REGISTERED NUMBER: 06604357 (England and Wales)

Oxford Learning Solutions Limited

Unaudited Financial Statements for the Year Ended 31 August 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

D H Morgan

REGISTERED OFFICE:

29 Beaumont Street

Oxford

Oxon

OX1 2NP

REGISTERED NUMBER:

06604357 (England and Wales)

FIXED ASSETS

Intangible assets

4

5,789

10,955

Tangible assets

5

1,671

754

7,460

11,709

CURRENT ASSETS

Stocks

7,230

7,294

Debtors

6

52

8,820

Cash at bank

52,321

25,116

59,603

41,230

CREDITORS

Amounts falling due within one year

7

(192,829

)

(284,856

)

NET CURRENT LIABILITIES

(133,226

)

(243,626

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(125,766

)

(231,917

)

CAPITAL AND RESERVES

Called up share capital

50

50

Retained earnings

(125,816

)

(231,967

)

(125,766

)

(231,917

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director on 1 April 2019 and were signed by:

D H Morgan - Director

1.	STATUTORY INFORMATION

Oxford Learning Solutions Limited is a private company, limited by shares and 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

Turnover

Revenue is recognised to the extent that it is probable economic benefits will flow to the company and the revenue can be reliably

measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax

and other sales taxes.

Revenue from the sale of goods is recognised at point of sale when the significant risks and rewards of ownership have passed to the buyer.

Revenue from a contract to provide services is recognised in the period in which the services are provided.

Interest receivable and payable

Interest income and interest payable are recognised in profit or loss as they accrue, using the effective interest method.

Intangible assets

Goodwill

Goodwill represents the difference between the cost of a business combination and the acquirer's interest in the fair value of the identifiable

assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less

accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to profit or loss over its useful

economic life.

Research and development costs

Expenditure on research activities is recognised within profit or loss as an expense is incurred.

Purchased intangible assets

Purchased intangible assets are initially recognised at cost. After recognition, intangible assets are measured at cost less any accumulated

amortisation and impairment losses.

All intangible assets are considered to have a finite useful life. The estimated useful lives are as follows:

Goodwill - over 10 years on a straight line basis.

Purchased intangibles - over 10 years on a straight line basis.

At each reporting date the company assesses whether there is any indication of impairment. If such indications exists, the recoverable

amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. Any impairment loss is

recognised immediately as an expense within profit or loss.

Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation and any impairment losses. Historical cost includes

expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the

manner intended by management.

Depreciation is charged to profit or loss over the estimated useful economic lives, as follows -

- Computer equipment - Over 3 years on a straight line basis.

- Fixtures and fittings - Over 4 years on a straight line basis.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an

indication of a significant change since the last reporting date.

Repairs and maintenance costs are charged to profit or loss during the period in which they are incurred.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable

amount of the asset is determined, which is the higher of its fair value less costs to sell and its value in use. Any impairment loss is

recognised immediately as an expense within the profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the first-in first-out

principle and includes expenditure incurred in acquiring the stocks, production or conversion costs and other costs in bringing them to their

existing location and condition. If stock is impaired, the carrying amount is reduced to its estimated selling price less costs to complete and

sell. The impairment loss is recognised immediately within profit or loss.

Basic financial instruments

Trade and other debtors / creditors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are

recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised

cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing

transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments

discounted at a market rate of interest for a similar debt instrument.

Impairment of financial assets

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of

impairment. If objective evidence of impairment is found an impairment loss is recognised within profit or loss.

For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying

amount and the present value of estimated cash flows discounted at the asset's original effective interest rate.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying

amount and the best estimate of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Current and deferred taxation

Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in profit or loss except to the extent that it

relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other

comprehensive income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively

enacted at the balance sheet date.

Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in the financial statements. Deferred tax is not recognised on permanent differences

arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances

are greater or smaller than the corresponding income or expense.

Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or

substantively enacted at the balance sheet date.

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

Transactions in foreign currencies are translated to the company's functional currency at the foreign exchange rate ruling at the date of the

transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional

currency at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in profit or loss.

Leases

Leases in which the company assumes substantially all the risks and rewards of ownership of the leased asset are classified as finance

leases. All other leases are classified as operating leases.

Payments (excluding costs for services and insurance) made under operating leases are recognised in the profit and loss account on a

straight-line basis over the term of the lease unless the payments to the lessor are structured to increase in line with expected general

inflation; in which case the payments related to the structured increases are recognised as incurred. Lease incentives received are

recognised in profit and loss over the term of the lease as an integral part of the total lease expense.

Pensions

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the

company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment

obligations. The contributions are recognised as an expense in profit or loss in the periods during which services are rendered by

employees.

3.	STAFF NUMBERS

The average number of employees during the year was 4 (2017 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Patents and

Goodwill

licences

Totals

£

£

£

COST

At 1 September 2017

33,237

25,441

58,678

Additions

-

708

708

At 31 August 2018

33,237

26,149

59,386

AMORTISATION

At 1 September 2017

29,637

18,086

47,723

Amortisation for year

3,324

2,550

5,874

At 31 August 2018

32,961

20,636

53,597

NET BOOK VALUE

At 31 August 2018

276

5,513

5,789

At 31 August 2017

3,600

7,355

10,955

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 September 2017

-

1,535

1,535

Additions

1,008

672

1,680

At 31 August 2018

1,008

2,207

3,215

DEPRECIATION

At 1 September 2017

-

781

781

Charge for year

252

511

763

At 31 August 2018

252

1,292

1,544

NET BOOK VALUE

At 31 August 2018

756

915

1,671

At 31 August 2017

-

754

754

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.18

31.8.17

£

£

Other debtors

52

8,820

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.18

31.8.17

£

£

Trade creditors

589

-

Social security and other taxes

7,801

6,474

Other creditors

183,039

276,982

Accruals and deferred income

1,400

1,400

192,829

284,856

Included in other creditors are outstanding pension contributions of £1,880 (2017: £3,467).

8.	OPERATING LEASE COMMITMENTS

At 31 August 2018 the company had future minimum lease payments under non-cancellable operating leases as follows:

31.8.18

31.8.17

£

£

Within one year

5,926

5,926

Between one and five years

4,444

10,370

10,370

16,296

9.	RELATED PARTY TRANSACTIONS