OXFORD ANALYTICA LIMITED | |||||||||||
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED | |||||||||||
31 DECEMBER 2015 | |||||||||||
Company Registration Number: 01196703 | |||||||||||
OXFORD ANALYTICA LIMITED | ||||||||||
ABBREVIATED FINANCIAL STATEMENTS | ||||||||||
FOR THE YEAR ENDED 31 DECEMBER 2015 | ||||||||||
CONTENTS | PAGES | |||||||||
Company information | 1 | |||||||||
Balance sheet | 2 to 3 | |||||||||
Notes to the abbreviated financial statements | 4 to 8 | |||||||||
OXFORD ANALYTICA LIMITED | |||||||||||
COMPANY INFORMATION | |||||||||||
FOR THE YEAR ENDED 31 DECEMBER 2015 | |||||||||||
DIRECTORS | |||||||||||
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SECRETARY | |||||||||||
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L J McLaren (resigned 30 April 2015) | |||||||||||
REGISTERED OFFICE | |||||||||||
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COMPANY REGISTRATION NUMBER | |||||||||||
01196703 England and Wales | |||||||||||
OXFORD ANALYTICA LIMITED | |||||||||||
BALANCE SHEET | |||||||||||
AS AT |
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Notes | 2015 | 2014 | |||||||||
£ | £ | ||||||||||
(As restated - Note 2) | |||||||||||
FIXED ASSETS | |||||||||||
Tangible assets | 3 |
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CURRENT ASSETS | |||||||||||
Debtors |
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Cash at bank and in hand |
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CREDITORS: Amounts falling due |
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within one year | |||||||||||
Accruals and deferred income | 2,087,716 | 1,923,577 | |||||||||
3,067,363 | 2,900,380 | ||||||||||
NET CURRENT (LIABILITIES) | ( |
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CURRENT LIABILITIES LESS TOTAL ASSETS | ( |
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CREDITORS: Amounts falling due |
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after more than one year | |||||||||||
NET (LIABILITIES) | ( |
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CAPITAL AND RESERVES | |||||||||||
Called up share capital | 5 |
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Capital contribution reserve | 128,912 | 128,912 | |||||||||
Profit and loss account | ( |
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SHAREHOLDER'S (DEFICIT) | ( |
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Signed on behalf of the board of directors | |||||||||||
D R Young | |||||||||||
Director | |||||||||||
Date approved by the board: |
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OXFORD ANALYTICA LIMITED | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 DECEMBER 2015 | |||||||||||
1 | STATEMENT OF ACCOUNTING POLICIES | ||||||||||
Accounting convention | |||||||||||
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Going concern | |||||||||||
The nature of the company's business is that there are significant deferred revenues, having a direct impact on the net current liabilities and net liabilities position of the company. Included in accruals and deferred income is £1,695,741 (2014 - £1,597,110) of deferred revenue related to Daily Brief subscriptions paid in advance by clients which are non-refundable in any event other than the discontinuance of the company. Excluding the deferred revenue referred to above, the company is in a net current liability position of £415,536 (2015 - £168,564) and a net liability position of £159,276 (2015 - net asset position of £344,611). | |||||||||||
The company also owes its bank £464,307 and fellow group companies £581,791 which could be required for repayment without notice. The company is therefore dependent upon the continued support of the bank and its fellow group companies. The directors do not consider the support of the bank or its fellow group companies likely to be withdrawn. | |||||||||||
The directors are aware of the financial position of the company and have carefully considered the prospects for the business for the foreseeable future by preparing budgets and ensuring that financial support from other parts of the group is available. The directors are satisfied that it is appropriate to prepare the accounts on a going concern basis and are confident of the future success of the business. | |||||||||||
If the going concern basis was not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for additional liabilities that might arise and to reclassify fixed assets as current assets. |
1 | STATEMENT OF ACCOUNTING POLICIES (continued…) | ||||||||||
Turnover | |||||||||||
Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, stated net of trade discounts and value added tax. | |||||||||||
Subscription income (Daily Brief and Global Risk Monitor (GRM)) | |||||||||||
Turnover from subscription income is recognised on a straight line basis over the length of the subscription. Deferred income represents the element of the subscription income relating to future accounting periods. | |||||||||||
Advisory income | |||||||||||
In the case of advisory engagements, turnover reflects the contract activity during the year and represents the proportion of total contract value which costs incurred to date bear to total expected contract costs. | |||||||||||
Conference income | |||||||||||
Turnover from conferences primarily represents income generated by the Global Horizons Conference held annually at Oxford University and is recognised once the conference has taken place. |
Tangible fixed assets | |||||||||||
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Depreciation has been provided at the following rates so as to write off the cost less residual value of the assets over their estimated useful lives. | |||||||||||
Freehold property |
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Fixtures and fittings |
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Computer equipment |
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Website development |
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Leases | |||||||||||
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account on a straight line basis, to produce an approximately constant rate of charge on the balance of capital repayments outstanding. | |||||||||||
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. |
1 | STATEMENT OF ACCOUNTING POLICIES (continued…) | ||||||||||
Financial instruments | |||||||||||
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Deferred taxation | |||||||||||
Deferred taxation is the taxation attributable to timing differences between profits computed for taxation purposes and profits as stated in the financial statements and is fully provided for, except in circumstances where losses are deemed irrecoverable, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. | |||||||||||
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. | |||||||||||
The company also contributes to some employees' personal pension plans and the pension charge includes the amounts payable by the company to the funds. |
Foreign currencies | |||||||||||
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Barter transactions | |||||||||||
The company has continued to enter into barter transactions during the period in which Daily Brief services and conference sponsorship are provided in return for sales and marketing related services (including advertising and membership fees) | |||||||||||
Barter transactions are recorded as turnover at an amount equal to the estimated fair value of the services received or of the publication provided, depending on which is more clearly evident. A corresponding amount is recorded as cost of sales when the services received are consumed. The lower of the estimated fair value of the services received or the estimated fair value of the subscription/sponsorship was £130,975 (2015 - £130,975). |
2 | RESTATEMENT OF COMPARATIVES | ||||||||||
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Net Current Assets | Creditors: Amounts due in less than one year | Creditors: Amounts due in more than one year | |||||||||
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2014 as previously reported | 157,903 | 976,803 | 1,988,892 | ||||||||
Reclassification of accruals and deferred income | (1,923,577) | 1,923,577 | (1,923,577) | ||||||||
2014 restated | (1,765,674) | 2,900,380 | 65,315 |
3 | TANGIBLE ASSETS | ||||||||||
Tangible assets | |||||||||||
£ | |||||||||||
Cost | |||||||||||
At 1 January 2015 |
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Additions |
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Disposals | ( |
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At 31 December 2015 |
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Accumulated depreciation | |||||||||||
At 1 January 2015 |
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Charge for year |
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Disposals | ( |
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At 31 December 2015 |
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Net book value | |||||||||||
At 1 January 2015 |
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At 31 December 2015 |
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4 | SECURITY | ||||||||||
The bank loan is secured by a legal charge over the freehold property. The rate of interest applicable to the loan is 2.5% above the Bank of England base rate and the loan is to be repaid over a total period of 10 years. | |||||||||||
5 | SHARE CAPITAL | ||||||||||
Nominal value | Number | 2015 | 2014 | ||||||||
£ | £ | £ | |||||||||
Allotted, called up and fully paid: | |||||||||||
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6 | PARENT COMPANY AND ULTIMATE CONTROLLING PARTY | ||||||||||
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