Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-311The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.true12023-01-01falseOther human health activitiestruefalse 10472107 2023-01-01 2023-12-31 10472107 2022-01-01 2022-12-31 10472107 2023-12-31 10472107 2022-12-31 10472107 2022-01-01 10472107 1 2023-01-01 2023-12-31 10472107 1 2022-01-01 2022-12-31 10472107 2 2023-01-01 2023-12-31 10472107 2 2022-01-01 2022-12-31 10472107 d:Director12 2023-01-01 2023-12-31 10472107 e:OfficeEquipment 2023-01-01 2023-12-31 10472107 e:CurrentFinancialInstruments 2023-12-31 10472107 e:CurrentFinancialInstruments 2022-12-31 10472107 e:Non-currentFinancialInstruments 2023-12-31 10472107 e:Non-currentFinancialInstruments 2022-12-31 10472107 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 10472107 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 10472107 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 10472107 e:Non-currentFinancialInstruments e:AfterOneYear 2022-12-31 10472107 e:ShareCapital 2023-12-31 10472107 e:ShareCapital 2022-01-01 2022-12-31 10472107 e:ShareCapital 2022-12-31 10472107 e:ShareCapital 2022-01-01 10472107 e:SharePremium 2023-01-01 2023-12-31 10472107 e:SharePremium 2023-12-31 10472107 e:SharePremium 1 2023-01-01 2023-12-31 10472107 e:SharePremium 2 2023-01-01 2023-12-31 10472107 e:SharePremium 2022-01-01 2022-12-31 10472107 e:SharePremium 2022-12-31 10472107 e:SharePremium 2022-01-01 10472107 e:SharePremium 1 2022-01-01 2022-12-31 10472107 e:SharePremium 2 2022-01-01 2022-12-31 10472107 e:ForeignCurrencyTranslationReserve 2023-01-01 2023-12-31 10472107 e:ForeignCurrencyTranslationReserve 2023-12-31 10472107 e:ForeignCurrencyTranslationReserve 1 2023-01-01 2023-12-31 10472107 e:ForeignCurrencyTranslationReserve 2 2023-01-01 2023-12-31 10472107 e:ForeignCurrencyTranslationReserve 2022-12-31 10472107 e:ForeignCurrencyTranslationReserve 2022-01-01 10472107 e:ForeignCurrencyTranslationReserve 1 2022-01-01 2022-12-31 10472107 e:ForeignCurrencyTranslationReserve 2 2022-01-01 2022-12-31 10472107 e:OtherMiscellaneousReserve 2023-01-01 2023-12-31 10472107 e:OtherMiscellaneousReserve 2023-12-31 10472107 e:OtherMiscellaneousReserve 1 2023-01-01 2023-12-31 10472107 e:OtherMiscellaneousReserve 2 2023-01-01 2023-12-31 10472107 e:OtherMiscellaneousReserve 2022-12-31 10472107 e:OtherMiscellaneousReserve 2022-01-01 10472107 e:OtherMiscellaneousReserve 1 2022-01-01 2022-12-31 10472107 e:OtherMiscellaneousReserve 2 2022-01-01 2022-12-31 10472107 e:MergerReserve 2023-01-01 2023-12-31 10472107 e:MergerReserve 2023-12-31 10472107 e:MergerReserve 1 2023-01-01 2023-12-31 10472107 e:MergerReserve 2 2023-01-01 2023-12-31 10472107 e:MergerReserve 2022-12-31 10472107 e:MergerReserve 2022-01-01 10472107 e:MergerReserve 1 2022-01-01 2022-12-31 10472107 e:MergerReserve 2 2022-01-01 2022-12-31 10472107 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 10472107 e:RetainedEarningsAccumulatedLosses 2023-12-31 10472107 e:RetainedEarningsAccumulatedLosses 1 2023-01-01 2023-12-31 10472107 e:RetainedEarningsAccumulatedLosses 2 2023-01-01 2023-12-31 10472107 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 10472107 e:RetainedEarningsAccumulatedLosses 2022-12-31 10472107 e:RetainedEarningsAccumulatedLosses 2022-01-01 10472107 e:RetainedEarningsAccumulatedLosses 1 2022-01-01 2022-12-31 10472107 e:RetainedEarningsAccumulatedLosses 2 2022-01-01 2022-12-31 10472107 d:OrdinaryShareClass1 2023-01-01 2023-12-31 10472107 d:OrdinaryShareClass1 2023-12-31 10472107 d:OrdinaryShareClass1 2022-12-31 10472107 d:OrdinaryShareClass2 2023-01-01 2023-12-31 10472107 d:OrdinaryShareClass2 2023-12-31 10472107 d:OrdinaryShareClass2 2022-12-31 10472107 d:FRS102 2023-01-01 2023-12-31 10472107 d:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 10472107 d:FullAccounts 2023-01-01 2023-12-31 10472107 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10472107 6 2023-01-01 2023-12-31 10472107 e:ShareCapital 1 2023-01-01 2023-12-31 10472107 e:ShareCapital 2 2023-01-01 2023-12-31 10472107 e:ShareCapital 1 2022-01-01 2022-12-31 10472107 e:ShareCapital 2 2022-01-01 2022-12-31 10472107 f:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10472107










OXFORD VR LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
OXFORD VR LIMITED
REGISTERED NUMBER: 10472107

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
73
73

  
73
73

Current assets
  

Debtors: amounts falling due after more than one year
 5 
6,392,233
6,812,052

Debtors: amounts falling due within one year
 5 
11,203
7,961

Cash at bank and in hand
 6 
631,525
861,912

  
7,034,961
7,681,925

Creditors: amounts falling due within one year
 7 
(23,644)
(31,768)

Net current assets
  
 
 
7,011,317
 
 
7,650,157

Total assets less current liabilities
  
7,011,390
7,650,230

Creditors: amounts falling due after more than one year
  
(208,091)
(13,867)

  

Net assets
  
6,803,299
7,636,363


Capital and reserves
  

Called up share capital 
 9 
8,153
8,153

Share premium account
 10 
19,705,106
19,705,106

Foreign exchange reserve
 10 
370,547
742,912

Other reserves
 10 
(226,125)
(226,125)

Share-based payment reserve
 10 
-
1,314,547

Profit and loss account
 10 
(13,054,382)
(13,908,230)

  
6,803,299
7,636,363


The director considers 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 director acknowledges his 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 comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

Page 1

 
OXFORD VR LIMITED
REGISTERED NUMBER: 10472107

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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


A Gani
Director

Date: 5 March 2025

The notes on pages 4 to 10 form part of these financial statements.

Page 2
 

 
OXFORD VR LIMITED


 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023



Called up share capital
Share premium account
Foreign exchange reserve
Other reserves
Share-based payment reserve
Profit and loss account
Total equity


£
£
£
£
£
£
£



At 1 January 2022
7,723
18,563,494
55,538
(226,125)
1,313,006
(13,251,959)
6,461,677





Loss for the year
-
-
-
-
-
(656,271)
(656,271)


Foreign exchange movements
-
-
687,374
-
-
-
687,374


Shares issued during the year
430
1,141,612
-
-
-
-
1,142,042


Permanent contributions
-
-
-
-
1,541
-
1,541





At 1 January 2023
8,153
19,705,106
742,912
(226,125)
1,314,547
(13,908,230)
7,636,363





Profit for the year
-
-
-
-
-
853,848
853,848


Foreign exchange movements
-
-
(372,365)
-
-
-
(372,365)


Share based payment charge
-
-
-
-
(1,314,547)
-
(1,314,547)



At 31 December 2023
8,153
19,705,106
370,547
(226,125)
-
(13,054,382)
6,803,299



The notes on pages 4 to 10 form part of these financial statements.

Page 3
 
OXFORD VR LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The Company is a private company limited by share capital, incorporated in England and Wales, with registered number 10472107. The principal activity of the Company is other human health activities. 
The registered office address is 9400 Garsington Road, Oxford Business Park, Oxford, United Kingdom, OX4 2HN. 

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, rounded to the nearest pound.

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Foreign exchange gains relating to net investments in a foreign subsidiary are recorded within Other Comprehenisve Income.

Page 4

 
OXFORD VR LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Rendering of services

Revenue 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 revenue 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

Government grants

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 Statement of comprehensive income in the same period as the related expenditure.

 
2.5

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.

 
2.6

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.

Page 5

 
OXFORD VR LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

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.

Research and development tax credits are recognised within the Statement of comprehensive income in the year that the costs are incurred. 

 
2.8

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:

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.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

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.

 
2.11

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.

 
2.12

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.

Page 6

 
OXFORD VR LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company 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 Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Employees

2023
2022
£
£

Wages and salaries
97,388
271,593

Social security costs
6,209
6,533

Cost of defined contribution scheme
-
(1,003)

103,597
277,123


The average monthly number of employees, including directors, during the year was 1 (2022 - 1).


4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
73



At 31 December 2023
73




Page 7

 
OXFORD VR LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£

Due after more than one year

Amounts owed by group undertakings
6,392,233
6,812,052

6,392,233
6,812,052


2023
2022
£
£

Due within one year

Amounts owed by group undertakings
5,620
3,730

Other debtors
5,289
3,219

Prepayments and accrued income
294
1,012

11,203
7,961



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
631,525
861,912

631,525
861,912



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
7,360
9,380

Other taxation and social security
2,700
2,700

Accruals and deferred income
13,584
19,688

23,644
31,768



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to group undertakings
208,091
13,867

208,091
13,867


Page 8

 
OXFORD VR LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



334,803 (2022 - 334,803) Ordinary shares of £0.01 each
3,348
3,348
480,454 (2022 - 480,454) Series A shares of £0.01 each
4,805
4,805

8,153

8,153



10.


Reserves

Share premium account

The share premium account represents the premium received on the initial issuance of share capital. Incremental costs directly attributable to the issue of new share capital are shown as a deduction, net of tax, from the share premium account. 

Foreign exchange reserve

The foreign exchange reserve represents the cumulative foreign exchange gains recorded in relation to intercompany transactions that are deemed to be net investments in a foreign subsidiary.

Other reserves

Other reserves include permanent contributions made to OXVR EBT Ltd a 100% owned subsidiary of the Company.

Share-based payment Reserve

The share-based payment reserve represents the cumulative amount which has been expensed in the Statement of Comprehensive Income in connection with equity settled share based payments, less any amounts transferred to the retained earnings on the exercise of share options. 

Profit and loss account

The profit and loss account includes all current and prior results disclosed in the Statement of Comprehensive Income


11.


Share-based payments

The Company operates an EMI share option scheme; the charge recognised in the profit and loss account for the year ended 31 December 2023 was -£1,314,346 (2022: £1,541). During the year all 31,896 options were cancelled in Oxford VR Limited.


12.


Pension commitments

The Company operates a defined contributions 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 £nil (2022 - £-1,003). Contributions totalling £nil (2022: £nil) were payable to the fund at the balance sheet date and are included in creditors.

Page 9

 
OXFORD VR LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Controlling party

The Company is controlled by its shareholders. 

Page 10