for the Period Ended 31 December 2023
Directors report | |
Profit and loss | |
Balance sheet | |
Additional notes | |
Balance sheet notes |
Directors' report period ended
The directors present their report with the financial statements of the company for the period ended 31 December 2023
Principal activities of the company
Political and charitable donations
Additional information
RESULTS AND DIVIDENDS Our net loss after income taxes from continuing operations for the period was $62.0 million (2022: net income of $0.4 million). No dividend was declared and paid in the period (2022: $55 million). The net loss was due to impairment of its investments in Oxford Immunotec Asia Limited and Oxford Immunotec USA Inc. of $61.2 million on account of the legal entity reorganisation. Refer to “EVENTS SINCE THE END OF THE PERIOD” for detail of the legal entity reoganisation management was making arrangements for as of December 31, 2023. FUTURE DEVELOPMENTS The Company continues to be the holding company for investments in subsidiaries of the group. Refer to “EVENTS SINCE THE END OF THE PERIOD” for detail of the legal entity reoganisation management was making arrangements for as of December 31, 2023. EVENTS SINCE THE END OF THE PERIOD On October 28, 2024 Oxford Immunotec Global Limited effected a legal entity integration whereby Immunetics, Inc., Oxford Immunotec K.K.,Boulder Diagnostic Europe GmbH, Oxford Immunotec Asia Limited, Oxford Immunotec (Shanghai), Oxford Immunotec (Ireland), Oxford Diagnostic Laboratories business activities have been transferred to the corresponding Revvity entity in that jurisdiction and net assets were sold for cash to the receiving Revvity entity at net asset value. As of the date of the financial statement filing the legal entities mentioned above are in wind down status preparing for liquidation. Oxford Immunotec USA Inc. business operations were transferred to Revvity Health Sciences in the US. The entity will continue to be utilized for R&D and Certimmune lab costs in the short term. As at 31 December 2023 Management was making arrangements for the re-organisation however there was no formalized plan. The re-organisation indicated the need for an impairment review that separately concluded the assets should be impaired to net assets based on facts known at 31 December 2023. This resulted in an investment impairment of Oxford Immunotec Global Limited’s investment in Oxford Immunotec Asia Limited and Oxford Immunotec USA Inc. of $61.2 million resulting in a total investment net book value of $57.9 million as at 31 December 2023. Subsequent to 31 December 2023, fair value of the investments continued to decline as legal entity integration was effected on October 28, 2024. The company recognised additional investment impairment in Oxford Immunotec Limited’s investment in Oxford Immunotec USA Inc. of $3.5 million resulting in a total investment net book value of $54.4 million as at 28 October 2024.
Directors
The directors shown below have held office during the whole of the period from
2 January 2023
to
31 December 2023
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
And signed on behalf of the board by:
Name:
Status: Director
for the Period Ended
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The notes form part of these financial statements
This report was approved by the board of directors on
and signed on behalf of the board by:
Name:
Status: Director
The notes form part of these financial statements
for the Period Ended 31 December 2023
Basis of measurement and preparation
Valuation information and policy
Other accounting policies
for the Period Ended 31 December 2023
31 December 2023 | 1 January 2023 | |
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for the Period Ended 31 December 2023
The Company conducted its conducted its annual review for indicators of impairment and resultant impairment reviewsof its investments in its US, UK, and China Subsidiaries. As at 31 December 2023. Oxford Immunotec Global Limited began planning phases of a legal entity integration effected on October 28, 2024. As part of the legal entity integration Oxford Immunotec Asia Ltd. business activities have been transferred to the corresponding Revvity entity, Revvity Biomed Co. Ltd, in China and net assets were exchanged for cash. As at 31 December 2023 the net asset value of Oxford Immunotec Asia Ltd. was zero resulting in an impairment of $75,000 for the period ending December 31, 2023. Oxford Immunotec USA Inc. business operations were transferred to Revvity Health Sciences in the US and net assets were exchanged for cash. The Oxford Immunotec USA entity will continue to be utilized for R&D and Certimmune lab costs in the short term. As at 31 December 2023 the net asset value of Oxford Immunotec USA Inc. was $23,073,761 resulting in an impairment of $61,118,239. The net asset value of the entity will continue to decrease in the future as we transfer the remaining R&D and Certimmune lab costs out of Oxford Immunotec USA Inc. to Revvity Health Sciences. The company will retain Oxford Immunotec Limited entity as a legal entity and conducted its annual impairment review of its investments using a discount rate of 11.5% and a long-term growth rate of 3% for the value in use calculation. There is significant headroom on this impairment review. Varying the discount rate by 1% would result in a variance in the valuation of subsidiaries by +/- $24,000,000. Varying the long-term growth rate by 1% would result in a variance of +/- $24,000,000. Neither change in the valuation would give rise to an impairment. The directors consider that 1% represents a reasonably possible change in the discount rate and growth rates. As at 31 December 2023, management were making arrangements for this post balance sheet reorganisation, though no commitment had been formalised until after the period end. However, it is concluded that conditions did exist at the reporting date resulting in impairment of these assets. The loss has, therefore, been recognised in the period.
for the Period Ended 31 December 2023
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