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Registered number: 07860991










OXFORD INNOVATION SERVICES LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

 
OXFORD INNOVATION SERVICES LIMITED
 

COMPANY INFORMATION


Directors
K H Wright 
D J L Crichton-Miller 
J R Galsworthy (resigned 31 May 2026)
P C Dickens (appointed 1 June 2026)




Company secretary
K H Wright



Registered number
07860991



Registered office
Oxford Centre for Innovation
Blue Boar Court

9 Alfred Street

Oxford

Oxfordshire

OX1 4EH




Independent auditor
James Cowper Kreston Audit
Chartered Accountants and Statutory Auditor

201 Cumnor Hill

Oxford

Oxfordshire

OX2 9PJ




Bankers
HSBC UK Bank Plc
65 Cornmarket Street

Oxford

OX1 3HY





 
OXFORD INNOVATION SERVICES LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditor's Report
5 - 7
Statement of Comprehensive Income
8
Balance Sheet
9
Statement of Changes in Equity
10
Notes to the Financial Statements
11 - 24

 
OXFORD INNOVATION SERVICES LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2026

Introduction
 
The annual report and financial statements presented here are for Oxford Innovation Services Limited (‘the Company’). 

The principal activity of the Company during the year was business coaching and support. 

Business review
 
The Company delivered a resilient performance, with statutory turnover for business coaching and support of £9,163,649 compared with £11,265,386 in the prior year. As noted in the 2024/25 report, last year was a particularly strong year for the company, and with reduced funding available across many of its programmes, this level of revenue-generating activity demonstrated resilience and sustained competitiveness of its propositions.

Across the 15 programmes that were run by the team of over 100 during the year, the focus on quality service delivery and expert support for small businesses across the country in Access to Finance, Manufacturing, Growth and Innovation ensured that our clients and the local economies they serve, continued to be well supported. The ongoing pressure and uncertainty about future funding of business support activities is of great concern to all our stakeholders: the small businesses we support, the clients we deliver for and our outstanding team who are experts in their fields. Sadly, this uncertainty and gap in funding led to a restructuring at the end of the year such that the team has reduced substantially in size following the end of the 2025/26 programmes. Although we are winning new work and gradually rebuilding the team in 2026/27, there remain notable gaps in funding provision in some of our key geographies where business support has temporarily ceased; that should be a matter of great concern for those areas.

With this challenging backdrop to short-term business support funding, we are pleased to report that our Digital tool capability was enhanced during the year with the acquisition of GrowthCanvas to complement GROWTHmapper. We are excited by the impact that this AI-tool brings with it as we work with our clients to further aid their delivery of effective support to the start-ups and growth companies in their regions.  GrowthCanvas virtually eliminates the time spent by our advisors on market and competitive research of each customer, thereby allowing those expert advisors to focus their valuable time on counselling and advice. It is a great tool for improved productivity and effectiveness in the provision of business advice and support.

The other exciting development during the year was the establishment of the Beacon Fund following funding received by Cornwall Council for the purpose of providing much needed early-stage capital to businesses of Cornwall and the Isles of Scilly. Partnering with Oxford Innovation Finance, as regulated Investment Manager, we were delighted to set up CIOS Beacon SPV Limited as the investment vehicle and start to deploy capital – with a £50,000 investment made before the year-end and two more in the first quarter of 2026/27.

Principal risks and uncertainties
 
The Company is exposed to a variety of financial risks resulting from its operating activities. The board is
responsible for determining the group’s financial risk management policy and focuses on securing the Company’s cash flows.

The Company does not actively engage in the trading of financial assets and has no financial derivatives. The most significant risks to which the Company is exposed to are described below:

Credit Risk
The Company’s credit risk is primarily attributable to its trade debtors. The amounts presented in the balance sheet are net of any allowance for doubtful debts, as estimated by the directors. The Company has no significant concentration of credit risk, with exposure spread over a large number of customers.

Cash Flow Risk
The Company seeks to manage risks to ensure sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Short term flexibility is achieved by Management actively monitoring future cash flow requirements on a regular basis.

 
Page 1

 
OXFORD INNOVATION SERVICES LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026

People risk
The Company is at all times exposed to the risk that the most critical contributors among its people may decide to pursue other careers or paths.  We would pay tribute to the establishment of a scheme for our leaders to become shareholders of the Company; this being a means of both aligning interests as well as ensuring a deepening of commitment by, and therefore retention of, our senior people. We pay careful attention through processes of salary adjustment, bonus awards, feedback and development in seeking to retain our key people. To date we feel satisfied with the outcomes achieved; however, this risk is one that requires constant attention. 

Financial key performance indicators
 
Key performance indicators are shown below:

Turnover for the year was £9,163,649 (2025: £11,265,386).
Gross profit for the year was £1,634,189 (2025: £2,590,287).
Operating loss for the year was £75,300 (2025: profit £647,767).
Loss before taxation for the year was £69,256 (2025: profit £675,697).
Cash at bank was £259,211 (2025: £616,539). 
Net Current Assets were £2,409,317 as at 31 March 2026 (2025: £2,620,229).

Other key performance indicators
 
The Company does not currently monitor any non-financial key performance indicators.


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



K H Wright
Director
Date: 30 July 2026
Page 2

 
OXFORD INNOVATION SERVICES LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2026

The directors present their report and the financial statements for the year ended 31 March 2026.

Directors

The directors who served during the year were:

K H Wright 
D J L Crichton-Miller 
J R Galsworthy (resigned 31 May 2026)

Directors' responsibilities statement

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 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 judgments 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 2006They 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 £40,501 (2025: profit £506,570).

Dividends totalling £Nil were paid during the year (2025: £1,150,000). 

Future developments

As highlighted in the Strategic Report, the team are rebuilding in 2026/27 with a good number of new business support programmes being won and a focus on providing additional value to clients through the availability of our growing suite of software tools; we will continue to invest in the development of both GROWTHmapper and GrowthCanvas as we identify market need. 

As we look ahead, the Directors remain alive to public funding constraints, delayed commissioning and customer affordability pressures, but consider that the Company's experienced team and ability to adapt provide a strong foundation from which to develop the future of the business.

Page 3

 
OXFORD INNOVATION SERVICES LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026

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 Auditwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





K H Wright
Director
Date: 30 July 2026
Page 4

 
OXFORD INNOVATION SERVICES LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OXFORD INNOVATION SERVICES LIMITED
 

Opinion


We have audited the financial statements of Oxford Innovation Services Limited (the 'Company') for the year ended 31 March 2026, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 March 2026 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 ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 5

 
OXFORD INNOVATION SERVICES LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OXFORD INNOVATION SERVICES 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 Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the 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 Company and its 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, 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.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 6

 
OXFORD INNOVATION SERVICES LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OXFORD INNOVATION SERVICES 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 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.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an 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.





Sue Staunton MA FCA CF (Senior Statutory Auditor)
for and on behalf of
James Cowper Kreston Audit
Chartered Accountants and Statutory Auditor
201 Cumnor Hill
Oxford
Oxfordshire
OX2 9PJ

30 July 2026
Page 7

 
OXFORD INNOVATION SERVICES LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2026

2026
2025
Note
£
£

  

Turnover
 4 
9,163,649
11,265,386

Cost of sales
  
(7,529,460)
(8,675,099)

Gross profit
  
1,634,189
2,590,287

Administrative expenses
  
(1,709,489)
(1,942,520)

Operating (loss)/profit
 5 
(75,300)
647,767

Interest receivable and similar income
 9 
6,044
27,930

(Loss)/profit before tax
  
(69,256)
675,697

Tax on (loss)/profit
 10 
28,755
(169,127)

(Loss)/profit for the financial year
  
(40,501)
506,570

There was no other comprehensive income for 2026 (2025:£NIL).

The notes on pages 11 to 24 form part of these financial statements.
Page 8

 
OXFORD INNOVATION SERVICES LIMITED
REGISTERED NUMBER: 07860991

BALANCE SHEET
AS AT 31 MARCH 2026

2026
2025
Note
£
£

Fixed assets
  

Intangible assets
 12 
192,434
-

Tangible assets
 13 
11,229
16,900

  
203,663
16,900

Current assets
  

Debtors: amounts falling due within one year
 14 
3,508,834
3,820,178

Cash at bank and in hand
 15 
259,211
616,539

  
3,768,045
4,436,717

Current liabilities
  

Creditors: amounts falling due within one year
 16 
(1,358,728)
(1,816,488)

Net current assets
  
2,409,317
2,620,229

Total assets less current liabilities
  
2,612,980
2,637,129

Provisions for liabilities
  

Deferred tax
 17 
(33,219)
(4,225)

Other provisions
 18 
(574,474)
(587,116)

  
(607,693)
(591,341)

Net assets
  
2,005,287
2,045,788


Capital and reserves
  

Called up share capital 
 19 
1
1

Profit and loss account
  
2,005,286
2,045,787

  
2,005,287
2,045,788


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 11 to 24 form part of these financial statements.
Page 9

 
OXFORD INNOVATION SERVICES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 April 2025
1
2,045,787
2,045,788



Loss for the year
-
(40,501)
(40,501)


At 31 March 2026
1
2,005,286
2,005,287



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 April 2024
1
2,689,217
2,689,218



Profit for the year
-
506,570
506,570

Dividends: Equity capital
-
(1,150,000)
(1,150,000)


At 31 March 2025
1
2,045,787
2,045,788


The notes on pages 11 to 24 form part of these financial statements.
Page 10

 
OXFORD INNOVATION SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026

1.


General information

Oxford Innovation Services Limited is a private limited liability company incorporated in the UK 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 provision of business coaching and support services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

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

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of SQW Group Newco 2018 Limited as at 31 March 2026 and these financial statements may be obtained from their registered office.

 
2.3

Going concern

The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern, including reviewing future cash flows, liquidity, available credit facilities and available group support. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, and, therefore, continue to adopt the going concern basis in preparing these financial statements

Page 11

 
OXFORD INNOVATION SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

 
2.4

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.

Long term contracts

Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a reasonable basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as the proportion of total contract value to total expected costs for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.

 
2.5

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. The entity amortises its intangible assets over three years, which reflects the period over which the economic benefits are expected to be consumed.
 The estimated useful lives range as follows:

Intellectual property
-
3
years

 
2.6

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 12

 
OXFORD INNOVATION SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)


2.6
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:

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.

 
2.7

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

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. 

 
2.10

Creditors

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

  
2.11

Government grants

Grants are accounted for under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Statement of Comprehensive Income at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure

Page 13

 
OXFORD INNOVATION SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

 
2.12

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP, rounded to the nearest £.

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.

 
2.13

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.

 
2.14

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.

 
2.15

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest
method

 
2.16

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.
 
Any change in such risks and uncertainties would give rise to a change in the balance of provisions held each year with increases in provisions being generally charged as an expense to profit or loss and reductions giving rise to a positive release. Such change in judgements at each year-end could therefore have a notable impact on the results in successive years.

Page 14

 
OXFORD INNOVATION SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

 
2.17

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.


Page 15

 
OXFORD INNOVATION SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amount reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effects on amounts recognised in the financial statements.

Revenue recognition

Revenue and costs have been recognised based on management's assessment of the stage of completion for each project, taking in to account the amounts repayable to customers.

Taxation

Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available against the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that ban be recognised, based upon likely timing and the level of future taxable profits, together with future planning strategies.

Contract provisions

The directors have considered the obligations arising from contracts and have provided for liabilities where costs can be reliably estimated.

Useful economic lives of intangibles assets

The annual amortisation charge for intangible assets is sensitive to changes in the estimated useful economic life of the asset. The useful economic life and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments and economic utilisation of the asset. 




4.


Turnover

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


2026
2025
£
£

Business coaching and support
9,163,649
11,265,386

9,163,649
11,265,386


Analysis of turnover by country of destination:

2026
2025
£
£

United Kingdom
9,163,649
11,265,386

9,163,649
11,265,386


Page 16

 
OXFORD INNOVATION SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026

5.


Operating (loss)/profit

The operating (loss)/profit is stated after charging:

2026
2025
£
£

Exchange differences
(45)
29

Other operating lease rentals
99,347
120,361

Depreciation
9,513
8,714

Amortisation
81,490
-


6.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor and its
associates:


2026
2025
£
£


Fees payable to the Company's auditor and its associates for the audit of the Company's annual accounts
14,440
14,000


The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services
as these are disclosed in the consolidated accounts of the parent Company.


7.


Employees

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


2026
2025
£
£

Wages and salaries
5,628,615
5,841,669

Social security costs
683,237
573,534

Cost of defined contribution scheme
220,297
214,777

6,532,149
6,629,980


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


        2026
        2025
            No.
            No.







Business coaching and support
106
112

Page 17

 
OXFORD INNOVATION SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026

8.


Directors' remuneration

2026
2025
£
£

Directors' emoluments
128,136
108,969

Company contributions to defined contribution pension schemes
31,555
30,448

159,691
139,417


During the year retirement benefits were accruing to no directors (2025 - NIL) in respect of defined contribution pension schemes.


9.


Interest receivable and similar income

2026
2025
£
£


Bank interest receivable
6,044
27,930

6,044
27,930


10.


Taxation


2026
2025
£
£

Corporation tax


Current tax on profits for the year
-
169,177

Adjustments in respect of previous periods
(11,485)
-


(11,485)
169,177


Group taxation relief
(46,264)
-


(57,749)
169,177


Total current tax
(57,749)
169,177

Deferred tax


Origination and reversal of timing differences
28,994
(50)

Total deferred tax
28,994
(50)


(28,755)
169,127
Page 18

 
OXFORD INNOVATION SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2025 - higher than) the standard rate of corporation tax in the UK of 25% (2025 - 25%). The differences are explained below:

2026
2025
£
£


(Loss)/profit on ordinary activities before tax
(69,256)
675,697


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2025 - 25%)
(17,270)
168,924

Effects of:


Group relief surrendered /(claimed)
-
203

Adjustments to tax charge in respect of previous periods
(11,485)
-

Total tax charge for the year
(28,755)
169,127


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


11.


Dividends

2026
2025
£
£


Dividends paid
-
1,150,000

-
1,150,000

Page 19

 
OXFORD INNOVATION SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026

12.


Intangible assets




Intellectual Property

£



Cost


Additions
273,924



At 31 March 2026

273,924



Amortisation


Charge for the year on owned assets
81,490



At 31 March 2026

81,490



Net book value



At 31 March 2026
192,434



At 31 March 2025
-


The individual intangible asset which is material to the financial statements is intellectual property with a carrying amount of £192,434. The remaining amortisation period is 2 years.


Page 20

 
OXFORD INNOVATION SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026

13.


Tangible fixed assets


Computer equipment

£



Cost or valuation


At 1 April 2025
84,226


Additions
3,842



At 31 March 2026
88,068



Depreciation



At 1 April 2025
67,326


Charge for the year
9,513



At 31 March 2026
76,839



Net book value




At 31 March 2026
11,229



At 31 March 2025
16,900

Page 21

 
OXFORD INNOVATION SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026

14.


Debtors

2026
2025
£
£


Trade debtors
678,185
441,129

Amounts owed by group undertakings
1,615,571
1,878,382

Other debtors
29,452
23,993

Prepayments and accrued income
1,185,626
1,476,674

3,508,834
3,820,178


Amounts owed by group undertakings are non-interest bearing and repayable on demand.


15.


Cash and cash equivalents

2026
2025
£
£

Cash at bank and in hand
259,211
616,539



16.


Creditors: Amounts falling due within one year

2026
2025
£
£

Trade creditors
103,635
75,896

Amounts owed to group undertakings
30,180
-

Corporation tax
-
65,508

Other taxation and social security
222,488
307,248

Other creditors
640,971
572,510

Accruals and deferred income
361,454
795,326

1,358,728
1,816,488


Amounts owed to group undertakings are non-interest bearing and repayable on demand


17.


Deferred taxation




2026
2025


£

£






At beginning of year
(4,225)
(4,275)


Credit/(charge) to profit or loss
(28,994)
50



At end of year
(33,219)
(4,225)

Page 22

 
OXFORD INNOVATION SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
 
17.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2026
2025
£
£


Fixed asset timing differences
(50,916)
(4,225)

Tax losses carried forward
17,697
-


18.


Provisions




Contract obligations provision

£





At 1 April 2025
587,116


Utilised in year
(12,642)



At 31 March 2026
574,474

There is uncertainty regarding the exact costs of the contract obligations and, therefore, the directors have included their best estimate in the financial statements in accordance with FRS 102. 

Such is their nature, changes in the conditions under which contract provisions are held could have an impact on the Company’s results in successive years; provision releases giving rise to a credit in the profit and loss account and increased best estimates giving rise to an expense.


19.


Share capital

2026
2025
£
£
Allotted, called up and fully paid



1 (2025 - 1) Ordinary share of £1.00
1
1



20.


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 £220,297 (2025: £214,777). Contributions totalling £Nil (2025: £Nil) were payable to the fund at the balance sheet date.


21.


Related party transactions

The Company has taken the exemption under Section 33 of FRS 102 not to disclose transactions with wholly owned group companies.

Page 23

 
OXFORD INNOVATION SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026

22.


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, OX1 4EH

Page 24