Oxlink Limited - Filleted accounts

OXLINK LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2017

Company Registration Number: 03092332

OXLINK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
CONTENTS									PAGES
Company information									1
Balance sheet									2 to 3
Notes to the financial statements									4 to 8

OXLINK LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2017
DIRECTOR
D R B Finch
SECRETARY
Ms C Sullivan
REGISTERED OFFICE
3 St Andrews Court
Wellington Street
Thame
Oxfordshire
OX9 3WT
COMPANY REGISTRATION NUMBER
03092332 England and Wales

OXLINK LIMITED
BALANCE SHEET
AS AT 31 December 2017
			Notes		2017				2016
					£				£
FIXED ASSETS
Tangible assets			5				415				659
CURRENT ASSETS
Stock					15,662				9,458
Debtors			6		95,999				118,647
Cash at bank and in hand					4,106				1,857
					115,767				129,962
CREDITORS: Amounts falling due within one year			7		93,131				124,265
NET CURRENT ASSETS							22,636				5,697
NET ASSETS							23,051				6,356
CAPITAL AND RESERVES
Called up share capital							1				1
Distributable profit and loss account							23,050				6,355
SHAREHOLDER'S FUNDS							23,051				6,356
These accounts have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board
D R B Finch
Director
Date approved by the board: 15 March 2018

OXLINK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
1	GENERAL INFORMATION
	Oxlink Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
	3 St Andrews Court
	Wellington Street
	Thame
	Oxfordshire
	OX9 3WT
	The financial statements are presented in Sterling, which is the functional currency of the company.
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Basis of preparation of financial statements
	These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
	Revenue recognition
	Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of internet related services as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of trade discounts and value added tax.

The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.

	Tangible fixed assets

	Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.

	Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
	Computer and office equipment					Straight line basis at 25% per annum
	On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Financial Instruments
	The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
	Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in profit and loss.

The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

	Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
	Impairment of non-financial assets

	At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.
	If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

	Work in progress

	Work in progress has been valued at the lower of cost and estimated selling price less cost to complete and sell. Cost comprises the cost of materials and direct labour relevant to the stage of construction.

	Debtors

	Short term debtors are measured at transaction price, less any impairment.

2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Creditors
	Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
	Leases
	Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company. Other leases that do not transfer substantially all the risks and rewards of ownership of the leased assets to the company are classified as operating leases.
	Payments applicable to operating leases are charged against profit on a straight line basis over the lease term.
	Taxation
	Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits.
	Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

	Current and deferred tax assets and liabilities are not discounted.
	Pensions
	The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.
3	CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

	No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.

4	EMPLOYEES
	The average number of persons employed by the company (including directors) during the year was:
									2017		2016
	Average number of employees								5		5
5	TANGIBLE ASSETS
											Computer and office equipment
											£
	Cost
	At 1 January 2017										11,451
	At 31 December 2017										11,451
	Accumulated depreciation
	At 1 January 2017										10,792
	Charge for year										244
	At 31 December 2017										11,036
	Net book value
	At 1 January 2017										659
	At 31 December 2017										415
6	DEBTORS
									2017		2016
									£		£
	Trade debtors								35,726		64,903
	Amounts due from group undertakings								59,942		46,881
	Prepayments and accrued income								194		105
	Corporation tax recoverable								-		4,809
	Other debtors								137		1,949
									95,999		118,647
7	CREDITORS: Amounts falling due within one year
									2017		2016
									£		£
	Trade creditors								23,228		10,979
	Other taxation and social security								16,075		18,541
	Amounts due to group undertakings								7,943		30,545
	Accruals and deferred income								27,924		36,091
	Other creditors								17,961		28,109
									93,131		124,265
8	CONTINGENCIES AND COMMITMENTS
	Other Commitments
	Amounts falling due under operating leases:								2017		2016
									£		£
	In less than one year								2,301		-
9	RELATED PARTY TRANSACTIONS
	The company has claimed exemptions from reporting disclosure of related party transactions with the following wholly owned group members:
	Purple Frog Studios Limited
	Associated company
	Purple Frog Creative Limited
	Associated company
10	PARENT COMPANY
	The company is a wholly owned subsidiary undertaking of Purple Frog Studios Limited, a company incorporated in England and Wales.
11	ULTIMATE PARENT COMPANY
	The ultimate parent company is M P T Colour Graphics Limited, a company incorporated in England and Wales.