ACCOUNTS - Final Accounts

Operating profit

The operating profit is stated after charging:

Registered Number:04580340

OXFORD CONVERSIS LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

OXFORD CONVERSIS LIMITED

COMPANY INFORMATION

Directors	R A H Barrett (resigned 6 February 2026)
	C D Harrison (resigned 6 February 2026)
	A M Muddyman (resigned 6 February 2026)
	C Futter (resigned 6 February 2026)
	K Landells (appointed 6 February 2026)
	R Parnell (appointed 6 February 2026)
	M Sherriff (appointed 6 February 2026)


Registered number	04580340


Registered office	3 Forbury Place
	23 Forbury Road
	Reading
	Berkshire
	RG1 3JH


Independent auditor	James Cowper Kreston Audit
	Chartered Accountants and Statutory Auditor
	201 Cumnor Hill
	Oxford
	Oxfordshire
	OX2 9PJ

OXFORD CONVERSIS LIMITED

CONTENTS

	Page
Directors' Report	1 - 2
Independent Auditor's Report	3 - 6
Statement of Comprehensive Income	7
Statement of Financial Position	8 - 9
Statement of Changes in Equity	10
Notes to the Financial Statements	11 - 23

OXFORD CONVERSIS LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

The Directors present their report and the financial statements for the year ended 31 December 2025.

Directors

The Directors who served during the year were:

R A H Barrett (resigned 6 February 2026)

C D Harrison (resigned 6 February 2026)

A M Muddyman (resigned 6 February 2026)

C Futter (resigned 6 February 2026)

Directors' responsibilities statement

The Directors are responsible for preparing 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 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 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 of the profit or loss of the Company for that period.

In preparing these financial statements, the Directors are 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;

∙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's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to 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 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 £90,532 (2024 - profit £535,661).

Dividends of £200,000 were paid during the year (2024: £156,000).

Disclosure of information to auditor

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

∙the Director 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 auditor is aware of that information.

Auditor

The auditor, James Cowper Kreston Audit, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 1

OXFORD CONVERSIS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Small companies note

In preparing this report, the Directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

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

R Parnell

Director

Date: 20 July 2026

Page 2

OXFORD CONVERSIS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OXFORD CONVERSIS LIMITED

Opinion

We have audited the financial statements of Oxford Conversis Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity 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, 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 2025 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 Auditor's 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.

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 Company's ability to continue as a going concern for a period of at least twelve 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.

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. 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.

Page 3

OXFORD CONVERSIS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OXFORD CONVERSIS LIMITED (CONTINUED)

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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Directors' Report has 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 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, 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 Directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit; or

∙the Directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 1, 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 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 Company or to cease operations, or have no realistic alternative but to do so.

Page 4

OXFORD CONVERSIS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OXFORD CONVERSIS LIMITED (CONTINUED)

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.

Because of 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.

The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:

∙Enquiry of management and those charged with governance around actual and potential litigation and claims;

∙Enquiry of management and those charged with governance to identify any material instances of non-compliance with laws and regulations;

∙Reviewing minutes of meetings of those charged with governance;

∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

∙Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.

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 Auditor's Report.

Page 5

OXFORD CONVERSIS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OXFORD CONVERSIS 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 2006. Our 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 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.

Samuel Britton FCCA (Senior Statutory Auditor)

for and on behalf of

James Cowper Kreston Audit

Chartered Accountants and Statutory Auditor

201 Cumnor Hill

Oxford

Oxfordshire

OX2 9PJ

20 July 2026

Page 6

OXFORD CONVERSIS LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

	2025	2024
Note	£	£


Turnover		7,710,771	6,433,143
Cost of sales		(4,415,905)	(3,929,579)
Gross profit		3,294,866	2,503,564
Administrative expenses		(2,342,218)	(1,782,528)
Exceptional administrative expenses	7	(800,000)	-
Operating profit	3	152,648	721,036
Interest receivable and similar income		-	3,239
Profit before tax		152,648	724,275
Tax on profit	5	(243,180)	(188,614)
(Loss)/profit for the financial year		(90,532)	535,661

There was no other comprehensive income for 2025 (2024:£NIL).

The notes on pages 11 to 23 form part of these financial statements.

Page 7

OXFORD CONVERSIS LIMITED

REGISTERED NUMBER: 04580340

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	8		401,500		453,496
Tangible assets	9		60,426		49,896
Investments	10		-		8
			461,926		503,400
Current assets
Debtors: amounts falling due within one year	11	2,400,468		2,226,242
Cash at bank and in hand	12	1,879,002		1,368,492
		4,279,470		3,594,734
Creditors: amounts falling due within one year	13	(2,252,794)		(1,321,326)
Net current assets			2,026,676		2,273,408
Total assets less current liabilities			2,488,602		2,776,808
Provisions for liabilities
Deferred tax	14	(12,448)		(10,122)
			(12,448)		(10,122)
Net assets			2,476,154		2,766,686

Capital and reserves
Called up share capital	15	87,109	87,109
Share premium account		106,371	106,371
Capital redemption reserve		28,571	28,571
Profit and loss account		2,254,103	2,544,635
		2,476,154	2,766,686

Page 8

OXFORD CONVERSIS LIMITED

REGISTERED NUMBER: 04580340

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2025

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

R Parnell

Director

Date: 20 July 2026

The notes on pages 11 to 23 form part of these financial statements.

Page 9

OXFORD CONVERSIS LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Share premium account	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 January 2025	87,109	106,371	28,571	2,544,635	2,766,686

Loss for the year	-	-	-	(90,532)	(90,532)
Dividends: Equity capital	-	-	-	(200,000)	(200,000)
At 31 December 2025	87,109	106,371	28,571	2,254,103	2,476,154

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Share premium account	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 January 2024	87,109	106,371	28,571	2,164,974	2,387,025

Profit for the year	-	-	-	535,661	535,661
Dividends: Equity capital	-	-	-	(156,000)	(156,000)
At 31 December 2024	87,109	106,371	28,571	2,544,635	2,766,686

The notes on pages 11 to 23 form part of these financial statements.

Page 10

OXFORD CONVERSIS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

Oxford Conversis Limited is a private limited company, incorporated and domiciled in England and Wales. The Company's registered office is 3 Forbury Place, 23 Forbury Road, Reading, United Kindgdom, RG1 3JH.
The principal activity of the Company is that of the provision of localisation and translation 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 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 rounded to the nearest pound Sterling.

The following principal accounting policies have been applied:

2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible by the Directors for the exemption to prepare consolidated financial statements.

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

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.

Page 11

OXFORD CONVERSIS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.5

Tangible fixed assets (continued)

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	-	20%	straight line
				Computer equipment	-	33%	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.

2.6

Pensions

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 as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.7

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.

2.8

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.

2.9

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.

Page 12

OXFORD CONVERSIS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.10

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.12

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 13

OXFORD CONVERSIS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.13

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life of 10 years.

2.14

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

2.15

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.

Financial instruments are recognised in the Company's Statement of Financial Position 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 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.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Page 14

OXFORD CONVERSIS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.15

Financial instruments (continued)

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic 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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 15

OXFORD CONVERSIS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Pension cost	121,162	103,384
Exchange differences	63,017	5,748
Other operating lease rentals	86,653	75,871
Depreciation	38,272	42,746
Amortisation	51,966	51,966

Employees

The average monthly number of employees, including directors, during the year was 67 (2024 - 56).

Corporation tax
Current tax on profits for the year	248,808	199,191
Adjustments in respect of previous periods	(7,954)	(5,844)

Total current tax	240,854	193,347

Deferred tax
Origination and reversal of timing differences	2,326	(4,733)
Total deferred tax	2,326	(4,733)


		243,180	188,614

Page 16

OXFORD CONVERSIS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

5.Taxation (continued)

Profit on ordinary activities before tax

152,648

724,275

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	38,162	181,069
Effects of:
Expenses not deductible for tax purposes	200,021	390
Capital allowances for year in excess of depreciation	12,951	12,999
Adjustments to tax charge in respect of prior periods	(7,954)	(5,844)
Total tax charge for the year	243,180	188,614

6.	Dividends
		2025	2024
		£	£

Dividends

200,000

156,000

For the year ended 31 December 2025, the following dividends were paid:

Dividends of £1.40 paid per share were paid in May 2025;

Dividends of £1.40 paid per share were paid in July 2025.

For the year ended 31 December 2024, the following dividends were paid:

Dividends of £0.560 paid per share were paid in May 2024;

Dividends of £0.784 paid per share were paid in June 2024;

Dividends of £0.840 paid per share were paid in October 2024.

7.	Exceptional costs
		2025	2024
		£	£

Business restructure fees

800,000

Exceptional costs relate to costs incurred by the Company in relation to the sale of the Company subsequent to the year end.

Page 17

OXFORD CONVERSIS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

8.	Intangible assets

		Goodwill
		£
	Cost
	At 1 January 2025	608,297
	At 31 December 2025	608,297
	Amortisation
	At 1 January 2025	154,801
	Charge for the year	51,996
	At 31 December 2025	206,797
	Net book value
	At 31 December 2025	401,500
	At 31 December 2024	453,496

Page 18

OXFORD CONVERSIS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

9.	Tangible fixed assets

	Fixtures and fittings	Computer equipment	Total
	£	£	£
Cost or valuation
At 1 January 2025	5,353	252,838	258,191
Additions	-	48,802	48,802
Disposals	(5,353)	-	(5,353)
At 31 December 2025	-	301,640	301,640
Depreciation
At 1 January 2025	5,353	202,942	208,295
Charge for the year	-	38,272	38,272
Disposals	(5,353)	-	(5,353)
At 31 December 2025	-	241,214	241,214
Net book value
At 31 December 2025	-	60,426	60,426
At 31 December 2024	-	49,896	49,896

Page 19

OXFORD CONVERSIS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

10.	Fixed asset investments

		Investment in subsidiary
		£
	Cost or valuation
	At 1 January 2025	11
	Disposals	(8)
	At 31 December 2025	3
	Impairment
	At 1 January 2025	3
	At 31 December 2025	3
	Net book value
	At 31 December 2025	-
	At 31 December 2024	8

Page 20

OXFORD CONVERSIS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

11.

Debtors

					2025	2024
					£	£


Trade debtors	1,418,146	1,422,215
Amounts owed by group undertakings	154,004	150,205
Other debtors	97,095	64,868
Prepayments and accrued income	731,223	588,954
	2,400,468	2,226,242

Amounts owed by group undertakings are unsecured, bear interest at 2.5% and repayable on demand. As at 31 December 2024, these amounts were also repayable on demand. During the year ended 31 December 2025, the term of this loan was extended until 31 December 2026. On 6 February 2026, the outstanding balance on the loan of £154,004 was repaid in full.

12.	Cash and cash equivalents
		2025	2024
		£	£

	Cash at bank and in hand	1,879,002	1,368,492

13.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors	258,376	220,141
Corporation tax	104,272	100,130
Other taxation and social security	257,897	196,384
Other creditors	9,503	4,506
Accruals and deferred income	1,622,746	800,165
	2,252,794	1,321,326

Page 21

OXFORD CONVERSIS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

14.	Deferred taxation

	2025	2024
	£	£

At beginning of year	(10,122)	(14,855)
Credited to profit or loss	(2,326)	4,733
At end of year	(12,448)	(10,122)

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

Fixed asset timing differences	(13,839)	(12,267)
Other	(1,338)	-
Short term timing differences	2,729	2,145

15.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

53,572 (2024 - 53,572) Ordinary A shares of £1.00 each	53,572	53,572
17,857 (2024 - 17,857) Ordinary B shares of £1.00 each	17,857	17,857
15,680 (2024 - 15,680) Ordinary C shares of £1.00 each	15,680	15,680

	87,109	87,109

Ordinary A shares carry one vote per share and are entitled to receive distributions. Ordinary B shares carry no votes and are entitled to receive distributions and Ordinary C shares carry no votes and do not entitle the shareholder to the right to receive distributions.

16.	Pension commitments

The Company operates a defined contribution 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 and amounted to £121,162 (2024: 103,384). Contributions repayable at the year end total £nil (2024: £nil).

Page 22

OXFORD CONVERSIS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Not later than 1 year	41,476	66,228
Later than 1 year and not later than 5 years	14,478	30,626
	55,954	96,854

18.

Related party transactions

The Company has taken advantage of Section 33.1A of FRS 102 not to disclose information on transactions entered into between 100% owned group companies.

During the year ended 31 December 2025, dividends of £50,000 were paid to Garry Muddyman and £150,000 paid to Ruxley Holdings Limited (2024: £39,000 paid to Garry Muddyman and £117,000 paid to Ruxley Holdings Limited).

During the year ended 31 December 2025, the Company incurred costs of £nil (2024: £27,000) from the spouse of a Director for financial support services. At the year end £nil (2024: £nil) was outstanding.

During the year ended 31 December 2025, the Company incurred costs of £nil (2024: £29,250) from the spouse of a Director for financial support services. At the year end £nil (2024: £nil) was outstanding.

At the year ended 31 December 2025, the outstanding loan balance with Ruxley Holdings Limited was £154,004 (2024: £150,205), this being inclusive of accumulated interest.

During the year ended 31 December 2025, the Company incurred costs of £4,500 (2024 £6,000) for corporate finance services from a company whose director is also a director of the Company. There was a creditor balance at the year end of £nil (2024: £nil).

At the year ended 31 December 2025, Andrew Muddyman had £39,500 (2024: £9,500) on his Director's loan account. The loan is non-interest bearing and repayable on demand.

At the year ended 31 December 2025, Craig Harrison had £9,950 (2024: £9,950) on his Director's loan account. The loan is non-interest bearing and repayable on demand.

19.	Controlling party

As at 31 December 2025, the immediate parent company is Ruxley Holdings Limited. The ultimate control of the company rests with the Muddyman Family Trust of which A M Muddyman, a Director of the Company, is a beneficiary.

On 6 February 2026, all shares of the company were purchased by IQVIA Limited and from this date the directors regard IQVIA Holdings Inc. as the ultimate parent company and IQVIA limited as the immediate parent company.

Page 23