Oberon (Hull) Limited - Period Ending 2023-03-31

Oberon (Hull) Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 6

Oberon (Hull) Limited

Company Information

Directors

Mr N D Eaton Mr N R Bishop

Registered office

Bridge House 41 Wincolmlee Kingston upon Hull East Yorkshire HU2 8AG

Oberon (Hull) Limited

(Registration number: 10911484)
Balance Sheet as at 31 March 2023

	Note	2023 £	2022 £
Fixed assets
Investment property	4	635,000	635,000
		635,000	635,000
Current assets
Debtors	5	86,483	61,644
Cash at bank and in hand		1,216	1,133
		87,699	62,777
Creditors: Amounts falling due within one year	6	(274,707)	(266,911)
Net current liabilities		(187,008)	(204,134)
Total assets less current liabilities		447,992	430,866
Creditors: Amounts falling due after more than one year	6	(402,513)	(400,943)
Net assets		45,479	29,923
Capital and reserves
Called up share capital		1	1
Profit and loss account		45,478	29,922
Total equity		45,479	29,923

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

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 19 December 2023 and signed on its behalf by:
 

......................................... Mr N R Bishop Director

Oberon (Hull) Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

1	General information

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

The address of its registered office is:
Bridge House
41 Wincolmlee
Kingston upon Hull
East Yorkshire
HU2 8AG
United Kingdom

These financial statements were authorised for issue by the Board on 19 December 2023.

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.

Going concern

At the balance sheet date, the company’s net current liabilities exceeded its net current assets. The company has received assurance from the directors, parent company and bankers that they will continue to give financial support to the company for twelve months from the date of signing these financial statements.

On this basis, the directors consider it appropriate to prepare the accounts on a going concern basis. However, should the financial support mentioned above not be forthcoming, the going concern basis used in preparing the company’s accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and to provide for any further liabilities which might arise. The accounts do not include any adjustment to the company’s assets or liabilities that might be necessary should this basis not continue to be appropriate.

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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Oberon (Hull) Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

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.

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

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.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4	Investment properties

	2023 £
At 1 April	635,000
At 31 March	635,000

The investment property has been valued at market value by Allied Surveyors and Valuers Limited.

Oberon (Hull) Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

5

Debtors

	2023 £	2022 £
Trade debtors	672	1,502
Prepayments	1,380	460
Other debtors	84,431	59,682
	86,483	61,644

6

Creditors

Creditors: amounts falling due within one year

	Note	2023 £	2022 £
Due within one year
Trade creditors		646	566
Amounts owed to group undertakings and undertakings in which the company has a participating interest	8	270,883	261,484
Accruals and deferred income		3,178	4,861
		274,707	266,911

Creditors: amounts falling due after more than one year

	Note	2023 £	2022 £
Due after one year
Loans and borrowings	7	402,513	400,943

Creditors include bank loans and overdrafts which are secured by a floating charge over the Company's assets of £402,513 (2022 - £400,943).

Oberon (Hull) Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

7	Loans and borrowings

	2023 £	2022 £
Non-current loans and borrowings
Bank borrowings	402,513	400,943

8	Related party transactions

Advantage has been taken under FRS102 Section 33.1A of the exemption available to groups of companies not to disclose transactions and balances involving wholly owned group companies.

9	Parent and ultimate parent undertaking

The company's immediate parent is Queensway Properties Limited, incorporated in England.