Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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OXFORD NANOIMAGING LIMITED
COMPANY INFORMATION
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OXFORD NANOIMAGING LIMITED
CONTENTS
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OXFORD NANOIMAGING LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The annual report and financial statements presented here are for Oxford Nanoimaging Limited ('the Company') and its subsidiaries (together 'the Group').
The principal activity of the Group is the manufacture of optical precision instruments.
Oxford Nanoimaging (“ONI”)’s mission is to accelerate scientific discovery and fight disease by enabling everyone to visualize, understand and share the microscopic details of life.
The Group is achieving its mission through the development and sale of its principal product, the Nanoimager; a super-resolution microscope, small enough to fit on a desk and capable of multiple imaging techniques across a wide range of life science applications. In addition, the Group is developing a portfolio of consumables and data-analysis products in order to offer application-specific, automated end-to-end solutions to its customers. The Nanoimager is currently sold and offered on subscription in the UK and internationally to research centres within academic institutes, biotechnology companies and the pharmaceutical industry. The Group invests heavily in the research and development of the Nanoimager platform and related products. In 2023, £3.62m was spent on new products, features and incremental improvements, representing a 15% decrease over the prior period. In 2025 and beyond, the Group will continue to grow the Nanoimager installed base and continue to develop further consumables and data-analysis products. Revenue from consumables and cloud-based data-analysis is expected to be an important driver of the Group’s growth in the next several years.
Set out below are the principal risks which the Group believe could materially affect its ability to achieve its financial and operating objectives and control or mitigating activities adopted to manage them. The risks are not listed in order of significance.
Financing: The Group continues to see net cash outflows and is dependent on external capital to fund its business plan in the short term. Supply chain: The Group relies on third party manufacturers for the supply of the majority of components in the Nanoimager. Problems with obsolescence, manufacturer facilities, raw material shortages and political and economic constraints relating to supplier operations may lead to delay and disruptions in the supply chain which could have a significant negative impact on the Group. The Group seeks to mitigate this risk by maintaining a close dialogue with key suppliers to ensure that any problems with the supply chain can be managed, and back up sources of supply are maintained where possible. Product: The performance, reliability and robustness of the Nanoimager has a direct impact on customer satisfaction and in turn, the Group’s growth and profit margins. The Group seeks to mitigate this risk by dedicating teams to improving the technology underpinning the Nanoimager and improving the overall customer experience.
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OXFORD NANOIMAGING LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Key employees:
The hiring and retention of key employees is critical to the success of the Group. This Group seeks to mitigate this risk through a continuous improvement of its hiring practices and ensuring remuneration and benefits packages are competitive in the market. Competition risk: The Group’s immediate competitors in customer tenders are large, multinational organisations with significantly greater resources, established sales networks and scaled manufacturing. Competitors may develop products that are more effective or economic than those developed by the Group. The Group seeks to mitigate this risk by protecting its intellectual property, investing in research and development and improving the customer experience. Intellectual property risk: The commercial success of the Group depends, amongst other things, on its ability to obtain and maintain patents sufficiently broad in scope to provide protection for the Group's intellectual property rights against third parties and to exploit its products. The Group seeks to mitigate this risk by seeking patent protection for its products and maintaining Group know-how and software as trade secrets.
2023 was a year of significant developments and evolution for the business. 2023 marked a year of continued growth and strategic advancements for the business. Building on the momentum from the previous year, the company successfully completed the full implementation of its new ERP system (Netsuite), streamlining operations and improving internal efficiencies. In addition, ONI Inc. launched the innovative DStorm Training Kit and the Application Kit, both of which are poised to enhance customer engagement and support the company’s expanding product portfolio. Significant progress was made towards the launch of the new end-to-end solution for EV research, which saw its debut in 2024. To support this growth, the company strengthened its leadership team in the US, hiring senior staff including a VP of Commercial, People, and Finance. These hires are instrumental in driving the company’s strategic objectives and ensuring continued success as it scales its operations in key markets.
Group turnover was £5.7m (2022: £5.7m).
Group loss on ordinary activities before taxation for the year was £19.9m (2022: £12.2m). Group cash at bank at 31 December 2023 was £27.9m (31 December 2022: £47.1m).
This report was approved by the board and signed on its behalf.
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OXFORD NANOIMAGING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The Directors present their report and the financial statements for the year ended 31 December 2023.
The Directors who served during the year were:
The Directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Group's financial statements 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 Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £19,161,615 (2022 - loss £11,280,971).
In 2025 and beyond, the Group continues to seek expansion of the installed base while further advancing its consumables and data-analysis offerings. Future platform developments are focused on revolutionizing the world of super-resolution microscopy through the combination of application specific kits and chemistry with fully automated fluidic control. Thereby providing an integrated solution that is capable of delivering end-to-end sample to answer experimentation of both fixed and dynamic molecular interactions.
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OXFORD NANOIMAGING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
There have been no significant events affecting the Group since the year end.
The auditor, James Cowper Kreston Audit, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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OXFORD NANOIMAGING LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OXFORD NANOIMAGING LIMITED
We have audited the financial statements of Oxford Nanoimaging Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of 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).
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 in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
We draw attention to note 2.3 in the financial statements, which indicates that the Group is currently engaged in a fundraising exercise which is not yet completed. As stated in note 2.3, these events or conditions, along with the other matters as set forth in note 2.3, indicate that a material uncertainty exists that may cast significant doubt on the Group's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
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. Our evaluation of the Directors' assessment of the Group's ability to continue to adopt the going concern basis of accounting included stress testing budgets and cash flow forecasts.
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.
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OXFORD NANOIMAGING LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OXFORD NANOIMAGING LIMITED (CONTINUED)
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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 Group financial statements.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
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OXFORD NANOIMAGING LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OXFORD NANOIMAGING LIMITED (CONTINUED)
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims;
∙Enquiry of management and those charged with governance to identify any material instances of non-compliance with laws and regulations;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
∙Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's 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.
for and on behalf of
Chartered Accountants and Statutory Auditor
201 Cumnor Hill
Cumnor
Oxfordshire
OX2 9PJ
Date:
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OXFORD NANOIMAGING LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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OXFORD NANOIMAGING LIMITED
REGISTERED NUMBER: 10023177
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 32 form part of these financial statements.
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OXFORD NANOIMAGING LIMITED
REGISTERED NUMBER: 10023177
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 32 form part of these financial statements.
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OXFORD NANOIMAGING LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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OXFORD NANOIMAGING LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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OXFORD NANOIMAGING LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
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OXFORD NANOIMAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Oxford Nanoimaging Limited is a private limited company incorporated and registered in England and Wales. The Company's registered office is listed on the Company Information page.
The principal activity of the Group and Company is the manufacture of optical precision instruments.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The Directors have prepared the financial statements on a going concern basis. As of the approval date of these financial statements, the Group has approximately seven months of cash runway based on current financial projections. Assuming no mitigating action is taken, the Directors acknowledge that additional funding will be required within this period to sustain operations beyond this timeframe.
The Group's key investors, who collectively represent a significant portion of the Group's shareholder base, have verbally confirmed their intention to provide further funding. While discussions regarding the timing and structure of this funding are ongoing, the Directors have a reasonable expectation that the necessary financing will be secured. Management is actively engaged in securing additional funding, and the Board continues to monitor the Group's financial position closely. Should the anticipated funding not materialise in the coming months, the Group will implement additional mitigating measures to ensure sufficient liquidity to support operations over the next 12 months. The Group's current cash position and the need for future funding give rise to a material uncertainty that may cast significant doubt on its ability to continue as a going concern. However, based on the level of investor support and the actions planned by management, the Board of Directors believes that it remains appropriate to prepare the financial statements on a going concern basis.
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OXFORD NANOIMAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.
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OXFORD NANOIMAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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:
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.
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OXFORD NANOIMAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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.
The estimated useful lives range as follows:
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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OXFORD NANOIMAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
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, with 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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OXFORD NANOIMAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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OXFORD NANOIMAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Stock provision The Company has provided for the cost of stock that is judged to be slow moving. Provisions The Directors have considered the obligations arising from contractual liabilities and have provided for liabilities where costs can be reliably estimated. Share based payments This estimates requires determination of the appropriate inputs to the valuation model including the share price at the various grant dates, the expected life of the share option and volatility. Management have estimated the share price at the grant dates using valuations of the Group near each date. Estimating fair value for share-payment transactions requires determination of the most appropriate valuation model. For the measurement of the fair value of equity settled transactions with employees at the grant date, the Group uses the Black-Scholes model.
Analysis of turnover by country of destination:
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OXFORD NANOIMAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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OXFORD NANOIMAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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OXFORD NANOIMAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
There were no factors that may affect future tax charges.
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OXFORD NANOIMAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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OXFORD NANOIMAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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OXFORD NANOIMAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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OXFORD NANOIMAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
14.Tangible fixed assets (continued)
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OXFORD NANOIMAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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OXFORD NANOIMAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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OXFORD NANOIMAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
All of the Group's warranty provisions are held in the Parent Company. The provision for warranties is estimated based on historical warranty data associated with similar products. The Company expects to settle most of the warranty liability in one year from the date of the sale of the products.
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OXFORD NANOIMAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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OXFORD NANOIMAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £156,379 (2022: £187,443). Contributions of £20,844 (2022: £21,916) were payable to the fund at the balance sheet date.
In the opinion of the directors no one party is considered to be the ultimate controlling party of the Company.
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