ACCOUNTS - Final Accounts preparation

OXYGEN MANAGEMENT LTD - Company Information

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Registered number: 10733342

OXYGEN MANAGEMENT LTD

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 30 APRIL 2022

OXYGEN MANAGEMENT LTD

REGISTERED NUMBER: 10733342

BALANCE SHEET

AS AT 30 APRIL 2022

		2022		2021
Note		£		£

Fixed assets
Tangible assets	4		4,423		5,897
Investments	5		34		34
			4,457		5,931
Current assets
Debtors: amounts falling due within one year	6	164,237		100,450
Cash at bank and in hand	7	4,993		31,375
		169,230		131,825
Creditors: amounts falling due within one year	8	(100,661)		(111,897)
Net current assets			68,569		19,928
Total assets less current liabilities			73,026		25,859

Net assets			73,026		25,859

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OXYGEN MANAGEMENT LTD

REGISTERED NUMBER: 10733342

BALANCE SHEET (CONTINUED)

AS AT 30 APRIL 2022

		2022		2021
Note		£		£

Capital and reserves
Called up share capital	1	1
Profit and loss account	73,025	25,858
	73,026	25,859

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 March 2023.

David O'Neill

Director

The notes on pages 3 to 8 form part of these financial statements.

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OXYGEN MANAGEMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 APRIL 2022

1.	General information

Oxygen Management Limited is a company limited by shares which was incorporated in England.
The registered office of the business is:
2 Michaels Court
Hanney Road
Southmoor
Oxon
OX13 5HR
The company's principal activity is construction project management services.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

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

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

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

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

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

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

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OXYGEN MANAGEMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 APRIL 2022

2.Accounting policies (continued)

2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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OXYGEN MANAGEMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 APRIL 2022

2.Accounting policies (continued)

2.8

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles

25%

Reducing balance

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.

2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

2.10

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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OXYGEN MANAGEMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 APRIL 2022

2.Accounting policies (continued)

2.14

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Employees

The average monthly number of employees, including directors, during the period was 1 (2021 - 1).

4.	Tangible fixed assets

		Motor vehicles
		£
	Cost or valuation
	At 1 May 2021	7,863
	At 30 April 2022	7,863
	Depreciation
	At 1 May 2021	1,966
	Charge for the period on owned assets	1,474
	At 30 April 2022	3,440
	Net book value
	At 30 April 2022	4,423
	At 30 April 2021	5,897

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OXYGEN MANAGEMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 APRIL 2022

5.	Fixed asset investments

		Investments in associates
		£
	Cost or valuation
	At 1 May 2021	34
	At 30 April 2022	34

Debtors

					2022	2021
					£	£


Trade debtors	9,579	-
Amounts owed by joint ventures and associated undertakings	145,440	95,000
Other debtors	9,135	5,450
Prepayments and accrued income	83	-
	164,237	100,450

7.	Cash and cash equivalents
		2022	2021
		£	£

Cash at bank and in hand	4,993	31,375
	4,993	31,375

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OXYGEN MANAGEMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 APRIL 2022

8.	Creditors: Amounts falling due within one year
		2022	2021
		£	£

Bank loans	49,553	50,000
Trade creditors	2,798	15,920
Amounts owed to joint ventures	34	34
Corporation tax	16,174	5,262
Other taxation and social security	-	1,565
Other creditors	31,102	19,366
Accruals and deferred income	1,000	19,750
	100,661	111,897

9.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £600 (2021 - £600) .

10.	Related party transactions
	In the year, sales amounting to £103,957 related to work undetaken on properties owned by associate undertakings. At the year end, there were loans outstanding from associated undertakings in the sum of £145,440 (2021 - £95,000)

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