Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-30false2023-05-01falseThe principle activity of the company is that of research and experimental development on natural sciences and engineering1113truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02601431 2023-05-01 2024-04-30 02601431 2024-04-30 02601431 2022-05-01 2023-04-30 02601431 2023-04-30 02601431 c:Director1 2023-05-01 2024-04-30 02601431 d:Buildings d:ShortLeaseholdAssets 2023-05-01 2024-04-30 02601431 d:Buildings d:ShortLeaseholdAssets 2024-04-30 02601431 d:Buildings d:ShortLeaseholdAssets 2023-04-30 02601431 d:PlantMachinery 2023-05-01 2024-04-30 02601431 d:PlantMachinery 2024-04-30 02601431 d:PlantMachinery 2023-04-30 02601431 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 02601431 d:MotorVehicles 2023-05-01 2024-04-30 02601431 d:MotorVehicles 2024-04-30 02601431 d:MotorVehicles 2023-04-30 02601431 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 02601431 d:FurnitureFittings 2023-05-01 2024-04-30 02601431 d:OfficeEquipment 2023-05-01 2024-04-30 02601431 d:OtherPropertyPlantEquipment 2023-05-01 2024-04-30 02601431 d:OtherPropertyPlantEquipment 2024-04-30 02601431 d:OtherPropertyPlantEquipment 2023-04-30 02601431 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 02601431 d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 02601431 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-04-30 02601431 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-30 02601431 d:CurrentFinancialInstruments 2024-04-30 02601431 d:CurrentFinancialInstruments 2023-04-30 02601431 d:Non-currentFinancialInstruments 2024-04-30 02601431 d:Non-currentFinancialInstruments 2023-04-30 02601431 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 02601431 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 02601431 d:Non-currentFinancialInstruments d:AfterOneYear 2024-04-30 02601431 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 02601431 d:ShareCapital 2024-04-30 02601431 d:ShareCapital 2023-04-30 02601431 d:CapitalRedemptionReserve 2024-04-30 02601431 d:CapitalRedemptionReserve 2023-04-30 02601431 d:RetainedEarningsAccumulatedLosses 2024-04-30 02601431 d:RetainedEarningsAccumulatedLosses 2023-04-30 02601431 c:FRS102 2023-05-01 2024-04-30 02601431 c:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 02601431 c:FullAccounts 2023-05-01 2024-04-30 02601431 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 02601431 d:HirePurchaseContracts d:WithinOneYear 2024-04-30 02601431 d:HirePurchaseContracts d:WithinOneYear 2023-04-30 02601431 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-04-30 02601431 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-04-30 02601431 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2023-05-01 2024-04-30 02601431 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-05-01 2024-04-30 02601431 e:PoundSterling 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure
Registered number: 02601431


OXFORD OPTRONIX LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
OXFORD OPTRONIX LIMITED
REGISTERED NUMBER: 02601431

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
300,400
298,109

Tangible assets
 5 
70,350
74,855

  
370,750
372,964

Current assets
  

Stocks
  
1,133,137
1,078,684

Debtors: amounts falling due within one year
 6 
442,632
353,802

Cash at bank and in hand
 7 
999
7,135

  
1,576,768
1,439,621

Creditors: amounts falling due within one year
 8 
(253,772)
(215,283)

Net current assets
  
 
 
1,322,996
 
 
1,224,338

Total assets less current liabilities
  
1,693,746
1,597,302

Creditors: amounts falling due after more than one year
 9 
(17,705)
(23,157)

  

Net assets
  
1,676,041
1,574,145


Capital and reserves
  

Called up share capital 
  
925
925

Capital redemption reserve
  
75
75

Profit and loss account
  
1,675,041
1,573,145

  
1,676,041
1,574,145

Page 1

 
OXFORD OPTRONIX LIMITED
REGISTERED NUMBER: 02601431
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

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

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

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A N Obeid
Director

Date: 31 January 2025

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
OXFORD OPTRONIX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Oxford Optronix Limited is a private company limited by shares, incorporated in the United Kingdom and registered in England and Wales. The registered office is 9 & 10 Somerville Court, Banbury Business Park, Adderbury, Banbury, Oxfordshire, OX17 3SN..

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

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

Page 3

 
OXFORD OPTRONIX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 4

 
OXFORD OPTRONIX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Taxation

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

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


Page 5

 
OXFORD OPTRONIX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.11

Tangible fixed assets

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

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

Depreciation is provided on the following basis:

Short-term leasehold property
-
over the term of the lease
Plant and machinery
-
25%
Motor vehicles
-
25%
Fixtures and fittings
-
25%
Office equipment
-
25%

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

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

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.13

Debtors

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

Page 6

 
OXFORD OPTRONIX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.14

Cash and cash equivalents

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

 
2.15

Creditors

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


3.


Employees

The average monthly number of employees, including directors, during the year was 11 (2023 - 13).


4.


Intangible assets




Development expenditure

£



Cost


At 1 May 2023
718,276


Additions
40,261



At 30 April 2024

758,537



Amortisation


At 1 May 2023
420,167


Charge for the year on owned assets
37,970



At 30 April 2024

458,137



Net book value



At 30 April 2024
300,400



At 30 April 2023
298,109



Page 7

 
OXFORD OPTRONIX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Motor vehicles
Other fixed assets
Total

£
£
£
£
£



Cost or valuation


At 1 May 2023
43,719
272,569
64,990
214,341
595,619


Additions
-
17,217
-
7,328
24,545



At 30 April 2024

43,719
289,786
64,990
221,669
620,164



Depreciation


At 1 May 2023
43,719
266,625
51,806
158,613
520,763


Charge for the year on owned assets
-
4,908
1,189
22,954
29,051



At 30 April 2024

43,719
271,533
52,995
181,567
549,814



Net book value



At 30 April 2024
-
18,253
11,995
40,102
70,350



At 30 April 2023
-
5,944
13,184
55,727
74,855

Page 8

 
OXFORD OPTRONIX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Debtors

2024
2023
£
£


Trade debtors
167,949
135,878

Amounts owed by group undertakings
213,119
209,314

Other debtors
19,571
3,748

Prepayments and accrued income
7,780
4,862

Tax recoverable
34,213
-

442,632
353,802



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
999
7,135

Less: bank overdrafts
(99,499)
(83,524)

(98,500)
(76,389)



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
99,499
83,524

Trade creditors
86,670
62,030

Other taxation and social security
14,396
8,335

Obligations under finance lease and hire purchase contracts
10,904
10,904

Other creditors
6,991
21,295

Accruals and deferred income
35,312
29,195

253,772
215,283


Page 9

 
OXFORD OPTRONIX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
17,705
23,157

17,705
23,157


The following liabilities were secured:




Details of security provided:

Net obligations under finance leases and hire purchase contracts are secured by the assets to which they relate.


10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
-
10,404

Between 1-5 years
-
23,156

-
33,560


11.


Pension commitments

The company contributes to a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £20,128.74 (2022 - £20,056.80). Contributions totalling £2,776.29 (2023 £2,637.12 were payable to the fund at the balance sheet date.


12.


Related party transactions

At the year end A Obeid had a loan owing to him off £18,656.82 (2022 loan outstanding: £8,469.40). A balance was due to Oxford Optronix Solutions of £Nil (2022- £67,310.74) and a balance due from Oxford Optronix North America of £Nil (2022 £46,709.10).

 
Page 10