OXFORD ANALYTICA LIMITED |
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BALANCE SHEET |
AS AT 31 December 2016 |
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Notes |
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2016 |
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2015 |
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£ |
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£ |
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FIXED ASSETS |
Tangible assets |
7 |
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524,219 |
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539,095 |
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CURRENT ASSETS |
Debtors |
8 |
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1,403,119 |
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925,688 |
Cash at bank and in hand |
820,585 |
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30,398 |
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2,223,704 |
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956,086 |
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CREDITORS: Amounts falling due |
9 |
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4,524,532 |
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3,067,363 |
within one year |
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NET CURRENT (LIABILITIES) |
(2,300,828) |
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(2,111,277) |
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CURRENT LIABILITIES LESS TOTAL ASSETS |
(1,776,609) |
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(1,572,182) |
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CREDITORS: Amounts falling due |
10 |
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257,896 |
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282,835 |
after more than one year |
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NET (LIABILITIES) |
(2,034,505) |
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(1,855,017) |
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CAPITAL AND RESERVES |
Called up share capital |
100 |
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100 |
Distributable profit and loss account |
(2,163,517) |
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(1,984,029) |
Capital contribution reserve |
128,912 |
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128,912 |
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SHAREHOLDERS' (DEFICIT) |
(2,034,505) |
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(1,855,017) |
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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.
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For the financial year ended 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
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Members have not required the company to obtain an audit in accordance with section 476 of the Act.
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The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit or loss for the 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 accounts, so far as applicable to the company.
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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 and Directors ReportProfit and Loss Account or Directors Report. |
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Signed on behalf of the board of directors |
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D R Young |
Director |
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Date approved by the board: 21 September 2017
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Depreciation has been provided at the following rates so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives. |
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Freehold property |
Straight line basis at 2% per annum
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Fixtures and fittings |
Straight line basis at 20% per annum
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Computer equipment |
Straight line basis at 20% per annum
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Website development |
Straight line basis at 33% per annum
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On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in profit and loss account, and included in administrative expenses. |
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2 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…) |
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Financial Instruments |
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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.
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Financial assets are measued at cost and amortised 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.
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3 |
TRANSITION TO FRS 102 |
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This is the first year in which the financial statements have been prepared under FRS 102. Note 14 gives an explanation of the effects of the transition.
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4 |
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS |
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The directors have made key assumptions in the determination of provisions included in the financial statements.
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5 |
EMPLOYEES |
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The average number of persons employed by the company (including directors) during the year was: |
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2016 |
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2015 |
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Average number of employees |
45 |
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49 |
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6 |
DIRECTORS' REMUNERATION |
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2016 |
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2015 |
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Remuneration paid to the directors during the year was: |
143,361 |
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137,502 |
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7 |
TANGIBLE ASSETS |
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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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Total |
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£ |
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£ |
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£ |
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£ |
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£ |
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Cost |
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At 1 January 2016 |
532,203 |
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19,731 |
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148,104 |
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160,427 |
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860,465 |
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Additions |
- |
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28,209 |
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46,535 |
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- |
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74,744 |
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Disposals |
- |
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(2,655) |
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(64,051) |
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- |
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(66,706) |
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At 31 December 2016 |
532,203 |
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45,285 |
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130,588 |
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160,427 |
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868,503 |
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Accumulated depreciation |
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At 1 January 2016 |
170,304 |
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9,036 |
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97,467 |
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44,563 |
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321,370 |
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Charge for year |
10,644 |
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5,837 |
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19,437 |
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53,476 |
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89,394 |
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Disposals |
- |
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(2,655) |
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(63,825) |
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- |
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(66,480) |
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At 31 December 2016 |
180,948 |
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12,218 |
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53,079 |
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98,039 |
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344,284 |
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Net book value |
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At 1 January 2016 |
361,899 |
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10,695 |
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50,637 |
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115,864 |
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539,095 |
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At 31 December 2016 |
351,255 |
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33,067 |
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77,509 |
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62,388 |
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524,219 |
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The company has agreed a charge over the freehold property with a carrying value of £351,255, as security for the bank loan.
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7 |
TANGIBLE ASSETS (continued…) |
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Included in the above are assets held under finance leases and hire purchase contracts as follows: |
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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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Total |
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£ |
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£ |
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£ |
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£ |
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£ |
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Depreciation charge for year |
- |
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2,413 |
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6,258 |
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- |
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8,671 |
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Net book value |
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At 1 January 2016 |
- |
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- |
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28,681 |
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- |
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28,681 |
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At 31 December 2016 |
- |
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21,716 |
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22,423 |
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- |
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44,139 |
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The assets held under finance leases are secured against the assets to which they relate. |
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8 |
DEBTORS |
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2016 |
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2015 |
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£ |
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£ |
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Trade debtors |
1,116,656 |
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664,588 |
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Prepayments and accrued income |
170,352 |
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144,792 |
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Other debtors |
116,111 |
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116,308 |
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1,403,119 |
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925,688 |
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9 |
CREDITORS: Amounts falling due within one year |
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2016 |
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2015 |
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£ |
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£ |
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Bank loans and overdrafts |
26,557 |
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197,116 |
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Trade creditors |
158,233 |
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109,872 |
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Other taxation and social security |
91,466 |
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74,576 |
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Amounts owed to group undertakings |
1,810,266 |
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581,791 |
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Hire purchase contracts and finance leases |
18,545 |
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10,429 |
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Accruals and deferred income |
2,414,025 |
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2,087,716 |
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Other creditors |
5,440 |
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5,863 |
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4,524,532 |
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3,067,363 |
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10 |
CREDITORS: Amounts falling due after more than one year |
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2016 |
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2015 |
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£ |
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£ |
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Bank loans and overdrafts |
240,689 |
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267,191 |
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Hire purchase contracts and finance leases |
17,207 |
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15,644 |
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257,896 |
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282,835 |
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Included in the amounts falling due after more than one year are the following amounts which are due in more |
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than five years: |
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2016 |
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2015 |
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£ |
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£ |
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Bank loans and overdrafts |
122,359 |
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212,887 |
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The company has a bank loan with Barclays Bank PLC which is secured on the freehold property of the company up to a maximum of £300,000. 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.
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The hire purchase contracts and finance leases are secured on the assets concerned. |
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11 |
CONTINGENCIES AND COMMITMENTS |
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Not provided |
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Deferred Tax Assets |
2016 |
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2015 |
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£ |
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£ |
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Decelerated capital allowances |
12,444 |
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21,883 |
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Losses |
330,024 |
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297,393 |
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Balance carried forward |
342,468 |
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319,276 |
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Other Commitments |
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Amounts falling due under operating leases for land and buildings: |
2016 |
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2015 |
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£ |
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£ |
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In less than one year |
- |
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52,700 |
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12 |
RELATED PARTY TRANSACTIONS |
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The company has claimed exemptions from reporting disclosure of related party transactions with the following wholly owned entities: |
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Oxford Analytica Inc. |
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Group company |
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The Oxford Analytica International Group Inc |
- Parent company |
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During the year, the following transactions with related parties took place: |
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HR Source Limited
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HR Source Limited, a company which was jointly controlled by G Stroup who is also a director of Oxford Analytica Limited, charged management services totalling:
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Connected company |
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2016 |
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2015 |
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£ |
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£ |
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Management services |
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(170,196) |
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- |
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13 |
PARENT COMPANY |
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The company is a subsidiary undertaking of The Oxford Analytica International Group Inc incorporated in the state of Delaware, USA. The ultimate controlling party is The Dominus Foundation LLC by virtue of its majority shareholding in The Oxford Analytica International Group Inc.
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14 |
RECONCILIATIONS ON ADOPTION OF FRS 102 |
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These financial statements for the year ended 31 December 2016 are the first financial statements that comply with FRS 102. The date of transition to FRS 102 is 1 January 2015. |
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Profit and loss for the year ended 31 December 2015 |
£ |
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Loss for the year under former UK GAAP |
(602,518) |
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Loss for the year under FRS 102 |
(602,518) |
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Balance sheet at 31 December 2015 |
£ |
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Equity under former UK GAAP |
(1,855,017) |
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Equity under FRS 102 |
(1,855,017) |
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Balance sheet at 1 January 2015 |
£ |
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Equity under former UK GAAP |
(1,252,499) |
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Equity under FRS 102 |
(1,252,499) |
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