Company registration number 12376856 (England and Wales)
OFUI LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
OFUI LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
OFUI LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
7,258
11,045
Tangible assets
5
41,623
-
0
48,881
11,045
Current assets
Debtors
6
899,272
895,744
Cash at bank and in hand
1,151,417
2,641,341
2,050,689
3,537,085
Creditors: amounts falling due within one year
7
(1,095,629)
(435,607)
Net current assets
955,060
3,101,478
Net assets
1,003,941
3,112,523
Capital and reserves
Called up share capital
8
142
142
Share premium account
9,881,649
9,881,649
Profit and loss reserves
(8,877,850)
(6,769,268)
Total equity
1,003,941
3,112,523

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

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

The financial statements were approved by the board of directors and authorised for issue on 5 September 2024 and are signed on its behalf by:
Mr N R Poxon
Director
Company registration number 12376856 (England and Wales)
OFUI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

OFUI Limited is a private company limited by shares incorporated in England and Wales. The registered office is Oxford Flow, Osney Mead, Oxford, OX2 0ES.

1.1
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.

1.2
Going concern

The company meets its day to day working capital requirements through cash at bank and funding from its shareholders. Detailed profit and cash flow forecasts, prepared by the Directors, demonstrated that in order to continue to meet these requirements for a period of 12 months from the sign off of these financial statements, additional funding would be required. true

 

Subsequent to 31 December 2023, and as part of a planned fund-raising initiative, OFUI Limited’s parent company, Oxford Flow Limited, agreed the key terms of a potential multi-million pound investment into Oxford Flow by a major international industrial corporation and a global venture capital firm that invests in climate-focused platforms. Whilst the terms of the current arrangement do not constitute a legally-binding obligation for either party to enter into an agreement, the directors do not consider there to be any material uncertainty that may cast significant doubt on the company's ability to successfully conclude this transaction. The Oxford Flow Limited Board has resolved its commitment to ensuring the solvency of OFUI Limited and to continue to fund its ongoing activity for at least the 12 month period following approval of the accounts.  Taking this into account, the directors remain confident that the company will continue to be able to meet its liabilities as they fall due for a period of at least 12 months following approval of these financial statements and therefore consider it appropriate to continue to prepare the company’s financial statements on a going concern basis.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods 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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Research and development expenditure

Research expenditure is written off against profits 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.

OFUI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Intangible fixed assets other than goodwill

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

Amortisation 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:

Software
33% straight line
1.6
Tangible fixed assets

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

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

Computers
33% 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.

1.7
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.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.9
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.

OFUI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, 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.

1.10
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.

1.11
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.

Deferred tax

Deferred tax assets are not recognised when it is not probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

1.12
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.

1.13
Retirement benefits

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

OFUI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.14
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.

2
Employees

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

2023
2022
Number
Number
Total
21
24
3
Taxation

The company has tax losses of £7,196,931, available to set against future taxable profits. The associated deferred tax asset has not been recognised at the balance sheet date due to uncertainty over the timing of future profits.

4
Intangible fixed assets
Other
£
Cost
At 1 January 2023 and 31 December 2023
11,361
Amortisation and impairment
At 1 January 2023
316
Amortisation charged for the year
3,787
At 31 December 2023
4,103
Carrying amount
At 31 December 2023
7,258
At 31 December 2022
11,045
OFUI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
-
0
Additions
51,401
At 31 December 2023
51,401
Depreciation and impairment
At 1 January 2023
-
0
Depreciation charged in the year
9,778
At 31 December 2023
9,778
Carrying amount
At 31 December 2023
41,623
At 31 December 2022
-
0
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
563,324
452,716
Other debtors
335,948
443,028
899,272
895,744
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
84,387
16,119
Amounts owed to group undertakings
864,904
319,163
Taxation and social security
57,045
37,610
Other creditors
89,293
62,715
1,095,629
435,607
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £0.0001 each
1,413,333
1,413,333
142
142
OFUI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Lee Van Houplines FCA
Statutory Auditor:
MHA
2023-12-312023-01-01false06 September 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityThis audit opinion is unqualifiedMr T HaryMr N R PoxonMr D R HillParkwalk Advisors LtdMr A GeigerMr J Grahamfalsefalse123768562023-01-012023-12-31123768562023-12-31123768562022-12-3112376856core:IntangibleAssetsOtherThanGoodwill2023-12-3112376856core:IntangibleAssetsOtherThanGoodwill2022-12-3112376856core:OtherPropertyPlantEquipment2023-12-3112376856core:OtherPropertyPlantEquipment2022-12-3112376856core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3112376856core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3112376856core:CurrentFinancialInstruments2023-12-3112376856core:CurrentFinancialInstruments2022-12-3112376856core:ShareCapital2023-12-3112376856core:ShareCapital2022-12-3112376856core:SharePremium2023-12-3112376856core:SharePremium2022-12-3112376856core:RetainedEarningsAccumulatedLosses2023-12-3112376856core:RetainedEarningsAccumulatedLosses2022-12-3112376856bus:Director22023-01-012023-12-3112376856core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3112376856core:ComputerSoftware2023-01-012023-12-3112376856core:ComputerEquipment2023-01-012023-12-31123768562022-01-012022-12-3112376856core:IntangibleAssetsOtherThanGoodwill2022-12-3112376856core:OtherPropertyPlantEquipment2022-12-3112376856core:OtherPropertyPlantEquipment2023-01-012023-12-3112376856core:WithinOneYear2023-12-3112376856core:WithinOneYear2022-12-3112376856bus:PrivateLimitedCompanyLtd2023-01-012023-12-3112376856bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3112376856bus:FRS1022023-01-012023-12-3112376856bus:Audited2023-01-012023-12-3112376856bus:Director12023-01-012023-12-3112376856bus:Director32023-01-012023-12-3112376856bus:Director42023-01-012023-12-3112376856bus:Director52023-01-012023-12-3112376856bus:Director62023-01-012023-12-3112376856bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP