OXYGEN ASSET MANAGEMENT LIMITED - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 05217978 (England and Wales)

OXYGEN ASSET MANAGEMENT LIMITED

Unaudited Financial Statements

for the Year Ended 31 December 2023

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M J Harris

A Woodward

SECRETARY:

A Woodward

REGISTERED OFFICE:

1 Park View Court

St Paul's Road

Shipley

West Yorkshire

BD18 3DZ

REGISTERED NUMBER:

05217978 (England and Wales)

ACCOUNTANTS:

Maclean & Company

1 Park View Court

St Paul's Road

Shipley

West Yorkshire

BD18 3DZ

FIXED ASSETS

Tangible assets

4

1

1

CURRENT ASSETS

Debtors

5

1,093,989

1,136,191

Cash at bank

171,323

231,062

1,265,312

1,367,253

CREDITORS

Amounts falling due within one year

6

518,466

503,217

NET CURRENT ASSETS

746,846

864,036

TOTAL ASSETS LESS CURRENT LIABILITIES

746,847

864,037

CAPITAL AND RESERVES

Called up share capital

7

300

300

Retained earnings

746,547

863,737

SHAREHOLDERS' FUNDS

746,847

864,037

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 June 2024 and were signed on its behalf by:

A Woodward - Director

M J Harris - Director

1.	STATUTORY INFORMATION

OXYGEN ASSET MANAGEMENT LIMITED 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.

Turnover

Turnover is recognised on an accruals basis when services are provided. Turnover is measured as the fair value of the consideration received, excluding trade discounts and value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Leasehold improvements

-

25% on cost

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

Office equipment

-

25% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Fixed asset investments

Fixed asset investments are stated at fair value where the fair value can be measured reliably. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. Any impairment during the year is recognised in the statement of income and retained earnings.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Leasehold

Plant and

and

Office

improvements

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 January 2023

6,000

3,778

15,212

18,641

43,631

Disposals

(6,000

)

-

-

-

(6,000

)

At 31 December 2023

-

3,778

15,212

18,641

37,631

DEPRECIATION

At 1 January 2023

6,000

3,778

15,212

18,640

43,630

Charge written back

(6,000

)

-

-

-

(6,000

)

At 31 December 2023

-

3,778

15,212

18,640

37,630

NET BOOK VALUE

At 31 December 2023

-

-

-

1

1

At 31 December 2022

-

-

-

1

1

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.23

31.12.22

£

£

Trade debtors

606,700

423,194

Amounts owed by group undertakings

408,916

493,801

Other debtors

78,373

219,196

1,093,989

1,136,191

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.23

31.12.22

£

£

Trade creditors

12,593

12,178

Taxation

226,650

250,277

Other creditors

279,223

240,762

518,466

503,217

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.23

31.12.22

value:

£

£

100

Ordinary

£1.00

200

200

100

Ordinary non-voting

£1.00

100

100

300

300

8.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party as control is shared by the two directors M.J.Harris and A Woodward, by virtue of their 100% holding of the company's shares.