Company registration number 10117176 (England and Wales)
OXFORD MEDIA SOLUTIONS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
OXFORD MEDIA SOLUTIONS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 11
OXFORD MEDIA SOLUTIONS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
4
1,056,505
996,026
Tangible assets
5
21,942
24,773
1,078,447
1,020,799
Current assets
Debtors
6
655,323
443,385
Cash at bank and in hand
146,722
215,215
802,045
658,600
Creditors: amounts falling due within one year
7
(2,128,058)
(1,207,713)
Net current liabilities
(1,326,013)
(549,113)
Total assets less current liabilities
(247,566)
471,686
Provisions for liabilities
(9,791)
(19,330)
Net (liabilities)/assets
(257,357)
452,356
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
(257,457)
452,256
Total equity
(257,357)
452,356

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 13 May 2025 and are signed on its behalf by:
J Cuenca Abela
Director
Company registration number 10117176 (England and Wales)
OXFORD MEDIA SOLUTIONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
As restated for the period ended 31 December 2023:
Balance at 1 January 2023
100
995,855
995,955
Year ended 31 December 2023:
Loss and total comprehensive expense
-
(543,599)
(543,599)
Balance at 31 December 2023
100
452,256
452,356
Year ended 31 December 2024:
Loss and total comprehensive expense
-
(709,713)
(709,713)
Balance at 31 December 2024
100
(257,457)
(257,357)
OXFORD MEDIA SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

Oxford Media Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 6 Hanborough Business Park, Long Hanborough, Witney, OX29 8LH.

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.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

 

The parent company, Freepik Company S.L.U, has confirmed its intention to provide sufficient financial support to the company, should this be considered necessary, in order to meet its liabilities as they fall due for at least 12 months from the date of signing these financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Subscription revenue for monthly, quarterly and annual access is recognised over the lifetime of the subscription.

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.

 

The company has opted to capitalise certain expenses incurred in relation to the production of videos and other content which form part of the company's subscription service. Such intangible assets are initially recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

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:

Intellectual property
10 years straight line.
IT software
4 years straight line.
Video development costs
5 year straight line.
Videos & licenses
5 year straight line.
OXFORD MEDIA SOLUTIONS 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:

Computer & office equipment
4 years straight line for computer equipment, 10 years straight line for office equipment.

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
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
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.

1.8
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.

OXFORD MEDIA SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
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.

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.

1.9
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.

1.10
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.

OXFORD MEDIA SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
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.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
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.

1.13
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 director is 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.

OXFORD MEDIA SOLUTIONS 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

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.

Video development costs

The company has opted to capitalise relevant expenses incurred relating to the production of videos and other content which form part of the company's subscription service. Included in these expenses is an estimation for employee time. The director makes this estimate based on each employee role and the expected time spent on content development.

Useful economic lives of intangible assets

The useful economic lives of intangible assets have been derived from the judgement of the director, using their best estimate of the write down period. With respect to video development costs and videos and licences the relevant amortisation (as detailed in note 1.4) is based on the expected demand for the relevant content based on historic trends.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
5
5
4
Intangible fixed assets
Intellectual property & IT software
Video development costs
Videos & licenses
Website development costs
Total
£
£
£
£
£
Cost
At 1 January 2024
282,895
629,943
501,312
52,619
1,466,769
Additions
3,016
183,827
68,633
94,622
350,098
Transfers
147,241
-
0
-
0
(147,241)
-
0
At 31 December 2024
433,152
813,770
569,945
-
1,816,867
Amortisation and impairment
At 1 January 2024
41,454
332,409
96,880
-
470,743
Amortisation charged for the year
82,111
107,509
99,999
-
289,619
At 31 December 2024
123,565
439,918
196,879
-
760,362
Carrying amount
At 31 December 2024
309,587
373,852
373,066
-
1,056,505
At 31 December 2023
241,441
297,534
404,432
52,619
996,026
OXFORD MEDIA SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024
100,015
Additions
6,904
Disposals
(1,430)
At 31 December 2024
105,489
Depreciation and impairment
At 1 January 2024
75,242
Depreciation charged in the year
8,305
At 31 December 2024
83,547
Carrying amount
At 31 December 2024
21,942
At 31 December 2023
24,773
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,813
66,257
Corporation tax recoverable
19,420
-
0
Amounts owed by group undertakings
617,600
285,735
Other debtors
16,490
91,393
655,323
443,385
7
Creditors: amounts falling due within one year
2024
2023
£
£
As restated
Trade creditors
43,609
34,205
Amounts owed to group undertakings
1,129,502
821,128
Corporation tax
-
0
19,414
Other taxation and social security
19,266
16,164
Other creditors
935,681
316,802
2,128,058
1,207,713
OXFORD MEDIA SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
9
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
£
£
Total commitments
11,354
38,604
10
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Dec 2023
£
£
£
Creditors due within one year
Amounts owed to group undertakings
(261,515)
(559,613)
(821,128)
Capital and reserves
Profit and loss reserves
1,011,869
(559,613)
452,256
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 December 2023
£
£
£
Administrative expenses
(1,646,138)
(559,613)
(2,205,751)
Profit/(loss) for the financial period
16,014
(559,613)
(543,599)
OXFORD MEDIA SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Prior period adjustment
(Continued)
- 10 -
Reconciliation of changes in equity
1 January
31 December
2023
2023
£
£
Adjustments to prior year
Unrecorded staff costs
-
(559,613)
Equity as previously reported
995,955
1,011,969
Equity as adjusted
995,955
452,356
Analysis of the effect upon equity
Profit and loss reserves
-
(559,613)
Reconciliation of changes in profit/(loss) for the previous financial period
2023
£
Adjustments to prior year
Unrecorded staff costs
(559,613)
Profit as previously reported
16,014
Loss as adjusted
(543,599)
Notes to reconciliation
Unrecorded staff costs

Following a detailed review of the opening balances, it was determined that staff costs relating to an earn-out agreement were under accrued. As a result the director has processed a prior year adjustment to recognise the relevant expenses and creditors.

11
Related party transactions

The company has taken advantage of the exemption provided by FRS 102 Section 33, not to disclose transactions and outstanding balances with Picasso Midco, S.L. and its 100% directly or indirectly controlled subsidiarity undertakings.

 

During the period the company paid rent of £24,980 (2023: £24,773) to TL Enterprises Ltd, a company controlled by a director. At the year end the company owed £2,270 (2022: £Nil) to TL Enterprises Ltd.

12
Parent company

Freepik Company S.L.U owns 100% of the company's share capital. The ultimate parent company is EQT Mid Market Europe Investment S.a.r.l. This company is registered in Sweden with a registered office of Regeringsgatan 25, Stockholm, Sweden.

 

The smallest group which draws up consolidated financial statements which includes the results of the company is headed by Picasso Midco, S.L. This company is registered in Spain with a registered office of Torre Serrano, Calle Marqués de Villamagna, number 3, 7th floor, Madrid, 28001.

OXFORD MEDIA SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
13
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:
Nikolaos Ioannidis
Statutory Auditor:
Shaw Gibbs (Audit) Limited
Date of audit report:
14 May 2025
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