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Registered number: 04134088









OXEYE CAPITAL MANAGEMENT LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
OXEYE CAPITAL MANAGEMENT LIMITED
 
 
COMPANY INFORMATION


Director
Martin Petherick 




Company secretary
Martin Petherick



Registered number
04134088



Registered office
36 Endless Street

Salisbury

Wiltshire

SP1 3UH




Independent auditors
Clifford Fry & Co LLP

St Mary's House

Netherhampton

Salisbury

Wiltshire

SP2 8PU





 
OXEYE CAPITAL MANAGEMENT LIMITED
 

CONTENTS



Page
Strategic report
1 - 2
Director's report
3 - 4
Independent auditors' report
5 - 8
Statement of income and retained earnings
9
Balance sheet
10
Statement of cash flows
11
Analysis of net debt
12
Notes to the financial statements
13 - 23

 
OXEYE CAPITAL MANAGEMENT LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
Business Environment
Internal Environment
The staffing and location for the business has been generally stable over the last fifteen years, with a fully-trained and highly skilled team in both front and back offices. The director is also the original founder. The Company location is based in Salisbury, close to the cathedral and city centre, and offers an attractive working environment for Oxeye staff. Transportation facilities are good and most employees live within a short commute from the office. 
External Environment
Oxeye business performance tends to be strongest when the market trend stabilises after a period of market volatility. It can also be positive when the market is range trading in a low volatility environment. Its riskiest environment is when markets become strongly bearish and move from low volatility to extremely high volatility. This will tend to occur when economic uncertainties arise in an unexpected manner, such as recessions, geopolitical conflict, environmental disasters, health pandemics and an unstable monetary environment. However, this latter scenario can sow the seeds of a fertile period of performance for Oxeye’s self-healing strategies.

Business review
 
Business Performance
Oxeye strategies had a positive year with all clients showing gains on their portfolios. Towards the end of the year some clients were paying performance fees as their account balances made new net highs.Generally over the year the market traded in a sideways range with falling volatility. In such an environment Oxeye strategies keep most of the premium written and pay less away in risk management costs.
In terms of employee gender diversity, Oxeye has a ratio of two male to two female employees.

Principal risks and uncertainties
 
The principal risks are twofold: loss of funds under management and falling fee income. If funds under
management see poor performance then clients may redeem leading to lower fee income. The principal uncertainty surrounds the market performance affecting Oxeye client returns negatively. However, the 23 year track record shows only four negative years in the flagship strategy, providing a reasonable level of predictability for Oxeye fee income in the future.

Financial key performance indicators
 
Oxeye measures its performance against three main indicators: the UK Leading Equity index, cash on deposit and an index made up of the performance of other similar hedge fund operators. The aim is to produce consistent absolute returns which first and foremost beat deposit interest rates and secondly outperform the total return from an investment in the UK Leading Equity index. Beating the opposition is a bonus, but not so important owing to the small size of the Company compared to its peers.

Other key performance indicators
 
Oxeye’s overall record of maintaining clients due to excellent customer service is an important support for maintaining the client base, especially during times of poor returns. In this respect Oxeye has a good record.

Page 1

 
OXEYE CAPITAL MANAGEMENT LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Director's statement of compliance with duty to promote the success of the Company
 
The Director, in line with his duties under s172 of the Companies Act 2006, acts in the way he considers, in good
faith, to promote the success of the Company, and in doing so has regard, amongst other matters, to the:
· likely consequences of any decision in the long term;
· interests of the Company's employees;
· need to foster the Company's business relationships with suppliers, customers and others;
· impact of the Company's operations on the community and the environment;
· desirability of the Company maintaining a reputation for high standards of business conduct.
The Director regards these matters as embedded in the decision-making process, through the Company’s
business strategy, culture, governance framework, management information flows and stakeholder engagement
processes.
The Company’s business strategy is focused on achieving success for the Company in the long-term. In setting
this strategy, the Director takes into account the impact of relevant factors and stakeholder interests on the
Company’s performance. The Director identifies principal risks facing the business and sets risk management
objectives whilst promoting a culture of upholding the highest standards of business conduct and regulatory
conduct.
The Director ensures that these core values are communicated to the Company’s employees and embedded in
the Company’s policies and procedures, employee induction and training programmes. The Director recognises
that building strong and lasting relationships with stakeholders will help the Company to deliver its strategy in line
with long-term values.


This report was approved by the board on 22 April 2025 and signed on its behalf.



................................................
Martin Petherick
Director
Page 2

 
OXEYE CAPITAL MANAGEMENT LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The Director presents his report and the financial statements for the year ended 31 December 2024.

Director's responsibilities statement

The Director is responsible for preparing the Strategic report, the Director's report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the Director to prepare financial statements for each financial year. Under that law the Director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Director must not approve the financial statements unless he is 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 these financial statements, the Director is required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting 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;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Director is 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 to enable him to ensure that the financial statements comply with the Companies Act 2006He is 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.

Results and dividends

The loss for the year, after taxation, amounted to £4,141 (2023 - profit £13,537).

Director

The Director who served during the year was:

Martin Petherick 

Future developments

2024 was a positive year for the Company's investment strategies. Some client portfolios have recovered to new high water marks and fee paying territory. With steady market volatility and no sharp moves either way strategy performance can continue to be profitable. With consistent positive performance we hope to attract more customers and grow our fee income.
Reducing contribution to greenhouse gases by reducing our operating footprint and online storage of documents.

Page 3

 
OXEYE CAPITAL MANAGEMENT LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Engagement with suppliers, customers and others

The Company’s business strategy is focused on achieving success for the Company in the long-term. In setting
this strategy, the Director takes into account the impact of relevant factors and stakeholder interests on the
Company’s performance. The Director identifies principal risks facing the business and sets risk management
objectives whilst promoting a culture of upholding the highest standards of business conduct and regulatory
conduct.
The Director ensures that these core values are communicated to the Company’s employees and embedded in
the Company’s policies and procedures, employee induction and training programmes. The Director recognises
that building strong and lasting relationships with stakeholders will help the Company to deliver its strategy in line
with long-term values.

Greenhouse gas emissions, energy consumption and energy efficiency action

The Company has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower.

Disclosure of information to auditors

The Director at the time when this Director's report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company's auditors are unaware, and

he has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsClifford Fry & Co LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 22 April 2025 and signed on its behalf.
 





................................................
Martin Petherick
Director
Page 4

 
OXEYE CAPITAL MANAGEMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OXEYE CAPITAL MANAGEMENT LIMITED
 

Opinion


We have audited the financial statements of Oxeye Capital Management Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of income and retained earnings, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policiesThe 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 31 December 2024 and of its loss 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 United Kingdom, including the Financial Reporting Council'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.


Material uncertainty related to going concern


We consider that the Company is reliant upon the support of the Director to ensure that there is sufficient cash available for the Company's needs and to ensure the Company has sufficient capital to meet the capital adequacy requirements of the Financial Conduct Authority. As with any Company placing reliance on a Director, there can be no guarantee that this support will be provided.These events or conditions indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.


In auditing the financial statements, we have concluded that the Director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 


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


Page 5

 
OXEYE CAPITAL MANAGEMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OXEYE CAPITAL MANAGEMENT LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The Director is responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Director's report 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 Director's report.


We have nothing to report in respect of the following matters in relation to which 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 Director's 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 Director's responsibilities statement set out on page 3, the Director is 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 Director determines is 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 Director is 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 Director either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.


Page 6

 
OXEYE CAPITAL MANAGEMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OXEYE CAPITAL MANAGEMENT LIMITED (CONTINUED)


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 an Auditors' report 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.


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:

We gained an understanding of the legal and regulatory framework applicable to the Company and the industry
in which it operates and considered the risk of the Company not complying with the applicable laws and regulations including fraud, in particular those that could have a material impact on the financial statements. This
included those regulations directly related to the financial statements, including financial reporting, tax legislation
and distributable profits. Furthermore, this included a review of the key laws and regulations in respect the Company's registration with the Financial Conduct Authority. The risks were discussed with the audit team and
we remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures
to address the risks identified as follows:
- agreeing the financial statement disclosures to underlying supporting documentation;
- enquiring of management including those responsible for the key regulations;
- reviewing the key accounting policies and estimates;
- reviewing Company compliance with FCA regulation, including capital adequacy.
To address the risk of management override of controls, we carried out testing of journal entries and other
adjustments for appropriateness, and evaluated the business rationale of significant transactions outside the
normal course of business.
Due to 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 Auditors' report.
Page 7

 
OXEYE CAPITAL MANAGEMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OXEYE CAPITAL MANAGEMENT LIMITED (CONTINUED)


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 2006Our 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 an Auditors' report 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.





Erica Parker FCCA (Senior statutory auditor)
  
for and on behalf of
Clifford Fry & Co LLP (Statutory auditors)
 
St Mary's House
Netherhampton
Salisbury
Wiltshire
SP2 8PU

22 April 2025
Page 8

 
OXEYE CAPITAL MANAGEMENT LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
27,441
71,840

Gross profit
  
27,441
71,840

Administrative expenses
  
(85,870)
(77,967)

Other operating income
 5 
65,000
22,000

Operating profit
 6 
6,571
15,873

Interest receivable and similar income
  
2
-

Interest payable and similar expenses
 10 
(10,714)
(2,336)

(Loss)/profit before tax
  
(4,141)
13,537

(Loss)/profit after tax
  
(4,141)
13,537

  

  

Retained earnings at the beginning of the year
  
(135,467)
(149,004)

(Loss)/profit for the year
  
(4,141)
13,537

Retained earnings at the end of the year
  
(139,608)
(135,467)

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of income and retained earnings.

The notes on pages 13 to 23 form part of these financial statements.

Page 9

 
OXEYE CAPITAL MANAGEMENT LIMITED
REGISTERED NUMBER: 04134088

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
3,151
610

  
3,151
610

Current assets
  

Debtors: amounts falling due within one year
 13 
262,997
177,121

Cash at bank and in hand
 14 
38
31

  
263,035
177,152

Creditors: amounts falling due within one year
 15 
(185,859)
(97,229)

Net current assets
  
 
 
77,176
 
 
79,923

Total assets less current liabilities
  
80,327
80,533

Creditors: amounts falling due after more than one year
 16 
(3,935)
-

  

Net assets
  
76,392
80,533


Capital and reserves
  

Called up share capital 
 19 
216,000
216,000

Profit and loss account
 20 
(139,608)
(135,467)

  
76,392
80,533


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 April 2025.




................................................
Martin Petherick
Director

The notes on pages 13 to 23 form part of these financial statements.

Page 10

 
OXEYE CAPITAL MANAGEMENT LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

(Loss)/profit for the financial year
(4,141)
13,537

Adjustments for:

Depreciation of tangible assets
1,728
305

Interest paid
10,714
2,336

Interest received
(2)
-

(Increase) in debtors
(85,876)
(35,762)

Increase in creditors
82,580
10,975

Net cash generated from operating activities

5,003
(8,609)


Cash flows from investing activities

Purchase of tangible fixed assets
(4,269)
(915)

Interest received
2
-

Net cash from investing activities

(4,267)
(915)

Cash flows from financing activities

New secured loans
10,329
12,036

Interest paid
(10,714)
(2,336)

Net cash used in financing activities
(385)
9,700

Net increase in cash and cash equivalents
351
176

Cash and cash equivalents at beginning of year
(15,726)
(15,902)

Cash and cash equivalents at the end of year
(15,375)
(15,726)


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
38
31

Bank overdrafts
(15,413)
(15,757)

(15,375)
(15,726)


The notes on pages 13 to 23 form part of these financial statements.

Page 11

 
OXEYE CAPITAL MANAGEMENT LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

31

7

38

Bank overdrafts

(15,757)

344

(15,413)

Debt due after 1 year

-

(3,935)

(3,935)

Debt due within 1 year

(66,372)

(52,258)

(118,630)


(82,098)
(55,842)
(137,940)

The notes on pages 13 to 23 form part of these financial statements.
Page 12

 
OXEYE CAPITAL MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Oxeye Capital Management Limited is a private company limited by shares and incorporated in England and Wales, United Kingdom. The address of the registered office is 36 Endless Street, Salisbury, Wiltshire, SP1 3UH. The nature of the Company's operations and principal activities are that of investment management services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The accounts are prepared on a going concern basis. The Company is dependent on the continuing support of the Director, which he has pledged for the forseeable future.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 13

 
OXEYE CAPITAL MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
3 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 14

 
OXEYE CAPITAL MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Financial instruments

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

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The Director makes estimates and assumptions concerning the future based on his knowledge of the business and the markets it operates in. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results, but the Director believes the estimates to be accurate based on available information at the point the estimate is made. 

Page 15

 
OXEYE CAPITAL MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Rendering of services
27,441
71,840

27,441
71,840



5.


Other operating income

2024
2023
£
£

Commissions receivable
65,000
22,000

65,000
22,000



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
6,009
5,862


7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors and their associates:


2024
2023
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
7,600
7,350
Page 16

 
OXEYE CAPITAL MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Employees

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
42,847
40,197

Cost of defined contribution scheme
1,393
1,099

44,240
41,296


The average monthly number of employees, including the Director, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
1
1



Employees
2
2

3
3


9.


Interest receivable

2024
2023
£
£


Other interest receivable
2
-

2
-


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
10,636
-

Other loan interest payable
-
2,336

Other interest payable
78
-

10,714
2,336
Page 17

 
OXEYE CAPITAL MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Taxation



Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of25% (2023 - 19% to 31 March 2023 and 25% from 1 April 2023). The differences are explained below:

2024
2023
£
£


(Loss)/profit on ordinary activities before tax
(4,141)
13,537


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
(1,035)
3,384

Effects of:


Capital allowances for year in excess of depreciation
(636)
-

Unrelieved tax losses carried forward
1,671
(3,384)

Total tax charge for the year
-
-


Factors that may affect future tax charges

The Company has tax losses of £197,044 (2023 - £180,362) available to carry forward against future trading profits. A deferred tax asset has not been recognised due to the uncertainty of future profits to offset these losses.

Page 18

 
OXEYE CAPITAL MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 January 2024
4,292


Additions
4,269



At 31 December 2024

8,561



Depreciation


At 1 January 2024
3,682


Charge for the year on owned assets
1,728



At 31 December 2024

5,410



Net book value



At 31 December 2024
3,151



At 31 December 2023
610


13.


Debtors

2024
2023
£
£


Trade debtors
1,673
3,422

Other debtors
247,264
169,520

Prepayments and accrued income
14,060
4,179

262,997
177,121


Page 19

 
OXEYE CAPITAL MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
38
31

Less: bank overdrafts
(15,413)
(15,757)

(15,375)
(15,726)



15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
15,413
15,757

Bank loans
20,372
13,978

Trade creditors
1,804
2,106

Other taxation and social security
2,376
5,530

Other creditors
138,294
52,508

Accruals and deferred income
7,600
7,350

185,859
97,229


The following liabilities were secured:

2024
2023
£
£



Bank overdraft
15,413
15,757

Bank loans
20,372
13,978

35,785
29,735

Details of security provided:

The bank overdraft and loans are secured.

Page 20

 
OXEYE CAPITAL MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

16.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
3,935
-

3,935
-


The following liabilities were secured:

2024
2023
£
£



Bank loans
3,935
-

3,935
-

Details of security provided:

The bank loan is secured.


17.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
20,372
13,978


Amounts falling due 2-5 years

Bank loans
3,935
-


24,307
13,978


Page 21

 
OXEYE CAPITAL MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

18.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
38
31




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



216,000 (2023 - 216,000) Ordinary shares of £1 each
216,000
216,000



20.


Reserves

Profit and loss account

The Profit and loss account represents cumulative profits and losses net of dividends and other adjustments.


21.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £1,393 (2023 - £1,099). Contributions totalling £Nil (2023 - £114) were payable to the fund at the balance sheet date and are included in creditors.


22.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
3,780
5,040

Later than 1 year and not later than 5 years
-
3,780

3,780
8,820

Page 22

 
OXEYE CAPITAL MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

23.


Controlling party

The Company is controlled by the Director, Martin Petherick, by virtue of his shareholding.
 
Page 23