Company registration number 05595677 (England and Wales)
SFA (OXFORD) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
SFA (OXFORD) LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 11
SFA (OXFORD) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
5,725
10,305
Tangible assets
5
15,771
19,318
21,496
29,623
Current assets
Debtors - deferred tax
-
17,478
Debtors - other
6
130,336
254,245
Cash at bank and in hand
691,819
498,614
822,155
770,337
Creditors: amounts falling due within one year
7
(418,464)
(470,347)
Net current assets
403,691
299,990
Total assets less current liabilities
425,187
329,613
Creditors: amounts falling due after more than one year
8
(71,673)
(47,824)
Deferred tax liability
(5,439)
Net assets
353,514
276,350
Capital and reserves
Called up share capital
10
500,100
100
Profit and loss reserves
(146,586)
276,250
Total equity
353,514
276,350
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 9 May 2025 and are signed on its behalf by:
Mr H de Hoop
Director
Company Registration No. 05595677
SFA (OXFORD) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
100
219,233
219,333
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
57,017
57,017
Balance at 31 December 2023
100
276,250
276,350
Year ended 31 December 2024:
Loss and total comprehensive expense for the year
-
(422,836)
(422,836)
Issue of share capital
10
500,000
-
500,000
Balance at 31 December 2024
500,100
(146,586)
353,514
SFA (OXFORD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
SFA (Oxford) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 264 Banbury Road, Oxford, OX2 7DY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
As a wholly owned subsidiary, the company is exempt from disclosing related party transactions with its parent company.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. In addition, the ultimate parent company has provided written confirmation of its willingness to provide continued financial support to the company for a period of no less than 12 months from the approval of these financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is the total amount receivable by the company for the sale of reports and consultancy provided, excluding Value Added Tax and trade discounts.
Revenue from long term contracts is recognised in line with the contract milestones. Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in other creditors.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website Costs
25% Straight line basis
SFA (OXFORD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
33% Straight line basis
Fixtures & Fittings
25% Straight line basis
Computer equipment
25% Straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
SFA (OXFORD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
SFA (OXFORD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Share-based payments
For cash-settled share-based payments, a liability is recognised for the goods and services acquired, measured initially at the fair value of the liability. At each succeeding financial reporting period end and at the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognised in profit or loss for the period.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical estimates
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Deferred tax
Deferred tax assets are recognised to the extent it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Recognition of these assets requires assumptions to be made, which include forecast demand, the promotional, competitive and economic environment and personnel cost trends.
Deferred tax is calculated at the tax rates that are expected to apply in the period(s) when the liability is settled or the asset is realised. Valuation of deferred tax assets and liabilities requires assumptions to be made in respect of the future tax rates likely to apply in the period(s) in which liabilities are settled or assets realised.
SFA (OXFORD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 7 -
Key sources of estimation uncertainty
Long term contracts, work in progress and deferred income
The company has a number of customer contracts that span two accounting periods.
Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in other creditors.
The key estimate in this area is the percentage that each project is complete at the year end date. This is determined by the project manager by reference to the progress achieved against the milestones stipulated in the underlying contracts. The work in progress at the year end is then reviewed by the directors.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
18
18
4
Intangible fixed assets
Website Costs
£
Cost
At 1 January 2024 and 31 December 2024
18,320
Amortisation and impairment
At 1 January 2024
8,015
Amortisation charged for the year
4,580
At 31 December 2024
12,595
Carrying amount
At 31 December 2024
5,725
At 31 December 2023
10,305
SFA (OXFORD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
5
Tangible fixed assets
Leasehold improvements
Plant and machinery
Total
£
£
£
Cost
At 1 January 2024
6,030
61,194
67,224
Additions
3,972
3,972
At 31 December 2024
6,030
65,166
71,196
Depreciation and impairment
At 1 January 2024
5,109
42,797
47,906
Depreciation charged in the year
419
7,100
7,519
At 31 December 2024
5,528
49,897
55,425
Carrying amount
At 31 December 2024
502
15,269
15,771
At 31 December 2023
921
18,397
19,318
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
28,611
100,701
Corporation tax recoverable
1,576
Amounts owed by group undertakings
58,739
Other debtors and accrued income
100,149
94,805
130,336
254,245
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
-
17,478
Total debtors
130,336
271,723
SFA (OXFORD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
28,739
22,757
Corporation tax
1,576
Other taxation and social security
45,421
79,821
Other creditors and deferred income
344,304
366,193
418,464
470,347
Included in other creditors is £6,069 (2023 - £11,695) in respect of which security has been given by way of debenture including a first fixed charge over all freehold or leasehold property, a first fixed charge over present and future book and other debts, chattels, goodwill and uncalled capital, and a floating charge over all other present and future assets and undertakings of the company.
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
62,981
42,025
Accruals and deferred income
8,692
5,799
71,673
47,824
9
Share-based payment transactions
Cash-settled share based payment arrangements existed during the period for one or more employees of the company. Awards accruing under these arrangements are subject to both employment and performance conditions over award-to-vesting periods which vary between nine months and three years.
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
500,100
75
500,100
75
'A' Ordinary shares of £1 each
0
25
25
500,100
100
500,100
100
On 16 October 2024, 25 'A' Ordinary shares were redesignated as Ordinary shares ranking pari passu with the Ordinary shares issued by the company.
On 10 December 2024, 500,000 Ordinary shares of £1 each were issued fully paid for par consideration under a rights issue offered to the existing shareholder.
SFA (OXFORD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Lease commitment
71,480
68,572
12
Related party transactions
The company has taken advantage of the exemptions provided under section 33.1A - Related party disclosures not to disclose transactions with the related undertakings of Sibanye Platinum Propriety Limited.
13
Parent company
The company is under the control of its parent company Sibanye Platinum Proprietary Limited, by virtue of its majority shareholding. The registered office is Libanon Business Park, 1 Hospital Street (Off Cedar Ave), Libanon Westonaria 1780, South Africa.
The ultimate controlling party is Sibanye-Stillwater Limited, a company incorporated in South Africa and its registered office is Constantia Office Park, Bridgeview House, Building 11, Ground Floor, corner 14th Avenue and Hendrik Potgieter Road, Weltevreden Park, 1709.
The smallest and largest undertaking into which the company is consolidated and for which group financial statements are prepared is Sibanye-Stillwater Limited. Group financial statements can be obtained from www.sibanyestillwater.com
SFA (OXFORD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
14
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Stephen Howard Neal
Statutory Auditor:
Shaw Gibbs (Audit) Limited
Date of audit report:
12 May 2025
2024-12-312024-01-01falsefalsefalse12 May 2025CCH SoftwareCCH Accounts Production 2025.100No description of principal activityMr B ClarkeMr J SutcliffeMr R GrimbleMr H de HoopMr L CharbonnierMr C Keyter055956772024-01-012024-12-31055956772024-12-31055956772023-12-3105595677core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2024-12-3105595677core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-12-3105595677core:LandBuildings2024-12-3105595677core:OtherPropertyPlantEquipment2024-12-3105595677core:LandBuildings2023-12-3105595677core:OtherPropertyPlantEquipment2023-12-3105595677core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3105595677core:CurrentFinancialInstrumentscore:WithinOneYear2024-12-3105595677core:Non-currentFinancialInstrumentscore:AfterOneYear2024-12-3105595677core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3105595677core:CurrentFinancialInstruments2024-12-3105595677core:CurrentFinancialInstruments2023-12-3105595677core:Non-currentFinancialInstruments2024-12-3105595677core:Non-currentFinancialInstruments2023-12-3105595677core:ShareCapital2024-12-3105595677core:ShareCapital2023-12-3105595677core:RetainedEarningsAccumulatedLosses2024-12-3105595677core:RetainedEarningsAccumulatedLosses2023-12-3105595677core:ShareCapital2022-12-3105595677core:RetainedEarningsAccumulatedLosses2022-12-3105595677core:ShareCapitalOrdinaryShareClass12024-12-3105595677core:ShareCapitalOrdinaryShareClass12023-12-3105595677core:ShareCapitalOrdinaryShareClass22024-12-3105595677core:ShareCapitalOrdinaryShareClass22023-12-3105595677core:ShareCapitalOrdinaryShares2024-12-3105595677core:ShareCapitalOrdinaryShares2023-12-3105595677bus:Director42024-01-012024-12-3105595677core:RetainedEarningsAccumulatedLosses2023-01-012023-12-31055956772023-01-012023-12-3105595677core:RetainedEarningsAccumulatedLosses2024-01-012024-12-3105595677core:ShareCapital2024-01-012024-12-3105595677core:IntangibleAssetsOtherThanGoodwill2024-01-012024-12-3105595677core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2024-01-012024-12-3105595677core:LandBuildingscore:LongLeaseholdAssets2024-01-012024-12-3105595677core:FurnitureFittings2024-01-012024-12-3105595677core:ComputerEquipment2024-01-012024-12-3105595677core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-12-3105595677core:LandBuildings2023-12-3105595677core:OtherPropertyPlantEquipment2023-12-31055956772023-12-3105595677core:LandBuildings2024-01-012024-12-3105595677core:OtherPropertyPlantEquipment2024-01-012024-12-3105595677core:WithinOneYear2024-12-3105595677core:WithinOneYear2023-12-3105595677core:Non-currentFinancialInstruments12024-12-3105595677core:Non-currentFinancialInstruments12023-12-3105595677bus:OrdinaryShareClass12024-01-012024-12-3105595677bus:OrdinaryShareClass22024-01-012024-12-3105595677bus:OrdinaryShareClass12024-12-3105595677bus:OrdinaryShareClass12023-12-3105595677bus:OrdinaryShareClass22024-12-3105595677bus:OrdinaryShareClass22023-12-3105595677bus:AllOrdinaryShares2024-12-3105595677bus:AllOrdinaryShares2023-12-3105595677bus:PrivateLimitedCompanyLtd2024-01-012024-12-3105595677bus:SmallCompaniesRegimeForAccounts2024-01-012024-12-3105595677bus:FRS1022024-01-012024-12-3105595677bus:Audited2024-01-012024-12-3105595677bus:Director12024-01-012024-12-3105595677bus:Director22024-01-012024-12-3105595677bus:Director32024-01-012024-12-3105595677bus:Director52024-01-012024-12-3105595677bus:Director62024-01-012024-12-3105595677bus:FullAccounts2024-01-012024-12-31xbrli:purexbrli:sharesiso4217:GBP