REGISTERED NUMBER: 10927854 (England and Wales)

OBERON INVESTMENT MANAGEMENT LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Profit and loss

11

Other Comprehensive Income

12

Balance Sheet

13

Statement of Changes in Equity

14

Cash Flow Statement

15

Notes to the Cash Flow Statement

16

Notes to the Financial Statements

17

DIRECTORS:

Ms M C Manarin

Mr S P McGivern

REGISTERED OFFICE:

6 Duke Street St. James's

2nd Floor

London

SW1Y 6BN

REGISTERED NUMBER:

10927854 (England and Wales)

AUDITORS:

Keelings Limited

Statutory Auditors, Chartered Tax Advisers

and Chartered Certified Accountants

Broad House

1 The Broadway

Old Hatfield

Hertfordshire

AL9 5BG

The directors present their strategic report for the year ended 31 March 2026.

REVIEW OF BUSINESS

Oberon Investment Management Limited is an FCA-authorised investment management company whose principal activity is the provision of fund management services. The Company acts as Alternative Investment Fund Manager ("AIFM") to investment funds and provides these investment management services in accordance with its regulatory permissions. The Company is a wholly owned subsidiary of Oberon Investments Group Plc.

During the year, the Company continued to provide investment management services whilst maintaining a strong focus on regulatory compliance, governance and risk management. The directors remain committed to delivering high standards of client service and maintaining an effective control environment appropriate to the nature and scale of the Company's activities.

The results for the company show a pre-tax loss of £14,489 (2025: pre-tax profit of £81,871) for the year and turnover of £61,309 (2025: £110,447).

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and execution of the Company's strategy are subject to a number of risks.

The principal business risks and uncertainties affecting the Company are considered to relate to investment risk, regulatory and compliance risk, operational risk, reputational risk and the Company's ability to operate effectively within an evolving regulatory environment.

The directors regularly review the company's risks and maintain appropriate policies, procedures and internal controls designed to mitigate them.

As part of the Group's risk management framework, the Company benefits from insurance arrangements maintained by Oberon Investments Group Plc, which provide cover across the Group for a range of operational and business risks, including professional indemnity, directors' and officers' liability, cyber, crime and other appropriate corporate insurance. These arrangements are reviewed periodically to ensure that the level and scope of cover remain appropriate to the nature and scale of the Group's activities.

KEY PERFORMANCE INDICATORS

Given the uncomplicated nature of the business, the directors are of the opinion that analysis using key performance indicators is not necessary for an understanding of the development, performance or position of the business.

The Board monitors the Company's performance through regular reviews of financial results, assets under management, regulatory capital, liquidity, compliance monitoring and client outcomes.

FINANCIAL RISK MANAGEMENT

The main financial risks faced by the Company are considered to be investment risk, regulatory risk, reputational risk, liquidity risk, operational risk and credit risk.

Investment risk is the risk of poor investment performance within portfolios managed by the Company. This risk is managed through established investment governance arrangements, regular portfolio reviews and ongoing monitoring by experienced investment professionals.

Regulatory and reputational risk is the risk of failing to comply with regulatory or legal obligations or failing to maintain appropriate standards of client service. The Company manages these risks through documented policies and procedures, staff training, compliance monitoring and regular oversight by senior management.

Liquidity risk is the possibility that the Company may encounter difficulty in meeting its financial obligations as they fall due. The Company manages liquidity by maintaining adequate cash resources and regularly monitoring cash flows and regulatory capital requirements.

Operational risk is the risk of direct or indirect loss arising from inadequate or failed internal processes, people, systems or external events. The Company mitigates this risk through ongoing operational processes, monitoring and training staff.

Credit risk primarily arises from trade receivables and cash deposits held with UK regulated financial institutions. Credit risk is managed through ongoing monitoring of outstanding balances and by maintaining relationships with reputable financial institutions.

The Company does not undertake proprietary trading and therefore has limited direct exposure to market risk.

CAPITAL MANAGEMENT

The Company's objective when managing capital is to ensure that it maintains sufficient financial resources to meet its regulatory capital requirements whilst supporting the continued operation and development of the business.

The Company's capital requirements are assessed with reference to applicable Financial Conduct Authority requirements together with the directors' assessment of the risks inherent within the business.

The capital structure of the Company consists of shareholders' funds, comprising issued share capital and retained earnings.

The Company complied with all applicable regulatory capital requirements throughout the financial year.

GOING CONCERN

The directors have undertaken an assessment of the Company's ability to continue as a going concern, taking into account its financial position, projected cash flows, regulatory capital requirements and principal business risks.

The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. As a wholly owned subsidiary of Oberon Investments Group plc, the Company also benefits from being part of a wider group that continues to support its strategic objectives.

Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

ON BEHALF OF THE BOARD:

Mr S P McGivern - Director

27 July 2026

The directors present their report with the financial statements of the company for the year ended 31 March 2026.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of fund management.

DIVIDENDS

The total distribution of dividends for the year ended 31st March 2026 was £nil (2025 - £nil).

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2025 to the date of this report.

Ms M C Manarin

Mr S P McGivern

DISCLOSURE IN THE STRATEGIC REPORT

Any risks deemed to be material have been covered by the strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Keelings Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr S P McGivern - Director

27 July 2026

Opinion

We have audited the financial statements of Oberon Investment Management Limited (the 'company') for the year ended 31 March 2026 which comprise the Profit and loss, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2026 and of its loss for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the Entity and the industry in which it operates and considered the risk of acts by Management which were contrary to applicable laws and regulations, including fraud. These included, but were not limited to, compliance with Financial Reporting Framework FRS 102, Companies Act 2006, General Data Protection Regulations, and applicable Health and Safety and Employment Legislation. We made enquiries of the Directors of the Company to obtain further understanding of the risks of noncompliance. We focused on laws and regulations that could give rise to a material misstatement in the financial statements. Our tests included, but were not limited to:

- agreement of the financial statement disclosures to underlying supporting documentation;

- enquiries of Management regarding known or suspected instances of non-compliance with laws and regulations;

- obtaining an understanding of the control environment in place to prevent and detect irregularities.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or noncompliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Other matters

The financial statements for the year ended 31st March 2025 were not audited. Accordingly, the comparative figures included in these financial statements are unaudited. Our opinion is not modified in respect of this matter.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Domenico Maurello (Senior Statutory Auditor)

for and on behalf of Keelings Limited

Statutory Auditors, Chartered Tax Advisers

and Chartered Certified Accountants

Broad House

1 The Broadway

Old Hatfield

Hertfordshire

AL9 5BG

27 July 2026

TURNOVER

61,309

110,447

Administrative expenses

75,455

28,576

OPERATING (LOSS)/PROFIT

4

(14,146

)

81,871

Interest payable and similar expenses

5

343

-

(LOSS)/PROFIT BEFORE TAXATION

(14,489

)

81,871

Tax on (loss)/profit

6

1,136

-

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(15,625

)

81,871

(LOSS)/PROFIT FOR THE YEAR

(15,625

)

81,871

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(15,625

)

81,871

CURRENT ASSETS

Debtors

7

181,150

159,400

Cash at bank

7,410

34,203

188,560

193,603

CREDITORS

Amounts falling due within one year

8

61,415

50,833

NET CURRENT ASSETS

127,145

142,770

TOTAL ASSETS LESS CURRENT LIABILITIES

127,145

142,770

CAPITAL AND RESERVES

Called up share capital

9

1,200

1,200

Retained earnings

10

125,945

141,570

SHAREHOLDERS' FUNDS

127,145

142,770

The financial statements were approved by the Board of Directors and authorised for issue on 27 July 2026 and were signed on its behalf by:

Mr S P McGivern - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2024

1,200

59,699

60,899

Changes in equity

Total comprehensive income

-

81,871

81,871

Balance at 31 March 2025

1,200

141,570

142,770

Changes in equity

Total comprehensive income

-

(15,625

)

(15,625

)

Balance at 31 March 2026

1,200

125,945

127,145

Cash flows from operating activities

Cash generated from operations

1

(3,157

)

25,830

Tax paid

(1,136

)

-

Net cash from operating activities

(4,293

)

25,830

Cash flows from financing activities

Intercompany borrowings

(22,500

)

(9,744

)

Net cash from financing activities

(22,500

)

(9,744

)

(Decrease)/increase in cash and cash equivalents

(26,793

)

16,086

Cash and cash equivalents at beginning of year

2

34,203

18,117

Cash and cash equivalents at end of year

2

7,410

34,203

1.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2026

2025

(Unaudited)

£

£

(Loss)/profit before taxation

(14,489

)

81,871

Interest payable

343

-

(14,146

)

81,871

Increase in trade and other debtors

(9,141

)

(66,468

)

Increase in trade and other creditors

20,130

10,427

Cash generated from operations

(3,157

)

25,830

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2026

31.3.26

1.4.25

£

£

Cash and cash equivalents

7,410

34,203

Year ended 31 March 2025

31.3.25

1.4.24

(Unaudited)

£

£

Cash and cash equivalents

34,203

18,117

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.25

Cash flow

At 31.3.26

£

£

£

Net cash

Cash at bank

34,203

(26,793

)

7,410

34,203

(26,793

)

7,410

Total

34,203

(26,793

)

7,410

1.	STATUTORY INFORMATION

Oberon Investment Management Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The directors have undertaken an assessment of the Company's ability to continue as a going concern, taking into account its financial position, projected cash flows, regulatory capital requirements and principal business risks.

The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. As a wholly owned subsidiary of Oberon Investments Group Plc, the Company also benefits from being part of a wider group that continues to support its strategic objectives.

Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion, there are no significant judgements or key sources of estimation uncertainty.

Turnover

Turnover is derived from the provision of fund management services, including ongoing fund management fees. It is recognised on the date services are provided and is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Financial instruments

The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

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 in the Profit and Loss Account.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.

3.	EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 31 March 2026 nor for the year ended 31 March 2025.

The average number of employees during the year was NIL (2025 - NIL).

2026

2025

(Unaudited)

£

£

Directors' remuneration

-

-

4.	OPERATING (LOSS)/PROFIT

The operating loss (2025 - operating profit) is stated after charging:

2026

2025

(Unaudited)

£

£

Auditors' remuneration

6,000

-

Auditors' remuneration for non audit work

1,500

-

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2026

2025

(Unaudited)

£

£

Interest payable

343

-

6.

TAXATION

Analysis of the tax charge

The tax charge on the loss for the year was as follows:

2026

2025

(Unaudited)

£

£

Current tax:

Earlier year tax adjustment

1,136

-

Tax on (loss)/profit

1,136

-

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2026

2025

(Unaudited)

£

£

(Loss)/profit before tax

(14,489

)

81,871

(Loss)/profit multiplied by the standard rate of corporation tax in the UK of 25% (2025 - 25%)

(3,622

)

20,468

Effects of:

Expenses not deductible for tax purposes

660

25

Group relief surrendered

-

(20,493

)

Loss to carry forward

2,962

-

Understated tax for earlier years

1,136

-

Total tax charge

1,136

-

No liability to UK corporation tax arose for the year ended 31 March 2026 nor for the year ended 31 March 2025.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

(Unaudited)

£

£

Trade debtors

154,537

139,326

Amounts owed by group undertakings

22,609

10,000

Accrued income

4,004

10,074

181,150

159,400

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

(Unaudited)

£

£

Trade creditors

8,511

9,501

Amounts owed to group undertakings

-

9,891

VAT

40,420

29,111

Accrued expenses

12,484

2,330

61,415

50,833

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2026

2025

value:

£

£

119,000

119,000 - ordinary shares of

£0.01 each

0.01

1,190

1,190

1,000

1,000 - redeemable preference

non-voting shares of £0.01each

0.01

10

10

1,200

1,200

There are two types of shares. There are no restrictions on the distributions of dividends and the repayment of capital on the ordinary shares. The redeemable preference non-voting shares are restricted to dividends and capital repayment as per the terms included in the Articles of Association.

10.

RESERVES

Retained

earnings

£

At 1 April 2025

141,570

Deficit for the year

(15,625

)

At 31 March 2026

125,945

11.	RELATED PARTY DISCLOSURES

Oberon Securities Limited

A company in which Ms M Manarin and Mr S McGivern are directors and is part of the group, Oberon Investments Group Plc.

At the balance sheet date, the amount due from the related party was £20,109 (2025: £10,000).

Oberon Investments Limited

A company in which Ms M Manarin and Mr S McGivern are directors and is part of the group, Oberon Investments Group Plc.

At the balance sheet date, the amount due from the related party was £2,500 (2025: £9,891 owed to).

12.	POST BALANCE SHEET EVENTS

There have been no events since the balance sheet date that require disclosure in these financial statements.

13.	CONTROLLING PARTIES

The immediate parent of Oberon Investment Management Limited is Oberon Investments Group Plc, which also prepares consolidated accounts. It has its registered office at 6 Duke Street St James's, 2nd Floor, London, United Kingdom, SW1Y 6BN. A copy of these consolidated accounts are available on the group's corporate website.

The company has no ultimate controlling party.