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Registered number: 02177191 OXFORD INNOVATION LIMITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 MARCH 2026
OXFORD INNOVATION LIMITED REGISTERED NUMBER: 02177191 BALANCE SHEET AS AT 31 MARCH 2026
|  | 2026 |  | 2025
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 5 |  | 66,974 |  | 21,818
Tangible assets | 6 |  | 280,715 |  | 320,897
|  |  | 347,689 |  | 342,715
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 7 | 2,855,455 |  | 2,634,260 |
Cash at bank and in hand | 8 | 484,189 |  | 1,107,047 |
|  | 3,339,644 |  | 3,741,307 |
Creditors: amounts falling due within one year | 9 | (1,521,043) |  | (1,993,744) |
Net current assets |  |  | 1,818,601 |  | 1,747,563
Total assets less current liabilities |  |  | 2,166,290 |  | 2,090,278
Provisions for liabilities |  |  |  |  |
Deferred tax | 10 | (74,255) |  | (68,360) |
Other provisions | 11 | (269,311) |  | (245,304) |
|  |  | (343,566) |  | (313,664)
Net assets |  |  | 1,822,724 |  | 1,776,614
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 695,486 |  | 695,486
Share premium account |  |  | 720,000 |  | 720,000
Profit and loss account |  |  | 407,238 |  | 361,128
|  |  | 1,822,724 |  | 1,776,614
Page 1
OXFORD INNOVATION LIMITED REGISTERED NUMBER: 02177191 BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2026 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 have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
K H Wright
Director
Date: 30 July 2026
The notes on pages 3 to 12 form part of these financial statements. Page 2
OXFORD INNOVATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
1. | General information
Oxford Innovation Limited is a private limited company incorporated in the United Kingdom and registered in England and Wales. The Company's registered office is Oxford Centre For Innovation, Blue Boar Court, 9 Alfred Street, Oxford, Oxfordshire, OX1 4EH. The principal activity of the Company is the operation of innovation centres; providing flexible workspace and tailored support for innovative early stage businesses. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies. The following principal accounting policies have been applied:
| 2.2 | 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.
| 2.3 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. The estimated useful lives range as follows:
|  |  |  | Website | - | 3 | years straight line
|  |  |  | Implementation costs | - | 3 | years straight line
Page 3
OXFORD INNOVATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.Accounting policies (continued)
| 2.4 | 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. The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred. 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:
|  |  |  | Leasehold Improvements | - | Over the life of the lease
|  |  |  | Fixtures & fittings | - | 2 - 7 years straight line
|  |  |  | Office equipment | - | 2 - 7 years straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.5 | 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.
| 2.6 | 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.
| 2.7 | 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.
| 2.8 | 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 4
OXFORD INNOVATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.Accounting policies (continued)
| 2.9 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP, rounded to the nearest pound. 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.
| 2.10 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.11 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.12 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss. Page 5
OXFORD INNOVATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.Accounting policies (continued)
| 2.13 | 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 balance sheet 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 balance sheet 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 balance sheet date.
3. | Employees
| The average monthly number of employees, including directors, during the year was 147 (2025 - 147).
Page 6
OXFORD INNOVATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
4. | Taxation
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | - | 63,910
| Adjustments in respect of previous periods | 2,482 | (1,747)
|  | 2,482 | 62,163
| Group taxation relief | 16,306 | -
|  | 18,788 | 62,163
| Total current tax | 18,788 | 62,163
| Deferred tax |  |
| Origination and reversal of timing differences | 5,895 | (10,000)
| Total deferred tax | 5,895 | (10,000)
| Tax on profit | 24,683 | 52,163
Page 7
OXFORD INNOVATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 4.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2025 - higher than) the standard rate of corporation tax in the UK of 25% (2025 - 25%). The differences are explained below:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 70,793 | 179,201
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2025 - 25%) | 17,698 | 44,800
| Effects of: |  |
| Income not taxable for tax purposes | - | (29,060)
| Chargeable gains/(losses) | - | 26,207
| Capital allowances in excess of depreciation | 3,281 | 3,526
| Expenses not deductible for tax purposes | 1,222 | 3,213
| Adjustments to tax charge in respect of prior periods | 2,482 | (1,747)
| Adjustments to tax charge in respect of prior periods - deferred tax | - | 5,694
| Remeasurement of deferred tax for changes in tax rates | - | (470)
| Total tax charge for the year | 24,683 | 52,163
Page 8
OXFORD INNOVATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
5. | Intangible assets
|  | Website | Implementation costs | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 April 2025 | 40,078 | - | 40,078
| Additions | 8,280 | 50,226 | 58,506
| At 31 March 2026 | 48,358 | 50,226 | 98,584
| Amortisation |  |  |
| At 1 April 2025 | 18,260 | - | 18,260
| Charge for the year | - | 13,350 | 13,350
| At 31 March 2026 | 18,260 | 13,350 | 31,610
| Net book value |  |  |
| At 31 March 2026 | 30,098 | 36,876 | 66,974
| At 31 March 2025 | 21,818 | - | 21,818
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OXFORD INNOVATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
6. | Tangible fixed assets
|  | Leasehold improvements | Fixtures & fittings | Office equipment | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 April 2025 | 538,580 | 200,560 | 287,203 | 1,026,343
| Additions | 34,314 | 1,400 | 36,535 | 72,249
| At 31 March 2026 | 572,894 | 201,960 | 323,738 | 1,098,592
| Depreciation |  |  |  |
| At 1 April 2025 | 296,790 | 179,433 | 229,223 | 705,446
| Charge for the year | 59,039 | 10,092 | 43,300 | 112,431
| At 31 March 2026 | 355,829 | 189,525 | 272,523 | 817,877
| Net book value |  |  |  |
| At 31 March 2026 | 217,065 | 12,435 | 51,215 | 280,715
| At 31 March 2025 | 241,790 | 21,127 | 57,980 | 320,897
7. | Debtors
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Trade debtors | 466,013 | 1,174,810
| Amounts owed by group undertakings | 1,703,887 | 725,855
| Other debtors | 255,842 | 278,489
| Prepayments and accrued income | 429,713 | 455,106
|  | 2,855,455 | 2,634,260
| Amounts owed by group undertakings are non-interest bearing and repayable on demand.
8. | Cash and cash equivalents
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Cash at bank and in hand | 484,189 | 1,107,047
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OXFORD INNOVATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
9. | Creditors: Amounts falling due within one year
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Trade creditors | 135,495 | 157,343
| Amounts owed to group undertakings | 27,000 | 27,000
| Corporation tax | - | 64,381
| Other taxation and social security | 123,152 | 214,597
| Other creditors | 404,088 | 550,696
| Accruals and deferred income | 831,308 | 979,727
|  | 1,521,043 | 1,993,744
| Amounts owed to group undertakings are non-interest bearing and repayable on demand.
10. | Deferred taxation
|  | 2026 | 2025
|  | £ | £
| At beginning of year | (68,360) | (78,360)
| Charged to profit or loss | (5,895) | 10,000
| At end of year | (74,255) | (68,360)
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Accelerated capital allowances | (74,255) | (68,360)
|  | (74,255) | (68,360)
11. | Provisions
|  | Dilapidations
|  | £
| At 1 April 2025 | 245,304
| Charged to profit or loss | 24,007
| At 31 March 2026 | 269,311
| There is uncertainty regarding the exact costs of the lease obligations and, therefore, the directors have included their best estimate in the financial statements in accordance with FRS 102. The costs are expected to be settled on expiration of the leases.
Page 11
OXFORD INNOVATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
12. | Capital commitments
| At 31 March 2026 the Company had capital commitments as follows:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Contracted for but not provided in these financial statements | 332,978 | -
|  | 332,978 | -
13. | 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 to the fund and amounted to £219,691 (2025: £226,774). Contributions totalling £1,697 (2025: £39,750) were payable to the fund at the balance sheet date and are included in creditors.
14. | Controlling party
The immediate parent undertaking of the Company is SQW Group Limited, which is registered in England and Wales. The ultimate controlling undertaking is SQW Group Newco 2018 Limited, a Company registered in England and Wales, by virtue of its 100% shareholding in SQW Group Limited. The consolidated statements of SQW Group Newco 2018 Limited are publicly available from Oxford Centre for Innovation, Blue Boar Court, 9 Alfred Street, Oxford, Oxfordshire, OX1 4EH.
15. | Auditors' information
The auditors' report on the financial statements for the year ended 31 March 2026 was unqualified. The audit report was signed on 30 July 2026 by Sue Staunton MA FCA CF (Senior Statutory Auditor) on behalf of James Cowper Kreston Audit.
Page 12