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Registration number: 10761534

Oxi-Tech Solutions Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Oxi-Tech Solutions Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Oxi-Tech Solutions Limited

Company Information

Directors

Mr A C Stewart

Mr S H Williams

Mr D J Cavanagh

Mr P D Morris

Mr R G C Misselbrook

Registered office

Tremough Innovation Centre
Penryn
Cornwall
TR10 9TA

Accountants

Thompson Jenner LLP
1 Colleton Crescent
Exeter
Devon
EX2 4DG

 

Oxi-Tech Solutions Limited

(Registration number: 10761534)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

406,842

420,136

Tangible assets

5

12,360

10,653

 

419,202

430,789

Current assets

 

Stocks

6

13,532

41,651

Debtors

7

61,431

34,289

Cash at bank and in hand

 

349,131

435,918

 

424,094

511,858

Creditors: Amounts falling due within one year

8

(831,251)

(158,251)

Net current (liabilities)/assets

 

(407,157)

353,607

Net assets

 

12,045

784,396

Capital and reserves

 

Called up share capital

351,496

351,496

Share premium reserve

2,044,899

2,044,899

Retained earnings

(2,384,350)

(1,611,999)

Shareholders' funds

 

12,045

784,396

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 7 April 2025 and signed on its behalf by:
 

 

Oxi-Tech Solutions Limited

(Registration number: 10761534)
Balance Sheet as at 31 December 2024

.........................................
Mr R G C Misselbrook
Director

 

Oxi-Tech Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Tremough Innovation Centre
Penryn
Cornwall
TR10 9TA
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Disclosure of long or short period

The financial statements have been prepared this year for a12 month trading period compared with the previous year's financial statements trading period of 7 months. The results are therefore not comparable.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Oxi-Tech Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance

Fixtures and fittings

15% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Annual impairment reviews followed by 10% straight line for 2023 onwards.

Patents and licences

Annual impairment reviews followed by 10% straight line for 2023 onwards.

Development costs

Annual impairment reviews folowed by 10% straight line from 2023 onwards.

Purchase of debt

Annual impairment reviews followed by 10% straight line from 2023 onwards.

 

Oxi-Tech Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Oxi-Tech Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 6).

 

Oxi-Tech Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Intangible assets

Goodwill
 £

Patents and licenses
 £

Development costs
 £

Intellectual property
 £

Total
£

Cost or valuation

At 1 January 2024

445,699

34,878

8,500

7,037

496,114

Additions acquired separately

-

12,203

-

28,150

40,353

At 31 December 2024

445,699

47,081

8,500

35,187

536,467

Amortisation

At 1 January 2024

70,569

3,907

1,346

156

75,978

Amortisation charge

44,570

4,708

850

3,519

53,647

At 31 December 2024

115,139

8,615

2,196

3,675

129,625

Carrying amount

At 31 December 2024

330,560

38,466

6,304

31,512

406,842

At 31 December 2023

375,130

30,971

7,154

6,881

420,136

 

Oxi-Tech Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

5

Tangible assets

Fixtures and fittings
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2024

9,151

5,987

15,138

Additions

3,888

-

3,888

At 31 December 2024

13,039

5,987

19,026

Depreciation

At 1 January 2024

1,299

3,186

4,485

Charge for the year

1,761

420

2,181

At 31 December 2024

3,060

3,606

6,666

Carrying amount

At 31 December 2024

9,979

2,381

12,360

At 31 December 2023

7,852

2,801

10,653

6

Stocks

2024
£

2023
£

Other stocks

13,532

41,651

7

Debtors

2024
£

2023
£

Trade debtors

52,127

30,000

Other debtors

4,528

4,199

Prepayments and accrued income

4,776

90

Total current trade and other debtors

61,431

34,289

 

Oxi-Tech Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

8

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

676,652

47,881

Trade creditors

 

114,849

39,185

Amounts owed to connected companies

24,000

24,000

Taxation and social security

 

11,861

14,800

Other creditors

 

1,410

135

Accrued expenses

 

2,479

2,250

Deferred income

 

-

30,000

 

831,251

158,251

Creditors include convertible debt of £657,859 (2023: £nil).

2024
£

2023
£

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

18,793

32,134

Bank overdrafts

-

645

Other borrowings

657,859

15,102

676,652

47,881