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REGISTERED NUMBER: 03534778 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 June 2024

for

Oxford Technical Solutions Limited

Oxford Technical Solutions Limited (Registered number: 03534778)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Statement of Directors' Responsibilities 5

Report of the Independent Auditors 6

Statement of Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


Oxford Technical Solutions Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: Dr A L Nairac
B L R Watts
T K Hobbs
Ms A J Smith
Dr M-Y T Ying
M B Wells



SECRETARY: T K Hobbs



REGISTERED OFFICE: 30 Bankside Court
Stationfields
Kidlington
Oxfordshire
OX5 1JE



REGISTERED NUMBER: 03534778 (England and Wales)



AUDITORS: Shaw Gibbs (Audit) Limited
Chartered Certified Accountants
Statutory Auditor
264 Banbury Road
Summertown
Oxford
OX2 7DY



ACCOUNTANTS: Chapman Robinson & Moore
30 Bankside
Stationfields
Kidlington
Oxford
OX5 1JE

Oxford Technical Solutions Limited (Registered number: 03534778)

Strategic Report
for the Year Ended 30 June 2024

The directors present their strategic report for the year ended 30 June 2024.

REVIEW OF BUSINESS
OxTS designs and manufactures world leading products combining the best of inertial navigation and GNSS. The primary market is in the automotive industry, with additional applications under review. The market is international with new geographical areas explored as part of the company's strategy. OxTS is dedicated to designing simple to use products that deliver reliable results, backed up with first class support.

PRINCIPAL RISKS AND UNCERTAINTIES
The process of risk acceptance and risk management is addressed through a governance framework of policies, procedures and internal controls. All policies are subject to board approval and ongoing review by management. Compliance with regulation, legal and ethical standards is a high priority for the company, and is subject to strict monitoring and review.

Business risk is analysed and monitored through a series of review processes and, the potential impact on the business reviewed. The main business risks relate to competition in the market, changes in technology, and the inherent uncertainties of international trade. These factors are constantly under review by the board. Stress testing on the key performance indicators monitored by the company is regularly undertaken, and scenario planning performed to asses the potential impact on the company of these uncertainties.

RESULTS AND PERFORMANCE
The results for the company for the year, as set out on page 9, show a profit on ordinary activities before tax of £3,198,110 (2023: £2,606,686). Shareholders funds total £16,295,114 (2023: £15,095,207).

The company continues to make significant investment into new products and markets. This includes significant investment into it's subsidiary companies, and a new UK premises.

BUSINESS ENVIRONMENT
Global markets continue to be uncertain, with mixed economic outlooks and forecasts across all business sectors. The impact of the global political situation is closely monitored. Markets remain highly competitive.

STRATEGY
The company remains focussed on maintaining its competitive advantage through strong customer service and support, and innovation in both markets and products. The current business plan continues to place great emphasis on the research and development of new products and markets, building on previous developments.

KEY PERFORMANCE INDICATORS (KPIS)
2024 2023
Gross profit margin 71% 66%
Net profit margin (pre-tax) 18% 15%
Return on capital employed
(pre-tax)

19%

17%


Oxford Technical Solutions Limited (Registered number: 03534778)

Strategic Report
for the Year Ended 30 June 2024

FUTURE DEVELOPMENTS
The company has allocated considerable resources to the pursuit of new products and markets. This is embodied within its business plan, and specific KPIs have been set up to monitor progress.

ON BEHALF OF THE BOARD:





T K Hobbs - Director


24 March 2025

Oxford Technical Solutions Limited (Registered number: 03534778)

Report of the Directors
for the Year Ended 30 June 2024

The directors present their report with the financial statements of the company for the year ended 30 June 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the design of specialised navigation equipment.

DIVIDENDS
Ordinary dividends were paid amounting to £1,600,000 the year (2023: £1,600,000). The directors do not recommend payment of a further dividend.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

Dr A L Nairac
B L R Watts
T K Hobbs
Ms A J Smith
Dr M-Y T Ying
M B Wells

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Shaw Gibbs (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





T K Hobbs - Director


24 March 2025

Oxford Technical Solutions Limited (Registered number: 03534778)

Statement of Directors' Responsibilities
for the Year Ended 30 June 2024

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing those financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on a going concern basis unless it is inappropriate to presume that the company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Report of the Independent Auditors to the Members of
Oxford Technical Solutions Limited

Opinion
We have audited the financial statements of Oxford Technical Solutions Limited (the 'company') for the year ended 30 June 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, 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).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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.

Conclusions relating to going concern
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.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report, the Report of the Directors and the Statement of Directors' Responsibilities, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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. We have nothing to report in this regard.

Report of the Independent Auditors to the Members of
Oxford Technical Solutions Limited


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Oxford Technical Solutions Limited


Auditors' responsibilities for the audit of the financial statements
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 a Report of the Auditors 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 financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

1. At the planning stage of the audit we gain an understanding of the laws and regulations which apply to the company and how the management seek to comply with those laws regulations. This helps us to plan appropriate risk assessments.
2. During the audit we focused on relevant risk areas and review the compliance with the laws and regulations by making relevant enquiries and undertaking corroboration, for example by reviewing Board Minutes and other documentation.
3. We assessed the risk of material misstatement in the financial statements including as a result of fraud and undertook procedures including:
a. Reviewing the controls set in place by management
b. Making enquiries of management as to whether they consider fraud or other irregularity may have taken place, or where such opportunity might exist
c. Challenging management assumptions with regard to accounting estimates
d. Identifying and testing journal entries, particularly those which appear to be unusual by size or nature

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. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
Oxford Technical Solutions Limited


Use of our 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 a Report of the Auditors 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.




Stephen Howard Neal (Senior Statutory Auditor)
for and on behalf of Shaw Gibbs (Audit) Limited
Chartered Certified Accountants
Statutory Auditor
264 Banbury Road
Summertown
Oxford
OX2 7DY

24 March 2025

Oxford Technical Solutions Limited (Registered number: 03534778)

Statement of Comprehensive Income
for the Year Ended 30 June 2024

30/6/24 30/6/23
Notes £    £   

TURNOVER 3 17,877,450 17,206,442

Cost of sales (5,217,302 ) (5,885,618 )
GROSS PROFIT 12,660,148 11,320,824

Administrative expenses (9,627,306 ) (8,779,725 )
3,032,842 2,541,099

Other operating income 146 -
OPERATING PROFIT 5 3,032,988 2,541,099

Interest receivable and similar income 176,133 65,157
3,209,121 2,606,256

Interest payable and similar expenses 6 (11,011 ) 430
PROFIT BEFORE TAXATION 3,198,110 2,606,686

Tax on profit 7 (398,143 ) (142,959 )
PROFIT FOR THE FINANCIAL YEAR 2,799,967 2,463,727

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

2,799,967

2,463,727

Oxford Technical Solutions Limited (Registered number: 03534778)

Balance Sheet
30 June 2024

30/6/24 30/6/23
Notes £    £   
FIXED ASSETS
Tangible assets 9 2,484,516 1,237,443
Investments 10 22,276 765
2,506,792 1,238,208

CURRENT ASSETS
Stocks 11 2,145,089 3,072,388
Debtors 12 4,146,358 3,309,144
Cash at bank and in hand 9,088,156 8,932,645
15,379,603 15,314,177
CREDITORS
Amounts falling due within one year 13 (1,215,963 ) (1,102,510 )
NET CURRENT ASSETS 14,163,640 14,211,667
TOTAL ASSETS LESS CURRENT
LIABILITIES

16,670,432

15,449,875

PROVISIONS FOR LIABILITIES 15 (375,258 ) (354,668 )
NET ASSETS 16,295,174 15,095,207

CAPITAL AND RESERVES
Called up share capital 16 60 60
Retained earnings 16,295,114 15,095,147
SHAREHOLDERS' FUNDS 16,295,174 15,095,207

The financial statements were approved by the Board of Directors and authorised for issue on 24 March 2025 and were signed on its behalf by:





Ms A J Smith - Director


Oxford Technical Solutions Limited (Registered number: 03534778)

Statement of Changes in Equity
for the Year Ended 30 June 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 July 2022 60 14,231,420 14,231,480

Changes in equity
Dividends - (1,600,000 ) (1,600,000 )
Total comprehensive income - 2,463,727 2,463,727
Balance at 30 June 2023 60 15,095,147 15,095,207

Changes in equity
Dividends - (1,600,000 ) (1,600,000 )
Total comprehensive income - 2,799,967 2,799,967
Balance at 30 June 2024 60 16,295,114 16,295,174

Oxford Technical Solutions Limited (Registered number: 03534778)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Oxford Technical Solutions Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on the going concern basis and under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies set out below.

As set out in the strategic report, the directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully.

Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

The accounts are prepared in pounds sterling (£).

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Preparation of consolidated financial statements
The financial statements contain information about Oxford Technical Solutions Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Ecrin Investments Limited, 30 Bankside Court, Stationfields, Kidlington, Oxfordshire.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Oxford Technical Solutions Limited (Registered number: 03534778)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
Preparation of the financial statements requires management to make significant judgements and estimates. The items in these financial statements where these judgments and estimates have been made include provisions for warranty claims, stock provisions and in valuing liabilities under the company's Long Term Incentive Programme.

Amounts charged to the profit and loss account in respect of the company's Long Term Incentive Programme are calculated each year using valuations as at the year end which have been performed on the basis of maintainable future profits as adjusted being multiplied by a suitable P/E ratio to value the liabilities as at the year end, with the annual movement in this balance being charge to the profit and loss account.

Warranty provisions are arrived at by multiplying the expected unit cost of rectification of technical issues identified as at the balance sheet date by the number of units on which a warranty claim is expected, calculated with reference to the total number of units sold and under warranty as at the balance sheet date and the company's experience of the frequency of occurrence of issues historically combined with technical judgements on a case by case basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer Risks are deemed to be transferred at the point of delivery.

Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses.

Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

Plant & Machinery (standard) - 20% straight line
Plant & Machinery (large) - 15% reducing balance
Office Equipment (standard) - 15% reducing balance
Office Equipment (large) - 20% straight line
Fixtures & Fittings - 20% straight line
Demonstration Equipment - 15% reducing balance
Motor Vehicles - 25% reducing balance
Improvements to property - straight line over lease term

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Oxford Technical Solutions Limited (Registered number: 03534778)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs and an appropriate allocation of production overheads, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Financial instruments
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.

Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Short term creditors are measured at transaction price (which is usually the invoice price).

Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Oxford Technical Solutions Limited (Registered number: 03534778)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.

Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

30/6/24 30/6/23
£    £   
United Kingdom 2,701,224 2,199,184
Europe 3,214,066 4,117,853
United States of America 4,099,784 4,279,208
Rest of the world 7,862,376 6,610,197
17,877,450 17,206,442

Oxford Technical Solutions Limited (Registered number: 03534778)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

4. EMPLOYEES AND DIRECTORS
30/6/24 30/6/23
£    £   
Wages and salaries 5,210,883 4,653,060
Social security costs 578,541 592,507
Other pension costs 214,681 194,707
6,004,105 5,440,274

The average number of employees during the year was as follows:
30/6/24 30/6/23

Administration 26 26
Development 34 30
Distribution 7 6
Manufacturing 20 18
Marketing 4 3
Sales 11 13
102 96

30/6/24 30/6/23
£    £   
Directors' remuneration 402,942 477,901
Directors' pension contributions to money purchase schemes 48,557 108,703

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 3

Information regarding the highest paid director is as follows:
30/6/24 30/6/23
£    £   
Emoluments etc 211,434 170,211
Pension contributions to money purchase schemes 14,570 62,505

Oxford Technical Solutions Limited (Registered number: 03534778)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

4. EMPLOYEES AND DIRECTORS - continued

The following amounts paid to third parties for directors' services are included in consultancy fees:

During the year fees totalling £51,480 (2023: £48,800) were paid to Chapman, Robinson & Moore Ltd in respect of the services of T K Hobbs, who is also a director of Chapman, Robinson & Moore Ltd, and fees totalling £24,000 (2023: NIL) were paid to Chronos Ventures Limited in respect of the services of M B Wells, who is also a director of Chronos Ventures Limited.

Fees of £161,200 (2023: £139,000) were paid to Ecrin Investments Ltd in respect of the services of A Nairac and B Watts, who are also directors of Ecrin Investments Ltd.

The directors of the company are considered to be the only key management personnel.

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30/6/24 30/6/23
£    £   
Depreciation - owned assets 332,235 224,099
Loss/(profit) on disposal of fixed assets 1,429 (210 )
Auditors' remuneration 14,750 13,750
Foreign exchange differences 16,377 (61,106 )

6. INTEREST PAYABLE AND SIMILAR EXPENSES
30/6/24 30/6/23
£    £   
Bank loan interest - (430 )
Interest payable 11,011 -
11,011 (430 )

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30/6/24 30/6/23
£    £   
Current tax:
UK corporation tax 356,075 44,456

Deferred tax 42,068 98,503
Tax on profit 398,143 142,959

Oxford Technical Solutions Limited (Registered number: 03534778)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

30/6/24 30/6/23
£    £   
Profit before tax 3,198,110 2,606,686
Profit multiplied by the standard rate of corporation tax in the UK
of 25% (2023 - 25%)

799,528

651,672

Effects of:
Expenses not deductible for tax purposes 22,319 32,503
Research and Development tax claim (431,007 ) (514,484 )
Effect of change in tax rate on deferred tax provision 7,303 (17,473 )
Effect of marginal rate relief and change of tax rate within period - (9,259 )
Total tax charge 398,143 142,959

8. DIVIDENDS
30/6/24 30/6/23
£    £   
Ordinary shares shares of £1 each
Interim 1,600,000 1,600,000

Oxford Technical Solutions Limited (Registered number: 03534778)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

9. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 July 2023 26,875 2,216,439 57,732 2,301,046
Additions 1,222,916 391,990 - 1,614,906
Disposals - (189,858 ) - (189,858 )
At 30 June 2024 1,249,791 2,418,571 57,732 3,726,094
DEPRECIATION
At 1 July 2023 14,218 1,022,732 26,653 1,063,603
Charge for year 78,093 246,372 7,770 332,235
Eliminated on disposal - (154,260 ) - (154,260 )
At 30 June 2024 92,311 1,114,844 34,423 1,241,578
NET BOOK VALUE
At 30 June 2024 1,157,480 1,303,727 23,309 2,484,516
At 30 June 2023 12,657 1,193,707 31,079 1,237,443

10. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 July 2023 765
Additions 21,511
At 30 June 2024 22,276
NET BOOK VALUE
At 30 June 2024 22,276
At 30 June 2023 765

Oxford Technical Solutions Limited (Registered number: 03534778)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

10. FIXED ASSET INVESTMENTS - continued

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Oxford Technical Solutions Inc.
Registered office: 2711 Centreville Road, Suite 400, Wilmington DE19808 USA
Nature of business: Design and manufacture of navigation equipment
%
Class of shares: holding
Ordinary 100.00
30/6/24 30/6/23
£    £   
Aggregate capital and reserves 238,315 57,249
Profit for the year 186,942 152,601

Oxford Technical Solutions GmbH
Registered office: Augsburg, Geschaftsanschrift, Planetenfeldstrabe 97, 44379 Dortmund
Nature of business: Design and manufacture of navigation equipment
%
Class of shares: holding
Ordinary 100.00
30/6/24
£   
Aggregate capital and reserves 488,354
Loss for the year (416,760 )

11. STOCKS
30/6/24 30/6/23
£    £   
Stocks 1,422,243 2,055,507
Work-in-progress 267,565 536,820
Finished goods 455,281 480,061
2,145,089 3,072,388

Oxford Technical Solutions Limited (Registered number: 03534778)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/6/24 30/6/23
£    £   
Trade debtors 1,679,779 1,547,450
Amounts owed by group undertakings 979,365 195,956
Other debtors 111,395 244,118
Tax 645,978 552,053
VAT 225,031 417,557
Prepayments 504,810 352,010
4,146,358 3,309,144

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/6/24 30/6/23
£    £   
Trade creditors 295,599 220,874
Amounts owed to group undertakings 46,372 12,300
PAYE & NIC liability 201,887 211,394
Other creditors 80,912 86,186
Accruals and deferred income 591,193 571,756
1,215,963 1,102,510

14. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30/6/24 30/6/23
£    £   
Within one year 247,538 192,554
Between one and five years 665,649 308,538
In more than five years 1,017,333 -
1,930,520 501,092

15. PROVISIONS FOR LIABILITIES
30/6/24 30/6/23
£    £   
Deferred tax
Accelerated capital allowances 321,273 298,205
Other timing differences - (19,000 )
Warranties 53,985 75,463
375,258 354,668

Oxford Technical Solutions Limited (Registered number: 03534778)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

15. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 July 2023 279,205
Provided during year 42,068
Balance at 30 June 2024 321,273

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30/6/24 30/6/23
value: £    £   
60 Ordinary shares £1 60 60

17. PENSION COMMITMENTS

Defined contribution schemes30/6/202430/6/2023
£   £   
Charge to statement of total comprehensive income in respect of
defined contribution schemes

214,681

194,707

At the year ended 30th June 2024 the amounts payable to the pension scheme totalled £46,363 (2023: £45,910).

18. ULTIMATE CONTROLLING PARTY

The company is a 100% subsidiary of Ecrin Investments Limited. The directors of Ecrin Investments Limited remain the ultimate controlling party.