Company registration number 12939564 (England and Wales)
OX GLOBAL LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
OX GLOBAL LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
OX GLOBAL LTD
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
24,228
12,583
Investments
5
-
0
2,395,448
24,228
2,408,031
Current assets
Debtors
6
1,612,467
871,463
Cash at bank and in hand
823,746
1,492,526
2,436,213
2,363,989
Creditors: amounts falling due within one year
7
(200,829)
(106,618)
Net current assets
2,235,384
2,257,371
Net assets
2,259,612
4,665,402
Capital and reserves
Called up share capital
8
449
447
Share premium account
10,111,932
7,797,331
Other reserves
118,696
64,491
Profit and loss reserves
(7,971,465)
(3,196,867)
Total equity
2,259,612
4,665,402

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

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have 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 11 August 2025 and are signed on its behalf by:
Mr S N Davis
Director
Company registration number 12939564 (England and Wales)
OX GLOBAL LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Share
Share
Share
Profit and
Total
capital
premium
based
loss
account
payments
reserves
Notes
£
£
£
£
£
Balance at 1 January 2023
446
5,279,332
21,503
(1,463,121)
3,838,160
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
-
(1,733,746)
(1,733,746)
Issue of share capital
8
1
2,517,999
-
-
2,518,000
Share based payments
10
-
-
42,988
-
0
42,988
Balance at 31 December 2023
447
7,797,331
64,491
(3,196,867)
4,665,402
Year ended 31 December 2024:
Loss and total comprehensive income for the year
-
-
-
(4,774,598)
(4,774,598)
Issue of share capital
8
2
2,314,601
-
-
2,314,603
Share based payments
10
-
-
54,205
-
0
54,205
Balance at 31 December 2024
449
10,111,932
118,696
(7,971,465)
2,259,612
OX GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

OX Global Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Genie House, St James Square, Cheltenham, GL50 3QG.

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.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and 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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Research and development expenditure

Research and development expenditure is written off against profits in the year in which it is incurred.

1.4
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:

Plant and equipment
3-15 years straight line
Computers
3 years straight line
OX GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in bank 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.

Basic financial assets

Basic financial assets which include, corporation tax recoverable, amounts owed by group undertakings, other 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 bank overdrafts, trade creditors, taxation and social security, and other creditors, 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.

 

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.

OX GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

1.10
Taxation

The tax income represents the sum of the tax currently receivable in research and development tax credits.

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.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.12
Retirement benefits

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

1.13
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

1.14
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met, the grants will be received and is recognised in line with the respective costs incurred.

1.15
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.

OX GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
3
Employees

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

2024
2023
Number
Number
Total
32
29
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024
13,031
Additions
14,466
At 31 December 2024
27,497
Depreciation and impairment
At 1 January 2024
448
Depreciation charged in the year
2,821
At 31 December 2024
3,269
Carrying amount
At 31 December 2024
24,228
At 31 December 2023
12,583
OX GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
5
Fixed asset investments
2024
2023
£
£
Shares in subsidiary company - OX Rwanda Ltd
-
0
2,395,448
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024
2,395,448
Disposals
(2,395,448)
At 31 December 2024
-
Carrying amount
At 31 December 2024
-
At 31 December 2023
2,395,448
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
631,050
264,762
Amounts owed by group undertakings
-
0
12,340
Other debtors
981,417
594,361
1,612,467
871,463
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank overdrafts
3,068
-
0
Trade creditors
46,680
49,518
Taxation and social security
72,130
13,424
Other creditors
78,951
43,676
200,829
106,618
OX GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of 1p each
34,587
34,587
346
346
Ordinary shares of 0.1p each
100,000
100,000
100
100
C Ordinary shares of 0.001p each
134,729
99,710
1
1
B Ordinary shares of 1p each
156
0
2
-
0
269,472
234,297
449
447

During the year, the company issued 35,019 C Ordinary 0.001p shares for a total consideration of £2,311,254.

 

Also, during the year the company issued 156 B Ordinary 1p shares for a total consideration of £3,349.

 

9
Related party transactions

Included within debtors falling due within one year is a balance of £Nil (2023: £12,340) owed by group undertakings. The loan is interest free and repayable on demand.

 

OX GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
10
Share-based payment transactions
Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
£
£
Outstanding at 1 January 2024
12,306
6,551
7.32
16.06
Granted
-
0
7,114
-
0
1.00
Expired
(3,935)
0
(1,359)
0
1.00
16.41
Outstanding at 31 December 2024
8,371
12,306
10.29
7.32
Exercisable at 31 December 2024
-
0
-
0
-
0
-
0

The options outstanding at 31 December 2024 had an exercise price ranging from £1.00 to £22.94, and a remaining contractual life ranging from 7.16 years to 8.3 years.

Inputs were as follows:
2024
2023
Weighted average share price
23.72
24.21
Weighted average exercise price
10.29
7.32
Expected volatility
50.00
50.00
Expected life
10.00
10.00
Risk free rate
2.56
2.86

During the year, the company recognised total share-based payment expenses of £54,205 (2023: £42,988) which related to equity settled share based payment transactions.

 

11
Events after the reporting date

After the year end, the company issued 2,561 B Ordinary 1p shares for a total consideration of £12,420.

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