ACCOUNTS - Final Accounts
ACCOUNTS - Final Accounts
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Registered number:
FOR THE YEAR ENDED 31 MARCH 2023
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OXFORD GENE TECHNOLOGY (OPERATIONS) LIMITED
COMPANY INFORMATION
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OXFORD GENE TECHNOLOGY (OPERATIONS) LIMITED
CONTENTS
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OXFORD GENE TECHNOLOGY (OPERATIONS) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
Oxford Gene Technology (Operations) Limited ("OGT Ops" or "the Company") is a wholly owned subsidiary of Oxford Gene Technology IP Limited ("OGT"), which is the holding company for a group of molecular genetics companies operating in both the research and diagnostic markets. OGT is a wholly owned subsidiary of Sysmex Corporation ("Sysmex"), a Japanese multinational company that develops, manufactures and sells diagnostic instruments, reagents and related software.
OGT Ops develops, assembles and markets a number of products for the molecular genetics market. The Company's two main brands are: CytoSureTM - A broad range of microarray products for cytogenetics, rare disease, cancer and reproductive health research; and SureSeqTM - A range of next generation sequencing (NGS) panels and library preparation products for the accurate detection of genetic variants.
During the period the Company’s revenues decreased by 3.3% to £10.8 million (2022: £11.2 million). This was mainly driven by a shift in strategic focus towards the development of the NGS business and away from services provided to the Sysmex group. Revenues from services provided to the Sysmex Group decreased by 44.0% to £415,733 (2022: £740,041).
Sales of CytoSure™ decreased by 1.0% to £9.8 million (2022: £9.9 million) with the majority of sales coming from continental Europe. Sales of SureSeq™ increased by 20.0% to £502,410 (2022: £419,274). Royalty and licence fee income also increased, by 4% to £3,753 (2022: £3,611).
Despite the decrease in sales, gross margin increased to 44.5% (2022: 40.3%), which resulted in a 7.0% increase in gross profit to £4,822,411 (2022: £4,511,722).
Expenditure on research and development increased by 21.7% on an annualised basis to £2,910,323 (2022: £2,392,182). During the period research and development was primarily focussed on expanding and improving the Company’s range of NGS panels and library preparation kits, and related software.
Administrative expenses increased in the year, meaning operating profit decreased to £944,121 (2022: £1,346,088).
The Company closed the period with £6,132,158 in cash (31 March 2022: £11,019,027) and continues to be funded through inter-company loans. The Company also made a loan of £8.0 million to Sysmex Corporation during the year. As a result, the net amount owed to group undertakings reduced by £4.9 million to £35.9 million (31 March 2022: £40.7 million).
The Company's financial performance is measured by the following key performance indicators (KPIs):
∙Turnover; and
∙Operating profit
These KPIs are shown in the table below:
As explained above, the decrease in profitability was mainly due to an increase in administrative expenses.
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OXFORD GENE TECHNOLOGY (OPERATIONS) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
The Company is exposed to a variety of risks and uncertainties from its activities. Below are those principal risks and uncertainties that the Board considers could have a material impact on the Company's operational results, financial condition and prospects.
Non-financial risks
Pricing and competition risk
The introduction into the market of superior or significantly cheaper competing products would have a detrimental impact on the Company's revenues and operating profits. In order to mitigate these risks, the Company invests significantly in research and development to both update existing products and develop new cost-effective products.
Supply risk
The Company is dependent on sole suppliers for some of its products. Disruption of supply from one of these suppliers for a period of more than a few months could have a significant impact on the Company's revenues and profits.
Technological risk
The molecular genetics market in which the Company operates is forever changing as new technologies come onto the market. A new technology could be introduced that makes one of the Company's product ranges obsolete with a subsequent material impact on sales and profits. In order to mitigate this risk, the Company keeps abreast of new technologies through trade literature, conferences, and academic and customer contact, and invests significantly in the research and development of new products utilising new technology and knowledge.
Climate Change
The impact of Climate Change is not considered to be a significant risk to the business.
Financial risks
The Company is exposed to a variety of financial risks which result from both its operating and investing activities. The Board is responsible for coordinating the Company's risk management and focuses on actively securing the Company's short to medium term cash flows.
The Company does not actively engage in the trading of financial assets and financial derivatives. The most significant financial risks to which the Company is exposed are described below.
Credit risk
The Company's credit risk is primarily attributable to its trade debtors. The amounts presented in the statement of financial position are net of an allowance for doubtful debtors, estimated by the directors. The Company has no significant concentration of third-party credit risk, with exposure spread over a large number of customers.
The Company has adopted a credit vetting policy based on track record payment history and externally available credit data.
Cash flow risk
The Company seeks to manage risks to ensure sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and properly. The Company can continue to draw on the cash balances of other OGT group companies to fund its activities if required.
Currency risk
The Company is exposed to transaction foreign exchange risk mainly in relation to US dollar and Euro
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OXFORD GENE TECHNOLOGY (OPERATIONS) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
denominated sales. However, the Company also incurs some expenses in these currencies thus reducing the net exchange risk that is managed by regularly reviewing levels of foreign currency and selling excess foreign currency when exchange rates are favourable compared to budget and/or historic levels.
This report was approved by the board and signed on its behalf.
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OXFORD GENE TECHNOLOGY (OPERATIONS) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The directors present their report and the financial statements for the year ended 31 March 2023.
The directors who served during the year were:
The profit for the year, after taxation, amounted to £1,050,367 (2022 - £1,294,688).
No dividend was paid during the year (2022: £nil) and no final dividend is recommended.
The directors expect the Company to record an operating profit in the next financial year despite the impact of Covid-19 causing a disruption to business activities. In order to minimise the impact of the ongoing pandemic, the Company is ensuring a Covid-19 safe working environment by protecting the work-force with social distancing and working from home policies, and expanding the territories in which it sells its products. In addition, the Company is staying close to customer needs to ensure that they can be met effectively.
There have been no significant events affecting the Company since the year end.
The group company, Oxford Gene Technology IP Limited, has made qualifying third-party indemnity provisions for the benefit of its directors which were made during the year and remain in force at the date of this report.
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OXFORD GENE TECHNOLOGY (OPERATIONS) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
The auditor, James Cowper Kreston Audit, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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OXFORD GENE TECHNOLOGY (OPERATIONS) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. 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 Company and of the profit or loss of the Company 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;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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OXFORD GENE TECHNOLOGY (OPERATIONS) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OXFORD GENE TECHNOLOGY (OPERATIONS) LIMITED
We have audited the financial statements of Oxford Gene Technology (Operations) Limited (the 'Company') for the year ended 31 March 2023, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of 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 101 ‘Reduced Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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OXFORD GENE TECHNOLOGY (OPERATIONS) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OXFORD GENE TECHNOLOGY (OPERATIONS) LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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OXFORD GENE TECHNOLOGY (OPERATIONS) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OXFORD GENE TECHNOLOGY (OPERATIONS) LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims;
∙Enquiry of management and those charged with governance to identify any material instances of non-compliance with laws and regulations;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
∙Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
This report is made solely to the 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 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 Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants and Statutory Auditor
2 Chawley Park
Cumnor Hill
Oxfordshire
OX2 9GG
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OXFORD GENE TECHNOLOGY (OPERATIONS) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
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OXFORD GENE TECHNOLOGY (OPERATIONS) LIMITED
REGISTERED NUMBER: 03845432
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 25 form part of these financial statements.
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OXFORD GENE TECHNOLOGY (OPERATIONS) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022
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OXFORD GENE TECHNOLOGY (OPERATIONS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Oxford Gene Technology (Operations) Limited ("the Company") is a private company limited by shares incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is shown on the company information page.
The nature of the Company's operations and its principal activities are set out in the strategic report on pages 1 to 3. These financial statements are presented in pounds sterling because that is the currency of the primary economic environment in which the Company operates.
2.Accounting policies
The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions under FRS 101:
∙the requirements of IFRS 7 Financial Instruments: Disclosures
∙the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
∙the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details in indebtedness relating to amounts payable after 5 years required by company law is presented separately for lease liabilities and other liabilities, and in total
∙the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
- paragraph 79(a)(iv) of IAS 1;
- paragraph 73(e) of IAS 16 Property, Plant and Equipment;
∙the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
∙the requirements of IAS 7 Statement of Cash Flows
∙the requirements of paragraph 74A(b) of IAS 16
∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
∙the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.
This information is included in the consolidated financial statements of Sysmex Corporation as at 31 March 2023 and these financial statements may be obtained from www.sysmex.co.jp/en/.
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OXFORD GENE TECHNOLOGY (OPERATIONS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
The Company has received a letter of support from the ultimate controlling party, Sysmex Corporation, to provide any necessary support to enable the Company to meet its liabilities as they fall due for a period of at least 12 months from the date on which the financial statements are approved. Having considered the financial position of Sysmex Corporation, the directors are satisfied that it has sufficient resources to provide financial support should it be required.
In light of the support that the Company has from its ultimate controlling party, the directors believe the Company will have sufficient funds for the foreseeable future and as such these financial statements have been prepared on a going concern basis. Sale of goods Oxford Gene Technology (Operations) Limited sells a number of products for the molecular genetics market. These are sold under the brands CytoSure- A broad range of microarray products for cytogenetics, rare disease, cancer and reproductive health research; and SureSeq- A range of next generation (NGS) panels and library preparation products for the accurate detection of genetic variants. Sales are made in over 20 countries worldwide. In some countries, the products are sold through distributors, or other OGT and Sysmex group companies. For sales of products, revenue is recognised when the goods are despatched from our warehouse and are in control of the courier. Rendering of Research and Development Services The Company provides research and development services to other group companies for the development of various products. Such services are recognised as a performance obligation satisfied over time. Revenue is recognised for these services based on the stage of completion of the contract or on a cost-plus basis for time, materials and resources provided. For development contracts, the directors have assessed that the stage of completion determined as the proportion of the total time expected to install that has elapsed at the end of the reporting period is an appropriate measure of progress towards complete satisfaction of these performance obligations under IFRS 15. Payment for services is not due from the customer until the agreed contract milestones are complete. For cost-plus contracts revenue is recorded as cost accumulates and the contract asset is recognised over the period in which the research and development services are performed representing the entity's right to consideration for the services performed to date. Royalties Royalty revenue is recognised on an accruals basis in accordance with the substance of the relevant agreement (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably). Royalties determined on a time basis are recognised on a straight-line basis over the period of the agreement. Royalty arrangements that are based on production, sales and other measures are recognised by reference to the underlying arrangement.
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OXFORD GENE TECHNOLOGY (OPERATIONS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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OXFORD GENE TECHNOLOGY (OPERATIONS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
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OXFORD GENE TECHNOLOGY (OPERATIONS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
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.
Financial assets and financial liabilities are initially measured at fair value.
Financial assets
All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.
Debt instruments at amortised cost
Impairment of financial assets
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OXFORD GENE TECHNOLOGY (OPERATIONS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Financial liabilities
At amortised cost
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OXFORD GENE TECHNOLOGY (OPERATIONS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Critical judgements in applying the Company's accounting policies Recoverability of amounts owed by group undertakings Management make estimates when considering the recoverability of amounts owed by group undertakings and whether any provision is required based on expected monies to be received. The directors have assessed the position of each amounts owed by group undertakings and have not identified any impairment.
Analysis of turnover by country of destination:
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OXFORD GENE TECHNOLOGY (OPERATIONS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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OXFORD GENE TECHNOLOGY (OPERATIONS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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OXFORD GENE TECHNOLOGY (OPERATIONS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
8.Taxation (continued)
Deferred tax is provided at 25%, the corporation tax rate that is expected to apply from 1 April 2023.
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OXFORD GENE TECHNOLOGY (OPERATIONS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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OXFORD GENE TECHNOLOGY (OPERATIONS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Defined contribution schemes
The Company operates defined contribution retirement benefit schemes for all qualifying employees. The assets of the schemes are held separately from those of the Company in funds under the control of trustees. The total cost charged to the profit and loss account of £393,950 (2022: £381,318) represents contributions payable to these schemes by the Company at rates specified in the rules of the plan. No contributions were outstanding or prepaid at 31 March 2023 or 31 March 2022.
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OXFORD GENE TECHNOLOGY (OPERATIONS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
The Company's immediate controlling party is Oxford Gene Technology IP Limited, incorporated in England & Wales.
In the opinion of the directors, the Company's ultimate parent Company and ultimate controlling party is The parent undertaking of the largest and smallest group, which includes the Company and for which group accounts are prepared, is
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