Oxford Products Limited

	Page
Company Information	1
Strategic Report	2—3
Directors' Report	4—5
Independent Auditor's Report	6—9
Consolidated Statement of Income and Retained Earnings	10
Consolidated Balance Sheet	11
Company Balance Sheet	12
Consolidated Statement of Cash Flows	13
Notes to the Consolidated Statement of Cash Flows	14
Company Statement of Cash Flows	15
Notes to the Company Statement of Cash Flows	16
Notes to the Financial Statements	17—27

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Strategic Report

For The Year Ended 31 December 2024

Strategic Report

The directors present their strategic report for the year ended 31 December 2024.

Review of the Business

The group experienced a year of profitable growth as it continued to expand its market share through strategic development of its product offering, combined with targeted sales and marketing initiatives. Its achievements were built on the expertise of its staff, continued investment in infrastructure and a steadily expanding customer base, both domestic and international. Following a change of leadership and a tightening of financial controls, a reinvigorated management team leveraged improvements to systems and processes to deliver a strong set of results.

2024 saw continued investment in company facilities, with further improvements to warehousing and showrooms as well as refreshed office spaces for head office staff. Research and Development facilities received further investment in testing equipment and human capital, to maintain the upward trajectory of the company’s own-label products.

These are just a few of the many investments undertaken to ensure the company remains the first choice for its trade customers in the UK and around the globe, as well as the natural distribution choice for the world's most influential motorcycle and bicycle brands.

Improving the company’s sustainability remains an ongoing priority, with continued progress in the following areas:

Eliminating the last remnants of non-recyclable materials in product packaging across all ranges.

Material innovation in all areas of product development, to replace existing materials with recycled and recyclable alternatives.

99% of our warehouse packaging materials are now made from recycled materials and are 100% recyclable.

100% of recyclable materials generated by our distribution facilities are recycled.

Sustainability questionnaires help to establish standards and target improvements in our supply chain.

Ongoing conversion of the historically ICE car fleet to hybrid and/or pure electric.

Energy efficient lighting and heating throughout the group's facilities.

A sustainability taskforce to complete the transition to an ISO14001 Environmental Management System by early 2025.

The directors monitor the key performance indicators which provide an overview of the business performance:

	2024	2023
Gross profit margin	43%	42%
Net profit margin	9%	5%
Current ratio	4.5%	4.7%
ROCE	14%	9%

Principal Risks and Uncertainties

The group manages the various financial risks in accordance with the risk management policies developed by the board of directors. Exposure to financial risk arises in the normal course of the group's trade.

Currency exposure mainly attaches to the Euro and US dollar which issues are actively managed by the use of various currency hedging instruments through its main bank and other third-party currency brokers. This minimises exposure to sudden adverse exchange rate movements whilst allowing the company to take advantage of favourable market conditions. Exposure is further reduced by natural hedging with sales and purchases in both Euro and US Dollar. Full currency banking facilities with Barclays Bank plc have further enabled the company to proactively manage the risk with in-depth market insight.

The group continues to offer credit facilities to trade customers based on their credit scores whilst also gaining protection through credit insurance policies to further minimise credit risk . Full retention of title applies to all group sales which again serves to minimise such risk.

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Oxford Products Limited

Strategic Report (continued)

For The Year Ended 31 December 2024

Future Developments

The group will continue to focus on the key areas of design and engineering, increasingly tied to extensive research and development, to ensure the continuing supply of high quality, innovative and unique products.

Together with the development of partner brands, these activities will help to further expand market share within the motorcycle, cycle and other growing leisure sectors. This, together with excellent customer service, a proven efficient logistics operation and a strong sales mechanism, all backed up with a strong balance sheet, will ensure a continuation of the group's expansion into the future.

On behalf of the board

M B Wallbutton

Director

12th December 2025

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Oxford Products Limited

Company No. 01710325

Directors' Report For The Year Ended 31 December 2024

Directors' Report

The directors present their report and the financial statements for the year ended 31 December 2024.

Principal Activity

The group's principal activity continues to be that of distributors of motor cycle and cycle accessories.

Directors

The directors who held office during the year were as follows:

M B Wallbutton
A C Hammond
D Kinnaird
A R Hammond	Resigned	12/01/2024
H C Rivers Fletcher
C Shearer

Matters covered in the Strategic Report

Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, 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 directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on any company website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.

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Oxford Products Limited

Directors' Report (continued)

For The Year Ended 31 December 2024

Independent Auditors

The auditors, King Loose & Co, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

M B Wallbutton

Director

12th December 2025

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Independent Auditor's Report

to the Members of

Oxford Products Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Oxford Products Limited (the "parent company") and its subsidiaries (the "group") for the year ended 31 December 2024 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Cash Flow Statement, Company Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2024 and of the group's profit/(loss) for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
subject to the omission of the Streamlined Energy and Carbon Report, 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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.

Conclusions Relating to Going Concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent company's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

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

An Overview of the Scope of Our Audit

An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes as assessment of: whether the accounting policies are appropriate to the company’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the directors’ and strategic reports to identify material inconsistencies with the audited financial statements. If we became aware of any apparent material misstatements or inconsistencies we consider the implications for our report.

Other Information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our 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. In connection with our audit of the financial statements, 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 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.

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Independent Auditor's Report (continued)

to the Members of

Oxford Products Limited

Opinions 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Directors' 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 group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records or returns; or
certain disclosures of directors' 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 Directors' Responsibilities Statement set out on page 4, the directors are 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 directors determine 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 directors are responsible for assessing the group and parent 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

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Independent Auditor's Report (continued)

to the Members of

Oxford Products Limited

Auditor's 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 auditor's 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

ensuring that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognize non-compliance with applicable laws and regulations, which we had identified through discussions with management, and from our commercial knowledge and experience of the entity.

we focused on specific and relevant laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the entity.

we assessed the extent of compliance therewith.

We assessed the susceptibility of the entity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud, and;

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships and investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;

enquiring of management as to actual and potential litigation and claims and reviewing any correspondence with relevant regulators.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 2006. Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in an auditor's 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.

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Independent Auditor's Report (continued)

to the Members of

Oxford Products Limited

Mrs Heather C. Fanthome FCA (Senior Statutory Auditor)

for and on behalf of King Loose & Co , Statutory Auditor

12th December 2025

King Loose & Co

5 South Parade

Summertown

Oxford

Oxfordshire

OX2 7JL

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Oxford Products Limited

Consolidated Statement of Income and Retained Earnings

For The Year Ended 31 December 2024

Consolidated Statement of Income and Retained Earnings

		2024	2023
	Notes	£	£
TURNOVER	3	45,565,609	44,455,609
Cost of sales		(26,204,790 )	(25,831,745 )

GROSS PROFIT		19,360,819	18,623,864

Distribution costs		(2,858,663 )	(2,276,831 )
Administrative expenses		(12,369,295 )	(13,347,724 )

OPERATING PROFIT	4	4,132,861	2,999,309
Profit on disposal of fixed assets		15,074	64,877
Other interest receivable and similar income	9	137,636	128,047
Interest payable and similar charges	10	(548,219 )	(860,615 )

PROFIT BEFORE TAXATION		3,737,352	2,331,618
Tax on Profit	11	(1,288,429 )	(551,624 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT		2,448,923	1,779,994
RETAINED EARNINGS
As at 1 January 2024		23,501,802	21,721,808
As at 31 December 2024		25,950,725	23,501,802

The notes on pages 14 to 27 form part of these financial statements.

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Oxford Products Limited

Consolidated Balance Sheet

As At 31 December 2024

Consolidated Balance Sheet

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	12		1		2
Tangible Assets	13		2,254,069		2,244,058

			2,254,070		2,244,060
CURRENT ASSETS
Stocks	15	21,118,765		23,224,233
Debtors	16	17,867,106		15,884,133
Investments	17	-		332,309
Cash at bank and in hand		672,626		93,110

		39,658,497		39,533,785
Creditors: Amounts Falling Due Within One Year	18	(9,701,140 )		(8,449,714 )

NET CURRENT ASSETS (LIABILITIES)			29,957,357		31,084,071

TOTAL ASSETS LESS CURRENT LIABILITIES			32,211,427		33,328,131

Creditors: Amounts Falling Due After More Than One Year	19		(6,155,702 )		(9,721,329 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	22		(85,000 )		(85,000 )

NET ASSETS			25,970,725		23,521,802

CAPITAL AND RESERVES
Called up share capital	24		20,000		20,000
Profit and Loss Account			25,950,725		23,501,802

SHAREHOLDERS' FUNDS			25,970,725		23,521,802

On behalf of the board

M B Wallbutton

Director

12th December 2025

The notes on pages 14 to 27 form part of these financial statements.

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Oxford Products Limited

Company Balance Sheet

As At 31 December 2024

Company Balance Sheet

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	12		1		1
Tangible Assets	13		2,254,069		2,244,058
Investments	14		-		1

			2,254,070		2,244,060
CURRENT ASSETS
Stocks	15	21,118,765		23,224,233
Debtors	16	17,867,106		15,884,133
Investments	17	-		332,309
Cash at bank and in hand		672,626		93,110

		39,658,497		39,533,785
Creditors: Amounts Falling Due Within One Year	18	(9,701,140 )		(8,449,714 )

NET CURRENT ASSETS (LIABILITIES)			29,957,357		31,084,071

TOTAL ASSETS LESS CURRENT LIABILITIES			32,211,427		33,328,131

Creditors: Amounts Falling Due After More Than One Year	19		(6,155,702 )		(9,721,329 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	22		(85,000 )		(85,000 )

NET ASSETS			25,970,725		23,521,802

CAPITAL AND RESERVES
Called up share capital	24		20,000		20,000
Profit and Loss Account			25,950,725		23,501,802

SHAREHOLDERS' FUNDS			25,970,725		23,521,802

In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was £ 2,448,923 (2023: £1,779,994).

On behalf of the board

M B Wallbutton

Director

12th December 2025

The notes on pages 14 to 27 form part of these financial statements.

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Oxford Products Limited

Consolidated Statement of Cash Flows

For The Year Ended 31 December 2024

Consolidated Statement of Cash Flows

		2024	2023
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	2,847,806	4,950,144
Interest paid		(548,219 )	(860,615 )
Tax paid		(880,001 )	(534,218 )

Net cash generated from operating activities		1,419,586	3,555,311

Cash flows from investing activities
Proceeds from disposal of intangible assets		1	1
Purchase of tangible assets		(483,938 )	(459,344 )
Proceeds from disposal of tangible assets		79,184	107,074
Proceeds from disposal of current asset investments		332,309	-
Interest received		137,636	128,047

Net cash generated from/(used in) investing activities		65,192	(224,222 )

Cash flows from financing activities
Amount introduced by directors		1,227	193
Advances under finance leases		36,555	77,337

Net cash generated from financing activities		37,782	77,530



Increase in cash and cash equivalents		1,522,560	3,408,619
Cash and cash equivalents at beginning of year	2	(2,474,716 )	(5,883,335 )

Cash and cash equivalents at end of year	2	(952,156 )	(2,474,716 )

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Oxford Products Limited

Notes to the Consolidated Statement of Cash Flows

For The Year Ended 31 December 2024

Notes to the Consolidated Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash generated from operations

	2024	2023
	£	£
Profit for the financial year	2,448,923	1,779,994
Adjustments for:
Tax on profit	1,288,429	551,624
Interest expense	548,219	860,615
Interest income	(137,636 )	(128,047 )
Depreciation of tangible assets	409,817	396,928
Profit on disposal of tangible assets	(15,074)	(64,877)
Movements in working capital:
Decrease in stocks	2,105,468	2,342,083
(Increase)/decrease in trade and other debtors	(1,982,973 )	1,713,832
Decrease in trade and other creditors	(1,817,367 )	(2,502,008 )

Net cash generated from operations	2,847,806	4,950,144

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2024	2023
	£	£
Cash at bank and in hand	672,626	93,110
Overdraft facilities repayable on demand	(1,624,782 )	(2,567,826 )

Cash and cash equivalents as stated in the Statement of Cash Flows	(952,156)	(2,474,716)

3. Analysis of changes in net debt

	As at 1 January 2024	Cash flows	As at 31 December 2024
	£	£	£
Cash at bank and in hand	93,110	579,516	672,626
Overdraft facilities repayable on demand	(2,567,826)	943,044	(1,624,782)

Cash and cash equivalents	(2,474,716 )	1,522,560	(952,156 )
Finance leases	(78,722)	(36,555)	(115,277)

	(2,553,438)	1,486,005	(1,067,433)

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Oxford Products Limited

Company Statement of Cash Flows

For The Year Ended 31 December 2024

Company Statement of Cash Flows

		2024	2023
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	2,847,806	4,950,145
Interest paid		(548,219 )	(860,615 )
Tax paid		(880,001 )	(534,218 )

Net cash generated from operating activities		1,419,586	3,555,312

Cash flows from investing activities
Purchase of tangible assets		(483,938 )	(459,344 )
Proceeds from disposal of tangible assets		79,184	107,074
Proceeds from disposal of investment in subsidiary undertaking		1	-
Proceeds from disposal of current asset investments		332,309	-
Interest received		137,636	128,047

Net cash generated from/(used in) investing activities		65,192	(224,223 )

Cash flows from financing activities
Amount introduced by directors		1,227	193
Advances under finance leases		36,555	77,337

Net cash generated from financing activities		37,782	77,530



Increase in cash and cash equivalents		1,522,560	3,408,619
Cash and cash equivalents at beginning of year	2	(2,474,716 )	(5,883,335 )

Cash and cash equivalents at end of year	2	(952,156 )	(2,474,716 )

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Oxford Products Limited

Notes to the Company Statement of Cash Flows

For The Year Ended 31 December 2024

Notes to the Company Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash generated from operations

	2024	2023
	£	£
Profit for the financial year	2,448,923	1,779,995
Adjustments for:
Tax on profit	1,288,429	551,624
Interest expense	548,219	860,615
Interest income	(137,636 )	(128,047 )
Depreciation of tangible assets	409,817	396,928
Profit on disposal of tangible assets	(15,074)	(64,877)
Movements in working capital:
Decrease in stocks	2,105,468	2,342,083
(Increase)/decrease in trade and other debtors	(1,982,973 )	1,713,832
Decrease in trade and other creditors	(1,817,367 )	(2,502,008 )

Net cash generated from operations	2,847,806	4,950,145

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2024	2023
	£	£
Cash at bank and in hand	672,626	93,110
Overdraft facilities repayable on demand	(1,624,782 )	(2,567,826 )

Cash and cash equivalents as stated in the Statement of Cash Flows	(952,156)	(2,474,716)

3. Analysis of changes in net debt

	As at 1 January 2024	Cash flows	As at 31 December 2024
	£	£	£
Cash at bank and in hand	93,110	579,516	672,626
Overdraft facilities repayable on demand	(2,567,826)	943,044	(1,624,782)

Cash and cash equivalents	(2,474,716 )	1,522,560	(952,156 )
Finance leases	(78,722)	(36,555)	(115,277)

	(2,553,438)	1,486,005	(1,067,433)

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Oxford Products Limited

Notes to the Financial Statements

For The Year Ended 31 December 2024

Notes to the Financial Statements

1. General Information

Oxford Products Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01710325 . The registered office is 5 South Parade, Summertown, Oxford, OX2 7JL.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.

2.2. Basis Of Consolidation

The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 December 2024.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.

Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.

All inter-group transactions, balances, income and expenses, if any, are eliminated on consolidation.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.

Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.

Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.

Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

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Oxford Products Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.4. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill represents the excess of the cost of a business combination over the fair value of the group’s share of the identifiable net assets, liabilities and contingent liabilities acquired.

Goodwill arising on the acquisition of subsidiaries is included in Intangible Assets. Goodwill arising on the acquisition of associates and joint ventures is included in the related equity accounted investment value.

Goodwill is amortised over its expected useful life which is estimated to be 5 years.

Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the profit and loss account. No reversals of impairment are recognised.

2.5. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	2% straight line basis
Plant & Machinery	25% reducing balance basis
Motor Vehicles	33% reducing balance basis
Fixtures & Fittings	15% reducing balance basis

2.6. Investments

Investments in subsidiary and associate undertakings are recognised at cost less any provision for impairment.

2.7. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the group. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.8. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

2.9. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.10. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Where this is not possible to determine, income and expense items are translated using an average exchange rate for the period. Exchange differences are taken into account in arriving at the operating profit.

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Oxford Products Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.11. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.12. Pensions

The group operates defined pension contribution schemes. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the schemes.

2.13. Research and development

Research and development expenditure is written off to the income and expenditure account in the year in which it is incurred.

3. Turnover

4. Operating Profit

The operating profit is stated after charging:

	2024	2023
	£	£
Bad debts	40,085	(64,144)
Research and Development Costs	209,639	171,357
Depreciation of tangible fixed assets	409,817	396,928

5. Auditor's Remuneration

Remuneration received by the group's auditors and their associates during the year was as follows:

	2024	2023
	£	£
Audit Services
Audit of the group and company's financial statements	10,000	10,000


Other Services
Other non-audit services	32,998	21,812

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Oxford Products Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

6. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Wages and salaries	6,384,286	5,275,915	6,384,286	5,275,915
Social security costs	615,507	568,856	615,507	568,856
Other pension costs	500,209	283,795	500,209	283,795

	7,500,002	6,128,566	7,500,002	6,128,566

Included in wages and salaries, and other pension costs, above is £508,500 paid to/for one of the directors as compensation for loss of office.

7. Average Number of Employees

Group

Average number of employees, including directors, during the year was: 167 (2023: 158)

Company

Average number of employees, including directors, during the year was: 167 (2023: 158)

8. Directors' remuneration

	2024	2023
	£	£
Emoluments	765,824	386,612
Company contributions to money purchase pension schemes	186,898	68,920

	952,722	455,532

Included in the above is £508,500 paid to one of the directors as compensation for loss of office.

Information regarding the highest paid director was as follows:

	2024	2023
	£	£
Emoluments	524,425	212,111

Included in emoluments above is £508,500 paid to one of the directors as compensation for loss of office.

9. Interest Receivable and Similar Income

	2024	2023
	£	£
Interest received from associated companies	137,636	128,047

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Oxford Products Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

10. Interest Payable and Similar Charges

	2024	2023
	£	£
Bank loans and overdrafts	123,468	217,726
Finance charges payable under finance leases and hire purchase contracts	5,020	1,573
Interest on overdue taxation	26,389	27,908
Other finance charges	393,342	613,408

	548,219	860,615

11. Tax on Profit

	2024	2023
The tax charge on the profit for the year was as follows:
	£	£
Current tax
UK Corporation Tax	934,976	495,000
Prior period adjustment	353,453	(28,376 )

	1,288,429	466,624
Deferred Tax
Deferred taxation current year movement	-	85,000


Total tax charge for the period	1,288,429	551,624


The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
	2024	2023
	£	£
Profit before tax	3,737,352	2,331,618

Tax on profit at 25% (UK standard rate)	934,976	548,397
Expenses not deductible for tax purposes	148,594	23,430
Capital allowances	(137,719 )	(47,922 )
Short term timing differences	(10,875 )	56,095
Prior period adjustment	353,453	(28,376 )

Total tax charge for the period	1,288,429	551,624

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Oxford Products Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

12. Intangible Assets

Group

	Goodwill
	£
Cost
As at 1 January 2024	618,670
Disposals	(218,670 )

As at 31 December 2024	400,000

Amortisation
As at 1 January 2024	618,668
Disposals	(218,669 )

As at 31 December 2024	399,999

Net Book Value
As at 31 December 2024	1

As at 1 January 2024	2

Company

	Goodwill
	£
Cost
As at 1 January 2024	400,000

As at 31 December 2024	400,000

Amortisation
As at 1 January 2024	399,999

As at 31 December 2024	399,999

Net Book Value
As at 31 December 2024	1

As at 1 January 2024	1

13. Tangible Assets

Group

	Land & Property
	Freehold	Plant & Machinery	Motor Vehicles	Fixtures & Fittings	Total
	£	£	£	£	£
Cost
As at 1 January 2024	1,052,947	177,057	1,190,507	1,614,371	4,034,882
Additions	-	-	378,825	105,113	483,938
Disposals	-	(2,401 )	(197,620 )	(9,223 )	(209,244 )

As at 31 December 2024	1,052,947	174,656	1,371,712	1,710,261	4,309,576

...CONTINUED

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Oxford Products Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

Depreciation
As at 1 January 2024	42,118	104,407	622,728	1,021,571	1,790,824
Provided during the period	21,059	24,208	243,261	121,289	409,817
Disposals	-	(2,395 )	(134,004 )	(8,735 )	(145,134 )

As at 31 December 2024	63,177	126,220	731,985	1,134,125	2,055,507

Net Book Value
As at 31 December 2024	989,770	48,436	639,727	576,136	2,254,069

As at 1 January 2024	1,010,829	72,650	567,779	592,800	2,244,058

Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:

	2024	2023
	£	£
Motor Vehicles	103,751	74,050

Company

	Land & Property
	Freehold	Plant & Machinery	Motor Vehicles	Fixtures & Fittings	Total
	£	£	£	£	£
Cost
As at 1 January 2024	1,052,947	177,057	1,190,507	1,614,371	4,034,882
Additions	-	-	378,825	105,113	483,938
Disposals	-	(2,401 )	(197,620 )	(9,223 )	(209,244 )

As at 31 December 2024	1,052,947	174,656	1,371,712	1,710,261	4,309,576

Depreciation
As at 1 January 2024	42,118	104,407	622,728	1,021,571	1,790,824
Provided during the period	21,059	24,208	243,261	121,289	409,817
Disposals	-	(2,395 )	(134,004 )	(8,735 )	(145,134 )

As at 31 December 2024	63,177	126,220	731,985	1,134,125	2,055,507

Net Book Value
As at 31 December 2024	989,770	48,436	639,727	576,136	2,254,069

As at 1 January 2024	1,010,829	72,650	567,779	592,800	2,244,058

Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:

	2024	2023
	£	£
Motor Vehicles	103,751	74,050

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Oxford Products Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

14. Investments

Company

	Subsidiaries
	£
Cost or Valuation
As at 1 January 2024	1
Disposals	(1 )

As at 31 December 2024	-

Provision
As at 1 January 2024	-

As at 31 December 2024	-

Net Book Value
As at 31 December 2024	-

As at 1 January 2024	1

Subsidiaries

Details of the group's previously held subsidiaries are as follows:

Name of undertaking	Registered Office	Class of shares held	Direct holding	Indirect holding
Tri-Motive Brand Distribution Limited	5 South Parade, Summertown, Oxford, OX2 7JL	Ordinary £1	100.00%	-
Convenience Distribution (Oxford) Limited	5 South Parade, Summertown, Oxford, OX2 7JL	Ordinary £1	100.00%	-

Both of the above named subsidiary undertakings had been closed down and disposed of by 31st December 2024.

Convenience Distribution (Oxford) Limited was previously shown as a current asset.

15. Stocks

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Finished goods	21,118,765	23,224,233	21,118,765	23,224,233

16. Debtors

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Due within one year
Trade debtors	13,302,279	12,113,793	13,302,279	12,113,793
Other debtors	4,564,827	3,770,340	4,564,827	3,770,340

	17,867,106	15,884,133	17,867,106	15,884,133

Included in other debtors is amounts owed to associated companies.

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Page 25

Oxford Products Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

17. Current Asset Investments

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Shares in subsidiaries	-	332,309	-	332,309

18. Creditors: Amounts Falling Due Within One Year

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Net obligations under finance lease and hire purchase contracts	36,551	14,619	36,551	14,619
Trade creditors	1,622,786	1,005,893	1,622,786	1,005,893
Bank loans and overdrafts	1,624,782	2,567,826	1,624,782	2,567,826
Amounts owed to group undertakings	-	332,309	-	332,309
Other creditors	4,047,711	2,628,027	4,047,711	2,628,027
Corporation tax	539,349	130,921	539,349	130,921
Taxation and social security	286,353	551,407	286,353	551,407
Accruals and deferred income	1,543,608	1,218,712	1,543,608	1,218,712

	9,701,140	8,449,714	9,701,140	8,449,714

19. Creditors: Amounts Falling Due After More Than One Year

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Net obligations under finance lease and hire purchase contracts	78,726	64,103	78,726	64,103
Other creditors	6,076,976	9,657,226	6,076,976	9,657,226

	6,155,702	9,721,329	6,155,702	9,721,329

Of the creditors the following amounts are secured.

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Net obligations under finance lease and hire purchase contracts	115,277	78,722	115,277	78,722
Bank loans and overdrafts	1,624,782	2,567,826	1,624,782	2,567,826

Barclays Bank plc hold legal charges and mortgages for the company's indebtedness to the extent of fixed and floating charges over all of the company's assets, dated 22nd January 2020 and 13th February 2020.

Additionally, there is a cross guarantee and debenture in place between Oxford Products Limited and OP Holdings Limited. This is dated 13th February 2020.

Hire purchase creditors are secured upon the relevant underlying fixed assets as detailed in the notes to these financial statements.

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Page 26

Oxford Products Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

21. Obligations Under Finance Leases and Hire Purchase

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
The future minimum finance lease payments are as follows:
Not later than one year	36,551	14,619	36,551	14,619
Later than one year and not later than five years	78,726	64,103	78,726	64,103

	115,277	78,722	115,277	78,722

	115,277	78,722	115,277	78,722

22. Deferred Taxation

The provision for deferred tax is made up as follows:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Other timing differences	85,000	85,000	85,000	85,000

23. Provisions for Liabilities

Group
	Deferred Tax	Total
	£	£
As at 1 January 2024	85,000	85,000

Balance at 31 December 2024	85,000	85,000

Company
	Deferred Tax	Total
	£	£
As at 1 January 2024	85,000	85,000

Balance at 31 December 2024	85,000	85,000

24. Share Capital

	2024	2023
Allotted, called up and fully paid	£	£
100,000 Ordinary Shares of £ 0.20 each	20,000	20,000

25. Contingent Liabilities

Oxford Products Limited has given a guarantee dated 29th January 1996 for £150,000 in favour of HM Revenue and Customs, in relation to value added tax on imported goods.

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Page 27

Oxford Products Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

26. Other Commitments

Oxford Products Limited has ongoing commitments under operating leases for premises rent amounting to £600,000 per annnum, payable to the associated company, OP Holdings Limited. Further, short term remises are taken as the company may require on a quarter to quarter basis.

Oxford Products Limited has ongoing contract hire commitments for certain plant and equipment, for which the future annual commitments run as follows:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Not later than one year	3,358	3,358	3,358	3,358
Later than one year and not later than five years	-	3,358	-	3,358

	3,358	6,716	3,358	6,716

27. Pension Commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.

During the year the charge to the profit and loss account in respect of defined contribution schemes was £500,209 (2023: £283,795).

At the balance sheet date contributions of £NIL were due to the fund.

28. Controlling Parties

Prior to 21st December 2006, the directors consider the ultimate holding company for Oxford Products Limited was OP Holdings Limited, which company is incorporated in England and Wales under company number 5260482.

Since that date, the directors recognise OP Holdings Limited as an associated company, by virtue of common directorships.

The directors consider the ultimate controlling party to be OP Holdings Limited Remuneration Trust , with bare legal title to the shares in Oxford Products Limited remaining with OP Holdings Limited and others.

Page 27