Introduction and principal activities
Oxford Capital Partners Holdings Limited is the parent company of a group that includes Oxford Capital Partners LLP and its subsidiary undertakings. Through Oxford Capital Partners LLP, which is authorised and regulated by the Financial Conduct Authority, the Group manages alternative asset investment strategies for private and institutional investors, focused on technology venture capital.
The Group was formed in 1999 and continues to support the UK innovation economy by providing capital and strategic support to founders of growth companies. During the year, investment activity continued through the Oxford Capital EIS Fund and Co-Investor Circle propositions. This included participation in a range of companies including high profile investment rounds such as the Series C financings of Oxford Quantum Circuits and Scan.com, demonstrating the Group’s access to later-stage opportunities within the Oxford and wider UK innovation ecosystem.
The Group has backed more than 100 companies since its formation. Its investment activity remains focused on sectors with the potential to deliver long-term economic and social value, including healthcare, cyber-security, financial technology, AI technology and related infrastructure, as well as quantum technologies.
Fundraising conditions remained challenging during the year. Nevertheless, recurring management and administration fees, transaction-related income combined with cost discipline supported the resilience of the business. The Group continued to invest in its operating platform, systems, processes and control environment to improve efficiency, operational resilience, regulatory compliance and client service.
Turnover for the year was £1.7m (2025: £1.7m), shareholders’ funds at the year-end were £2.7m (2025: £2.7m), and the Group made a loss for the financial year of £0.07m.
Strategy and future outlook
The Group’s strategic priorities are to deliver attractive long-term investment performance, to provide a high-quality service to clients, to grow assets under management, and to broaden its product range. The Group continues to broaden access to later-stage growth opportunities for sophisticated investors and to refine its retail fund and direct investment propositions, while maintaining disciplined investment selection, effective risk management and appropriate governance.
The external environment for fundraising and private-market investment continues to offer attractive opportunities despite multiple uncertainties, and investors continue to be selective when making new commitments. The directors nevertheless consider that the Group’s established track record, experienced team, investor relationships and position within the Oxford and wider UK innovation ecosystem provide a sound platform for its future development.
In performing their duties under section 172(1) of the Companies Act 2006, the directors have acted in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole. In doing so, the Board has considered the likely long-term consequences of its decisions and the interests of clients, employees, portfolio companies, suppliers, regulators, shareholders and the wider community.
The Board of Holdings oversees strategy, finance, resourcing, culture, conduct, risk management and operational delivery. It receives information from the Management Committee of the LLP, its Investment Committee and other and governance committees, challenges management’s proposals and considers the interests of relevant stakeholders when making material decisions. During the year, continued attention was given to investment performance, client outcomes, operational resilience, regulatory compliance, the development of the Group’s investment propositions and the prudent management of financial resources.
The Group supports portfolio companies through the provision of capital, experience and strategic guidance. The directors believe this contributes to innovation, employment and the commercial development of businesses in sectors important to the UK economy. The Group also continued to review its environmental, social and governance approach within its investment and oversight processes.
The Group’s revenues arise mainly from investment management and related activities. Its financial performance and ability to grow depend on raising capital from investors, sourcing and completing suitable investments, delivering satisfactory investment performance and retaining the confidence of clients and other stakeholders. Both the Board and the Management Committee are attentive to a range of common risks:
Fundraising risk: market conditions and investor sentiment may reduce or delay inflows into the Group’s investment propositions.
Investment risk: portfolio companies may underperform or fail, and suitable investments may not be available on acceptable terms.
Revenue concentration and timing risk: management, administration and transaction-related income may vary with fundraising and investment activity.
Regulatory and conduct risk: failure to meet applicable regulatory requirements, including Consumer Duty obligations, could result in financial loss, remediation or reputational damage.
Operational and cyber risk: failures in systems, processes, data security or third-party services could disrupt operations or adversely affect clients.
People risk: the Group relies on attracting, retaining and developing experienced investment, operational and compliance professionals.
The Board and senior management monitor these risks through regular management information, financial forecasting, compliance oversight and reviews of policies, controls and operational resilience arrangements.
Liquidity and going concern
As a financial services group operating in an industry that may be affected by systemic shocks and other market challenges, the Group considers prudent financial management and long-term stability to be important. The Board, mindful of its fiduciary responsibilities and acting with the support of shareholders, seeks to manage the business in accordance with a policy of long-term stewardship. This includes maintaining an appropriately strong balance sheet and liquid reserves to support the Group’s clients and other stakeholders during periods of uncertainty. The directors regularly review cash-flow forecasts, regulatory capital and liquidity requirements, downside scenarios and the Group’s ability to meet liabilities as they fall due.
Having considered the Group’s financial position, forecasts and reasonable downside scenarios, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the period assessed. Accordingly, the directors adopt the going concern basis in preparing the financial statements.
On behalf of the board
The directors present their annual report and financial statements for the year ended 30 June 2026.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 group and parent company, and of the profit or loss of the group for that period.
In preparing these financial statements, the directors are required to:
select suitable accounting policies and then 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 group and parent company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
We have audited the financial statements of Oxford Capital Partners Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2026 which comprise the group profit and loss account, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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).
Basis for opinion
Conclusions relating to going concern
Other information
Opinions on other matters prescribed by the Companies Act 2006
As explained more fully in the directors' responsibilities statement, 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 group's and parent 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 group or parent company or to cease operations, or have no realistic alternative but to do so.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
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 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.
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where applicable; 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;
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims;
reviewing relevant correspondence.
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: https://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 parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £69,731 (2025 - £224,899 loss).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
Oxford Capital Partners Holdings Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 46 Woodstock Road, Oxford, OX2 6HT.
The group consists of Oxford Capital Partners Holdings Ltd and all of its subsidiaries.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The consolidated group financial statements consist of the financial statements of the parent company Oxford Capital Partners Holdings Ltd together with all entities controlled by the parent company (its subsidiaries).
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
All financial statements are made up to 30 June 2026. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Non-controlling (minority) interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Fixed profit shares for minority interest members of Oxford Capital Partners LLP totalling £156,548 (2025: £149,917) have been included within operating expenses with the remainder of their share of the profits disclosed as 'minority interests' on the face of the profit and loss account.
No profit and loss account is presented for the company as permitted by Section 408 of the Companies Act 2006.
The disclosure exemption within FRS102 to not present a statement of cash flows for the parent company has been taken.
At the time of approving the financial statements, the directors have a reasonable expectation that the group and parent company have adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the group’s activities. Turnover is shown net of value added tax, rebates and discounts. The group recognises revenue when the amount can be reliably measured, it is probable that future economic benefits will flow to the entity, and specific criteria have been met for each of the group's activities.
In particular, income generated from investment management is based on a percentage of funds under management. This is accrued (net of amounts not expected to be recovered) if there isn't sufficient cash on account to pay. The accruals are cleared through the generation of exit proceeds.
Initial fees are recognised when the investment monies are received.
Performance fees are only recognised when the underlying investments which generate the fees are realised, and certain criteria have been fulfilled.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
Investments in group undertakings are included at cost less impairment.
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in the profit and loss account. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
The group has participating shares in some of the companies in which it has arranged investment. These shares only have value when certain criteria are met (for example where proceeds on the sale of a company exceed a specified amount). Any amounts receivable from the disposals of shares are shown as a profit on disposal of investments in the year in which the value is realised.
Debtors are amounts due from customers for services delivered in the ordinary course of business.
Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of debtors is established when there is objective evidence that the group will not be able to collect all amounts due.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group 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.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the value of money is material, the initial measurement is on present value basis.
The tax expense for the period comprises current 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 group operates and generates taxable income.
Deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.
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 paid.
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources.
The key accounting judgement made by the directors in preparing the financial statements is the level of provision for impairment against debtors and accrued income.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2025 - 1).
The actual charge/(credit) for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
Details of the company's subsidiaries at 30 June 2026 are as follows:
The principal activity of Oxford Capital Partners LLP is investment management. All other subsidiaries are dormant. The registered office of all the subsidiary undertakings is 46 Woodstock road, Oxford, OX2 6HT.
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
Rights
All shares rank equally for dividends, return on capital and carry one vote each.
Founder shares
These consist of 51,300 founder A shares, 14,850 founder B shares and 23,850 founder C shares.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
The remuneration of key management personnel is as follows.
Within minority interest in the group creditors is an aggregate £339,744 (2025: £339,410) of capital held within Oxford Capital Partners LLP in respect of key management.
Company
The company's profit share for the year from its subsidiary Oxford Capital Partners LLP was loss of £6,185 (2025: £207,797 loss). The amount owed to Oxford Capital Partners LLP at 30 June 2026 was £47,875 (2025: £nil).