Oxford Medical Simulation Limited
Oxford Medical Simulation Limited
Registered number: 10587122
Financial Statements
For The Year Ended 31 January 2024
Oxford Medical Simulation Limited
Financial Statements
For The Year Ended 31 January 2024
Financial Statements
Contents | |
Page | |
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Statement of Financial Position | 1—2 |
Notes to the Financial Statements | 3—6 |
Oxford Medical Simulation Limited
Statement of Financial Position
As At
31 January 2024
Statement of Financial Position
Registered number:
10587122
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
2024 | 2023 | ||||
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Tangible Assets | 4 |
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CURRENT ASSETS | |||||
Debtors | 5 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 6 |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital | 7 |
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Share premium account |
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Income Statement |
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SHAREHOLDERS' FUNDS | 10,260,323 | 1,855,607 | |||
Oxford Medical Simulation Limited
Statement of Financial Position (continued)
As At
31 January 2024
On behalf of the board
Director
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The notes on pages 3 to 5 form part of these financial statements.
Oxford Medical Simulation Limited
Notes to the Financial Statements
For The Year Ended 31 January 2024
Notes to the Financial Statements
1.
General Information
Oxford Medical Simulation Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
10587122
. The registered office is 201 Borough High Street, London, SE1 1JA.
The presentation currency of the financial statements is the Pound Sterling (£).
The presentation currency of the financial statements is the Pound Sterling (£).
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Going Concern Disclosure
Whilst the business has been loss making in the financial year, the Directors regularly review the cash position and forecast and believe there is sufficient funds to pay liabilities as they fall due. As such the Directors agree the going concern basis is the appropriate method to prepare these financial statements.
2.3.
Significant judgements and estimations
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates if necessary. It also requires management to exercise judgement in applying the company accounting policies.
2.4.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.5.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery |
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Computer Equipment |
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2.6.
Financial Instruments
2.6.
Financial Instruments - continued
The company has elected to apply the provisions of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments Issues of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement consitutes a financing transaction, where the transaction is measured at the present value if the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
...CONTINUED
Oxford Medical Simulation Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 January 2024
Classification of financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitute and financing transaction, where the debt instrument is measured at the present value of future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditor are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently at amortised cost using the effective interest method.
2.7.
Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.8.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.9.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 54 (2023: 36)
Oxford Medical Simulation Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 January 2024
4.
Tangible Assets
Plant & Machinery | Computer Equipment | Total | |
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£ | £ | £ | |
Cost | |||
As at 1 February 2023 |
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Additions |
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As at 31 January 2024 |
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Depreciation | |||
As at 1 February 2023 |
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Provided during the period |
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As at 31 January 2024 |
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Net Book Value | |||
As at 31 January 2024 |
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As at 1 February 2023 |
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5.
Debtors
2024 | 2023 | ||
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£ | £ | ||
Due within one year | |||
Trade debtors |
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Amounts owed by group undertakings | 3,665,955 | 2,731,027 | |
Other debtors | 230,246 | 534,531 | |
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6.
Creditors: Amounts Falling Due Within One Year
2024 | 2023 | ||
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£ | £ | ||
Trade creditors |
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Other creditors | 2,780,905 | 2,681,316 | |
Taxation and social security |
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8.
Share-based payment transactions
EMI Scheme
The Company operates an Approved EMI Share Option Plan where certain employees are granted options to purchase shares in the Company. On exercise of the options by the employee, the Company issues new shares. In the year ended 31 January 2024, 5,000 options were granted at an exercise price of £19.00. The existing options vest equally over the remaining vesting period.
The Company operates an Approved EMI Share Option Plan where certain employees are granted options to purchase shares in the Company. On exercise of the options by the employee, the Company issues new shares. In the year ended 31 January 2024, 5,000 options were granted at an exercise price of £19.00. The existing options vest equally over the remaining vesting period.
...CONTINUED
Oxford Medical Simulation Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 January 2024
All Options issued to date are over Ordinary Shares.
The following table illustrates the number and weighted average exercise prices (WAEP) of, and movements in, share options during the year under the Approved EMI Share Option Plan.
2024
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2024
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2023
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2023
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No.
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WAEP £
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No.
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WAEP £
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Outstanding as at 1 February
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2,000
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16.19
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1,000
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13.38
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Granted in the year
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5,000
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19.00
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1,000
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19.00
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Lapsed in the year
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-
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-
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-
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-
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Outstanding at 31 January
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7,000
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18.20
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2,000
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16.19
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Exercisable at 31 January
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2,333
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16.59
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958
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13.80
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The Company is unable to directly measure the fair value of employee services received. Instead the fair value of the share options granted during the year is determined using the Black-Scholes model. The model is internationally recognised as being appropriate to value employee share schemes similar to the scheme the Company have in place. Since the options are granted to employees at the fair market value at the time of grant, the fair value as calculated using the Black-Scholes model is entirely immaterial to the users of the financial statements and as such the Directors have taken the decision not to reflect any charge to profit for the grant of EMI options.
Unapproved Scheme
The Company also operates an unpproved Share Option Scheme, where certain individuals are granted options to purchase shares in the Company. Under this plan, individuals are granted options over Ordinary shares with options vesting under differing schedules. In the year ended 31 January 2024, 1,000 options were granted.
All Options issued are over Ordinary Shares.
The following table illustrates the number and weighted average exercise prices (WAEP) of, and movements in, share options during the year under the unapproved Share Option Plan.
2024
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2024
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2023
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2023
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No.
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WAEP £
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No.
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WAEP £
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Outstanding as at 1 February
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6,735
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84.70
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6,735
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84.70
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Granted during the year
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1,000
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35.74
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-
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84.70
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Outstanding at 31 January
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7,735
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78.37
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6,735
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84.70
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Exercisable at 31 January
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2,920
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84.70
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1,572
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84.70
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The Company is unable to directly measure the fair value of employee services received. Instead the fair value of the share options granted during the year is determined using the Black-Scholes model. The model is internationally recognised as being appropriate to value employee share schemes similar to the scheme the Company have in place. charge to profit for the grant of EMI options.