Company registration number 13100193 (England and Wales)
OXFORD CONSULTANCY GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
OXFORD CONSULTANCY GROUP LIMITED
COMPANY INFORMATION
Directors
Thomas Dalton
Carol Garbutt
Peter Kirkby
Laurie Morgan
Adam Price
Andrew Watson
Jonathon Plant
Andrew Telford
Company number
13100193
Registered office
Suite A, First Floor, Links 1
Old Woking Road
Old Woking
Surrey
GU22 8BF
Auditor
Critchleys Audit LLP
First Floor, Park Central
40-41 Park End Street
Oxford
OX1 1JD
OXFORD CONSULTANCY GROUP 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
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 30
OXFORD CONSULTANCY GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the period ended 31 December 2023.

Fair review of the business

The company had a solid year, finding new business with existing and new clients. Revenue and profit before amortisation and tax declined slightly during the year. The Board considers this a reasonable outcome given market conditions.

Unit
2023
2022
Annualised turnover
£'000
16,752
18,093
Annualised profit before amortisation and tax
£'000
2,314
2,741

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.

On behalf of the board

Andrew Telford
Director
31 October 2024
OXFORD CONSULTANCY GROUP 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 and group continued to be that of 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 £720,000. The directors recommend payment of a final dividend amounting to £320,000.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Thomas Dalton
Carol Garbutt
Peter Kirkby
Laurie Morgan
Adam Price
Andrew Watson
Vanessa Andrews
(Resigned 14 May 2024)
Richard Saunders
(Resigned 10 April 2024)
Jonathon Plant
Andrew Telford
Financial instruments

Objectives and policies

The business' principal financial instruments comprise bank balances, trade debtors, trade creditors, preference shares and deferred consideration. The main purpose of these instruments is to finance the business' operations and acquisitions.

 

Price risk, credit risk, liquidity risk and cash flow risk

The business' activities give it some exposure to the financial risks of changes in foreign currency exchange rates.

 

In respect of bank balances, the liquidity risk is managed by maintaining these at sufficient levels for the group's operations. All of the business' cash balances are held in such a way that achieves a competitive rate of interest.

 

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 auditor of the company 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 auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

OXFORD CONSULTANCY GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
On behalf of the board
Andrew Telford
Director
31 October 2024
OXFORD CONSULTANCY GROUP 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

OXFORD CONSULTANCY GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OXFORD CONSULTANCY GROUP LIMITED
- 5 -
Opinion

We have audited the financial statements of Oxford Consultancy Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows 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 and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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 group and parent 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 group's and parent 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.

Other information

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:

OXFORD CONSULTANCY GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF OXFORD CONSULTANCY GROUP LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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:

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 parent 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 parent 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.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

OXFORD CONSULTANCY GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF OXFORD CONSULTANCY GROUP LIMITED
- 7 -

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

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.

Use of our report

This report is made solely to the company’s members, as a body, 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 members those matters we are required to state to them 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 members as a body, 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
OXFORD CONSULTANCY GROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
16,751,725
18,092,973
Cost of sales
(12,370,465)
(12,665,179)
Gross profit
4,381,260
5,427,794
Administrative expenses
(3,467,461)
(3,952,990)
Other operating income
15,400
11,895
Operating profit
4
929,199
1,486,699
Interest receivable and similar income
8
120,773
5,418
Interest payable and similar expenses
9
(77,983)
(93,331)
Profit before taxation
971,989
1,398,786
Tax on profit
10
(601,344)
(605,478)
Profit for the financial year
370,645
793,308
Profit for the financial year is all attributable to the owners of the parent company.
OXFORD CONSULTANCY GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
£
£
Profit for the year
370,645
793,308
Other comprehensive income
-
-
Total comprehensive income for the year
370,645
793,308
Total comprehensive income for the year is all attributable to the owners of the parent company.
OXFORD CONSULTANCY GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
12
4,227,182
5,568,853
Tangible assets
13
58,806
69,035
4,285,988
5,637,888
Current assets
Debtors
17
5,144,337
7,145,135
Investments
18
-
0
750,000
Cash at bank and in hand
4,947,300
2,877,133
10,091,637
10,772,268
Creditors: amounts falling due within one year
19
(4,553,969)
(6,012,700)
Net current assets
5,537,668
4,759,568
Total assets less current liabilities
9,823,656
10,397,456
Creditors: amounts falling due after more than one year
20
(1,275,701)
(1,500,146)
Net assets
8,547,955
8,897,310
Capital and reserves
Called up share capital
22
106,000
106,000
Share premium account
8,886,702
8,886,702
Profit and loss reserves
(444,747)
(95,392)
Total equity
8,547,955
8,897,310

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

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:
31 October 2024
Andrew Telford
Director
Company registration number 13100193 (England and Wales)
OXFORD CONSULTANCY GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
14
13,856,515
15,577,515
Current assets
Debtors
17
825,000
-
0
Creditors: amounts falling due within one year
19
(1,031,833)
(4,539,406)
Net current liabilities
(206,833)
(4,539,406)
Total assets less current liabilities
13,649,682
11,038,109
Creditors: amounts falling due after more than one year
20
(1,275,701)
(1,500,146)
Net assets
12,373,981
9,537,963
Capital and reserves
Called up share capital
22
106,000
106,000
Share premium account
8,886,702
8,886,702
Profit and loss reserves
3,381,279
545,261
Total equity
12,373,981
9,537,963

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £3,556,018 (2022 - £1,383,062 profit).

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:
31 October 2024
Andrew Telford
Director
Company registration number 13100193 (England and Wales)
OXFORD CONSULTANCY GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
793,308
793,308
Issue of share capital
22
6,000
36,864
-
42,864
Dividends
11
-
-
(750,000)
(750,000)
Balance at 31 December 2022
106,000
8,886,702
(95,392)
8,897,310
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
370,645
370,645
Dividends
11
-
-
(720,000)
(720,000)
Balance at 31 December 2023
106,000
8,886,702
(444,747)
8,547,955
OXFORD CONSULTANCY GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
1,383,062
1,383,062
Issue of share capital
22
6,000
36,864
-
42,864
Dividends
11
-
-
(750,000)
(750,000)
Balance at 31 December 2022
106,000
8,886,702
545,261
9,537,963
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
3,556,018
3,556,018
Dividends
11
-
-
(720,000)
(720,000)
Balance at 31 December 2023
106,000
8,886,702
3,381,279
12,373,981
OXFORD CONSULTANCY GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
2,598,904
2,636,150
Interest paid
(77,983)
(93,331)
Income taxes paid
(352,696)
(340,983)
Net cash inflow from operating activities
2,168,225
2,201,836
Investing activities
Purchase of tangible fixed assets
(24,386)
(48,068)
Proceeds from disposal of tangible fixed assets
-
608
Net (purchase)/disposal of investments
750,000
(750,000)
Interest received
120,773
5,418
Net cash generated from/(used in) investing activities
846,387
(792,042)
Financing activities
Proceeds from issue of shares
-
42,864
Repayment of preference shares
(224,445)
(224,445)
Dividends paid to equity shareholders
(720,000)
(750,000)
Net cash used in financing activities
(944,445)
(931,581)
Net increase in cash and cash equivalents
2,070,167
478,213
Cash and cash equivalents at beginning of year
2,877,133
2,398,920
Cash and cash equivalents at end of year
4,947,300
2,877,133
OXFORD CONSULTANCY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
1
Accounting policies
Company information

Oxford Consultancy Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Suite A, First Floor, Links 1, Old Woking Road, Woking, Surrey, GU22 8BF.

 

The group consists of Oxford Consultancy Group Limited and all of its subsidiaries.

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.

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, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The 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 for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Oxford Consultancy Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

OXFORD CONSULTANCY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group 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.

1.5
Turnover

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

 

At the year end amounts recoverable on contracts included in debtors are stated at the sales value of the work done less amounts already received. Any income received in advance is included in creditors.

 

1.6
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.

1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 6 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.8
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:

Fixtures and fittings
25% 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 recognised in the profit and loss account.

1.9
Fixed asset investments

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

OXFORD CONSULTANCY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.10
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.

 

1.11
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, 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.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 group after deducting all of its liabilities.

OXFORD CONSULTANCY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
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.

 

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.

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.

1.12
Equity instruments

Equity instruments issued by the group 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 group.

1.13
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.14
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.

1.15
Retirement benefits

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

1.16
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 leased asset are consumed.

1.17
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.

OXFORD CONSULTANCY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’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 following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements:

 

Income recognition on contracts in place at the year-end, and the amortisation period for goodwill and in the company's own financial statements impairment in the cost of fixed asset investments

 

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Rendering of services
16,751,725
18,092,973
2023
2022
£
£
Turnover analysed by geographical market
Sales from UK company
11,018,523
12,365,330
Sales from USA company
5,733,202
5,727,643
16,751,725
18,092,973
2023
2022
£
£
Other revenue
Interest income
120,773
5,418
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
(150,108)
317,642
Depreciation of owned tangible fixed assets
31,079
28,479
Loss/(profit) on disposal of tangible fixed assets
3,536
(608)
Amortisation of intangible assets
1,341,671
1,341,671
Operating lease charges
18,996
29,828
OXFORD CONSULTANCY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
6,930
6,300
Audit of the financial statements of the company's subsidiaries
18,156
16,120
25,086
22,420
6
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Consultancy
28
24
-
-
Administration
6
6
-
-
Total
34
30
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
5,979,345
6,141,004
-
0
-
0
Social security costs
587,136
624,115
-
-
Pension costs
657,351
484,864
-
0
-
0
7,223,832
7,249,983
-
0
-
0
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
2,614,741
2,474,731
Company pension contributions to defined contribution schemes
100,753
46,369
2,715,494
2,521,100

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 7 (2022 - 10).

OXFORD CONSULTANCY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
7
Directors' remuneration
(Continued)
- 21 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
413,688
433,580
Company pension contributions to defined contribution schemes
29,381
27,917
8
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 income
120,773
5,418
9
Interest payable and similar expenses
2023
2022
£
£
Dividends on redeemable preference shares not classified as equity
77,983
93,331
OXFORD CONSULTANCY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
342,425
294,743
Foreign current tax on profits for the current period
264,916
306,061
Adjustments in foreign tax in respect of prior periods
(5,997)
4,674
Total current tax
601,344
605,478

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
971,989
1,398,786
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
228,617
265,769
Tax effect of expenses that are not deductible in determining taxable profit
334,950
273,257
Adjustments in respect of prior years
(5,997)
4,674
Effect of overseas tax rates
37,104
67,189
Other differences
6,670
(5,411)
Taxation charge
601,344
605,478
OXFORD CONSULTANCY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
11
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Final paid
400,000
-
Interim paid
320,000
750,000
720,000
750,000

The proposed final dividend for the year ended 31 December 2023 is:

2023
2022
Per share
Total
Total
p
£
£
Ordinary shares
3.02
320,000
400,000

The proposed final dividend is subject to approval by shareholders and has not been included as a liability in these financial statements.

12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
8,050,025
Amortisation and impairment
At 1 January 2023
2,481,172
Amortisation charged for the year
1,341,671
At 31 December 2023
3,822,843
Carrying amount
At 31 December 2023
4,227,182
At 31 December 2022
5,568,853
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
OXFORD CONSULTANCY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
13
Tangible fixed assets
Group
Fixtures and fittings
£
Cost
At 1 January 2023
122,171
Additions
24,386
Disposals
(62,648)
At 31 December 2023
83,909
Depreciation and impairment
At 1 January 2023
53,136
Depreciation charged in the year
31,079
Eliminated in respect of disposals
(59,112)
At 31 December 2023
25,103
Carrying amount
At 31 December 2023
58,806
At 31 December 2022
69,035
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
13,856,515
15,577,515
OXFORD CONSULTANCY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
14
Fixed asset investments
(Continued)
- 25 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
15,577,515
Impairment
At 1 January 2023
-
Impairment losses (after realisation of pre-acquistion reserves)
1,721,000
At 31 December 2023
1,721,000
Carrying amount
At 31 December 2023
13,856,515
At 31 December 2022
15,577,515
OXFORD CONSULTANCY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
15
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
Indirect
Oxford Consulting Holdings Limited
Suite A First Floor, Links 1, Old Woking Road, Woking, England, GU22 8BF
holding company
Ordinary
100.00
-
Oxford Consuting Group Limited
Suite A First Floor, Links 1, Old Woking Road, Woking, England, GU22 8B
holding company
A,B,C,D&E
0
100.00
OxfordSM Limited
Suite A First Floor, Links 1, Old Woking Road, Woking, England, GU22 8B
sales and marketing consulting
Ordinary
0
100.00
Oxford SM, Inc
105 Crest Road, New Porvidence, NJ 07974, USA
sales and marketing consulting
Ordinary
0
100.00
Oxford Sales and Marketing Limited
Suite A First Floor, Links 1, Old Woking Road, Woking, England, GU22 8B
dormant
Ordinary
0
100.00
OXFORD CONSULTANCY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
16
Financial instruments
Group
Company
2023
2022
2023
2022
£
£
£
£
Carrying amount of financial liabilities
Measured at fair value through profit or loss
- Forward foreign exchange contracts
-
211,414
-
-
17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,524,670
6,401,564
-
0
-
0
Gross amounts owed by contract customers
212,957
168,487
-
0
-
0
Corporation tax recoverable
64,602
257,907
-
0
-
0
Amounts owed by group undertakings
-
-
825,000
-
Other debtors
131,557
109,071
-
0
-
0
Prepayments and accrued income
127,915
127,299
-
0
-
0
5,061,701
7,064,328
825,000
-
Amounts falling due after more than one year:
Amount owed by related parties
82,636
80,807
-
0
-
0
Total debtors
5,144,337
7,145,135
825,000
-
18
Current asset investments
Group
Company
2023
2022
2023
2022
£
£
£
£
Short term deposits
-
750,000
-
-
OXFORD CONSULTANCY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
19
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
252,919
213,965
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
1,031,833
4,539,406
Corporation tax payable
221,302
165,959
-
0
-
0
Other taxation and social security
411,155
530,312
-
-
Derivative financial instruments
-
0
211,414
-
0
-
0
Other creditors
96,662
102,738
-
0
-
0
Accruals and deferred income
3,571,931
4,788,312
-
0
-
0
4,553,969
6,012,700
1,031,833
4,539,406
20
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Preference shares classified as liabilities
22
1,275,701
1,500,146
1,275,701
1,500,146
21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
657,351
484,864

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
10,600,000
10,600,000
106,000
106,000
2023
2022
2023
2022
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £1 each
1,275,701
1,500,146
1,275,701
1,500,146
Preference shares classified as liabilities
1,275,701
1,500,146
OXFORD CONSULTANCY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
22
Share capital
(Continued)
- 29 -

On liquidation the surplus assets of the company would be distributed firstly to the preference shareholders (£1 per share plus any unpaid dividends) with the remaining amounts to the ordinary shareholders.

Preference shareholders are entitled to a fixed dividend of 6% per annum. Ordinary shareholders are only entitled to dividends once they have been formally declared by the Directors.

 

23
Operating lease commitments
Lessee

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

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
4,750
19,000
-
-
Between two and five years
-
4,750
-
-
4,750
23,750
-
-
25
Directors' transactions

Ordinary dividends totalling £626,604 (2022 - £649,988) and preference dividends totalling £28,373 (2022 £43,721) were paid in the year in respect of shares held by the company's directors. In addition £224,445 (2022: £224,445) was paid to directors to redeem preference shares.

 

Description
% Rate
Opening balance
Interest charged
Amounts written off
Closing balance
£
£
£
£
Loan
2.50
80,807
1,829
-
82,636
Loan (repayable upon leaving the group or returning to the UK)
-
82,631
-
(4,089)
78,542
163,438
1,829
(4,089)
161,178
OXFORD CONSULTANCY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
26
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
370,645
793,308
Adjustments for:
Taxation charged
601,344
605,478
Finance costs
77,983
93,331
Investment income
(120,773)
(5,418)
Loss/(gain) on disposal of tangible fixed assets
3,536
(608)
Amortisation and impairment of intangible assets
1,341,671
1,341,671
Depreciation and impairment of tangible fixed assets
31,079
28,479
Movements in working capital:
Decrease/(increase) in debtors
1,807,493
(922,659)
(Decrease)/increase in creditors
(1,514,074)
702,568
Cash generated from operations
2,598,904
2,636,150
27
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
2,877,133
2,070,167
4,947,300
Preference shares
(1,500,146)
224,445
(1,275,701)
1,376,987
2,294,612
3,671,599
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