Overseas Marketing Services Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03284835 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019

FOR

OVERSEAS MARKETING SERVICES LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

B S Kelly

P N March

SECRETARY:

B S Kelly

REGISTERED OFFICE:

c/o Thorne Lancaster Parker

4th Floor, Venture House

27/29 Glasshouse Street

London

W1B 5DF

REGISTERED NUMBER:

03284835 (England and Wales)

CURRENT ASSETS

Debtors

5

355,834

444,045

Cash at bank

4,970

4,970

360,804

449,015

CREDITORS

Amounts falling due within one year

6

48,000

-

NET CURRENT ASSETS

312,804

449,015

TOTAL ASSETS LESS CURRENT LIABILITIES

312,804

449,015

CAPITAL AND RESERVES

Called up share capital

5,000

5,000

Retained earnings

307,804

444,015

SHAREHOLDERS' FUNDS

312,804

449,015

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors on 20 June 2019 and were signed on its behalf by:

B S Kelly - Director

1.	STATUTORY INFORMATION

Overseas Marketing Services 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.	STATEMENT OF COMPLIANCE

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on a going concern basis, under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

Estimates and judgements are continually evaluated and are based on historical experience and other factors,

including explanations of future events that are believe to be reasonable under the circumstances.

a) Critical accounting estimates and assumptions

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will,

by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk

of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are

addressed below;

(i) Impairment provision on investment in subsidiary undertaking

At the end of each period, investment in subsidiary undertaking is assessed for impairment. If investment in

subsidiary undertaking is impaired, the carrying value of the investment is reduced to its recoverable amount and

the impairment loss is recognised in the income statement.

The impairment assessment requires management's judgement on the investment concerned, taking into

consideration the trading results of the subsidiary undertaking.

Investments in subsidiaries

Investments in subsidiary companies are held at cost less accumulated impairment losses.

Taxation

Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is

recognised in the profit and loss account, except to the extent that it relates to items recognised in other

comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income or

directly in equity respectively.

Current or deferred taxation assets and liabilities are not discounted.

a) Current tax

Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is

calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end.

Management periodically evaluates positions taken in tax returns with respect to situations in which applicable

tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts

expected to be paid to the tax authorities.

b) Deferred tax

Deferred tax is recognised in respect of all timing differences which are differences between taxable profits and

total comprehensive income that arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that the directors consider

that it probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable

profits.

Pension costs and other post-retirement benefits

The expected cost of providing pensions as calculated periodically by independent actuaries, is charged to profit

and loss account so as to spread the cost over the expected average remaining service lives of current employees.

The company operates a defined contribution scheme, and contributions are made to a separately administered

fund. Contributions to the fund are charged to the profit and loss account for the year to which they relate.

Pensions

The company operates a money purchase pension scheme. All contributions to the scheme are charged to the

profit and loss of Overseas Exhibition Services Limited, its 100% subsidiary.

The defined benefit pension scheme which operated up to 31 March 2003 has been terminated under a buy-out

arrangement to cover the scheme deficit.

Financial instruments

Basic financial liabilities

Other creditors are initially recognised at transaction price and subsequently carried at amortised cost, using the

effective interest rate method.

Basic financial liabilities are derecognised when the contractual obligation is discharged, cancelled or expired.

c) Equity instruments

The ordinary share capital of the company is classified as equity and recorded at fair value of the cash or other

resources received or receivable, net of direct costs of issuing the equity instruments.

Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with

an original maturity date of three months or less.

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2018

and 31 March 2019

600,000

PROVISIONS

At 1 April 2018

and 31 March 2019

600,000

NET BOOK VALUE

At 31 March 2019

-

At 31 March 2018

-

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Amounts owed by group undertakings

305,834

311,045

Other debtors

50,000

133,000

355,834

444,045

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Other creditors

48,000

-

7.	FINANCIAL INSTRUMENTS

The company has the following financial instruments:

Note

2018

2018

£

£

Financial assets that are debt instruments measured at amortised cost

- Other debtors

6

50,000

133,000

- Amount due by group undertakings

6

305,834

311,596

355,834

449,015

- Other creditors

48,000

-

48,000

-

8.	RELATED PARTY DISCLOSURES

Controlling party

B S Kelly, a director, controls the company by virtue of a controlling interest of 100% of the issued share capital.