Registration number:
Offshore Marine People and Academy Limited
for the Year Ended 31 December 2022
Pages for filing with Registrar
Offshore Marine People and Academy Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Offshore Marine People and Academy Limited
Company Information
Director |
R L D Grimmond |
Registered office |
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Registered number |
07084852 |
Auditors |
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Offshore Marine People and Academy Limited
(Registration number: 07084852)
Balance Sheet as at 31 December 2022
Note |
2022 |
2021 |
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Fixed assets |
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Tangible fixed assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Capital contribution reserve |
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Profit and loss account |
( |
( |
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Total equity |
( |
( |
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 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised for issue by the
.........................................
R L D Grimmond
Director
Offshore Marine People and Academy Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Statutory information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies
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.
Statement of compliance
These financial statements were prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The director has prepared the financial statements on the going concern basis which assumes that the company will have sufficient financial resources in order to meet its liabilities for a period of at least 12 months from the date of approving these financial statements. The company’s balance sheet shows net liabilities and therefore the director has considered the support available from the wider group when completing this assessment.
Based on the support which the director expects to be available from the parent company and wider group, and taking into account the financial performance of the group since the year-end, the director considers it appropriate to prepare the financial statements on a going concern basis.
Offshore Marine People and Academy Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax 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.
Given the company's standard terms, revenues are generally therefore recognised when the labour or training is provided.
Government grants
Government grants are recognised, using the accrual model, at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Foreign exchange gains and losses are taken to profit and loss and classified within Administrative expenses.
Tangible fixed assets
Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation.
The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Fixtures and fittings |
20% straight line |
IT equipment |
20% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade debtors
Trade debtors are recognised initially at the transaction price. They are subsequently measured less any 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.
Offshore Marine People and Academy Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Trade creditors
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost and using the effective interest method if the balance is due in more than one year.
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.
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.
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.
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.
Employee benefits
The costs of short-term employee benefits, including the cost of any unused holiday entitlement, are recognised as a liability and an expense in the period in which the employees' services are received.
Staff numbers |
The average number of persons employed by the company during the year, was
Offshore Marine People and Academy Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Tangible fixed assets |
Fixtures and fittings |
IT Equipment |
Total |
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Cost |
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At 1 January 2022 |
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Additions |
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- |
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At 31 December 2022 |
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Depreciation |
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At 1 January 2022 |
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Charge for the year |
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At 31 December 2022 |
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Carrying amount |
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At 31 December 2022 |
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At 31 December 2021 |
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Debtors: amounts falling due within one year |
2022 |
2021 |
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Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Offshore Marine People and Academy Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Creditors |
Amount falling due within one year |
Note |
2022 |
2021 |
Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings and undertakings |
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Social security and other taxes |
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Other creditors |
14,845 |
4,981 |
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Accruals and deferred income |
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Director's loan account |
3,249 |
3,842 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2022 |
2021 |
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Current loans and borrowings |
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Bank borrowings |
7,519 |
7,519 |
Amounts owed to group undertakings |
560,977 |
560,977 |
Director's loan account |
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2022 |
2021 |
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Non-current loans and borrowings |
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Bank borrowings |
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Bank overdraft
The bank overdraft is secured by two fixed and floating charges over the assets of the company, both in the favour of HSBC PLC.
Offshore Marine People and Academy Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
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No. |
£ |
No. |
£ |
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1 |
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1 |
Obligations under leases |
Operating leases
The total of future minimum lease payments is as follows:
2022 |
2021 |
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Operating lease commitments |
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Related party transactions |
Transactions with the director |
2022 |
At 1 January 2022 |
Advances to director |
Unpaid wages |
At 31 December 2022 |
Director |
( |
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- |
( |
2021 |
At 1 January 2021 |
Advances to director |
Unpaid wages |
At 31 December 2021 |
Director |
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- |
( |
( |
Offshore Marine People and Academy Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Parent and ultimate parent undertaking |
The company's immediate parent company is Offshore Marine Management Holdings Limited, their registered office is First Floor Office, Unit J The Underfall Boat Yard, Cumberland Road, Bristol, BS1 6XG.
The ultimate controlling party is R L D Grimmond by virtue of his interest in Confideo Invest Holding SA, incorporated in Switzerland, parent company to Offshore Marine Management Holdings Limited.
Audit report |
As the profit and loss account has been omitted from the filing copy of the financial statements the following information is in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
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• The auditor was