Oxtec Developments Limited - Period Ending 2025-07-31

Registrar copy

Registration number: 04490590

Oxtec Developments Limited

Annual Report and Financial Statements

for the Year Ended 31 July 2025

Oxtec Developments Limited

Contents

Company Information	1
Strategic Report	2 to 3
Directors' Report	4
Statement of Directors' Responsibilities	5
Independent Auditor's Report	6 to 9
Profit and Loss Account	10
Statement of Comprehensive Income	11
Balance Sheet	12
Statement of Changes in Equity	13
Statement of Cash Flows	14
Notes to the Financial Statements	15 to 24

Oxtec Developments Limited

Company Information

Directors

A W Bates

L J Bates

Company secretary

A C Bates

Registered office

Knowles Farm
Wycke Hill
Maldon
Essex
CM9 6SH

Solicitors

Greenberg Traurig, LLP
The Shard, Level 8
32 London Bridge St
London
SE1 9SG

Bankers

Barclays Bank PLC
1 Bank Street
Braintree
Essex
CM7 7UQ

Auditors

Lambert Chapman LLP
Chartered Accountants and Registered Statutory Auditors
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

Oxtec Developments Limited

Strategic Report for the Year Ended 31 July 2025

The directors present their strategic report for the year ended 31 July 2025.

Principal activity

The principal activity of the company is construction, property development & sale of real estate.

Fair review of the business

Turnover for the year ended 31 July 2025 was £2,643,213, representing a significant decrease from the prior year (2024: £17,120,623). This reduction is as a result of the land owner purposely delaying the development agreement thereby delaying building completions and any sales income due. Consequently, fewer developments reached revenue-recognition milestones in 2025.

Gross profit margin declined to -25.64% (2024: 7.11%), primarily due to the reduced volume of development completion and associated economies of scale. The reduction in profitability also reflects an increase in underlying construction and finance costs.

Net assets as at 31 July 2025 were £1,830,644 (2024: £3,068,099), reflecting the reduced profit contribution during the year and continued investment in land and planning activities for future projects.

KPI	2025	2024
Turnover (£)	2,643,213	17,120,623
Net assets (£)	1,830,644	3,068,099

Gross profit margin (%)

(25.64)

7.11

These indicators reflect the impact of project timing and investment cycle on financial performance.

Principal risks and uncertainties

The company faces several ongoing risks inherent to the property development sector:

• Market Risk: Demand and pricing for residential and commercial units are sensitive to broader economic conditions, interest rate levels, and housing policy.

• Planning and Regulatory Risk: Delays or rejections in planning applications can affect project timelines and revenue recognition.

• Construction Risk: Rising material costs, subcontractor availability, and scheduling delays can impact delivery and margin expectations.

• Liquidity and Funding Risk: Development projects require substantial upfront investment; delays in project completions or sales can affect cash flow.

Management continues to mitigate these risks through robust planning, detailed project appraisals, early engagement with planning authorities, and maintaining strong working relationships with contractors and lenders.

Oxtec Developments Limited

Strategic Report for the Year Ended 31 July 2025

Approved by the Board on 1 October 2026 and signed on its behalf by:

A W Bates
Director

Oxtec Developments Limited

Directors' Report for the Year Ended 31 July 2025

The directors present their report and the financial statements for the year ended 31 July 2025.

Directors of the company

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

A W Bates

L J Bates

Future developments

The company has new projects currently in planning or early-stage construction, with starts expected in late 2025 and throughout 2026. Management anticipates improved financial performance in future periods as these projects continue and generate revenue.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Lambert Chapman LLP as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

Approved by the Board on 1 October 2026 and signed on its behalf by:

A W Bates
Director

Oxtec Developments Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 and apply them consistently;

•	make judgements and accounting estimates that are reasonable and prudent;

•	state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

•	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 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.

Oxtec Developments Limited

Independent Auditor's Report to the Members of Oxtec Developments Limited

Opinion

We have audited the financial statements of Oxtec Developments Limited (the 'company') for the year ended 31 July 2025, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, 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 July 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 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 UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's 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 original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Oxtec Developments Limited

Independent Auditor's Report to the Members of Oxtec Developments Limited

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

•	the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

•	the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page 5, 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.

Auditor 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.

Oxtec Developments Limited

Independent Auditor's Report to the Members of Oxtec Developments Limited

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

•

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

•

we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience;

•

we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, employment and health and safety legislation;

•

we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

•

identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining

•	an understanding of how fraud might occur, by;
•	making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
•	considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

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

•	performed analytical procedures to identify any unusual or unexpected relationships;
•	tested journal entries to identify unusual transactions;
•	assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
•	investigated the rationale behind significant or unusual transactions.

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

•	agreeing financial statement disclosures to underlying supporting documentation; and

•	enquiring of management as to actual and potential litigation and claims.

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

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

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Oxtec Developments Limited

Independent Auditor's Report to the Members of Oxtec Developments Limited

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.

Graham McNeill FCCA (Senior Statutory Auditor)
For and on behalf of Lambert Chapman LLP, Statutory Auditor

3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

2 October 2026

Oxtec Developments Limited

Profit and Loss Account for the Year Ended 31 July 2025

	Note	2025 £	2024 £
Turnover	3	2,643,213	17,120,623
Cost of sales		(3,320,921)	(15,902,881)
Gross (loss)/profit		(677,708)	1,217,742
Administrative expenses		(711,650)	(654,193)
Other operating income	4	20,150	-
Operating (loss)/profit		(1,369,208)	563,549
Other interest receivable and similar income	5	648	-
Interest payable and similar expenses	6	(178,280)	-
		(177,632)	-
(Loss)/profit before tax		(1,546,840)	563,549
Tax on (loss)/profit	9	309,385	(142,342)
(Loss)/profit for the financial year		(1,237,455)	421,207

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

Oxtec Developments Limited

Statement of Comprehensive Income for the Year Ended 31 July 2025

	2025 £	2024 £
(Loss)/profit for the year	(1,237,455)	421,207
Total comprehensive income for the year	(1,237,455)	421,207

Oxtec Developments Limited

(Registration number: 04490590)
Balance Sheet as at 31 July 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	10	42,196	5,674
Current assets
Debtors	11	6,760,590	9,936,055
Cash at bank and in hand		500,334	428,019
		7,260,924	10,364,074
Creditors: Amounts falling due within one year	13	(4,658,498)	(6,506,861)
Net current assets		2,602,426	3,857,213
Total assets less current liabilities		2,644,622	3,862,887
Provisions for liabilities	14	(813,978)	(794,788)
Net assets		1,830,644	3,068,099
Capital and reserves
Called up share capital		100	100
Retained earnings		1,830,544	3,067,999
Shareholders' funds		1,830,644	3,068,099

Approved and authorised by the Board on 1 October 2026 and signed on its behalf by:

.........................................
A W Bates
Director

Oxtec Developments Limited

Statement of Changes in Equity for the Year Ended 31 July 2025

	Share capital £	Retained earnings £	Total £
At 1 August 2024	100	3,067,999	3,068,099
Loss for the year	-	(1,237,455)	(1,237,455)
At 31 July 2025	100	1,830,544	1,830,644

	Share capital £	Retained earnings £	Total £
At 1 August 2023	100	6,646,792	6,646,892
Profit for the year	-	421,207	421,207
Dividends	-	(4,000,000)	(4,000,000)
At 31 July 2024	100	3,067,999	3,068,099

Oxtec Developments Limited

Statement of Cash Flows for the Year Ended 31 July 2025

	2025 £	2024 £
Cash flows from operating activities
(Loss)/profit for the year	(1,237,455)	421,207
Adjustments to cash flows from non-cash items
Depreciation and amortisation	6,778	1,438
Finance costs	178,280	-
Income tax expense	(309,385)	142,342
	(1,361,782)	564,987
Working capital adjustments
Decrease in trade debtors	3,341,265	6,921,115
Decrease in trade creditors	(1,884,476)	(3,255,077)
Increase in provisions	20,608	260,647
Cash generated from operations	115,615	4,491,672
Income taxes paid	-	(1,201,422)
Net cash flow from operating activities	115,615	3,290,250
Cash flows from investing activities
Acquisitions of tangible assets	(43,300)	(2,137)
Cash flows from financing activities
Dividends paid	-	(4,000,000)
Net increase/(decrease) in cash and cash equivalents	72,315	(711,887)
Cash and cash equivalents at 1 August	428,019	1,139,906
Cash and cash equivalents at 31 July	500,334	428,019

Oxtec Developments Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is: Knowles Farm, Wycke Hill, Maldon, Essex, CM9 6SH, which is also the principal place of business.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Going concern

The financial statements have been prepared on a going concern basis.

Reclassification of comparative amounts

Travelling expenses in the prior year totalling £221,910 have been reclassified from cost of sales to admin expenses as the directors deem it to be more accurate.

Judgements

The preparation of the financial statement requires management to make significant judgements and estimates. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Other than those involving estimations there are no judgements that management has made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements.

Key sources of estimation uncertainty

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Completion stage of construction contracts

The completion stage for each building under construction is determined by an internal quantity surveyor, and subsequently agreed with an external MRICS qualified chartered surveyor on behalf of their customer. The amounts recoverable on contract and profit releases each month are pursuant to movement in completion percentage.

Snagging provision

The snagging provision is calculated at 2.5% of build costs incurred from inception to the period end date. This is to recognise the future cost of correcting miscellaneous issues that inevitably arise during a build process. The percentage represents an estimate generated by the directors, who have significant industry experience.

Oxtec Developments Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the construction, development and sale of real estate in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

In respect of turnover generated on long-term contracts, turnover represents the value of work completed in the year, including amounts not yet invoiced. Turnover is recognised by reference to the stage of completion.

Turnover considered to be outside of long-term contracts is recognised on completion of the service.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Deferred tax is recognised on material temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

Depreciation

Depreciation is charged so as to write off the cost or valuation of assets over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% Reducing balance method
Office equipment	25% Reducing balance method

Trade debtors

Trade debtors are amounts due from customers for the construction, development and sale of real estate performed in the ordinary course of business.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Other creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Oxtec Developments Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

Share capital

Ordinary shares are classified as equity.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Turnover

The analysis of the company's Turnover for the year by class of business is as follows:

	2025 £	2024 £
Management charges	40,000	40,000
Construction sales	2,277,991	15,776,199
Recharged costs	325,222	1,304,424
	2,643,213	17,120,623

All turnover was generated in the United Kingdom.

4	Other operating income

The analysis of the company's other operating income for the year is as follows:

	2025 £	2024 £
Miscellaneous other operating income	20,150	-

5	Other interest receivable and similar income

	2025 £	2024 £
Other finance income	648	-

6	Interest payable and similar expenses

	2025 £	2024 £
Interest expense on other finance liabilities	178,280	-

Oxtec Developments Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

7	Staff costs

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

	2025 No.	2024 No.
Other departments	2	2
	2	2

Roles that would constitute key management personnel are fulfilled by individuals employed by other entities.

8	Auditors' remuneration

	2025 £	2024 £
Audit of the financial statements	12,150	11,750

9

Taxation

Tax charged/(credited) in the profit and loss account

	2025 £	2024 £
Current taxation
UK corporation tax	(142,167)	142,167
Deferred taxation
Arising from origination and reversal of timing differences	(167,218)	175
Tax (receipt)/expense in the income statement	(309,385)	142,342

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK of 25% (2024 - 25%).

The differences are reconciled below:

Oxtec Developments Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

	2025 £	2024 £
(Loss)/profit before tax	(1,546,840)	563,549
Corporation tax at standard rate	(386,710)	140,887
Tax decrease from effect of capital allowances and depreciation	-	(175)
Effect of revenues exempt from taxation	(162)	-
Effect of expense not deductible in determining taxable profit (tax loss)	77,067	1,580
Further item of tax increase	420	50
Total tax (credit)/charge	(309,385)	142,342

Deferred tax

Deferred tax assets and liabilities

2025	Asset £	Liability £
Accelerated capital allowances	-	10,549
Tax losses carried forward	176,349	-
	176,349	10,549

2024	Asset £	Liability £
Accelerated capital allowances	-	1,418
	-	1,418

The amount of the net reversal of deferred tax assets and deferred tax liabilities expected to occur during the year beginning after the reporting period is £178,716 (2024 - £(710)).

Oxtec Developments Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

10	Tangible assets

Office equipment
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 August 2024

4,035

4,479

8,514

Additions

-

43,300

43,300

At 31 July 2025

4,035

47,779

51,814

Depreciation

At 1 August 2024

1,463

1,376

2,839

Charge for the year

643

6,136

6,779

At 31 July 2025

2,106

7,512

9,618

Carrying amount

At 31 July 2025

1,929

40,267

42,196

At 31 July 2024

2,572

3,102

5,674

Oxtec Developments Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

11

Debtors

Current	Note	2025 £	2024 £
Amounts recoverable on long term contracts		5,433,253	8,894,475
Other debtors	16	545,125	326,606
Prepayments		496,412	634,974
Accrued income	16	120,000	80,000
Deferred tax assets	9	165,800	-
		6,760,590	9,936,055

Other debtors totalling £456,289 (2024 - £242,252) and accrued income totalling £120,000 (2024 - £80,000) are included above relating to amounts owed by related parties. Whilst these are due on demand, it is unlikely that they will be repaid in full during the coming year.

12	Cash and cash equivalents

	2025 £	2024 £
Cash at bank	500,334	428,019

13

Creditors

	Note	2025 £	2024 £
Due within one year
Trade creditors		973,808	1,144,414
Other creditors	16	901,760	1,450,886
Social security and other taxes		5,887	61,213
Accruals	16	487,345	995,486
Corporation tax	9	808,714	772,601
Directors loan	16	1,480,984	2,082,261
		4,658,498	6,506,861

Other creditors totalling £901,760 (2024 - £1,450,886) and accruals totalling £400,000 (2024 - £200,000) are included above relating to amounts owed to related parties. Whilst these are due on demand, it is unlikely that they will be repaid in full during the coming year.

The directors loan is shown as a current liability but is unlikely to be repaid in full during the coming year.

Oxtec Developments Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

14	Provisions for liabilities

	Deferred tax £	Snagging costs provision £	Total £
At 1 August 2024	1,418	793,370	794,788
Additional provisions	(167,218)	20,608	(146,610)
At 31 July 2025	(165,800)	813,978	648,178

15	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

16	Related party transactions

Key management compensation
No other members of staff other than directors are considered to be key management. No compensation is paid to key management in this company directly or via recharges.

Dividends paid to directors

2025
£

2024
£

A W Bates

Interim dividends

-

2,040,000

A C Bates

Interim dividends

-

1,960,000

Income and receivables from related parties

2025	Other related parties £
Receipt of services	40,000
Amounts receivable from related party	120,000

Oxtec Developments Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

2024	Other related parties £
Receipt of services	40,000
Amounts receivable from related party	80,000

Expenditure with and payables to related parties

2025	Other related parties £
Rendering of services	200,000

2024	Other related parties £
Rendering of services	200,000

Loans to related parties

2025	Other related parties £	Total £
At start of period	242,252	242,252
Advanced	1,465,189	1,465,189
Repaid	(1,251,152)	(1,251,152)
At end of period	456,289	456,289

2024	Other related parties £	Total £
At start of period	200,979	200,979
Advanced	702,297	702,297
Repaid	(661,024)	(661,024)
At end of period	242,252	242,252

Oxtec Developments Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

Loans from related parties

2025	Key management £	Other related parties £	Total £
At start of period	(2,082,261)	(1,450,886)	(3,533,147)
Advanced	(3,994,753)	(2,126,724)	(6,121,477)
Repaid	4,596,030	2,675,850	7,271,880
At end of period	(1,480,984)	(901,760)	(2,382,744)

2024	Key management £	Other related parties £	Total £
At start of period	(3,808,688)	(1,027,143)	(4,835,831)
Advanced	(4,776,725)	(2,805,830)	(7,582,555)
Repaid	6,503,152	2,382,087	8,885,239
At end of period	(2,082,261)	(1,450,886)	(3,533,147)

All loans to and from related parties are interest free, unsecured and repayable on demand.

17	Parent entities and controlling parties

The ultimate controlling party is A W Bates.

•	the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
•	we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience;
•	we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, employment and health and safety legislation;
•	we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
•	identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

	Office equipment £	Plant and machinery £	Total £
Cost or valuation
At 1 August 2024	4,035	4,479	8,514
Additions	-	43,300	43,300
At 31 July 2025	4,035	47,779	51,814
Depreciation
At 1 August 2024	1,463	1,376	2,839
Charge for the year	643	6,136	6,779
At 31 July 2025	2,106	7,512	9,618
Carrying amount
At 31 July 2025	1,929	40,267	42,196
At 31 July 2024	2,572	3,102	5,674