OX2P Ltd Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 04439476

OX2P Ltd

Filleted Unaudited Financial Statements

31 March 2022

OX2P Ltd

Statement of Financial Position

31 March 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	5		3,903	8,775

Current assets

Stocks		6,625	–
Debtors	6	48,907	47,909
Cash at bank and in hand		33,423	172,516
		--------	---------
		88,955	220,425

Creditors: amounts falling due within one year	7	48,750		53,592
		--------		---------
Net current assets			40,205	166,833
			--------	---------
Total assets less current liabilities			44,108	175,608

Creditors: amounts falling due after more than one year	8	31,340	39,583
		--------	---------
Net assets		12,768	136,025
		--------	---------

Capital and reserves

Called up share capital	2	2
Profit and loss account	12,766	136,023
	--------	---------
Shareholders funds	12,768	136,025
	--------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

OX2P Ltd

Statement of Financial Position (continued)

31 March 2022

These financial statements were approved by the board of directors and authorised for issue on 10 October 2022 , and are signed on behalf of the board by:

Mr T Matthews

Director

Company registration number: 04439476

OX2P Ltd

Notes to the Financial Statements

Year ended 31 March 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5 Minton Place, Victoria Road, Bicester, Oxon, OX26 6QB.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. 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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures & Fittings	-	15% straight line
Equipment	-	33% straight line

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2021: 2 ).

5. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 April 2021	5,594	40,308	45,902
Additions	–	2,812	2,812
Disposals	–	( 12,339)	( 12,339)
	-------	--------	--------
At 31 March 2022	5,594	30,781	36,375
	-------	--------	--------
Depreciation
At 1 April 2021	4,147	32,980	37,127
Charge for the year	618	5,666	6,284
Disposals	–	( 10,939)	( 10,939)
	-------	--------	--------
At 31 March 2022	4,765	27,707	32,472
	-------	--------	--------
Carrying amount
At 31 March 2022	829	3,074	3,903
	-------	--------	--------
At 31 March 2021	1,447	7,328	8,775
	-------	--------	--------

6. Debtors

	2022	2021
	£	£
Trade debtors	27,414	12,740
Other debtors	21,493	35,169
	--------	--------
	48,907	47,909
	--------	--------

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	11,160	10,417
Trade creditors	29,576	15,691
Corporation tax	4,591	–
Other creditors	3,423	27,484
	--------	--------
	48,750	53,592
	--------	--------

8. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Bank loans and overdrafts	31,340	39,583
	--------	--------