OXFORD IMMUNOTEC LIMITED

Company Registration Number:
04516079 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2023

Period of accounts

Start date: 2 January 2023

End date: 31 December 2023

OXFORD IMMUNOTEC LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2023

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

OXFORD IMMUNOTEC LIMITED

Directors' report period ended 31 December 2023

The directors present their report with the financial statements of the company for the period ended 31 December 2023

Principal activities of the company

We are a global, diagnostics company focused on developing and commercialising proprietary tests for immunology and infectious disease by leveraging the technological, product development, manufacturing, quality, regulatory, and sales and marketing capabilities we have developed over our history. Our proprietary T-SPOT.TB test utilises our T-SPOT technology platform to test for tuberculosis, or TB, which is the leading cause of death from infectious disease worldwide.

Political and charitable donations

The donations made by the Company during the period for charitable purposes were £nil (2022: £nil).

Company policy on disabled employees

Appointments within the Company are made on merit according to the balance of skills and experience offered by prospective candidates. Whilst acknowledging the benefits of diversity, individual appointments are made irrespective of personal characteristics such as race, disability, gender, sexual orientation, religion or age.



Directors

The directors shown below have held office during the whole of the period from
2 January 2023 to 31 December 2023

John Leo Healy
Phillip Anthony Keefe
Steven Christopher Hart
Darren Grant Sher


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
27 February 2025

And signed on behalf of the board by:
Name: Darren Grant Sher
Status: Director

OXFORD IMMUNOTEC LIMITED

Profit And Loss Account

for the Period Ended 31 December 2023

31 December 2023 1 January 2023


£

£
Turnover: 47,445 48,203
Cost of sales: ( 17,228 ) ( 15,025 )
Gross profit(or loss): 30,217 33,178
Administrative expenses: ( 31,744 ) ( 39,084 )
Other operating income: 564 1,217
Operating profit(or loss): (963) (4,689)
Interest receivable and similar income: 34 18
Interest payable and similar charges: ( 29,050 ) ( 632 )
Profit(or loss) before tax: (29,979) (5,303)
Tax: ( 336 ) ( 4 )
Profit(or loss) for the financial year: (30,315) (5,307)

OXFORD IMMUNOTEC LIMITED

Balance sheet

As at 31 December 2023

Notes 31 December 2023 1 January 2023


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets: 3 8,727 7,806
Tangible assets: 4 4,205 5,659
Investments: 5 11,394 39,797
Total fixed assets: 24,326 53,262
Current assets
Stocks: 6 8,797 11,291
Debtors: 7 10,830 14,552
Cash at bank and in hand: 7,370 3,588
Investments:   0 0
Total current assets: 26,997 29,431
Prepayments and accrued income: 0 0
Creditors: amounts falling due within one year: 8 ( 73,367 ) ( 74,221 )
Net current assets (liabilities): (46,370) (44,790)
Total assets less current liabilities: (22,044) 8,472
Creditors: amounts falling due after more than one year: 9 ( 4,190 ) ( 4,608 )
Provision for liabilities: ( 2,994 ) ( 2,777 )
Accruals and deferred income: 0 0
Total net assets (liabilities): (29,228) 1,087
Capital and reserves
Called up share capital: 10 10
Share premium account: 0 0
Other reserves: 1,350 1,350
Profit and loss account: (30,588 ) (273 )
Total Shareholders' funds: ( 29,228 ) 1,087

The notes form part of these financial statements

OXFORD IMMUNOTEC LIMITED

Balance sheet statements

For the year ending 31 December 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

This report was approved by the board of directors on 27 February 2025
and signed on behalf of the board by:

Name: Darren Grant Sher
Status: Director

The notes form part of these financial statements

OXFORD IMMUNOTEC LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 101

    Turnover policy

    The Company’s turnover includes product and service revenues. Product revenue from diagnostic test kit sales and related accessories is typically recognised at a point in time based upon the amount of consideration to which the Company expects to be entitled. For sales made with variable consideration, such as discounts, refunds, incentives, or other similar items, changes to the transaction price will be re-assessed at each reporting period until a final outcome is determined. Service revenue is recorded based upon contractually established billing rates and recognised upon delivery of test results to the customer. Revenue from sales of goods is recognised either upon shipment or delivery, depending on the terms in the contract. For each arrangement that results in revenues, the Company first identifies all performance obligations. Then, in order to determine the transaction price, the Company estimates the amount of variable consideration at the outset of the contract either utilizing the expected value or most likely amount method, depending on the facts and circumstances relative to the contract. The Company constrains (reduces) the estimates of variable consideration such that there is only a remote possibility that a significant reversal of previously recognised revenue will occur. When determining if variable consideration should be constrained, management considers whether there are factors outside the Company’s control that could result in a significant reversal of revenue. In making these assessments, the Company considers the likelihood and magnitude of a potential reversal of revenue. These estimates are re-assessed each reporting period. For the period ended 31 December 2023, the Company had no material contract assets, contract liabilities or deferred contract costs recorded on the Balance Sheet as of 31 December 2023. The Company generally expenses sales commissions when incurred because the amortisation period would be less than one year. There are no contractual or constructive obligations for returns, refunds or similar obligations. Revenue expected to be recognised in any future year related to remaining performance obligations is not material. Taxes assessed by governmental authorities on revenue, including sales and value added taxes, are recorded on a net basis (excluded from revenue) in the consolidated statements of operations.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses. Such cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation of each asset to its estimated residual value on a straight-line basis over its expected useful life

    Intangible fixed assets amortisation policy

    Development costs include license payments and internal costs relating to new product development. The capitalisation of license payments is over the term of the license. The capitalisation of the internal development costs occurs when they meet the internally generated intangible assets criteria under IAS 38. Development costs which meet the capitalisation criteria are initially recorded as assets under construction and transferred to Development assets on completion of all development work and the product is available for sale. Patent costs relate to the licensed use of a patent for which the company pays a license fee as well as the related legal fees. These are capitalised and amortised over the term of the patent license, which reflects the anticipated useful life of the patent to the business. Development costs include license payments and internal costs relating to new product development. The capitalisation of license payments is over the term of the license. The capitalisation of the internal development costs occurs when they meet the internally generated intangible assets criteria under IAS 38. Development costs which meet the capitalisation criteria are initially recorded as assets under construction and transferred to Development assets on completion of all development work and the product is available for sale. Patent costs relate to the licensed use of a patent for which the company pays a license fee as well as the related legal fees. These are capitalised and amortised over the term of the patent license, which reflects the anticipated useful life of the patent to the business. Patents and development costs are assessed for indicators of impairment on an annual basis, and an impairment review undertaken where such indicators are present. Amortisation is provided at the following rates, with the exception of intangible assets under construction, which are not amortised:

    Valuation information and policy

    Consideration is given at each balance sheet date to determine whether there is any indication of impairment of the carrying amounts of the Company’s tangible, intangible and right-of-use assets fixed assets. If any indication exists, an asset’s recoverable amount is estimated. An impairment loss is recognised whenever the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the greater of the fair value less cost of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value, based on the time value of money. Risks specific to the assets are included in the determination of cash flows. Assets that have suffered an impairment are tested for possible reversal of the impairment at each reporting date if indications exist that impairment losses recognised in prior periods no longer exist or have decreased.

OXFORD IMMUNOTEC LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 2. Employees

    31 December 2023 1 January 2023
    Average number of employees during the period 179 190

OXFORD IMMUNOTEC LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Intangible assets

Goodwill Other Total
Cost £ £ £
At 2 January 2023 10,854 10,854
Additions 1,298 1,298
Disposals ( 14 ) ( 14 )
Revaluations
Transfers 732 732
At 31 December 2023 12,870 12,870
Amortisation
At 2 January 2023 3,048 3,048
Charge for year 1,038 1,038
On disposals
Other adjustments 57 57
At 31 December 2023 4,143 4,143
Net book value
At 31 December 2023 8,727 8,727
At 1 January 2023 7,806 7,806

OXFORD IMMUNOTEC LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 2 January 2023 4,019 5,429 595 0 0 10,043
Additions 440 21 461
Disposals ( 83 ) ( 116 ) ( 199 )
Revaluations
Transfers 901 111 790
At 31 December 2023 4,019 4,885 611 0 0 9,515
Depreciation
At 2 January 2023 1,318 2,563 503 0 0 4,384
Charge for year 312 709 70 0 1,091
On disposals ( 51 ) ( 114 ) ( 165 )
Other adjustments 100 100 0
At 31 December 2023 1,630 3,121 559 0 0 5,310
Net book value
At 31 December 2023 2,389 1,764 52 0 0 4,205
At 1 January 2023 2,701 2,866 92 0 0 5,659

OXFORD IMMUNOTEC LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

5. Fixed assets investments note

The £732,000 Construction in progress Reclass includes the correction of the Tangibles Construction in progress 2023 opening balance for £790,000 offset by an adjustment in current year. We identified within the year construction in progress with ta value of £790,000 was inappropriately included in tangible assets. Adjustment not material to financials therefore no correction made to opening position and adjusted in current year.

OXFORD IMMUNOTEC LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

6. Stocks

31 December 2023 1 January 2023
£ £
Stocks 8,797 11,291
Total 8,797 11,291

OXFORD IMMUNOTEC LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

7. Debtors

31 December 2023 1 January 2023
£ £
Trade debtors 9,986 13,572
Prepayments and accrued income 602 719
Other debtors 242 261
Total 10,830 14,552
Debtors due after more than one year: 0 0

OXFORD IMMUNOTEC LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

8. Creditors: amounts falling due within one year note

31 December 2023 1 January 2023
£ £
Bank loans and overdrafts 7,370 3,588
Amounts due under finance leases and hire purchase contracts 0 0
Trade creditors 63,148 66,221
Taxation and social security 364 392
Accruals and deferred income 2,035 3,253
Other creditors 450 767
Total 73,367 74,221

OXFORD IMMUNOTEC LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

9. Creditors: amounts falling due after more than one year note

31 December 2023 1 January 2023
£ £
Bank loans and overdrafts 0 0
Amounts due under finance leases and hire purchase contracts 0 0
Other creditors 4,190 4,608
Total 4,190 4,608