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Registration number: 07084852

Offshore Marine People and Academy Limited

Filleted Financial Statements

for the Year Ended 31 December 2022

Pages for filing with Registrar

 

Offshore Marine People and Academy Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 9

 

Offshore Marine People and Academy Limited

Company Information

Director

R L D Grimmond

Registered office

First Floor Office
Unit J The Underfall Boat Yard
Cumberland Road
Bristol
BS1 6XG

Registered number

07084852

Auditors

Corrigan Accountants Limited
1st Floor
25 King Street
Bristol
BS1 4PB

 

Offshore Marine People and Academy Limited

(Registration number: 07084852)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible fixed assets

4

3,800

4,398

Current assets

 

Debtors

5

667,083

664,848

Cash at bank and in hand

 

20,443

5,332

 

687,526

670,180

Creditors: Amounts falling due within one year

6

(862,550)

(826,822)

Net current liabilities

 

(175,024)

(156,642)

Total assets less current liabilities

 

(171,224)

(152,244)

Creditors: Amounts falling due after more than one year

6

(21,202)

(28,721)

Net liabilities

 

(192,426)

(180,965)

Capital and reserves

 

Called up share capital

8

1

1

Capital contribution reserve

418,305

418,305

Profit and loss account

(610,732)

(599,271)

Total equity

 

(192,426)

(180,965)

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 director on 14 November 2023
 

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

R L D Grimmond

Director

 

Offshore Marine People and Academy Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

1

Statutory information

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

The address of its registered office is:
First Floor Office
Unit J The Underfall Boat Yard
Cumberland Road
Bristol
BS1 6XG

2

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into sterling at the rates prevailing on the reporting period date.

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.
 

3

Staff numbers

The average number of persons employed by the company during the year, was 5 (2021 - 7).

 

Offshore Marine People and Academy Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

4

Tangible fixed assets

Fixtures and fittings
 £

IT Equipment
 £

Total
£

Cost

At 1 January 2022

6,394

3,898

10,292

Additions

1,224

-

1,224

At 31 December 2022

7,618

3,898

11,516

Depreciation

At 1 January 2022

3,862

2,032

5,894

Charge for the year

1,042

780

1,822

At 31 December 2022

4,904

2,812

7,716

Carrying amount

At 31 December 2022

2,714

1,086

3,800

At 31 December 2021

2,532

1,866

4,398

5

Debtors: amounts falling due within one year

2022
£

2021
£

Trade debtors

41,471

51,250

Amounts owed by group undertakings

615,621

606,348

Other debtors

9,991

7,250

667,083

664,848

 

Offshore Marine People and Academy Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

6

Creditors

Amount falling due within one year

Note

2022
£

2021
£

Bank loans and overdrafts

7

7,519

7,519

Trade creditors

 

202,080

154,838

Amounts owed to group undertakings and undertakings

 

560,977

560,977

Social security and other taxes

 

70,880

92,258

Other creditors

 

14,845

4,981

Accruals and deferred income

 

3,000

2,407

Director's loan account

7

3,249

3,842

 

862,550

826,822

Due after one year

 

Loans and borrowings

7

21,202

28,721

7

Loans and borrowings

2022
£

2021
£

Current loans and borrowings

Bank borrowings

7,519

7,519

Amounts owed to group undertakings

560,977

560,977

Director's loan account

3,249

3,842

571,745

572,338

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

21,202

28,721

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

8

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £0.01 each

100

1

100

1

         

9

Obligations under leases

Operating leases

The total of future minimum lease payments is as follows:

2022
£

2021
£

Operating lease commitments

19,950

18,406

10

Related party transactions

Transactions with the director

2022

At 1 January 2022
£

Advances to director
£

Unpaid wages
£

At 31 December 2022
£

Director

(3,842)

593

-

(3,249)

         
       

 

2021

At 1 January 2021
£

Advances to director
£

Unpaid wages
£

At 31 December 2021
£

Director

444

-

(4,286)

(3,842)

         
       

 

 

Offshore Marine People and Academy Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

11

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.

12

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.

The Independent Auditor's Report was unqualified.
The name of the Senior Statutory Auditor who signed the audit report on 14 November 2023 was Stuart Crisp BSc FCA.
• The auditor was Corrigan Accountants Limited.