OXFORD MEDICAL SIMULATION LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2026
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OXFORD MEDICAL SIMULATION LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JANUARY 2026
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OXFORD MEDICAL SIMULATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
Oxford Medical Simulation Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10587122. The registered office is 201 Borough High Street, London, SE1 1JA.
The principal activity in the year under review was that of business software development.
The principal activity in the year under review was that of business software development.
2.ACCOUNTING POLICIES
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 Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The financial statements are rounded to the nearest £.
The following principal accounting policies have been applied:
The company has taken advantage of the following disclosure exemptions in preparing the company's individual financial statements, as permitted by FRS 102:
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements.
The Company has taken advantage of the exemption contained within section 408 of the Companies Act 2006 not to present its own profit and loss account. The company's loss of the year was £1,829,844 (2025: £2,254,724)
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements.
The Company has taken advantage of the exemption contained within section 408 of the Companies Act 2006 not to present its own profit and loss account. The company's loss of the year was £1,829,844 (2025: £2,254,724)
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
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OXFORD MEDICAL SIMULATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
2.ACCOUNTING POLICIES (CONTINUED)
At 31 January 2026, the Group had cash reserves of £7,134,692 (2025: £4,382,876) and generated a cash outflow before financing activities in the year of £2,128,869 (2025: £4,624,704). The Group had an overall cash inflow in the year of £2,751,816 (2025: outflow of £4,624,704), following the successful completion of a £5m debt facility, which was fully drawn in December 2025. The facility includes an 18-month capital repayment holiday and the Group continues to monitor its cash flow performance against the associated covenants.
Whilst the Group continues to grow revenues and progress towards profitability, continued investment in product development and operational capability, together with future debt servicing requirements, means that the Group may continue to generate net cash outflows in the near term.
The Directors have reviewed the Group’s trading and cash flow forecasts for a period of at least 12 months from the date of approval of the financial statements and consider it appropriate to prepare the financial statements on a going concern basis. In making this assessment, the Directors have considered the Group’s expected revenue growth together with alternative scenarios where growth is delayed. The Directors have also considered the mitigating actions available to the Group in such circumstances, including controlling the cost base as required, as well as the potential funding options available to the Group.
Whilst the Group continues to grow revenues and progress towards profitability, continued investment in product development and operational capability, together with future debt servicing requirements, means that the Group may continue to generate net cash outflows in the near term.
The Directors have reviewed the Group’s trading and cash flow forecasts for a period of at least 12 months from the date of approval of the financial statements and consider it appropriate to prepare the financial statements on a going concern basis. In making this assessment, the Directors have considered the Group’s expected revenue growth together with alternative scenarios where growth is delayed. The Directors have also considered the mitigating actions available to the Group in such circumstances, including controlling the cost base as required, as well as the potential funding options available to the Group.
Revenue earned from services is recognised in line with the period in which services are supplied to customers. Revenue from the sale of goods is recognised upon supply of goods to customers.
Individual customer contracts are reviewed to determine the relevant split of services and their applicable time frames, with revenue from these contracts recognised in line with the policies outlined above.
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:
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.
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OXFORD MEDICAL SIMULATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
2.ACCOUNTING POLICIES (CONTINUED)
The Group applies the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instruments Issues" of FRS 102 in accounting for its financial instruments.
Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
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OXFORD MEDICAL SIMULATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
2.ACCOUNTING POLICIES (CONTINUED)
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Non-basic financial liabilities
Financial liabilities that do not meet the conditions of a basic financial instrument under Section 11 of FRS 102 are classified as non-basic financial liabilities and accounted for under Section 12.
Non-basic financial liabilities are initially recognised at fair value and subsequently measured at fair value at each reporting date, with changes in fair value recognised in profit or loss.
Non-basic financial liabilities are initially recognised at fair value and subsequently measured at fair value at each reporting date, with changes in fair value recognised in profit or loss.
The Group's venture debt facility contains a variable success fee linked to a future exit event and is therefore classified as a non-basic financial liability measured at fair value through profit or loss.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
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OXFORD MEDICAL SIMULATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
2.ACCOUNTING POLICIES (CONTINUED)
Functional and presentation currency
Transactions and balances
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OXFORD MEDICAL SIMULATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
2.ACCOUNTING POLICIES (CONTINUED)
Research and development expenditure is recognised as an expense in the period in which it is incurred. No development costs have been capitalised.
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OXFORD MEDICAL SIMULATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
Fair value of venture debt facility
The fair value of the venture debt facility is determined using a discounted cash flow methodology. In determining the fair value, management applies judgement in relation to the expected future cash flows associated with the facility, including any contingent amounts payable, the expected timing of those cash flows and the appropriate discount rate.
The assumptions used reflect management's assessment of the terms of the facility, relevant market information and the circumstances of the Group at the reporting date. Changes in these assumptions could affect the carrying amount of the liability and the fair value movement recognised in the profit or loss.
The Group measures the cost of equity-settled share-based payment transactions with employees by reference to the fair value of the equity instruments granted, determined at the grant date. The fair value is estimated using appropriate valuation models such as the Black-Scholes option pricing model, which incorporates assumptions including expected volatility, risk-free interest rate, expected option life, and expected dividend yield.
For share-based payments to non-employees, the Group measures the cost by reference to the fair value of the services provided, where this can be reliably measured. If the fair value of the services cannot be reliably measured, the fair value of the equity instruments granted is determined using the Black-Scholes model.
The total expense for share-based payments is recognised in the statement of comprehensive income over the vesting period, with a corresponding increase in equity. The number of options expected to vest is reviewed at each reporting date, and adjustments are made to the expense recognised to reflect changes in the estimated number of options expected to vest.
Analysis of turnover by country of destination:
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OXFORD MEDICAL SIMULATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
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OXFORD MEDICAL SIMULATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
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OXFORD MEDICAL SIMULATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
No deferred tax asset has been recognised in respect of tax losses arising in the subsidiary entities due to uncertainty regarding the timing of crystallisation.
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OXFORD MEDICAL SIMULATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
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OXFORD MEDICAL SIMULATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
12.TANGIBLE FIXED ASSETS (CONTINUED)
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OXFORD MEDICAL SIMULATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
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OXFORD MEDICAL SIMULATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
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OXFORD MEDICAL SIMULATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
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OXFORD MEDICAL SIMULATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
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OXFORD MEDICAL SIMULATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
Share premium account
Foreign exchange reserve
Share options reserve
Profit and loss account
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OXFORD MEDICAL SIMULATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
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OXFORD MEDICAL SIMULATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
The Group operates defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £87,506 (2025 - £79,161). Contributions totalling £29,159 (2025 - £22,900) were payable to the fund at the balance sheet date and are included in creditors.
Comparative Group creditors have been restated to reclassify £779,789 from amounts due within one year to amounts due after more than one year within accruals and deferred income, reflecting the expected timing of settlement. This adjustment affects Group presentation only and has no impact on net assets, profit/(loss) for the year or Company only figures.
Comparative Group and Company operating lease commitment disclosures have been restated to include leases omitted from the previous disclosure. This adjustment affects disclosure only and has no impact on profit, net assets or cash flows in either the Group or Company financial statements.
The comparative staff costs disclosure has been restated following a review of the underlying nominal ledger classifications. Group wages and salaries decreased by £43,997, while social security costs increased by £162,983, resulting in an overall increase in disclosed Group staff costs of £118,986. Company wages and salaries increased by £25,671 to include previously omitted staff commission costs. These adjustments represent disclosure reclassifications only and have no impact on previously reported profit or net assets.
Comparative Group and Company operating lease commitment disclosures have been restated to include leases omitted from the previous disclosure. This adjustment affects disclosure only and has no impact on profit, net assets or cash flows in either the Group or Company financial statements.
The comparative staff costs disclosure has been restated following a review of the underlying nominal ledger classifications. Group wages and salaries decreased by £43,997, while social security costs increased by £162,983, resulting in an overall increase in disclosed Group staff costs of £118,986. Company wages and salaries increased by £25,671 to include previously omitted staff commission costs. These adjustments represent disclosure reclassifications only and have no impact on previously reported profit or net assets.
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