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Registration number: 05546053

Oberon Performance Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

Oberon Performance Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 13

 

Oberon Performance Limited

Company Information

Directors

S J Evans

S J Street

Registered office

Unit 11
Havant Business Centre
Harts Farm Way
Havant
Hants
PO9 1HU

Accountants

MMO Limited
Chartered Accountants
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Oberon Performance Limited
for the Year Ended 31 August 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Oberon Performance Limited for the year ended 31 August 2023 as set out on pages 3 to 13 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Oberon Performance Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Oberon Performance Limited and state those matters that we have agreed to state to the Board of Directors of Oberon Performance Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Oberon Performance Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Oberon Performance Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Oberon Performance Limited. You consider that Oberon Performance Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Oberon Performance Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

MMO Limited
Chartered Accountants
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

13 March 2024

 

Oberon Performance Limited

(Registration number: 05546053)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

61,800

47,100

Tangible assets

5

553,783

323,541

 

615,583

370,641

Current assets

 

Stocks

6

63,285

47,100

Debtors

7

100,299

101,710

Cash at bank and in hand

 

346,431

344,197

 

510,015

493,007

Creditors: Amounts falling due within one year

8

(255,338)

(200,711)

Net current assets

 

254,677

292,296

Total assets less current liabilities

 

870,260

662,937

Creditors: Amounts falling due after more than one year

8

(257,019)

(122,244)

Provisions for liabilities

(29,391)

(40,141)

Net assets

 

583,850

500,552

Capital and reserves

 

Called up share capital

9

1,004

1,004

Retained earnings

582,846

499,548

Shareholders' funds

 

583,850

500,552

For the financial year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

 

Oberon Performance Limited

(Registration number: 05546053)
Balance Sheet as at 31 August 2023

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 11 March 2024 and signed on its behalf by:
 

.........................................
S J Evans
Director

.........................................
S J Street
Director

 

Oberon Performance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales .

The address of its registered office is:
Unit 11
Havant Business Centre
Harts Farm Way
Havant
Hants
PO9 1HU

These financial statements were authorised for issue by the Board on 11 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

All figures are presented in British Sterling, which is the functional currency of the company, and are rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Oberon Performance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Government grants

Government grants relating to revenue expenditure are recognised in income over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% Straight line

Motor vehicles

20% Straight line

Office equipment

20% Straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Development costs

Development expenditure is written off over a period of 2 years.

 

Oberon Performance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Nil depreciation

Intangible assets

5 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Oberon Performance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2022 - 11).

 

Oberon Performance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

4

Intangible assets

Goodwill
 £

Internally generated software development costs
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 September 2022

3,000

67,102

49,000

119,102

Additions acquired separately

-

-

24,500

24,500

At 31 August 2023

3,000

67,102

73,500

143,602

Amortisation

At 1 September 2022

-

67,102

4,900

72,002

Amortisation charge

-

-

9,800

9,800

At 31 August 2023

-

67,102

14,700

81,802

Carrying amount

At 31 August 2023

3,000

-

58,800

61,800

At 31 August 2022

3,000

-

44,100

47,100

 

Oberon Performance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2022

131,892

708,125

6,495

846,512

Additions

304,500

18,592

10,950

334,042

At 31 August 2023

436,392

726,717

17,445

1,180,554

Depreciation

At 1 September 2022

-

516,476

6,495

522,971

Charge for the year

-

101,610

2,190

103,800

At 31 August 2023

-

618,086

8,685

626,771

Carrying amount

At 31 August 2023

436,392

108,631

8,760

553,783

At 31 August 2022

131,892

191,649

-

323,541

Included within the net book value of land and buildings above is £436,392 (2022 - £131,892) in respect of freehold land and buildings.
 

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

63,285

47,100

7

Debtors

Current

2023
£

2022
£

Trade debtors

38,406

41,035

Prepayments

12,217

-

Other debtors

49,676

60,675

 

100,299

101,710

 

Oberon Performance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

55,011

42,357

Trade creditors

 

43,404

56,935

Taxation and social security

 

66,360

50,822

Accruals and deferred income

 

10,950

1,395

Other creditors

 

79,613

49,202

 

255,338

200,711

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

257,019

122,244

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

500

500

500

500

Ordinary A Shares of £1 each

1

1

1

1

Ordinary B Shares of £1 each

1

1

1

1

Ordinary C Shares of £1 each

1

1

1

1

Ordinary D Shares of £1 each

1

1

1

1

Ordinary E and F Shares of £1 each

500

500

500

500

 

1,004

1,004

1,004

1,004

 

Oberon Performance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

232,228

59,576

Hire purchase contracts

-

6,574

Other borrowings

24,791

56,094

257,019

122,244

2023
£

2022
£

Current loans and borrowings

Bank borrowings

23,437

9,733

Hire purchase contracts

6,574

7,624

Other borrowings

25,000

25,000

55,011

42,357

11

Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

Included in the balance sheet are financial commitments of £255,665 (2022 - £69,309). Barclays Security Trustee Limited holds a fixed and floating charge covering all the property, legal interest in the leasehold of Units 11, 12 and 15 Havant Business Centre or undertaking of the company.

HSBC UK Bank PLC holds a fixed and floating charge over all assets including Unit15 Havant Business Centre.

 

Oberon Performance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

12

Related party transactions

Summary of transactions with other related parties

Enigma Performance Limited and Electrodye Limited
 The directors of Oberon Performance Limited are also the directors of Enigma Performance Limited and Electrodye Limited.
 At the year end Enigma Performance owed Oberon Performance £11,695 (2022- £11,600) and Electrodye owed £37,980 (2022- £48,980.