Company registration number 02079796 (England and Wales)
OXFORDSM LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
OXFORDSM LIMITED
COMPANY INFORMATION
Directors
T.N. Dalton
C.E. Garbutt
P. Kirkby
L.R. Morgan
A.J.Price
A.D. Telford
A.C. Watson
J. Plant
Company number
02079796
Registered office
Suite A First Floor, Links 1
Old Woking Road
Old Woking
Woking
GU22 8BF
Auditor
Critchleys Audit LLP
First Floor, Park Central
40-41 Park End Street
Oxford
OX1 1JD
OXFORDSM LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 21
OXFORDSM LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present the strategic report for the year ended 31 December 2023.
Review of the business
The company had a solid year, finding new business with existing and new clients. Revenue and profit before tax declined slightly during the year. The Board considers this a reasonable outcome given market conditions.
Key financial and other performance indicators
During 2023 we continued our mission to support good growth through interdependence, helping companies deliver positive benefit to the planet and people as well as profit.
We remain proud to be a certified B-Corp. We recertified as a B-Corp in 2023 and were delighted to have our B Impact Score confirmed as 97.3, up from 87.4 in 2020. In support of our B Corp objectives we continue to review our social and environmental performance, transparency and accountability.
A summary of our progress against the B-Corp objectives is in our 2023 impact report, shown on our website www.oxfordsm.com under the “B Corp” menu.
Principal risks and uncertainties
The company provides consulting services on sales and marketing strategy and capability development, predominantly to multi-national, multi-divisional companies across a wide range of industries and geographical locations. This has given us reasonable protection from downturns in any particular industry and geography.
A.D. Telford
Director
31 October 2024
OXFORDSM LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company continued to be that of the provision of consulting services on sales and marketing strategy and capability development.
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £6,982,228. The directors recommend payment of a final dividend amounting to £600,000.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
V.J. Andrews
(Resigned 14 May 2024)
T.N. Dalton
C.E. Garbutt
P. Kirkby
L.R. Morgan
A.J.Price
A.D. Telford
A.C. Watson
R. Saunders
(Resigned 10 April 2024)
J. Plant
Financial instruments
The business' principal financial instruments comprise bank balances, trade debtors, trade creditors and loans to the business. The main purpose of these instruments is to finance the business' operations.
In respect of bank balances, the liquidity risk is managed by maintaining these at sufficient levels for the company's operations. All of the business' cash balances are held in such a way that achieves a competitive rate of interest.
Foreign currency risk is managed through the use of forward exchange contracts.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.
Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
OXFORDSM LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
On behalf of the board
A.D. Telford
Director
31 October 2024
OXFORDSM LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
OXFORDSM LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF OXFORDSM LIMITED
- 5 -
Opinion
We have audited the financial statements of OxfordSM Limited (the 'company') for the year ended 31 December 2023 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
OXFORDSM LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF OXFORDSM LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our knowledge and experience;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where applicable; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
OXFORDSM LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF OXFORDSM LIMITED (CONTINUED)
- 7 -
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims;
reviewing relevant correspondence.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, for our audit work, for this report, or for the opinions we have formed.
Robert Kirtland
Senior Statutory Auditor
For and on behalf of Critchleys Audit LLP
31 October 2024
Chartered Accountants
Statutory Auditor
First Floor, Park Central
40-41 Park End Street
Oxford
OX1 1JD
OXFORDSM LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
11,018,523
12,365,330
Cost of sales
(8,468,872)
(8,761,765)
Gross profit
2,549,651
3,603,565
Administrative expenses
(1,404,280)
(2,177,558)
Other operating income
176,371
164,346
Operating profit
4
1,321,742
1,590,353
Income from shares in group undertakings
7
1,600,000
Other interest receivable and similar income
7
120,773
5,418
Profit before taxation
1,442,515
3,195,771
Tax on profit
8
(342,425)
(294,743)
Profit for the financial year
1,100,090
2,901,028
The profit and loss account has been prepared on the basis that all operations are continuing operations.
OXFORDSM LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
£
£
Profit for the year
1,100,090
2,901,028
Other comprehensive income
-
-
Total comprehensive income for the year
1,100,090
2,901,028
OXFORDSM LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
9
41,932
51,053
Investments
10
62,501
62,501
104,433
113,554
Current assets
Debtors
13
4,751,861
12,190,638
Investments
14
750,000
Cash at bank and in hand
4,415,915
2,317,548
9,167,776
15,258,186
Creditors: amounts falling due within one year
15
(4,173,233)
(4,390,626)
Net current assets
4,994,543
10,867,560
Net assets
5,098,976
10,981,114
Capital and reserves
Called up share capital
17
7,000
7,000
Capital redemption reserve
3,000
3,000
Profit and loss reserves
5,088,976
10,971,114
Total equity
5,098,976
10,981,114
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 31 October 2024 and are signed on its behalf by:
A.D. Telford
Director
Company registration number 02079796 (England and Wales)
OXFORDSM LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
7,000
3,000
9,070,086
9,080,086
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
2,901,028
2,901,028
Dividends
18
-
-
(1,000,000)
(1,000,000)
Balance at 31 December 2022
7,000
3,000
10,971,114
10,981,114
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
1,100,090
1,100,090
Dividends
18
-
-
(6,982,228)
(6,982,228)
Balance at 31 December 2023
7,000
3,000
5,088,976
5,098,976
OXFORDSM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
1
Accounting policies
Company information
OxfordSM Limited is a private company limited by shares incorporated in England and Wales. The registered office is Suite A First Floor, Links 1, Old Woking Road, Old Woking, Woking, GU22 8BF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK” (“FRS 102”) and the requirements of the Companies Act 2006.
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.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
The financial statements of the company are consolidated in the financial statements of Oxford Consultancy Group Limited. These consolidated financial statements are available from its registered office, Suite A, First Floor, Links 1 Old Woking Road, Old Woking, Woking, England, GU22 8BF.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
OxfordSM Limited is a wholly owned subsidiary of Oxford Consulting Group Limited (immediate parent) and the results of OxfordSM Limited are included in the consolidated financial statements of Oxford Consultancy Group Limited (ultimate parent).
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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.
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.
1.4
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.
OXFORDSM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
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:
Fixtures and fittings
25% straight line basis
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.
1.5
Fixed asset investments
Interests in subsidiaries are recorded at cost less any impairment in value.
1.6
Cash and cash equivalents
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. Investments with original maturities of over 3 months are presented as current asset investments.
1.7
Financial instruments
Basic financial assets
Trade debtors are amounts due from customers for services performed in the ordinary course of business. Trade debtors are recognised at the transaction price. 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.
Other financial assets
Other financial assets are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
OXFORDSM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.8
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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable.
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.
1.10
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.13
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.
OXFORDSM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
2
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.
Critical judgements
The main judgements used in preparing the financial statements relate to income recognition on contracts in place at the year end.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2023
2022
£
£
Turnover analysed by class of business
Rendering of services
11,018,523
12,365,330
2023
2022
£
£
Other revenue
Interest income
120,773
5,418
Dividends received
-
1,600,000
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(214,489)
496,490
Fees payable to the company's auditor for the audit of the company's financial statements
11,100
9,700
Depreciation of owned tangible fixed assets
23,000
21,360
Loss/(profit) on disposal of tangible fixed assets
3,120
(608)
Operating lease charges
18,996
53,999
OXFORDSM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Production
22
20
Administration and support
5
5
Total
27
25
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
3,909,911
4,009,971
Social security costs
502,528
531,274
Pension costs
514,761
346,838
4,927,200
4,888,083
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
1,880,988
1,980,279
Company pension contributions to defined contribution schemes
100,753
46,369
1,981,741
2,026,648
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 7 (2022 - 7).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
252,752
268,021
OXFORDSM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
117,354
3,155
Other interest income
3,419
2,263
Total interest revenue
120,773
5,418
Income from fixed asset investments
Income from shares in group undertakings
1,600,000
Total income
120,773
1,605,418
Disclosed on the profit and loss account as follows:
Income from shares in group undertakings
1,600,000
Other interest receivable and similar income
120,773
5,418
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
117,354
3,155
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
342,425
294,743
OXFORDSM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Taxation
(Continued)
- 18 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
1,442,515
3,195,771
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
339,287
607,196
Tax effect of expenses that are not deductible in determining taxable profit
775
392
Tax effect of income not taxable in determining taxable profit
(304,000)
Group relief
(4,307)
(3,434)
Other tax effects for reconciliation between accounting profit and current tax expense (income)
6,670
(5,411)
Taxation charge for the year
342,425
294,743
9
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 January 2023
180,253
Additions
17,000
Disposals
(61,835)
At 31 December 2023
135,418
Depreciation and impairment
At 1 January 2023
129,200
Depreciation charged in the year
23,000
Eliminated in respect of disposals
(58,714)
At 31 December 2023
93,486
Carrying amount
At 31 December 2023
41,932
At 31 December 2022
51,053
10
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
11
62,501
62,501
OXFORDSM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
11
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
OxfordSM, Inc
105 Crest Road, New Providence, NJ 07974, USA
Provision of strategic advice
Ordinary
100.00
Oxford Sales and Marketing Limited
Suite A First Floor, Links 1, Links Business Centre, Old Woking Road, Woking, Surrey, GU22 8BF, UK
Dormant company
Ordinary
100.00
12
Financial instruments
2023
2022
£
£
Carrying amount of financial liabilities
Measured at fair value through profit or loss
- Forward foreign exchange contracts
-
(211,414)
13
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,380,853
4,729,319
Gross amounts owed by contract customers
103,687
117,260
Amounts owed by group undertakings
1,042,030
7,142,442
Other debtors
52,849
26,274
Prepayments and accrued income
89,806
94,536
4,669,225
12,109,831
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
82,636
80,807
Total debtors
4,751,861
12,190,638
14
Current asset investments
2023
2022
£
£
Short term deposits
750,000
OXFORDSM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
15
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
207,152
201,378
Amounts owed to group undertakings
500,552
Corporation tax
221,302
165,959
Other taxation and social security
408,651
528,978
Derivative financial instruments
211,414
Other creditors
96,662
102,738
Accruals and deferred income
2,738,914
3,180,159
4,173,233
4,390,626
16
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
514,761
346,838
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
17
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
7,000
7,000
7,000
7,000
18
Dividends
2023
2022
2023
2022
Per share
Per share
Total
Total
£
£
£
£
Ordinary
Interim paid
997.46
142.86
6,982,228
1,000,000
The proposed final dividend for the year ended 31 December 2023 is:
2023
2022
Per share
Total
Total
£
£
£
Ordinary
85.71
600,000
The proposed final dividend is subject to approval by shareholders and has not been included as a liability in these financial statements.
OXFORDSM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
19
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Within one year
4,750
19,000
Between two and five years
4,750
4,750
23,750
20
Ultimate controlling party
The company's immediate parent is Oxford Consulting Group Limited, incorporated in England.
The ultimate parent is Oxford Consultancy Group Limited, incorporated in England.
The most senior parent entity producing publicly available financial statements is Oxford Consultancy Group Limited. These financial statements are available upon request from Links 1, Links Business Centre, Old, Woking Road, Woking, Surrey, GU22 8BF.
21
Directors' transactions
Description
% Rate
Opening balance
Interest charged
Closing balance
£
£
£
Loan to Director
2.50
80,807
1,829
82,636
80,807
1,829
82,636
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