate


3.54

1.63
 


Page 9

 
OXFORD MEDICAL PRODUCTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



298,800 (2022 - 298,800) Ordinary Shares of £0.01 each
2,988
2,988



12.


Capital commitments


At 31 December 2023 the Company had capital commitments as follows:

2023
2022
£
£


Contracted for but not provided in these financial statements
17,677
-


13.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
33,040
27,750

Later than 1 year and not later than 5 years
144,405
27,542

177,445
55,292


14.


Related party transactions

During the year ended 31 December 2023 the Company paid fees of £95,034 (2022: £nil) to Prof Hutan Ashrafian, a director to the Company. As at 31 December 2023, £95,034 (2022: £nil) was owed by the Company. 


15.


Controlling party

The Directors do not consider there to be any one controlling party. 


16.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 27 August 2024 by Sue Staunton MA FCA CF (Senior statutory auditor) on behalf of James Cowper Kreston Audit.

Page 10