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Unaudited Financial Statements For The Year Ended 31 December 2020 |
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Oxagen Limited |
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Unaudited Financial Statements For The Year Ended 31 December 2020 |
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Oxagen Limited |
Oxagen Limited (Registered number: 03246469) |
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Contents of the Financial Statements |
For The Year Ended 31 December 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Oxagen Limited |
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Company Information |
For The Year Ended 31 December 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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3 Hardman Square |
Spinningfields |
Manchester |
M3 3EB |
Oxagen Limited (Registered number: 03246469) |
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Balance Sheet |
31 December 2020 |
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2020 | 2019 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 6 |
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Share premium |
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Capital redemption reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Oxagen Limited (Registered number: 03246469) |
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Notes to the Financial Statements |
For The Year Ended 31 December 2020 |
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1. | STATUTORY INFORMATION |
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Oxagen Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The Directors have prepared cash flow forecasts and anticipate that the Company has sufficient cash to meet its liabilities as they fall due for a period of at least 12 months from the date of this report. |
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The financial statements do not include any adjustments that would result if the company was unable to continue as a going concern. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2019 - NIL). |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Other debtors |
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Oxagen Limited (Registered number: 03246469) |
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Notes to the Financial Statements - continued |
For The Year Ended 31 December 2020 |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade creditors |
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Other creditors |
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6. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary Shares | £0.00 | 1 | 4,282 | 4,282 |
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Series A Preference Shares | £0.00 | 1 | 35,262 | 35,262 |
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Series B Preference Shares | £0.00 | 1 | 209,644 | 209,644 |
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Series C Preference Shares | £0.00 | 1 | 263,175 | 263,175 |
512,363 | 512,363 |
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The Series A Preference Shares have voting rights ranking pari passu to the rights of the holders of the Ordinary Shares, but in the event of a liquidation or winding up of the company the shareholders are entitled to receive a liquidation preference amount. |
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The Series B Preference Shares carry the right to receive dividends at the company's discretion on a cumulative basis. They have voting rights ranking pari passu to the rights of the holders of the Ordinary Shares, but in the event of a liquidation or winding up of the company the shareholders are entitled to amounts in priority over the the Ordinary shareholders and Series A Preference shareholders. |
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The Series C Preference Shares have voting rights ranking pari passu to the rights of the holders of the Ordinary Shares, but in the event of a liquidation or winding up of the company the shareholders are entitled to amounts in priority over other shareholders. |
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7. | SHARE-BASED PAYMENTS |
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In the past, employees were entitled to enter the company's share option scheme. No options were exercised in the year (2019: nil). |
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There were no options outstanding at 31 December 2020; they had all lapsed. The total number of options outstanding in respect of ordinary shares at the end of 2019 was 19,373,642. |