The Oxford Health Company Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08415762 (England and Wales)

Unaudited Financial Statements

for the Year Ended 28 February 2021

for

The Oxford Health Company Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

P J Burrows

T E G Humphrey

J E Allan

REGISTERED OFFICE:

The Glades

Festival Way

Festival Park

Stoke on Trent

Staffordshire

ST15SQ

REGISTERED NUMBER:

08415762 (England and Wales)

FIXED ASSETS

Intangible assets

4

10,952

-

Tangible assets

5

683,382

331,390

694,334

331,390

CURRENT ASSETS

Stocks

371,630

253,413

Debtors

6

875,114

224,544

Cash at bank

314,525

54,443

1,561,269

532,400

CREDITORS

Amounts falling due within one year

7

943,677

260,659

NET CURRENT ASSETS

617,592

271,741

TOTAL ASSETS LESS CURRENT LIABILITIES

1,311,926

603,131

CREDITORS

Amounts falling due after more than one year

8

(435,203

)

(96,834

)

PROVISIONS FOR LIABILITIES

(89,100

)

(21,300

)

NET ASSETS

787,623

484,997

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

787,523

484,897

787,623

484,997

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 6 July 2021 and were signed on its behalf by:

T E G Humphrey - Director

1.	STATUTORY INFORMATION

The Oxford Health Company Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' including the provisions of Section 1A ''Small Entities'' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements cover the company as an individual entity and are presented in Pounds Sterling (£) being the functional currency.

The financial statements have been prepared on a going concern basis on the assumption that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have made this assessment with regard to the company’s current and expected performance.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, after discounts, returns and rebates, excluding value added tax and other sales taxes.

Sale of goods

Turnover from the sale of goods is recognised when all the following conditions are satisfied:

-

the company has transferred to the buyer the significant risks and rewards of ownership of the goods;

-

the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

-

the amount of turnover can be measured reliably;

-

it is probable that the economic benefits associated with the transaction will flow to the company; and

-

the costs incurred or to be incurred in respect of the transition can be measured reliably.

Usually, turnover from the sale of goods is recognised when the goods are delivered and legal title has passed.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

20% on cost

Fixtures and fittings

-

20% or 25% on cost

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Stocks

Stocks are stated at the lower of cost and net realisable value (estimated selling price less costs to complete and sell). Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Financial instruments

Basic financial assets and liabilities are initially measured at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future cash flows discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax, if applicable. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets, obtained under hire purchase contracts and finance leases, are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account on a straight-line basis.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2020 - 16 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

Additions

11,138

At 28 February 2021

11,138

AMORTISATION

Charge for year

186

At 28 February 2021

186

NET BOOK VALUE

At 28 February 2021

10,952

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

property

fittings

Totals

£

£

£

COST

At 1 March 2020

111,262

348,730

459,992

Additions

28,050

462,430

490,480

At 28 February 2021

139,312

811,160

950,472

DEPRECIATION

At 1 March 2020

22,252

106,350

128,602

Charge for year

25,100

113,388

138,488

At 28 February 2021

47,352

219,738

267,090

NET BOOK VALUE

At 28 February 2021

91,960

591,422

683,382

At 29 February 2020

89,010

242,380

331,390

Fixed assets, included in the above, which are held under finance leases are as follows:

Fixtures

and

fittings

£

COST

At 1 March 2020

205,353

Additions

325,770

At 28 February 2021

531,123

DEPRECIATION

At 1 March 2020

46,192

Charge for year

75,807

At 28 February 2021

121,999

NET BOOK VALUE

At 28 February 2021

409,124

At 29 February 2020

159,161

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

782,823

146,748

Other debtors

92,291

77,796

875,114

224,544

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

266,144

8,726

Finance leases (see note 9)

107,239

46,036

Trade creditors

384,802

120,328

Taxation and social security

173,157

40,875

Other creditors

12,335

44,694

943,677

260,659

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

214,790

40,935

Finance leases (see note 9)

220,413

55,899

435,203

96,834

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

31,667

-

Finance leases

-

11,909

31,667

11,909

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Finance leases

2021

2020

£

£

Net obligations repayable:

Within one year

107,239

46,036

Between one and five years

220,413

43,990

In more than five years

-

11,909

327,652

101,935

Non-cancellable

operating leases

2021

2020

£

£

Within one year

1,967

2,833

Between one and five years

-

2,361

1,967

5,194

10.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

CBILS loan

190,000

-

Other loans

250,000

-

440,000

-

The CBILS loan has a debenture which is secured by way of A) a fixed charge on all properties present and future, goodwill and uncalled capital and equipment, and B) a floating charge on the undertaking and all other property and assets of the Company.

Within other loans is an invoice financing liability, this is secured on the invoice raised.

The finance leases are secured on the assets concerned.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 28 February 2021 and 29 February 2020:

2021

2020

£

£

T E G Humphrey

Balance outstanding at start of year

-

-

Amounts advanced

1,873

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

1,873

-

J E Allan

Balance outstanding at start of year

-

-

Amounts advanced

1,883

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

1,883

-

12.	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. Contributions totalling £3,096 (2020 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.